PT Astra Graphia Tbk (ISX:ASGR) Beneish M-Score: -2.69 (As of Jul. 05, 2026)

What is PT Astra Graphia Tbk Beneish M-Score?

PT Astra Graphia Tbk ISX:ASGR +4.45% 69 Beneish M-Score is -2.69 as of Jul. 05, 2026. GuruFocus rates ISX:ASGR with a GF Score™ of 69/100 and a GF Value™ of Rp933.89 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,022 Business Services companies, PT Astra Graphia Tbk ranks better than 61.25% on this metric.

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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:ASGR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.82 Med: -2.54 Max: -1.19
Current: -2.69

During the past 13 years, the highest Beneish M-Score of PT Astra Graphia Tbk was -1.19. The lowest was -3.82. And the median was -2.54.

PT Astra Graphia Tbk Beneish M-Score Related Terms

PT Astra Graphia Tbk Beneish M-Score Historical Data

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The historical data trend for PT Astra Graphia 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.

PT Astra Graphia Tbk Beneish M-Score Chart

PT Astra Graphia Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.34

-2.85

-2.53

-3.00

-2.58

PT Astra Graphia Tbk Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.89	-2.54	-2.95	-2.58	-2.69

ISX:ASGR vs CTAS, CPRT, ULS: Beneish M-Score Comparison

For the Specialty Business Services subindustry, PT Astra Graphia 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 Astra Graphia Tbk Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, PT Astra Graphia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Astra Graphia Tbk's Beneish M-Score falls into.

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69GF Score

PT Astra Graphia Tbk ISX:ASGR

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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PT Astra Graphia 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 Astra Graphia Tbk for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0035

0.528 * 0.9135

0.404 * 0.9423

0.892 * 1.036

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9756

4.679 * -0.043325

0.327 * 0.9429

-2.69

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp529,091 Mil.
Revenue was 759829 + 729082 + 735824 + 804599 = Rp3,029,334 Mil.
Gross Profit was 168830 + 223467 + 179668 + 170298 = Rp742,263 Mil.
Total Current Assets was Rp2,632,646 Mil.
Total Assets was Rp3,056,884 Mil.
Property, Plant and Equipment(Net PPE) was Rp311,488 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp436,256 Mil.
Total Current Liabilities was Rp844,227 Mil.
Long-Term Debt & Capital Lease Obligation was Rp13,769 Mil.
Net Income was 69486 + 89355 + 75067 + 59070 = Rp292,978 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 12975 + 133221 + 238120 + 41100 = Rp425,416 Mil.

Total Receivables was Rp508,950 Mil.
Revenue was 721283 + 775888 + 750357 + 676656 = Rp2,924,184 Mil.
Gross Profit was 151176 + 158601 + 175159 + 169601 = Rp654,537 Mil.
Total Current Assets was Rp2,382,411 Mil.
Total Assets was Rp2,864,659 Mil.
Property, Plant and Equipment(Net PPE) was Rp370,120 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp431,660 Mil.
Total Current Liabilities was Rp836,405 Mil.
Long-Term Debt & Capital Lease Obligation was Rp16,351 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)
	=	(529091 / 3029334)	/	(508950 / 2924184)
	=	0.174656	/	0.174049
	=	1.0035

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)
	=	(654537 / 2924184)	/	(742263 / 3029334)
	=	0.223836	/	0.245025
	=	0.9135

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 - (2632646 + 311488) / 3056884)	/	(1 - (2382411 + 370120) / 2864659)
	=	0.036884	/	0.039142
	=	0.9423

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
	=	3029334	/	2924184
	=	1.036

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))
	=	(0 / (0 + 370120))	/	(0 / (0 + 311488))
	=	0	/	0
	=	1

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)
	=	(436256 / 3029334)	/	(431660 / 2924184)
	=	0.144011	/	0.147617
	=	0.9756

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)
	=	((13769 + 844227) / 3056884)	/	((16351 + 836405) / 2864659)
	=	0.280677	/	0.297682
	=	0.9429

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
	=	(292978 - 0	-	425416)	/	3056884
	=	-0.043325

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 Astra Graphia Tbk has a M-score of -2.69 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 -2.69 mean?

PT Astra Graphia Tbk (ISX:ASGR) has a Beneish M-Score of -2.69 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Astra Graphia Tbk and its competitors. According to the industry distribution chart, PT Astra Graphia Tbk ranks #396 out of 1022 companies in the Business Services industry, placing it in the top 38.7%.

Is PT Astra Graphia Tbk's Beneish M-Score too high?

PT Astra Graphia Tbk's current Beneish M-Score is -2.69. Based on the distribution chart, PT Astra Graphia Tbk ranks #396 out of 1022 companies in the Business Services industry, which is above the industry midpoint. Overall, PT Astra Graphia Tbk has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does PT Astra Graphia Tbk's Beneish M-Score compare to CTAS and CPRT?

According to the Business Services industry distribution chart, PT Astra Graphia Tbk ranks #396 out of 1022 companies for Beneish M-Score. This puts PT Astra Graphia Tbk in the upper 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 Business Services company?

A good Beneish M-Score depends on the Business Services 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 Astra Graphia Tbk and its competitors. PT Astra Graphia Tbk's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Astra Graphia Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Astra Graphia Tbk (ISX:ASGR) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp933.89, compared to a current price of Rp1,525.00 — trading 63.3% above its estimated fair value. The current Beneish M-Score is -2.69. PT Astra Graphia Tbk's overall GF Score™ is 69/100 with 1 warning sign 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 Astra Graphia Tbk (ISX:ASGR), the current Beneish M-Score is -2.69 as of Jul. 05, 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 Astra Graphia Tbk (ISX:ASGR) Overvalued in 2026?

Based on GuruFocus' analysis, PT Astra Graphia Tbk stock appears to be overvalued. The current stock price of Rp1,525.00 is trading 63.3% above its estimated GF Value™ of Rp933.89. GuruFocus considers PT Astra Graphia Tbk to be Significantly Overvalued.

Key valuation signals for ISX:ASGR:

Beneish M-Score: -2.69
GF Value™: Rp933.89 vs. price of Rp1,525.00 (63.3% above fair value)
GF Score™: 69/100 with 1 warning sign

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

PT Astra Graphia Tbk Business Description

Industry Industrials Business Services

Comparable Companies ISX:KING ISX:MUTU ISX:HYGN ISX:CRSN ISX:ARKA ISX:SOUL ISX:JTPE CTAS LSE:REL TSX:TRI CPRT TSX:RBA ULS GPN ASX:BXB ARMK XAMS:WKL LSE:RTO LSE:ITRK XPAR:SW

Other Exchanges IUA:Germany

Address Jl. Kramat Raya No. 43, Jakarta, IDN, 10450

Website https://www.astragraphia.co.id

PT Astra Graphia Tbk is an Indonesian company that offers document, information, and communication technology solutions. The company engages in trading, industrial and consulting services, office equipment and supplies contractor services, telecommunications, and investments in other entities. It also provides information and communication solutions such as digital printing services for variable data, office supplies, and office product delivery services. The company organizes its business into two segments: Document Solutions, Information Technology Solutions.

69GF Score

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

Rp1,525.00

Price

Rp933.89

GF Value

View ISX:ASGR Analysis

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