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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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Arwana Citramulia Tbk's Beneish M-Score or its related term are showing as below:
ISX:ARNA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.32 Med: -2.6 Max: -1.78
Current: -2.9
During the past 13 years, the highest Beneish M-Score of PT Arwana Citramulia Tbk was -1.78. The lowest was -3.32. And the median was -2.60.
PT Arwana Citramulia Tbk Beneish M-Score Related Terms
PT Arwana Citramulia Tbk Beneish M-Score Historical Data
* 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:ARNA vs TT, JCI, CARR: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, PT Arwana Citramulia 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 Arwana Citramulia Tbk Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, PT Arwana Citramulia Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Arwana Citramulia 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 Arwana Citramulia 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 * 0.7973
+
0.528 * 1.1198
+
0.404 * 1.2937
+
0.892 * 1.0612
+
0.115 * 1.3329
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8895
+
4.679 * -0.119267
-
0.327 * 0.9173
=
-2.90
* 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))
=
(3944.085 / (3944.085 + 1132260.722))
/
(3738.511 / (3738.511 + 1431777.208))
=
0.003471
/
0.002604
=
1.3329
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
=
(378692.247 - 0
-
730248.3)
/
2947638.445
=
-0.119267
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 Arwana Citramulia Tbk has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
PT Arwana Citramulia Tbk (ISX:ARNA) has a Beneish M-Score of -2.90 as of Jul. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Arwana Citramulia Tbk and its competitors. According to the industry distribution chart, PT Arwana Citramulia Tbk ranks #369 out of 1700 companies in the Construction industry, placing it in the top 21.7%.
Is PT Arwana Citramulia Tbk's Beneish M-Score too high?
PT Arwana Citramulia Tbk's current Beneish M-Score is -2.90. Based on the distribution chart, PT Arwana Citramulia Tbk ranks #369 out of 1700 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, PT Arwana Citramulia Tbk has a GF Score™ of 59/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Arwana Citramulia Tbk's Beneish M-Score compare to TT and JCI?
According to the Construction industry distribution chart, PT Arwana Citramulia Tbk ranks #369 out of 1700 companies for Beneish M-Score. This places PT Arwana Citramulia Tbk in the top 22% of its industry — outperforming the majority of peers. 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Arwana Citramulia Tbk and its competitors. PT Arwana Citramulia Tbk's current Beneish M-Score is -2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Arwana Citramulia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Arwana Citramulia Tbk (ISX:ARNA) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp834.84, compared to a current price of Rp462.00 — trading 44.7% below its estimated fair value. The current Beneish M-Score is -2.90. PT Arwana Citramulia Tbk's overall GF Score™ is 59/100 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 Arwana Citramulia Tbk (ISX:ARNA), the current Beneish M-Score is -2.90 as of Jul. 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 Arwana Citramulia Tbk (ISX:ARNA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Arwana Citramulia Tbk stock appears to be undervalued.
The current stock price of Rp462.00 is trading 44.7% below its estimated GF Value™ of Rp834.84.
GuruFocus considers PT Arwana Citramulia Tbk to be Significantly Undervalued.
Key valuation signals for ISX:ARNA:
Beneish M-Score: -2.90
GF Value™: Rp834.84 vs. price of Rp462.00 (44.7% below fair value)
No single metric tells the full story. See the ISX:ARNA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Arwana Citramulia Tbk is engaged in the manufacture and distribution of ceramic tiles in Indonesia. The company offers a range of ceramic tiles, including marble-look, granite-look, rustic, decorative, and wood-pattern tiles, marketed under the Arwana Ceramic Tiles brand. Its products are distributed through a wide network of distributors and retail outlets across Indonesia. The majority of the company's revenue is derived from the sale of ceramic tile products.
59GF Score
Get the complete analysis for ISX:ARNA
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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