PT Adira Dinamika Multi Finance Tbk (ISX:ADMF) Beneish M-Score: -2.11 (As of Aug. 10, 2026)

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ISX:ADMF PT Adira Dinamika Multi Finance Tbk ISX:ADMF
71 GF Score
Price Rp8,725.00
GF Value Rp10,821.92
Valuation Modestly Undervalued
! 4 Warning Signs
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What is PT Adira Dinamika Multi Finance Tbk Beneish M-Score?

PT Adira Dinamika Multi Finance Tbk ISX:ADMF -0.29% 71 Beneish M-Score is -2.11 as of Aug. 10, 2026. GuruFocus rates ISX:ADMF with a GF Score™ of 71/100 and a GF Value™ of Rp10,821.92 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 488 Credit Services companies, PT Adira Dinamika Multi Finance Tbk ranks worse than 53.28% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Adira Dinamika Multi Finance Tbk's Beneish M-Score or its related term are showing as below:

ISX:ADMF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.64   Med: -2.17   Max: 6.14
Current: -2.11

During the past 13 years, the highest Beneish M-Score of PT Adira Dinamika Multi Finance Tbk was 6.14. The lowest was -4.64. And the median was -2.17.

PT Adira Dinamika Multi Finance Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Adira Dinamika Multi Finance Tbk's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

PT Adira Dinamika Multi Finance Tbk Beneish M-Score Chart

PT Adira Dinamika Multi Finance Tbk Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.17 6.14 -1.35 -2.15 -2.26

PT Adira Dinamika Multi Finance Tbk Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.71 -2.57 -2.26 -1.97 -2.11

ISX:ADMF vs V, MA, AXP: Beneish M-Score Comparison

For the Credit Services subindustry, PT Adira Dinamika Multi Finance Tbk's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

PT Adira Dinamika Multi Finance Tbk Beneish M-Score vs Credit Services Industry

For the Credit Services industry and Financial Services sector, PT Adira Dinamika Multi Finance Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Adira Dinamika Multi Finance Tbk's Beneish M-Score falls into.


ISX:ADMF
71GF Score
PT Adira Dinamika Multi Finance Tbk ISX:ADMF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Adira Dinamika Multi Finance Tbk Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of PT Adira Dinamika Multi Finance Tbk for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.3081+0.528 * 0.9679+0.404 * 0.9541+0.892 * 0.9915+0.115 * 1.2249
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0157+4.679 * 0.020032-0.327 * 0.9565
=-2.11

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was Rp15,814,485 Mil.
Revenue was 2734915 + 2657163 + 4292045 + 747242 = Rp10,431,365 Mil.
Gross Profit was 1653636 + 1541442 + 2623063 + 294183 = Rp6,112,324 Mil.
Total Current Assets was Rp20,095,836 Mil.
Total Assets was Rp38,617,652 Mil.
Property, Plant and Equipment(Net PPE) was Rp675,302 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp280,475 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,180,001 Mil.
Total Current Liabilities was Rp15,235,083 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,185,578 Mil.
Net Income was 639723 + 484131 + 606339 + 119970 = Rp1,850,163 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 2122241 + -193794 + -597364 + -254517 = Rp1,076,566 Mil.
 Total Receivables was Rp12,193,598 Mil.
Revenue was 2473411 + 2471738 + 3598536 + 1977629 = Rp10,521,314 Mil.
Gross Profit was 1412174 + 1378634 + 2150389 + 1025705 = Rp5,966,902 Mil.
Total Current Assets was Rp15,565,980 Mil.
Total Assets was Rp31,248,107 Mil.
Property, Plant and Equipment(Net PPE) was Rp546,147 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp306,470 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,171,718 Mil.
Total Current Liabilities was Rp3,674,101 Mil.
Long-Term Debt & Capital Lease Obligation was Rp15,293,760 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(15814485 / 10431365) / (12193598 / 10521314)
=1.516051 / 1.158943
=1.3081

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(5966902 / 10521314) / (6112324 / 10431365)
=0.567125 / 0.585956
=0.9679

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (20095836 + 675302) / 38617652) / (1 - (15565980 + 546147) / 31248107)
=0.462134 / 0.484381
=0.9541

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=10431365 / 10521314
=0.9915

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(306470 / (306470 + 546147)) / (280475 / (280475 + 675302))
=0.359446 / 0.293452
=1.2249

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(1180001 / 10431365) / (1171718 / 10521314)
=0.11312 / 0.111366
=1.0157

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((7185578 + 15235083) / 38617652) / ((15293760 + 3674101) / 31248107)
=0.580581 / 0.607008
=0.9565

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(1850163 - 0 - 1076566) / 38617652
=0.020032

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

PT Adira Dinamika Multi Finance Tbk has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.11 mean?
PT Adira Dinamika Multi Finance Tbk (ISX:ADMF) has a Beneish M-Score of -2.11 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Adira Dinamika Multi Finance Tbk and its competitors. According to the industry distribution chart, PT Adira Dinamika Multi Finance Tbk ranks #260 out of 488 companies in the Credit Services industry, placing it in the top 53.3%.
Is PT Adira Dinamika Multi Finance Tbk's Beneish M-Score too high?
PT Adira Dinamika Multi Finance Tbk's current Beneish M-Score is -2.11. Based on the distribution chart, PT Adira Dinamika Multi Finance Tbk ranks #260 out of 488 companies in the Credit Services industry, which is below the industry midpoint. Overall, PT Adira Dinamika Multi Finance Tbk has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Adira Dinamika Multi Finance Tbk's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, PT Adira Dinamika Multi Finance Tbk ranks #260 out of 488 companies for Beneish M-Score. This places PT Adira Dinamika Multi Finance Tbk in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Credit Services company?
A good Beneish M-Score depends on the Credit Services industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Adira Dinamika Multi Finance Tbk and its competitors. PT Adira Dinamika Multi Finance Tbk's current Beneish M-Score is -2.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Adira Dinamika Multi Finance Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Adira Dinamika Multi Finance Tbk (ISX:ADMF) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp10,821.92, compared to a current price of Rp8,725.00 — trading 19.4% below its estimated fair value. The current Beneish M-Score is -2.11. PT Adira Dinamika Multi Finance Tbk's overall GF Score™ is 71/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For PT Adira Dinamika Multi Finance Tbk (ISX:ADMF), the current Beneish M-Score is -2.11 as of Aug. 10, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is PT Adira Dinamika Multi Finance Tbk (ISX:ADMF) Overvalued in 2026?

Based on GuruFocus' analysis, PT Adira Dinamika Multi Finance Tbk stock appears to be undervalued. The current stock price of Rp8,725.00 is trading 19.4% below its estimated GF Value™ of Rp10,821.92. GuruFocus considers PT Adira Dinamika Multi Finance Tbk to be Modestly Undervalued.

Key valuation signals for ISX:ADMF:

  • Beneish M-Score: -2.11
  • GF Value™: Rp10,821.92 vs. price of Rp8,725.00 (19.4% below fair value)
  • GF Score™: 71/100 with 4 warning signs

No single metric tells the full story. See the ISX:ADMF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

PT Adira Dinamika Multi Finance Tbk Business Description

Address Jalan Jenderal Sudirman Kav. 25, 53rd, 56th - 61st Floor, Millenium Centennial Center, Karet, Setiabudi, DKI Jakarta, South Jakarta, Jakarta, IDN, 12920
PT Adira Dinamika Multi Finance Tbk is an Indonesian finance company. It generates revenue by offering consumer financing services for used or new cars, motorcycles, electronic goods, furniture, and other items. Besides conventional consumer financing, the company also offers business capital loan facilities for financing micro, small, and medium enterprises (MSMEs), and Islamic consumer financing, finance leasing, and operating leasing for automobiles. The company's operating segments include consumer financing for Motorcycles, Cars, and Durable goods and other items. Maximum revenue is derived from the Motorcycles segment. Geographically, the company operates across different regions in Indonesia.
71GF Score

Get the complete analysis for ISX:ADMF

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

Rp8,725.00
Price
Rp10,821.92
GF Value