PT Bank Bumi Arta Tbk (ISX:BNBA) Beneish M-Score: -2.72 (As of Jul. 18, 2026)

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ISX:BNBA PT Bank Bumi Arta Tbk ISX:BNBA
58 GF Score
Price Rp755.00
GF Value Rp647.48
Valuation Modestly Overvalued
! 1 Warning Sign
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What is PT Bank Bumi Arta Tbk Beneish M-Score?

PT Bank Bumi Arta Tbk ISX:BNBA +1.34% 58 Beneish M-Score is -2.72 as of Jul. 18, 2026. GuruFocus rates ISX:BNBA with a GF Score™ of 58/100 and a GF Value™ of Rp647.48 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 1,396 Banks companies, PT Bank Bumi Arta Tbk ranks better than 87.82% 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 -2.72 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 Bumi Arta Tbk's Beneish M-Score or its related term are showing as below:

ISX:BNBA' s Beneish M-Score Range Over the Past 10 Years
Min: -10.73   Med: -2.48   Max: -1.5
Current: -2.72

During the past 12 years, the highest Beneish M-Score of PT Bank Bumi Arta Tbk was -1.50. The lowest was -10.73. And the median was -2.48.

ISX:BNBA
58GF Score
PT Bank Bumi Arta Tbk ISX:BNBA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Bumi Arta 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 Bumi Arta 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 * 0.9982+0.892 * 0.9202+0.115 * 0.9321
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0188+4.679 * -0.057347-0.327 * 0.6695
=-2.72

* 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 85208.544 + 81717.965 + 83817.534 + 82905.303 = Rp333,649 Mil.
Gross Profit was 85208.544 + 81717.965 + 83817.534 + 82905.303 = Rp333,649 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp8,453,477 Mil.
Property, Plant and Equipment(Net PPE) was Rp810,058 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp27,875 Mil.
Selling, General, & Admin. Expense(SGA) was Rp74,319 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp28,565 Mil.
Net Income was 12821.065 + -8372.884 + -1511.614 + -673.177 = Rp2,263 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 213522.828 + 195452.53 + -730045.201 + 808113.423 = Rp487,044 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 87915.556 + 100297.021 + 87507.348 + 86851.029 = Rp362,571 Mil.
Gross Profit was 87915.556 + 100297.021 + 87507.348 + 86851.029 = Rp362,571 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp8,268,637 Mil.
Property, Plant and Equipment(Net PPE) was Rp779,062 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp24,930 Mil.
Selling, General, & Admin. Expense(SGA) was Rp79,273 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp41,729 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 / 333649.346) / (0 / 362570.954)
=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)
=(362570.954 / 362570.954) / (333649.346 / 333649.346)
=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 + 810058.225) / 8453477.004) / (1 - (0 + 779061.663) / 8268636.967)
=0.904175 / 0.905781
=0.9982

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
=333649.346 / 362570.954
=0.9202

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))
=(24929.943 / (24929.943 + 779061.663)) / (27875.028 / (27875.028 + 810058.225))
=0.031008 / 0.033266
=0.9321

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)
=(74319.193 / 333649.346) / (79272.566 / 362570.954)
=0.222746 / 0.21864
=1.0188

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)
=((28565.443 + 0) / 8453477.004) / ((41728.965 + 0) / 8268636.967)
=0.003379 / 0.005047
=0.6695

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
=(2263.39 - 0 - 487043.58) / 8453477.004
=-0.057347

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 Bumi Arta Tbk has a M-score of -2.72 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 -2.72 mean?
PT Bank Bumi Arta Tbk (ISX:BNBA) has a Beneish M-Score of -2.72 as of Jul. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Bumi Arta Tbk and its competitors. According to the industry distribution chart, PT Bank Bumi Arta Tbk ranks #170 out of 1396 companies in the Banks industry, placing it in the top 12.2%.
Is PT Bank Bumi Arta Tbk's Beneish M-Score too high?
PT Bank Bumi Arta Tbk's current Beneish M-Score is -2.72. Based on the distribution chart, PT Bank Bumi Arta Tbk ranks #170 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, PT Bank Bumi Arta Tbk has a GF Score™ of 58/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Bumi Arta Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Bumi Arta Tbk ranks #170 out of 1396 companies for Beneish M-Score. This places PT Bank Bumi Arta Tbk in the top 12% 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 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 Bumi Arta Tbk and its competitors. PT Bank Bumi Arta Tbk's current Beneish M-Score is -2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Bumi Arta Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Bumi Arta Tbk (ISX:BNBA) is currently considered Modestly Overvalued. The stock's GF Value™ is Rp647.48, compared to a current price of Rp755.00 — trading 16.6% above its estimated fair value. The current Beneish M-Score is -2.72. PT Bank Bumi Arta Tbk's overall GF Score™ is 58/100 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 Bank Bumi Arta Tbk (ISX:BNBA), the current Beneish M-Score is -2.72 as of Jul. 18, 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 Bumi Arta Tbk (ISX:BNBA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Bumi Arta Tbk stock appears to be overvalued. The current stock price of Rp755.00 is trading 16.6% above its estimated GF Value™ of Rp647.48. GuruFocus considers PT Bank Bumi Arta Tbk to be Modestly Overvalued.

Key valuation signals for ISX:BNBA:

  • Beneish M-Score: -2.72
  • GF Value™: Rp647.48 vs. price of Rp755.00 (16.6% above fair value)
  • GF Score™: 58/100 with 1 warning sign

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

PT Bank Bumi Arta Tbk Business Description

Address Jalan K.H. Wahid Hasyim, No. 234-236, Gedung Bank Bumi Arta, Jakarta Pusat, Jakarta, IDN, 10250
PT Bank Bumi Arta Tbk operates as a commercial bank in Indonesia. The bank provides a broad set of retail and commercial banking services, including savings and deposits, working-capital and investment loans, housing and vehicle financing, bank guarantees, payment services, and digital banking channels such as internet and mobile banking. The bank also offers services including ATM (automated teller machine) and debit card facilities, phone banking and internet banking. The geographic segments of Bank Bumi Arta are divided into 2 (two) main regions, namely DKI Jakarta and regions outside DKI Jakarta. The majority of revenue is derived from the DKI Jakarta segment.
58GF Score

Get the complete analysis for ISX:BNBA

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

Rp755.00
Price
Rp647.48
GF Value