PT Bank Sinarmas Tbk (ISX:BSIM) Beneish M-Score: -2.66 (As of Jun. 25, 2026)


ISX:BSIM PT Bank Sinarmas Tbk ISX:BSIM
52 GF Score
Price Rp710.00
GF Value Rp819.56
Valuation Modestly Undervalued
! 1 Warning Sign
View Full Analysis

What is PT Bank Sinarmas Tbk Beneish M-Score?

PT Bank Sinarmas Tbk ISX:BSIM -2.07% 52 Beneish M-Score is -2.66 as of Jun. 25, 2026. GuruFocus rates ISX:BSIM with a GF Score™ of 52/100 and a GF Value™ of Rp819.56 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,396 Banks companies, PT Bank Sinarmas Tbk ranks better than 84.38% 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 -2.66 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 Sinarmas Tbk's Beneish M-Score or its related term are showing as below:

ISX:BSIM' s Beneish M-Score Range Over the Past 10 Years
Min: -4.56   Med: -2.66   Max: -1.53
Current: -2.66

During the past 13 years, the highest Beneish M-Score of PT Bank Sinarmas Tbk was -1.53. The lowest was -4.56. And the median was -2.66.

ISX:BSIM
52GF Score
PT Bank Sinarmas Tbk ISX:BSIM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Bank Sinarmas 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 Sinarmas 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 * 0.9922+0.892 * 0.9215+0.115 * 1.3063
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1796+4.679 * -0.016877-0.327 * 1.1073
=-2.66

* 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 605983 + 838393 + 843441 + 759943 = Rp3,047,760 Mil.
Gross Profit was 605983 + 838393 + 843441 + 759943 = Rp3,047,760 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp56,422,278 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,516,599 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp301,723 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,104,968 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp751,075 Mil.
Net Income was 48141 + 35547 + 110410 + 93654 = Rp287,752 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -3300712 + 38214 + 3135371 + 1367103 = Rp1,239,976 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 725519 + 829284 + 913132 + 839410 = Rp3,307,345 Mil.
Gross Profit was 725519 + 829284 + 913132 + 839410 = Rp3,307,345 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp50,442,772 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,869,294 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp303,911 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,016,489 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp606,420 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 / 3047760) / (0 / 3307345)
=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)
=(3307345 / 3307345) / (3047760 / 3047760)
=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 + 2516599) / 56422278) / (1 - (0 + 1869294) / 50442772)
=0.955397 / 0.962942
=0.9922

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
=3047760 / 3307345
=0.9215

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))
=(303911 / (303911 + 1869294)) / (301723 / (301723 + 2516599))
=0.139845 / 0.107058
=1.3063

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)
=(1104968 / 3047760) / (1016489 / 3307345)
=0.362551 / 0.307343
=1.1796

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)
=((751075 + 0) / 56422278) / ((606420 + 0) / 50442772)
=0.013312 / 0.012022
=1.1073

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
=(287752 - 0 - 1239976) / 56422278
=-0.016877

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 Sinarmas Tbk has a M-score of -2.66 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 -2.66 mean?
PT Bank Sinarmas Tbk (ISX:BSIM) has a Beneish M-Score of -2.66 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Sinarmas Tbk and its competitors. According to the industry distribution chart, PT Bank Sinarmas Tbk ranks #218 out of 1396 companies in the Banks industry, placing it in the top 15.6%.
Is PT Bank Sinarmas Tbk's Beneish M-Score too high?
PT Bank Sinarmas Tbk's current Beneish M-Score is -2.66. Based on the distribution chart, PT Bank Sinarmas Tbk ranks #218 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, PT Bank Sinarmas Tbk has a GF Score™ of 52/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Sinarmas Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Sinarmas Tbk ranks #218 out of 1396 companies for Beneish M-Score. This places PT Bank Sinarmas Tbk in the top 16% 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 Sinarmas Tbk and its competitors. PT Bank Sinarmas Tbk's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Sinarmas Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Sinarmas Tbk (ISX:BSIM) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp819.56, compared to a current price of Rp710.00 — trading 13.4% below its estimated fair value. The current Beneish M-Score is -2.66. PT Bank Sinarmas Tbk's overall GF Score™ is 52/100 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 Sinarmas Tbk (ISX:BSIM), the current Beneish M-Score is -2.66 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 Sinarmas Tbk (ISX:BSIM) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Sinarmas Tbk stock appears to be undervalued. The current stock price of Rp710.00 is trading 13.4% below its estimated GF Value™ of Rp819.56. GuruFocus considers PT Bank Sinarmas Tbk to be Modestly Undervalued.

Key valuation signals for ISX:BSIM:

  • Beneish M-Score: -2.66
  • GF Value™: Rp819.56 vs. price of Rp710.00 (13.4% below fair value)
  • GF Score™: 52/100 with 1 warning sign

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

PT Bank Sinarmas Tbk Business Description

Address Jalan MH. Thamrin No. 51, Sinar Mas Land Plaza Tower I, 1st and 2nd Floor, Jakarta, IDN, 10350
PT Bank Sinarmas Tbk provides financial services. The company is involved in credit activities, fund collection, banking service and e-banking products, bancassurance and investment products sales, credit card business, international business activities and treasury, and sharia business unit. It collects funds from the public to be distributed in the form of loans to both individuals and corporations. The company's operating segment includes Commercial Bank and Sharia Business Unit. It generates maximum revenue from the Commercial Bank segment which includes Marketing and Credit, Treasury, and Trade Finance.
52GF Score

Get the complete analysis for ISX:BSIM

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

Rp710.00
Price
Rp819.56
GF Value