PT Asuransi Dayin Mitra Tbk (ISX:ASDM) Beneish M-Score: -3.16 (As of Jul. 13, 2026)


ISX:ASDM PT Asuransi Dayin Mitra Tbk ISX:ASDM
59 GF Score
Price Rp515.00
GF Value Rp622.00
Valuation Modestly Undervalued
! 3 Warning Signs
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What is PT Asuransi Dayin Mitra Tbk Beneish M-Score?

PT Asuransi Dayin Mitra Tbk ISX:ASDM -0.96% 59 Beneish M-Score is -3.16 as of Jul. 13, 2026. GuruFocus rates ISX:ASDM with a GF Score™ of 59/100 and a GF Value™ of Rp622.00 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 399 Insurance companies, PT Asuransi Dayin Mitra Tbk ranks better than 88.72% 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 -3.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Asuransi Dayin Mitra Tbk's Beneish M-Score or its related term are showing as below:

ISX:ASDM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26   Med: -2.43   Max: 2.8
Current: -3.16

During the past 13 years, the highest Beneish M-Score of PT Asuransi Dayin Mitra Tbk was 2.80. The lowest was -3.26. And the median was -2.43.

ISX:ASDM
59GF Score
PT Asuransi Dayin Mitra Tbk ISX:ASDM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Asuransi Dayin Mitra 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 Asuransi Dayin Mitra 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 * 0.0306+0.528 * 1+0.404 * 0.9901+0.892 * 1.1371+0.115 * 0.8509
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0415+4.679 * 0.018918-0.327 * 0.9188
=-3.16

* 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 Rp8,005 Mil.
Revenue was 74463.566 + 57678.709 + 84639.066 + 84078.714 = Rp300,860 Mil.
Gross Profit was 74463.566 + 57678.709 + 84639.066 + 84078.714 = Rp300,860 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp848,708 Mil.
Property, Plant and Equipment(Net PPE) was Rp37,323 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp9,796 Mil.
Selling, General, & Admin. Expense(SGA) was Rp19,119 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,205 Mil.
Net Income was 3779.975 + 1836.038 + 4143.841 + 7599.076 = Rp17,359 Mil.
Non Operating Income was 439.757 + -636.554 + 1375.581 + 397.342 = Rp1,576 Mil.
Cash Flow from Operations was 23962.452 + -11437.139 + -1519.441 + -11278.81 = Rp-273 Mil.
 Total Receivables was Rp230,032 Mil.
Revenue was 64265.383 + 77878.454 + 54735.415 + 67696.155 = Rp264,575 Mil.
Gross Profit was 64265.383 + 77878.454 + 54735.415 + 67696.155 = Rp264,575 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp1,203,775 Mil.
Property, Plant and Equipment(Net PPE) was Rp41,468 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp8,913 Mil.
Selling, General, & Admin. Expense(SGA) was Rp16,144 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp8,035 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)
=(8005.119 / 300860.055) / (230031.876 / 264575.407)
=0.026607 / 0.869438
=0.0306

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)
=(264575.407 / 264575.407) / (300860.055 / 300860.055)
=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 + 37322.835) / 848707.96) / (1 - (0 + 41468.205) / 1203774.643)
=0.956024 / 0.965552
=0.9901

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
=300860.055 / 264575.407
=1.1371

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))
=(8912.999 / (8912.999 + 41468.205)) / (9796.019 / (9796.019 + 37322.835))
=0.176911 / 0.2079
=0.8509

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)
=(19118.641 / 300860.055) / (16143.599 / 264575.407)
=0.063547 / 0.061017
=1.0415

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)
=((5204.839 + 0) / 848707.96) / ((8034.684 + 0) / 1203774.643)
=0.006133 / 0.006675
=0.9188

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
=(17358.93 - 1576.126 - -272.938) / 848707.96
=0.018918

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 Asuransi Dayin Mitra Tbk has a M-score of -3.16 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 -3.16 mean?
PT Asuransi Dayin Mitra Tbk (ISX:ASDM) has a Beneish M-Score of -3.16 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Asuransi Dayin Mitra Tbk and its competitors. According to the industry distribution chart, PT Asuransi Dayin Mitra Tbk ranks #45 out of 399 companies in the Insurance industry, placing it in the top 11.3%.
Is PT Asuransi Dayin Mitra Tbk's Beneish M-Score too high?
PT Asuransi Dayin Mitra Tbk's current Beneish M-Score is -3.16. Based on the distribution chart, PT Asuransi Dayin Mitra Tbk ranks #45 out of 399 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, PT Asuransi Dayin Mitra Tbk has a GF Score™ of 59/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Asuransi Dayin Mitra Tbk's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, PT Asuransi Dayin Mitra Tbk ranks #45 out of 399 companies for Beneish M-Score. This places PT Asuransi Dayin Mitra Tbk in the top 11% 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Asuransi Dayin Mitra Tbk and its competitors. PT Asuransi Dayin Mitra Tbk's current Beneish M-Score is -3.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Asuransi Dayin Mitra Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Asuransi Dayin Mitra Tbk (ISX:ASDM) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp622.00, compared to a current price of Rp515.00 — trading 17.2% below its estimated fair value. The current Beneish M-Score is -3.16. PT Asuransi Dayin Mitra Tbk's overall GF Score™ is 59/100 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 Asuransi Dayin Mitra Tbk (ISX:ASDM), the current Beneish M-Score is -3.16 as of Jul. 13, 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 Asuransi Dayin Mitra Tbk (ISX:ASDM) Overvalued in 2026?

Based on GuruFocus' analysis, PT Asuransi Dayin Mitra Tbk stock appears to be undervalued. The current stock price of Rp515.00 is trading 17.2% below its estimated GF Value™ of Rp622.00. GuruFocus considers PT Asuransi Dayin Mitra Tbk to be Modestly Undervalued.

Key valuation signals for ISX:ASDM:

  • Beneish M-Score: -3.16
  • GF Value™: Rp622.00 vs. price of Rp515.00 (17.2% below fair value)
  • GF Score™: 59/100 with 3 warning signs

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

PT Asuransi Dayin Mitra Tbk Business Description

Address Jalan Hayam Wuruk No. 8, RT.6/RW.2, Wisma Hayam Wuruk, 7th Floor, Kebon Kelapa, Gambir, Kb. Klp., Kecamatan Gambir, Central Jakarta City, DKI Jakarta, Jakarta, IDN, 10120
PT Asuransi Dayin Mitra Tbk is a general insurance services provider in Indonesia. The company offers insurance coverage for fire, motor vehicles, money, cargo, engineering, personal accident insurance, and various other products. Its operating segments are: Fire, Marine hull, Motor Vehicle, Accident, and others. Maximum revenue for the company comes from the Fire insurance segment. Geographically, the company derives maximum revenue from its business in the Java Island region, and the rest from outside Java Island.
59GF Score

Get the complete analysis for ISX:ASDM

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

Rp515.00
Price
Rp622.00
GF Value