PT Asuransi Multi Artha Guna Tbk (ISX:AMAG) Beneish M-Score: 0.00 (As of Jul. 12, 2026)


ISX:AMAG PT Asuransi Multi Artha Guna Tbk ISX:AMAG
65 GF Score
Price Rp388.00
GF Value Rp447.36
Valuation Modestly Undervalued
! 4 Warning Signs
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What is PT Asuransi Multi Artha Guna Tbk Beneish M-Score?

PT Asuransi Multi Artha Guna Tbk ISX:AMAG -0.51% 65 Beneish M-Score is 0.00 as of Jul. 12, 2026. GuruFocus rates ISX:AMAG with a GF Score™ of 65/100 and a GF Value™ of Rp447.36 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 399 Insurance companies, PT Asuransi Multi Artha Guna Tbk ranks worse than 250626.32% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

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

During the past 13 years, the highest Beneish M-Score of PT Asuransi Multi Artha Guna Tbk was 0.59. The lowest was -1.79. And the median was -1.12.

ISX:AMAG
65GF Score
PT Asuransi Multi Artha Guna Tbk ISX:AMAG
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Asuransi Multi Artha Guna 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 Asuransi Multi Artha Guna 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was Rp32,945 Mil.
Revenue was 433641.577 + 607187.915 + 696304.396 + 404122.599 = Rp2,141,256 Mil.
Gross Profit was 433641.577 + 607187.915 + 696304.396 + 404122.599 = Rp2,141,256 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp5,804,603 Mil.
Property, Plant and Equipment(Net PPE) was Rp131,704 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp274,024 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 71234.788 + 41360.943 + 42321.055 + 38849.364 = Rp193,766 Mil.
Non Operating Income was -155.472 + 1529.758 + -2993.402 + 1563.854 = Rp-55 Mil.
Cash Flow from Operations was 68153.704 + 0 + 19164.005 + 0 = Rp87,318 Mil.
 Total Receivables was Rp610,791 Mil.
Revenue was 550799.514 + 547851.668 + 326324.421 + 878075.487 = Rp2,303,051 Mil.
Gross Profit was 550799.514 + 547851.668 + 326324.421 + 878075.487 = Rp2,303,051 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp6,124,470 Mil.
Property, Plant and Equipment(Net PPE) was Rp113,108 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,763 Mil.
Selling, General, & Admin. Expense(SGA) was Rp303,413 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
=(32945.413 / 2141256.487) / (610790.63 / 2303051.09)
=0.015386 / 0.265209
=

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)
=(2303051.09 / 2303051.09) / (2141256.487 / 2141256.487)
=1 / 1
=

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 - (0 + 131703.978) / 5804603.143) / (1 - (0 + 113108.138) / 6124469.85)
=0.97731 / 0.981532
=

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
=2141256.487 / 2303051.09
=

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))
=(10762.667 / (10762.667 + 113108.138)) / (0 / (0 + 131703.978))
=0.086886 / 0
=

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)
=(274023.72 / 2141256.487) / (303412.867 / 2303051.09)
=0.127973 / 0.131744
=

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)
=((0 + 0) / 5804603.143) / ((0 + 0) / 6124469.85)
=0 / 0
=

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
=(193766.15 - -55.262 - 87317.709) / 5804603.143
=0.018348

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
PT Asuransi Multi Artha Guna Tbk (ISX:AMAG) has a Beneish M-Score of 0.00 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Asuransi Multi Artha Guna Tbk and its competitors. According to the industry distribution chart, PT Asuransi Multi Artha Guna Tbk ranks #999999 out of 399 companies in the Insurance industry.
Is PT Asuransi Multi Artha Guna Tbk's Beneish M-Score too high?
PT Asuransi Multi Artha Guna Tbk's current Beneish M-Score is 0.00. Based on the distribution chart, PT Asuransi Multi Artha Guna Tbk ranks #999999 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, PT Asuransi Multi Artha Guna Tbk has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Asuransi Multi Artha Guna Tbk's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, PT Asuransi Multi Artha Guna Tbk ranks #999999 out of 399 companies for Beneish M-Score. This places PT Asuransi Multi Artha Guna 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Asuransi Multi Artha Guna Tbk and its competitors. PT Asuransi Multi Artha Guna Tbk's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Asuransi Multi Artha Guna Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Asuransi Multi Artha Guna Tbk (ISX:AMAG) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp447.36, compared to a current price of Rp388.00 — trading 13.3% below its estimated fair value. The current Beneish M-Score is 0.00. PT Asuransi Multi Artha Guna Tbk's overall GF Score™ is 65/100 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 Asuransi Multi Artha Guna Tbk (ISX:AMAG), the current Beneish M-Score is 0.00 as of Jul. 12, 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 Asuransi Multi Artha Guna Tbk (ISX:AMAG) Overvalued in 2026?

Based on GuruFocus' analysis, PT Asuransi Multi Artha Guna Tbk stock appears to be undervalued. The current stock price of Rp388.00 is trading 13.3% below its estimated GF Value™ of Rp447.36. GuruFocus considers PT Asuransi Multi Artha Guna Tbk to be Modestly Undervalued.

Key valuation signals for ISX:AMAG:

  • Beneish M-Score: 0.00
  • GF Value™: Rp447.36 vs. price of Rp388.00 (13.3% below fair value)
  • GF Score™: 65/100 with 4 warning signs

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

PT Asuransi Multi Artha Guna Tbk Business Description

Address Jalan KH Mas Mansyur Kav. 126, 17th Floor, The City Center Batavia Tower One, Karet Tengsin, Tanah Abang, Jakarta Pusat, Jakarta, IDN, 10220
PT Asuransi Multi Artha Guna Tbk is an insurance company. The company provides insurance in the areas of fire, earthquake, property, engineering, motor, heavy equipment, cargo, burglary, money, personal accident, health, travel, and suretyship. It also provides insurance for cash in ATM, car loan insurance, retail credit insurance, oil and gas insurance, insurance for cash in management, insurance for garage keeper liability, business protection plus insurance, and comprehensive machinery insurance. The company's reportable segments are based on the class of insurance business and include Motor vehicles, Health, Fire and Others. Maximum revenue is generated from the Motor vehicles segment.
65GF Score

Get the complete analysis for ISX:AMAG

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

Rp388.00
Price
Rp447.36
GF Value