PT Woori Finance Indonesia Tbk (ISX:BPFI) Beneish M-Score: -1.24 (As of Jul. 15, 2026)

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ISX:BPFI PT Woori Finance Indonesia Tbk ISX:BPFI
62 GF Score
Price Rp246.00
GF Value Rp425.27
Valuation Possible Value Trap
! 6 Warning Signs
View Full Analysis

What is PT Woori Finance Indonesia Tbk Beneish M-Score?

PT Woori Finance Indonesia Tbk ISX:BPFI 62 Beneish M-Score is -1.24 as of Jul. 15, 2026. GuruFocus rates ISX:BPFI with a GF Score™ of 62/100 and a GF Value™ of Rp425.27 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 486 Credit Services companies, PT Woori Finance Indonesia Tbk ranks worse than 73.05% 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.

Warning Sign:

Beneish M-Score -1.24 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:BPFI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.85   Med: -2.07   Max: -1.14
Current: -1.24

During the past 13 years, the highest Beneish M-Score of PT Woori Finance Indonesia Tbk was -1.14. The lowest was -3.85. And the median was -2.07.

ISX:BPFI
62GF Score
PT Woori Finance Indonesia Tbk ISX:BPFI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Woori Finance 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 Woori Finance 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 * 1.0182+0.892 * 1.2132+0.115 * 0.9896
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.431+4.679 * 0.259811-0.327 * 1.3016
=-1.24

* 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 122375.166 + 109317.894 + 106346.998 + 85671.196 = Rp423,711 Mil.
Gross Profit was 122375.166 + 109317.894 + 106346.998 + 85671.196 = Rp423,711 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp2,944,755 Mil.
Property, Plant and Equipment(Net PPE) was Rp117,475 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp18,423 Mil.
Selling, General, & Admin. Expense(SGA) was Rp107,283 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,667,491 Mil.
Net Income was 33092.92 + 19181.354 + 15640.637 + 15176.45 = Rp83,091 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -147937.387 + -402163.315 + -141277.53 + 9389.33 = Rp-681,989 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 92691.337 + 84331.5 + 91379.787 + 80853.426 = Rp349,256 Mil.
Gross Profit was 92691.337 + 84331.5 + 91379.787 + 80853.426 = Rp349,256 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp2,129,698 Mil.
Property, Plant and Equipment(Net PPE) was Rp121,506 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp18,826 Mil.
Selling, General, & Admin. Expense(SGA) was Rp61,797 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp926,528 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 / 423711.254) / (0 / 349256.05)
=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)
=(349256.05 / 349256.05) / (423711.254 / 423711.254)
=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 + 117474.531) / 2944755.328) / (1 - (0 + 121506.358) / 2129697.765)
=0.960107 / 0.942947
=1.0182

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
=423711.254 / 349256.05
=1.2132

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))
=(18825.813 / (18825.813 + 121506.358)) / (18422.973 / (18422.973 + 117474.531))
=0.134152 / 0.135565
=0.9896

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)
=(107283.377 / 423711.254) / (61797.454 / 349256.05)
=0.253199 / 0.17694
=1.431

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)
=((1667491.184 + 0) / 2944755.328) / ((926528.4 + 0) / 2129697.765)
=0.566258 / 0.435052
=1.3016

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
=(83091.361 - 0 - -681988.902) / 2944755.328
=0.259811

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 Woori Finance Indonesia Tbk has a M-score of -1.24 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.24 mean?
PT Woori Finance Indonesia Tbk (ISX:BPFI) has a Beneish M-Score of -1.24 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Woori Finance Indonesia Tbk and its competitors. According to the industry distribution chart, PT Woori Finance Indonesia Tbk ranks #355 out of 486 companies in the Credit Services industry, placing it in the top 73%.
Is PT Woori Finance Indonesia Tbk's Beneish M-Score too high?
PT Woori Finance Indonesia Tbk's current Beneish M-Score is -1.24. Based on the distribution chart, PT Woori Finance Indonesia Tbk ranks #355 out of 486 companies in the Credit Services industry, which is below the industry midpoint. Overall, PT Woori Finance Indonesia Tbk has a GF Score™ of 62/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does PT Woori Finance Indonesia Tbk's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, PT Woori Finance Indonesia Tbk ranks #355 out of 486 companies for Beneish M-Score. This places PT Woori Finance 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 Credit Services company?
A good Beneish M-Score depends on the Credit 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 Woori Finance Indonesia Tbk and its competitors. PT Woori Finance Indonesia Tbk's current Beneish M-Score is -1.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Woori Finance Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Woori Finance Indonesia Tbk (ISX:BPFI) is currently considered Possible Value Trap. The stock's GF Value™ is Rp425.27, compared to a current price of Rp246.00 — trading 42.2% below its estimated fair value. The current Beneish M-Score is -1.24. PT Woori Finance Indonesia Tbk's overall GF Score™ is 62/100 with 6 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 Woori Finance Indonesia Tbk (ISX:BPFI), the current Beneish M-Score is -1.24 as of Jul. 15, 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 Woori Finance Indonesia Tbk (ISX:BPFI) Overvalued in 2026?

Based on GuruFocus' analysis, PT Woori Finance Indonesia Tbk stock appears to be undervalued. The current stock price of Rp246.00 is trading 42.2% below its estimated GF Value™ of Rp425.27. GuruFocus considers PT Woori Finance Indonesia Tbk to be Possible Value Trap.

Key valuation signals for ISX:BPFI:

  • Beneish M-Score: -1.24
  • GF Value™: Rp425.27 vs. price of Rp246.00 (42.2% below fair value)
  • GF Score™: 62/100 with 6 warning signs

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

PT Woori Finance Indonesia Tbk Business Description

Address Jl. Jend. Sudirman Kav. 21, Gedung Chase Plaza 16th Floor, Jakarta, IDN, 12920
PT Woori Finance Indonesia Tbk is a multi-finance company. The firm engages in the provision of consumer financing, financial leasing, and factoring services. It operates through the following segments: Finance Lease, Consumer Financing, and Factoring. It offers financing for used passenger and commercial automobiles. The majority of the firm's revenue comes from the Consumer Financing segment.
62GF Score

Get the complete analysis for ISX:BPFI

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

Rp246.00
Price
Rp425.27
GF Value