PT Bank Jago Tbk (ISX:ARTO) Beneish M-Score: -10.86 (As of Jun. 26, 2026)


ISX:ARTO PT Bank Jago Tbk ISX:ARTO
66 GF Score
Price Rp905.00
GF Value Rp4,278.90
Valuation Significantly Undervalued
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What is PT Bank Jago Tbk Beneish M-Score?

PT Bank Jago Tbk ISX:ARTO -1.63% 66 Beneish M-Score is -10.86 as of Jun. 26, 2026. GuruFocus rates ISX:ARTO with a GF Score™ of 66/100 and a GF Value™ of Rp4,278.90 (Significantly Undervalued). Among 1,397 Banks companies, PT Bank Jago Tbk ranks better than 99.79% 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 -10.86 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 Jago Tbk's Beneish M-Score or its related term are showing as below:

ISX:ARTO' s Beneish M-Score Range Over the Past 10 Years
Min: -10.86   Med: -2.07   Max: 6.7
Current: -10.86

During the past 11 years, the highest Beneish M-Score of PT Bank Jago Tbk was 6.70. The lowest was -10.86. And the median was -2.07.

ISX:ARTO
66GF Score
PT Bank Jago Tbk ISX:ARTO
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Jago 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 Jago 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 * 1.0009+0.892 * 1.4969+0.115 * 0.9174
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9551+4.679 * -0.059407-0.327 * 27.1232
=-10.86

* 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 749210 + 716624 + 642673 + 604464 = Rp2,712,971 Mil.
Gross Profit was 749210 + 716624 + 642673 + 604464 = Rp2,712,971 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp39,534,279 Mil.
Property, Plant and Equipment(Net PPE) was Rp102,431 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp327,366 Mil.
Selling, General, & Admin. Expense(SGA) was Rp835,266 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,741,415 Mil.
Net Income was 85776 + 77101 + 72064 + 66797 = Rp301,738 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 2378919 + 1199680 + 228593 + -1156834 = Rp2,650,358 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 601947 + 476916 + 369634 + 363837 = Rp1,812,334 Mil.
Gross Profit was 601947 + 476916 + 369634 + 363837 = Rp1,812,334 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp32,462,900 Mil.
Property, Plant and Equipment(Net PPE) was Rp113,307 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp262,793 Mil.
Selling, General, & Admin. Expense(SGA) was Rp584,183 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp52,705 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 / 2712971) / (0 / 1812334)
=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)
=(1812334 / 1812334) / (2712971 / 2712971)
=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 + 102431) / 39534279) / (1 - (0 + 113307) / 32462900)
=0.997409 / 0.99651
=1.0009

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
=2712971 / 1812334
=1.4969

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))
=(262793 / (262793 + 113307)) / (327366 / (327366 + 102431))
=0.698732 / 0.761676
=0.9174

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)
=(835266 / 2712971) / (584183 / 1812334)
=0.307879 / 0.322337
=0.9551

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)
=((1741415 + 0) / 39534279) / ((52705 + 0) / 32462900)
=0.044048 / 0.001624
=27.1232

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
=(301738 - 0 - 2650358) / 39534279
=-0.059407

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 Jago Tbk has a M-score of -10.86 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 -10.86 mean?
PT Bank Jago Tbk (ISX:ARTO) has a Beneish M-Score of -10.86 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Jago Tbk and its competitors. According to the industry distribution chart, PT Bank Jago Tbk ranks #3 out of 1397 companies in the Banks industry, placing it in the top 0.2%.
Is PT Bank Jago Tbk's Beneish M-Score too high?
PT Bank Jago Tbk's current Beneish M-Score is -10.86. Based on the distribution chart, PT Bank Jago Tbk ranks #3 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, PT Bank Jago Tbk has a GF Score™ of 66/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Jago Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Jago Tbk ranks #3 out of 1397 companies for Beneish M-Score. This places PT Bank Jago Tbk in the top 0% 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 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 Jago Tbk and its competitors. PT Bank Jago Tbk's current Beneish M-Score is -10.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Jago Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Jago Tbk (ISX:ARTO) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp4,278.90, compared to a current price of Rp905.00 — trading 78.8% below its estimated fair value. The current Beneish M-Score is -10.86. PT Bank Jago Tbk's overall GF Score™ is 66/100. 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 Jago Tbk (ISX:ARTO), the current Beneish M-Score is -10.86 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 Jago Tbk (ISX:ARTO) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Jago Tbk stock appears to be undervalued. The current stock price of Rp905.00 is trading 78.8% below its estimated GF Value™ of Rp4,278.90. GuruFocus considers PT Bank Jago Tbk to be Significantly Undervalued.

Key valuation signals for ISX:ARTO:

  • Beneish M-Score: -10.86
  • GF Value™: Rp4,278.90 vs. price of Rp905.00 (78.8% below fair value)
  • GF Score™: 66/100

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

PT Bank Jago Tbk Business Description

Address Jalan Dr. Ide Anak Agung Gde Agung Kav 5.5 - 5.6, Menara SMBC, 46th Floor, Jakarta Selatan, Jakarta, IDN, 12950
PT Bank Jago Tbk is an Indonesian-based banking company. It offers various banking products and services that are categorized into funding and lending activities, along with other supporting banking services. Its funding activities are Saving & Spending Pockets, Locked Pockets, Shared Pockets, Giveaway Pockets, and others. Its Lending activities are a technology-based bank that serves the small and medium enterprises segment, the retail segment, and the mass market segment. Its operating segments are Outside Jakarta and DKI Jakarta.
66GF Score

Get the complete analysis for ISX:ARTO

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

Rp905.00
Price
Rp4,278.90
GF Value