Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 -2.92 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: -2.56 Max: -1.19
Current: -2.92
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 -2.56.
PT Astra Graphia Tbk Beneish M-Score Related Terms
PT Astra Graphia Tbk Beneish M-Score Historical Data
* Premium members only.
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.
ISX:ASGR vs CTAS, CPRT, GPN: 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.
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:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.0184
+
0.528 * 0.8697
+
0.404 * 0.9208
+
0.892 * 0.9899
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0501
+
4.679 * -0.067445
-
0.327 * 1.0737
=
-2.92
* 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))
=
(0 / (0 + 336895))
/
(0 / (0 + 305351))
=
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
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
=
(302870 - 0
-
500368)
/
2928267
=
-0.067445
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 -2.92 suggests that the company is unlikely to be a manipulator.
PT Astra Graphia Tbk (ISX:ASGR) has a Beneish M-Score of -2.92 as of Aug. 19, 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 #236 out of 1017 companies in the Business Services industry, placing it in the top 23.2%.
Is PT Astra Graphia Tbk's Beneish M-Score too high?
PT Astra Graphia Tbk's current Beneish M-Score is -2.92. Based on the distribution chart, PT Astra Graphia Tbk ranks #236 out of 1017 companies in the Business Services industry, which is in the top quartile — a strong position relative to peers. Overall, PT Astra Graphia Tbk has a GF Score™ of 64/100 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 #236 out of 1017 companies for Beneish M-Score. This places PT Astra Graphia Tbk in the top 23% 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 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 -2.92. 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 Rp931.01, compared to a current price of Rp1,780.00 — trading 91.2% above its estimated fair value. The current Beneish M-Score is -2.92. PT Astra Graphia Tbk's overall GF Score™ is 64/100 with 5 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 Astra Graphia Tbk (ISX:ASGR), the current Beneish M-Score is -2.92 as of Aug. 19, 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 Rp1,780.00 is trading 91.2% above its estimated GF Value™ of Rp931.01.
GuruFocus considers PT Astra Graphia Tbk to be Significantly Overvalued.
Key valuation signals for ISX:ASGR:
Beneish M-Score: -2.92
GF Value™: Rp931.01 vs. price of Rp1,780.00 (91.2% above fair value)
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 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.
64GF Score
Get the complete analysis for ISX:ASGR
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ISX:ASGR has been successfully added to your 
