PT Bank Amar Indonesia Tbk (ISX:AMAR) Beneish M-Score: -2.24 (As of Jun. 26, 2026)


ISX:AMAR PT Bank Amar Indonesia Tbk ISX:AMAR
77 GF Score
Price Rp196.00
GF Value Rp309.19
Valuation Significantly Undervalued
! 3 Warning Signs
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What is PT Bank Amar Indonesia Tbk Beneish M-Score?

PT Bank Amar Indonesia Tbk ISX:AMAR +2.62% 77 Beneish M-Score is -2.24 as of Jun. 26, 2026. GuruFocus rates ISX:AMAR with a GF Score™ of 77/100 and a GF Value™ of Rp309.19 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 1,397 Banks companies, PT Bank Amar Indonesia Tbk ranks worse than 76.38% 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.

Good Sign:

Beneish M-Score -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Bank Amar Indonesia Tbk's Beneish M-Score or its related term are showing as below:

ISX:AMAR' s Beneish M-Score Range Over the Past 10 Years
Min: -44.79   Med: -2.08   Max: 0.46
Current: -2.24

During the past 10 years, the highest Beneish M-Score of PT Bank Amar Indonesia Tbk was 0.46. The lowest was -44.79. And the median was -2.08.

ISX:AMAR
77GF Score
PT Bank Amar Indonesia Tbk ISX:AMAR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Amar Indonesia 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 Bank Amar Indonesia 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+0.528 * 1+0.404 * 0.9993+0.892 * 1.1581+0.115 * 1.3551
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8081+4.679 * -0.00199-0.327 * 0.8974
=-2.24

* 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 Rp0 Mil.
Revenue was 486444 + 460542 + 468682 + 428957 = Rp1,844,625 Mil.
Gross Profit was 486444 + 460542 + 468682 + 428957 = Rp1,844,625 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp6,934,380 Mil.
Property, Plant and Equipment(Net PPE) was Rp21,876 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp11,222 Mil.
Selling, General, & Admin. Expense(SGA) was Rp289,333 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,762 Mil.
Net Income was 71116 + 74993 + 56643 + 50505 = Rp253,257 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -48016 + 428839 + -187148 + 73378 = Rp267,053 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 413932 + 440491 + 388130 + 350263 = Rp1,592,816 Mil.
Gross Profit was 413932 + 440491 + 388130 + 350263 = Rp1,592,816 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp5,147,420 Mil.
Property, Plant and Equipment(Net PPE) was Rp12,807 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,885 Mil.
Selling, General, & Admin. Expense(SGA) was Rp309,159 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp6,417 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)
=(0 / 1844625) / (0 / 1592816)
=0 / 0
=1

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)
=(1592816 / 1592816) / (1844625 / 1844625)
=1 / 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 + 21876) / 6934380) / (1 - (0 + 12807) / 5147420)
=0.996845 / 0.997512
=0.9993

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
=1844625 / 1592816
=1.1581

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))
=(10885 / (10885 + 12807)) / (11222 / (11222 + 21876))
=0.459438 / 0.339054
=1.3551

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)
=(289333 / 1844625) / (309159 / 1592816)
=0.156852 / 0.194096
=0.8081

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)
=((7762 + 0) / 6934380) / ((6417 + 0) / 5147420)
=0.001119 / 0.001247
=0.8974

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
=(253257 - 0 - 267053) / 6934380
=-0.00199

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 Bank Amar Indonesia Tbk has a M-score of -2.24 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 -2.24 mean?
PT Bank Amar Indonesia Tbk (ISX:AMAR) has a Beneish M-Score of -2.24 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Amar Indonesia Tbk and its competitors. According to the industry distribution chart, PT Bank Amar Indonesia Tbk ranks #1067 out of 1397 companies in the Banks industry, placing it in the top 76.4%.
Is PT Bank Amar Indonesia Tbk's Beneish M-Score too high?
PT Bank Amar Indonesia Tbk's current Beneish M-Score is -2.24. Based on the distribution chart, PT Bank Amar Indonesia Tbk ranks #1067 out of 1397 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, PT Bank Amar Indonesia Tbk has a GF Score™ of 77/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Amar Indonesia Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Amar Indonesia Tbk ranks #1067 out of 1397 companies for Beneish M-Score. This places PT Bank Amar Indonesia 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Bank Amar Indonesia Tbk and its competitors. PT Bank Amar Indonesia Tbk's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Amar Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Amar Indonesia Tbk (ISX:AMAR) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp309.19, compared to a current price of Rp196.00 — trading 36.6% below its estimated fair value. The current Beneish M-Score is -2.24. PT Bank Amar Indonesia Tbk's overall GF Score™ is 77/100 with 3 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 Bank Amar Indonesia Tbk (ISX:AMAR), the current Beneish M-Score is -2.24 as of Jun. 26, 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 Bank Amar Indonesia Tbk (ISX:AMAR) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Amar Indonesia Tbk stock appears to be undervalued. The current stock price of Rp196.00 is trading 36.6% below its estimated GF Value™ of Rp309.19. GuruFocus considers PT Bank Amar Indonesia Tbk to be Significantly Undervalued.

Key valuation signals for ISX:AMAR:

  • Beneish M-Score: -2.24
  • GF Value™: Rp309.19 vs. price of Rp196.00 (36.6% below fair value)
  • GF Score™: 77/100 with 3 warning signs

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

PT Bank Amar Indonesia Tbk Business Description

Address Jalan Basuki Rahmad No. 109, Surabaya, IDN, 60271
PT Bank Amar Indonesia Tbk is engaged in providing banking activities. The company's operating segments include Online, Brick and Mortar, and Head Office. It generates maximum revenue from the Online segment. The Online segment comprises activities related to digital products and services. Its brick-and-mortar segment comprises activities related to conventional banking products and services. The Head Office segment comprises treasury and other activities. Some of its products include Aster Savings, Amar Dana Savings, Amar Cemerlang Savings, Amar Term Savings, Employee Savings, Term Deposit, On-Call Deposit, and Amar Current Account.
77GF Score

Get the complete analysis for ISX:AMAR

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

Rp196.00
Price
Rp309.19
GF Value