PT Adirana Armada Tbk (ISX:ASSA) Beneish M-Score: -2.79 (As of Jun. 25, 2026)

What is PT Adirana Armada Tbk Beneish M-Score?

PT Adirana Armada Tbk ISX:ASSA -3.88% 89 Beneish M-Score is -2.79 as of Jun. 25, 2026. GuruFocus rates ISX:ASSA with a GF Score™ of 89/100 and a GF Value™ of Rp1,058.66 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 1,020 Business Services companies, PT Adirana Armada Tbk ranks better than 69.12% 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:ASSA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.46 Max: -1.23
Current: -2.79

During the past 13 years, the highest Beneish M-Score of PT Adirana Armada Tbk was -1.23. The lowest was -3.06. And the median was -2.46.

PT Adirana Armada Tbk Beneish M-Score Related Terms

PT Adirana Armada Tbk Beneish M-Score Historical Data

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The historical data trend for PT Adirana Armada 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 Adirana Armada Tbk Beneish M-Score Chart

PT Adirana Armada Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.88

-2.30

-2.86

-2.49

-2.66

PT Adirana Armada 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															-2.42	-2.51	-2.46	-2.66	-2.79

ISX:ASSA vs URI, SUNB, AER: Beneish M-Score Comparison

For the Rental & Leasing Services subindustry, PT Adirana Armada 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 Adirana Armada Tbk Beneish M-Score vs Business Services Industry

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

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

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89GF Score

PT Adi Sarana Armada Tbk ISX:ASSA

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

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PT Adirana Armada 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 Adirana Armada 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 * 0.9117

0.528 * 0.9687

0.404 * 0.8733

0.892 * 1.1906

0.115 * 0.9938

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0769

4.679 * -0.072092

0.327 * 0.9504

-2.79

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp878,850 Mil.
Revenue was 1538512.122 + 1574731.274 + 1578982.96 + 1450535.932 = Rp6,142,762 Mil.
Gross Profit was 461936.459 + 506003.894 + 524810.642 + 453844.148 = Rp1,946,595 Mil.
Total Current Assets was Rp2,228,774 Mil.
Total Assets was Rp8,855,121 Mil.
Property, Plant and Equipment(Net PPE) was Rp6,072,137 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp92,941 Mil.
Selling, General, & Admin. Expense(SGA) was Rp307,542 Mil.
Total Current Liabilities was Rp2,250,785 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,859,704 Mil.
Net Income was 98475.511 + 69149.906 + 143352.68 + 103494.725 = Rp414,473 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 283322.38 + 159433.399 + 360809.758 + 249292.657 = Rp1,052,858 Mil.

Total Receivables was Rp809,650 Mil.
Revenue was 1385235.716 + 1314392.462 + 1273570.595 + 1186070.318 = Rp5,159,269 Mil.
Gross Profit was 418022.736 + 428597.25 + 399924.667 + 337187.238 = Rp1,583,732 Mil.
Total Current Assets was Rp1,887,602 Mil.
Total Assets was Rp8,226,430 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,749,297 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp87,437 Mil.
Selling, General, & Admin. Expense(SGA) was Rp239,867 Mil.
Total Current Liabilities was Rp2,061,207 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,934,132 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)
	=	(878849.734 / 6142762.288)	/	(809650.322 / 5159269.091)
	=	0.143071	/	0.156931
	=	0.9117

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)
	=	(1583731.891 / 5159269.091)	/	(1946595.143 / 6142762.288)
	=	0.306968	/	0.316892
	=	0.9687

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 - (2228774.431 + 6072137.227) / 8855120.771)	/	(1 - (1887602.227 + 5749297.081) / 8226429.883)
	=	0.062586	/	0.071663
	=	0.8733

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
	=	6142762.288	/	5159269.091
	=	1.1906

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))
	=	(87437.35 / (87437.35 + 5749297.081))	/	(92941.459 / (92941.459 + 6072137.227))
	=	0.014981	/	0.015075
	=	0.9938

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)
	=	(307542.294 / 6142762.288)	/	(239867.206 / 5159269.091)
	=	0.050066	/	0.046492
	=	1.0769

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)
	=	((2859703.565 + 2250785.12) / 8855120.771)	/	((2934131.821 + 2061206.603) / 8226429.883)
	=	0.577122	/	0.60723
	=	0.9504

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
	=	(414472.822 - 0	-	1052858.194)	/	8855120.771
	=	-0.072092

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 Adirana Armada Tbk has a M-score of -2.79 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 -2.79 mean?

PT Adirana Armada Tbk (ISX:ASSA) has a Beneish M-Score of -2.79 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Adirana Armada Tbk and its competitors. According to the industry distribution chart, PT Adirana Armada Tbk ranks #315 out of 1020 companies in the Business Services industry, placing it in the top 30.9%.

Is PT Adirana Armada Tbk's Beneish M-Score too high?

PT Adirana Armada Tbk's current Beneish M-Score is -2.79. Based on the distribution chart, PT Adirana Armada Tbk ranks #315 out of 1020 companies in the Business Services industry, which is above the industry midpoint. Overall, PT Adirana Armada Tbk has a GF Score™ of 89/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does PT Adirana Armada Tbk's Beneish M-Score compare to URI and SUNB?

According to the Business Services industry distribution chart, PT Adirana Armada Tbk ranks #315 out of 1020 companies for Beneish M-Score. This puts PT Adirana Armada 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 Adirana Armada Tbk and its competitors. PT Adirana Armada Tbk's current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Adirana Armada Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Adirana Armada Tbk (ISX:ASSA) is currently considered Possible Value Trap. The stock's GF Value™ is Rp1,058.66, compared to a current price of Rp620.00 — trading 41.4% below its estimated fair value. The current Beneish M-Score is -2.79. PT Adirana Armada Tbk's overall GF Score™ is 89/100 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 Adirana Armada Tbk (ISX:ASSA), the current Beneish M-Score is -2.79 as of Jun. 25, 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 Adirana Armada Tbk (ISX:ASSA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Adirana Armada Tbk stock appears to be undervalued. The current stock price of Rp620.00 is trading 41.4% below its estimated GF Value™ of Rp1,058.66. GuruFocus considers PT Adirana Armada Tbk to be Possible Value Trap.

Key valuation signals for ISX:ASSA:

Beneish M-Score: -2.79
GF Value™: Rp1,058.66 vs. price of Rp620.00 (41.4% below fair value)
GF Score™: 89/100 with 3 warning signs

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

PT Adirana Armada Tbk Business Description

Industry Industrials Business Services

Comparable Companies ISX:SMIL ISX:SKRN ISX:BPTR ISX:TRJA ISX:WIDI URI SUNB AER XPAR:AYV UHAL R BSP:RENT3 TSX:EFN TSE:8439 HKSE:02588 CAR GATX EQPT WSC HRI

Address Jalan Yos Sudarso No. 88 Sunter, Jakarta Utara, Jakarta, IDN, 14350

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

PT Adi Sarana Armada Tbk provides integrated transportation solutions in the form of vehicle rental services. The company is engaged in businesses in inland transportation, including passenger transportation by means of buses, sedans, and other land vehicles, transporting goods, delivery, transportation management, expeditions, and warehouses, and provides long and short-term rental services. The company's segment includes Autopool Passenger Car Vehicle Rental Segment, Delivery Service Segment, Used Vehicle Sales segment, Steering Driver Rental Segment, Auction Services Segment, Logistics and Warehouse Management Segment, and Other segment. The majority of its revenue is generated from the Auction Services segment.

89GF Score

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

Rp620.00

Price

Rp1,058.66

GF Value

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