PT Asuransi Maximus Graha Persada Tbk (ISX:ASMI) Beneish M-Score: -2.38 (As of Jul. 01, 2026)


ISX:ASMI PT Asuransi Maximus Graha Persada Tbk ISX:ASMI
64 GF Score
Price Rp14.00
GF Value Rp26.85
Valuation Significantly Undervalued
! 3 Warning Signs
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What is PT Asuransi Maximus Graha Persada Tbk Beneish M-Score?

PT Asuransi Maximus Graha Persada Tbk ISX:ASMI 64 Beneish M-Score is -2.38 as of Jul. 01, 2026. GuruFocus rates ISX:ASMI with a GF Score™ of 64/100 and a GF Value™ of Rp26.85 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 401 Insurance companies, PT Asuransi Maximus Graha Persada Tbk ranks worse than 65.84% 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 -2.38 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 Maximus Graha Persada Tbk's Beneish M-Score or its related term are showing as below:

ISX:ASMI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42   Med: -2.27   Max: -1.33
Current: -2.38

During the past 13 years, the highest Beneish M-Score of PT Asuransi Maximus Graha Persada Tbk was -1.33. The lowest was -3.42. And the median was -2.27.

ISX:ASMI
64GF Score
PT Asuransi Maximus Graha Persada Tbk ISX:ASMI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Asuransi Maximus Graha Persada 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 Maximus Graha Persada 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 * 0.7702+0.528 * 1+0.404 * 1.0151+0.892 * 1.0021+0.115 * 0.654
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8669+4.679 * 0.031979-0.327 * 0.493
=-2.38

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was Rp136,460 Mil.
Revenue was 146428.328 + 61796.478 + 72771.304 + 119476.021 = Rp400,472 Mil.
Gross Profit was 146428.328 + 61796.478 + 72771.304 + 119476.021 = Rp400,472 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp1,439,242 Mil.
Property, Plant and Equipment(Net PPE) was Rp43,675 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp7,781 Mil.
Selling, General, & Admin. Expense(SGA) was Rp53,804 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp51 Mil.
Net Income was 1468.138 + -1512.415 + 2131.912 + 24093.482 = Rp26,181 Mil.
Non Operating Income was -1097.455 + -915.048 + 3803.354 + 3327.995 = Rp5,119 Mil.
Cash Flow from Operations was -18587.238 + 5696.8 + -1335.618 + -10737.225 = Rp-24,963 Mil.
 Total Receivables was Rp176,820 Mil.
Revenue was 103125.507 + 96530.485 + 95344.019 + 104644.915 = Rp399,645 Mil.
Gross Profit was 103125.507 + 96530.485 + 95344.019 + 104644.915 = Rp399,645 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp1,064,825 Mil.
Property, Plant and Equipment(Net PPE) was Rp47,696 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp5,234 Mil.
Selling, General, & Admin. Expense(SGA) was Rp61,939 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp76 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)
=(136460.299 / 400472.131) / (176819.869 / 399644.926)
=0.340749 / 0.442442
=0.7702

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)
=(399644.926 / 399644.926) / (400472.131 / 400472.131)
=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 + 43675.169) / 1439242.056) / (1 - (0 + 47696.205) / 1064824.632)
=0.969654 / 0.955207
=1.0151

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
=400472.131 / 399644.926
=1.0021

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))
=(5234.299 / (5234.299 + 47696.205)) / (7780.66 / (7780.66 + 43675.169))
=0.09889 / 0.15121
=0.654

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)
=(53803.91 / 400472.131) / (61938.754 / 399644.926)
=0.134351 / 0.154984
=0.8669

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)
=((50.549 + 0) / 1439242.056) / ((75.823 + 0) / 1064824.632)
=3.5E-5 / 7.1E-5
=0.493

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
=(26181.117 - 5118.846 - -24963.281) / 1439242.056
=0.031979

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 Maximus Graha Persada Tbk has a M-score of -2.38 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 -2.38 mean?
PT Asuransi Maximus Graha Persada Tbk (ISX:ASMI) has a Beneish M-Score of -2.38 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Asuransi Maximus Graha Persada Tbk and its competitors. According to the industry distribution chart, PT Asuransi Maximus Graha Persada Tbk ranks #264 out of 401 companies in the Insurance industry, placing it in the top 65.8%.
Is PT Asuransi Maximus Graha Persada Tbk's Beneish M-Score too high?
PT Asuransi Maximus Graha Persada Tbk's current Beneish M-Score is -2.38. Based on the distribution chart, PT Asuransi Maximus Graha Persada Tbk ranks #264 out of 401 companies in the Insurance industry, which is below the industry midpoint. Overall, PT Asuransi Maximus Graha Persada Tbk has a GF Score™ of 64/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Asuransi Maximus Graha Persada Tbk's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, PT Asuransi Maximus Graha Persada Tbk ranks #264 out of 401 companies for Beneish M-Score. This places PT Asuransi Maximus Graha Persada 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 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 Maximus Graha Persada Tbk and its competitors. PT Asuransi Maximus Graha Persada Tbk's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Asuransi Maximus Graha Persada Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Asuransi Maximus Graha Persada Tbk (ISX:ASMI) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp26.85, compared to a current price of Rp14.00 — trading 47.9% below its estimated fair value. The current Beneish M-Score is -2.38. PT Asuransi Maximus Graha Persada Tbk's overall GF Score™ is 64/100 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 Maximus Graha Persada Tbk (ISX:ASMI), the current Beneish M-Score is -2.38 as of Jul. 01, 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 Maximus Graha Persada Tbk (ISX:ASMI) Overvalued in 2026?

Based on GuruFocus' analysis, PT Asuransi Maximus Graha Persada Tbk stock appears to be undervalued. The current stock price of Rp14.00 is trading 47.9% below its estimated GF Value™ of Rp26.85. GuruFocus considers PT Asuransi Maximus Graha Persada Tbk to be Significantly Undervalued.

Key valuation signals for ISX:ASMI:

  • Beneish M-Score: -2.38
  • GF Value™: Rp26.85 vs. price of Rp14.00 (47.9% below fair value)
  • GF Score™: 64/100 with 3 warning signs

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

PT Asuransi Maximus Graha Persada Tbk Business Description

Address Jl. Jend, Sudirman Kav. 52-53, 18 PARC Place Tower B Lt. 8, Sudirman Central Business District, Kebayoran Baru, Jakarta, IDN, 12190
PT Asuransi Maximus Graha Persada Tbk is an Indonesia-based insurance service provider. The company provides insurance services such as motor vehicle insurance, travel insurance, property insurance, marine cargo insurance, money insurance, engineering insurance, and other insurance. The group's operations are located in the geographical areas of Indonesia, namely, Sumatera, Java, Bali, Sulawesi, and Kalimantan. It derives the majority of its revenue from the operations in Jawa. The organization generates prime underwriting revenue by providing motor vehicle insurance services.
64GF Score

Get the complete analysis for ISX:ASMI

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

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Price
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GF Value