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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.
Warning Sign:
Beneish M-Score 2.92 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for PT Andira Agro Tbk's Beneish M-Score or its related term are showing as below:
ISX:ANDI'
s Beneish M-Score Range Over the Past 10 Years
Min: -5.18 Med: -2.88 Max: 32.39
Current: 2.92
During the past 11 years, the highest Beneish M-Score of PT Andira Agro Tbk was 32.39. The lowest was -5.18. And the median was -2.88.
PT Andira Agro Tbk Beneish M-Score Historical Data
* Premium members only.
The historical data trend for PT Andira Agro 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:ANDI vs ADM, BG, TSN: Beneish M-Score Comparison
For the Farm Products subindustry, PT Andira Agro 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 Andira Agro Tbk Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Andira Agro Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Andira Agro 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 Andira Agro 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 * 6.6462
+
0.528 * 3.4607
+
0.404 * 0.458
+
0.892 * 0.5706
+
0.115 * 1.7471
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.699
+
4.679 * -0.093921
-
0.327 * 1.057
=
2.92
* 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))
=
(1024.446 / (1024.446 + 261953.986))
/
(523.263 / (523.263 + 234166.215))
=
0.003896
/
0.00223
=
1.7471
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
=
(-36435.84 - 0
-
-11369.992)
/
266882.397
=
-0.093921
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 Andira Agro Tbk has a M-score of 2.92 signals that the company is likely to be a manipulator.
PT Andira Agro Tbk (ISX:ANDI) has a Beneish M-Score of 2.92 as of Aug. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Andira Agro Tbk and its competitors. According to the industry distribution chart, PT Andira Agro Tbk ranks #1799 out of 1858 companies in the Consumer Packaged Goods industry, placing it in the top 96.8%.
Is PT Andira Agro Tbk's Beneish M-Score too high?
PT Andira Agro Tbk's current Beneish M-Score is 2.92. Based on the distribution chart, PT Andira Agro Tbk ranks #1799 out of 1858 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, PT Andira Agro Tbk has a GF Score™ of 60/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Andira Agro Tbk's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, PT Andira Agro Tbk ranks #1799 out of 1858 companies for Beneish M-Score. This places PT Andira Agro 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Andira Agro Tbk and its competitors. PT Andira Agro Tbk's current Beneish M-Score is 2.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Andira Agro Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Andira Agro Tbk (ISX:ANDI) is currently considered Modestly Overvalued. The stock's GF Value™ is Rp13.19, compared to a current price of Rp17.00 — trading 28.9% above its estimated fair value. The current Beneish M-Score is 2.92. PT Andira Agro Tbk's overall GF Score™ is 60/100 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 Andira Agro Tbk (ISX:ANDI), the current Beneish M-Score is 2.92 as of Aug. 18, 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 Andira Agro Tbk (ISX:ANDI) Overvalued in 2026?
Based on GuruFocus' analysis, PT Andira Agro Tbk stock appears to be overvalued.
The current stock price of Rp17.00 is trading 28.9% above its estimated GF Value™ of Rp13.19.
GuruFocus considers PT Andira Agro Tbk to be Modestly Overvalued.
Key valuation signals for ISX:ANDI:
Beneish M-Score: 2.92
GF Value™: Rp13.19 vs. price of Rp17.00 (28.9% above fair value)
No single metric tells the full story. See the ISX:ANDI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Andira Agro Tbk is an Indonesian palm oil plantations and mill company that owns, operates, and manages oil plantations and a crude palm oil mill. It is engaged in the cultivation and harvesting of fresh fruit bunch from palm trees, extracting and refining Crude Palm Oil and Palm Kernel from fresh fruit bunch. Its operating segments include Crude palm oil and Palm kernel.
60GF Score
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