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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 -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT AKRorindo Tbk's Beneish M-Score or its related term are showing as below:
ISX:AKRA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.51 Med: -2.31 Max: -1.06
Current: -2.83
During the past 13 years, the highest Beneish M-Score of PT AKRorindo Tbk was -1.06. The lowest was -3.51. And the median was -2.31.
The historical data trend for PT AKRorindo 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.
ISX:AKRA vs MPC, VLO, PSX: Beneish M-Score Comparison
For the Oil & Gas Refining & Marketing subindustry, PT AKRorindo 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 AKRorindo Tbk Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, PT AKRorindo Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT AKRorindo Tbk's Beneish M-Score falls into.
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 AKRorindo 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 * 0.8055
+
0.528 * 1.17
+
0.404 * 1.104
+
0.892 * 1.3361
+
0.115 * 1.0178
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8111
+
4.679 * -0.128102
-
0.327 * 1.1248
=
-2.83
* 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.
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.
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))
=
(48004.178 / (48004.178 + 6727755.813))
/
(50918.478 / (50918.478 + 7263863.637))
=
0.007085
/
0.006961
=
1.0178
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
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
=
(2723338.865 - 0
-
7757166.689)
/
39295481.702
=
-0.128102
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 AKRorindo Tbk has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
PT AKRorindo Tbk (ISX:AKRA) has a Beneish M-Score of -2.83 as of Aug. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT AKRorindo Tbk and its competitors. According to the industry distribution chart, PT AKRorindo Tbk ranks #308 out of 820 companies in the Oil & Gas industry, placing it in the top 37.6%.
Is PT AKRorindo Tbk's Beneish M-Score too high?
PT AKRorindo Tbk's current Beneish M-Score is -2.83. Based on the distribution chart, PT AKRorindo Tbk ranks #308 out of 820 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, PT AKRorindo Tbk has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT AKRorindo Tbk's Beneish M-Score compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, PT AKRorindo Tbk ranks #308 out of 820 companies for Beneish M-Score. This puts PT AKRorindo Tbk in the upper 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 an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 AKRorindo Tbk and its competitors. PT AKRorindo Tbk's current Beneish M-Score is -2.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT AKRorindo Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT AKRorindo Tbk (ISX:AKRA) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp1,730.68, compared to a current price of Rp1,450.00 — trading 16.2% below its estimated fair value. The current Beneish M-Score is -2.83. PT AKRorindo Tbk's overall GF Score™ is 86/100 with 5 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 AKRorindo Tbk (ISX:AKRA), the current Beneish M-Score is -2.83 as of Aug. 04, 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 AKRorindo Tbk (ISX:AKRA) Overvalued in 2026?
Based on GuruFocus' analysis, PT AKRorindo Tbk stock appears to be undervalued.
The current stock price of Rp1,450.00 is trading 16.2% below its estimated GF Value™ of Rp1,730.68.
GuruFocus considers PT AKRorindo Tbk to be Modestly Undervalued.
Key valuation signals for ISX:AKRA:
Beneish M-Score: -2.83
GF Value™: Rp1,730.68 vs. price of Rp1,450.00 (16.2% below fair value)
No single metric tells the full story. See the ISX:AKRA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT AKR Corporindo Tbk is engaged in chemicals distribution. The company segments are: The Trading and distribution segment, which accounts for majority of the total revenue, distributes industrial and retail petroleum products, other basic chemicals, and lubricants for the industrial, marine and other sectors. The Logistics Services segment provides various kinds of logistics services such as rental of storage tanks and warehouses, bagging etc and transportation services mainly for liquid and solid chemical and petroleum products in Indonesia. The Manufacturing segment makes adhesive materials. Industrial estate and related utility services comprises of sales and lease of industrial estate land, sales of electricity and other related services to tenants of the estate.
86GF Score
Get the complete analysis for ISX:AKRA
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