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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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Berlina Tbk's Beneish M-Score or its related term are showing as below:
ISX:BRNA'
s Beneish M-Score Range Over the Past 10 Years
Min: -9.19 Med: -2.8 Max: 12.53
Current: -2.45
During the past 13 years, the highest Beneish M-Score of PT Berlina Tbk was 12.53. The lowest was -9.19. And the median was -2.80.
The historical data trend for PT Berlina 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.
ISX:BRNA vs SW, PKG, IP: Beneish M-Score Comparison
For the Packaging & Containers subindustry, PT Berlina 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 Berlina Tbk Beneish M-Score vs Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, PT Berlina Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Berlina Tbk's Beneish M-Score falls into.
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 Berlina 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 * 1.2565
+
0.528 * 0.8001
+
0.404 * 1.0376
+
0.892 * 1.0756
+
0.115 * 0.8842
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1483
+
4.679 * -0.034252
-
0.327 * 0.9475
=
-2.45
* 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.
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.
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))
=
(3445.446 / (3445.446 + 1389471.222))
/
(3476.998 / (3476.998 + 1239032.002))
=
0.002474
/
0.002798
=
0.8842
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
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
=
(-5139.879 - 0
-
70492.798)
/
2208156.144
=
-0.034252
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 Berlina Tbk has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
PT Berlina Tbk (ISX:BRNA) has a Beneish M-Score of -2.45 as of Aug. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Berlina Tbk and its competitors. According to the industry distribution chart, PT Berlina Tbk ranks #231 out of 382 companies in the Packaging & Containers industry, placing it in the top 60.5%.
Is PT Berlina Tbk's Beneish M-Score too high?
PT Berlina Tbk's current Beneish M-Score is -2.45. Based on the distribution chart, PT Berlina Tbk ranks #231 out of 382 companies in the Packaging & Containers industry, which is below the industry midpoint. Overall, PT Berlina Tbk has a GF Score™ of 47/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Berlina Tbk's Beneish M-Score compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, PT Berlina Tbk ranks #231 out of 382 companies for Beneish M-Score. This places PT Berlina 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 Packaging & Containers company?
A good Beneish M-Score depends on the Packaging & Containers 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 Berlina Tbk and its competitors. PT Berlina Tbk's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Berlina Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Berlina Tbk (ISX:BRNA) is currently considered Fairly Valued. The stock's GF Value™ is Rp761.92, compared to a current price of Rp690.00 — trading 9.4% below its estimated fair value. The current Beneish M-Score is -2.45. PT Berlina Tbk's overall GF Score™ is 47/100 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 Berlina Tbk (ISX:BRNA), the current Beneish M-Score is -2.45 as of Aug. 16, 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 Berlina Tbk (ISX:BRNA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Berlina Tbk stock appears to be undervalued.
The current stock price of Rp690.00 is trading 9.4% below its estimated GF Value™ of Rp761.92.
GuruFocus considers PT Berlina Tbk to be Fairly Valued.
Key valuation signals for ISX:BRNA:
Beneish M-Score: -2.45
GF Value™: Rp761.92 vs. price of Rp690.00 (9.4% below fair value)
No single metric tells the full story. See the ISX:BRNA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AddressJalan. Jababeka Raya Blok E12 - 17, Kawasan Industri Jababeka Cikarang, Desa Wangunharja, Kecamatan Cikarang Utara, Jawa Barat, Bekasi, IDN, 17530
PT Berlina Tbk is an Indonesia-based company in the plastic packaging manufacturing company. The company is involved in the production process range of blow moulding, injection moulding, decoration, mould shop, laminated tube, plastic tube, and others. The main focus of the group is to serve multi-national companies engaged in the field of cosmetics and care, household appliances, food and beverage, industrial goods, and others. Its segments include: Plastic packaging components, toothbrushes, and moulds segment, which are the main revenue generator for the company; and Laminated tubes and plastic coextrusion tubes segment. The company generates a majority of its revenue from Indonesia.
47GF Score
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