PT Bank Capital Indonesia Tbk (ISX:BACA) Beneish M-Score: -2.29 (As of Jun. 25, 2026)


ISX:BACA PT Bank Capital Indonesia Tbk ISX:BACA
54 GF Score
Price Rp109.00
GF Value Rp193.10
Valuation Significantly Undervalued
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What is PT Bank Capital Indonesia Tbk Beneish M-Score?

PT Bank Capital Indonesia Tbk ISX:BACA -0.91% 54 Beneish M-Score is -2.29 as of Jun. 25, 2026. GuruFocus rates ISX:BACA with a GF Score™ of 54/100 and a GF Value™ of Rp193.10 (Significantly Undervalued). Among 1,396 Banks companies, PT Bank Capital Indonesia Tbk ranks worse than 68.55% 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BACA' s Beneish M-Score Range Over the Past 10 Years
Min: -8.79   Med: -2.24   Max: 0.03
Current: -2.29

During the past 13 years, the highest Beneish M-Score of PT Bank Capital Indonesia Tbk was 0.03. The lowest was -8.79. And the median was -2.24.

ISX:BACA
54GF Score
PT Bank Capital Indonesia Tbk ISX:BACA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Capital Indonesia 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 Bank Capital Indonesia 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+0.528 * 1+0.404 * 1.0043+0.892 * 1.3347+0.115 * 0.9296
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0773+4.679 * -0.051056-0.327 * 0.5555
=-2.29

* 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 Rp0 Mil.
Revenue was 305814 + 381806 + 300313 + 304248 = Rp1,292,181 Mil.
Gross Profit was 305814 + 381806 + 300313 + 304248 = Rp1,292,181 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp26,321,136 Mil.
Property, Plant and Equipment(Net PPE) was Rp757,059 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp59,712 Mil.
Selling, General, & Admin. Expense(SGA) was Rp131,554 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp30,025 Mil.
Net Income was 25297 + 63208 + 25231 + 17656 = Rp131,392 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -1668778 + 2744191 + 983293 + -583470 = Rp1,475,236 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 241400 + 246043 + 249670 + 230995 = Rp968,108 Mil.
Gross Profit was 241400 + 246043 + 249670 + 230995 = Rp968,108 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp23,030,772 Mil.
Property, Plant and Equipment(Net PPE) was Rp759,121 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp55,351 Mil.
Selling, General, & Admin. Expense(SGA) was Rp91,492 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp47,309 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)
=(0 / 1292181) / (0 / 968108)
=0 / 0
=1

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)
=(968108 / 968108) / (1292181 / 1292181)
=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 + 757059) / 26321136) / (1 - (0 + 759121) / 23030772)
=0.971238 / 0.967039
=1.0043

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
=1292181 / 968108
=1.3347

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))
=(55351 / (55351 + 759121)) / (59712 / (59712 + 757059))
=0.067959 / 0.073107
=0.9296

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)
=(131554 / 1292181) / (91492 / 968108)
=0.101808 / 0.094506
=1.0773

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)
=((30025 + 0) / 26321136) / ((47309 + 0) / 23030772)
=0.001141 / 0.002054
=0.5555

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
=(131392 - 0 - 1475236) / 26321136
=-0.051056

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 Bank Capital Indonesia Tbk has a M-score of -2.29 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 -2.29 mean?
PT Bank Capital Indonesia Tbk (ISX:BACA) has a Beneish M-Score of -2.29 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Capital Indonesia Tbk and its competitors. According to the industry distribution chart, PT Bank Capital Indonesia Tbk ranks #957 out of 1396 companies in the Banks industry, placing it in the top 68.6%.
Is PT Bank Capital Indonesia Tbk's Beneish M-Score too high?
PT Bank Capital Indonesia Tbk's current Beneish M-Score is -2.29. Based on the distribution chart, PT Bank Capital Indonesia Tbk ranks #957 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, PT Bank Capital Indonesia Tbk has a GF Score™ of 54/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Capital Indonesia Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Capital Indonesia Tbk ranks #957 out of 1396 companies for Beneish M-Score. This places PT Bank Capital Indonesia 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 a Banks company?
A good Beneish M-Score depends on the Banks 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 Bank Capital Indonesia Tbk and its competitors. PT Bank Capital Indonesia Tbk's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Capital Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Capital Indonesia Tbk (ISX:BACA) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp193.10, compared to a current price of Rp109.00 — trading 43.6% below its estimated fair value. The current Beneish M-Score is -2.29. PT Bank Capital Indonesia Tbk's overall GF Score™ is 54/100. 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 Bank Capital Indonesia Tbk (ISX:BACA), the current Beneish M-Score is -2.29 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 Bank Capital Indonesia Tbk (ISX:BACA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Capital Indonesia Tbk stock appears to be undervalued. The current stock price of Rp109.00 is trading 43.6% below its estimated GF Value™ of Rp193.10. GuruFocus considers PT Bank Capital Indonesia Tbk to be Significantly Undervalued.

Key valuation signals for ISX:BACA:

  • Beneish M-Score: -2.29
  • GF Value™: Rp193.10 vs. price of Rp109.00 (43.6% below fair value)
  • GF Score™: 54/100

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

PT Bank Capital Indonesia Tbk Business Description

Address Jl. Jend Gatot Subroto Kav. 38, Menara Jamsostek Tower 1st, 6th Floor, Jakarta, IDN, 12710
PT Bank Capital Indonesia Tbk is an Indonesia-based financial institution that provides commercial banking services. It provides services such as mortgage financing, car financing, multi-purpose financing, overdraft facility, demand Loan, money market line, term loans, and bank guarantees. It also provides services like safe deposit boxes, online transfers, clearing, foreign exchange services, export, import, remittance, payroll services, a facility, a security agency, pick-up service, and credit card payment. Geographically, the group operates in Indonesia within the segments of Jakarta, Solo, Bandung, Surabaya, Kupang, Semarang, and Medan.
54GF Score

Get the complete analysis for ISX:BACA

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

Rp109.00
Price
Rp193.10
GF Value