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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 -1.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Arthavest Tbk's Beneish M-Score or its related term are showing as below:
ISX:ARTA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.53 Med: -2.57 Max: -0.25
Current: -1.89
During the past 9 years, the highest Beneish M-Score of PT Arthavest Tbk was -0.25. The lowest was -3.53. And the median was -2.57.
PT Arthavest Tbk Beneish M-Score Related Terms
PT Arthavest Tbk Beneish M-Score Historical Data
* Premium members only.
The historical data trend for PT Arthavest 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:ARTA vs MAR, HLT, H: Beneish M-Score Comparison
For the Lodging subindustry, PT Arthavest 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 Arthavest Tbk Beneish M-Score vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, PT Arthavest Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Arthavest 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 Arthavest 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 * 2.1338
+
0.528 * 0.969
+
0.404 * 1.2204
+
0.892 * 0.6732
+
0.115 * 1.0207
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.5357
+
4.679 * -0.028978
-
0.327 * 1.03
=
-1.89
* 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))
=
(16827.143 / (16827.143 + 193309.727))
/
(16039.309 / (16039.309 + 188396.633))
=
0.080077
/
0.078456
=
1.0207
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
=
(-3427.621 - 0
-
4106.845)
/
260009.822
=
-0.028978
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 Arthavest Tbk has a M-score of -1.89 suggests that the company is unlikely to be a manipulator.
PT Arthavest Tbk (ISX:ARTA) has a Beneish M-Score of -1.89 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Arthavest Tbk and its competitors. According to the industry distribution chart, PT Arthavest Tbk ranks #682 out of 822 companies in the Travel & Leisure industry, placing it in the top 83%.
Is PT Arthavest Tbk's Beneish M-Score too high?
PT Arthavest Tbk's current Beneish M-Score is -1.89. Based on the distribution chart, PT Arthavest Tbk ranks #682 out of 822 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, PT Arthavest Tbk has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Arthavest Tbk's Beneish M-Score compare to MAR and HLT?
According to the Travel & Leisure industry distribution chart, PT Arthavest Tbk ranks #682 out of 822 companies for Beneish M-Score. This places PT Arthavest 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Arthavest Tbk and its competitors. PT Arthavest Tbk's current Beneish M-Score is -1.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Arthavest Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Arthavest Tbk (ISX:ARTA) is currently considered Fairly Valued. The stock's GF Value™ is Rp2,279.00, compared to a current price of Rp2,420.00 — trading 6.2% above its estimated fair value. The current Beneish M-Score is -1.89. PT Arthavest Tbk's overall GF Score™ is 69/100 with 2 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 Arthavest Tbk (ISX:ARTA), the current Beneish M-Score is -1.89 as of Jul. 14, 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 Arthavest Tbk (ISX:ARTA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Arthavest Tbk stock appears to be overvalued.
The current stock price of Rp2,420.00 is trading 6.2% above its estimated GF Value™ of Rp2,279.00.
GuruFocus considers PT Arthavest Tbk to be Fairly Valued.
Key valuation signals for ISX:ARTA:
Beneish M-Score: -1.89
GF Value™: Rp2,279.00 vs. price of Rp2,420.00 (6.2% above fair value)
No single metric tells the full story. See the ISX:ARTA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Arthavest Tbk engages in investment activities. Through its subsidiary, the company is majorly involved in the hotel and convention center operations and management of the REDTOP Hotel. The hotel offers facilities such as Superior Rooms, Suite Rooms, a Bar and Restaurant, a Swimming pool, Internet connectivity, and a sports center. The company is also involved in the provision of services in the fields of information technology and payment systems. It operates in business segments: Room; Food and beverage; Fitness and spa Laundry; and Others, of which it derives primary revenue from providing Room segment.
69GF Score
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