PT Bank Victoria International Tbk (ISX:BVIC) Beneish M-Score: -2.13 (As of Aug. 27, 2026)

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ISX:BVIC PT Bank Victoria International Tbk ISX:BVIC
55 GF Score
Price Rp92.00
GF Value Rp100.33
Valuation Fairly Valued
! 3 Warning Signs
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What is PT Bank Victoria International Tbk Beneish M-Score?

PT Bank Victoria International Tbk ISX:BVIC +1.10% 55 Beneish M-Score is -2.13 as of Aug. 27, 2026. GuruFocus rates ISX:BVIC with a GF Score™ of 55/100 and a GF Value™ of Rp100.33 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,391 Banks companies, PT Bank Victoria International Tbk ranks worse than 85.98% 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 -2.13 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 Victoria International Tbk's Beneish M-Score or its related term are showing as below:

ISX:BVIC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32   Med: -2.43   Max: -1.51
Current: -2.13

During the past 13 years, the highest Beneish M-Score of PT Bank Victoria International Tbk was -1.51. The lowest was -3.32. And the median was -2.43.

ISX:BVIC
55GF Score
PT Bank Victoria International Tbk ISX:BVIC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Victoria International 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 Victoria International 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 * 1.001+0.892 * 1.3893+0.115 * 0.8332
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6925+4.679 * -0.008343-0.327 * 0.9829
=-2.13

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was Rp0 Mil.
Revenue was 235783.606 + 224000.17 + 282048.256 + 152646.624 = Rp894,479 Mil.
Gross Profit was 235783.606 + 224000.17 + 282048.256 + 152646.624 = Rp894,479 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp34,929,017 Mil.
Property, Plant and Equipment(Net PPE) was Rp369,188 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp35,505 Mil.
Selling, General, & Admin. Expense(SGA) was Rp107,424 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,932,425 Mil.
Net Income was 24500.315 + 39144.897 + 3955.397 + 2208.26 = Rp69,809 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 855345.63 + -1248056.159 + 843726.363 + -89793.998 = Rp361,222 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 247799.314 + 177985.787 + 165385.754 + 52658.394 = Rp643,829 Mil.
Gross Profit was 247799.314 + 177985.787 + 165385.754 + 52658.394 = Rp643,829 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp33,014,246 Mil.
Property, Plant and Equipment(Net PPE) was Rp380,759 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp30,029 Mil.
Selling, General, & Admin. Expense(SGA) was Rp111,650 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,781,336 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 / 894478.656) / (0 / 643829.249)
=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)
=(643829.249 / 643829.249) / (894478.656 / 894478.656)
=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 + 369188.431) / 34929016.613) / (1 - (0 + 380759.222) / 33014245.54)
=0.98943 / 0.988467
=1.001

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
=894478.656 / 643829.249
=1.3893

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))
=(30028.935 / (30028.935 + 380759.222)) / (35505.005 / (35505.005 + 369188.431))
=0.073101 / 0.087733
=0.8332

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)
=(107423.884 / 894478.656) / (111650.297 / 643829.249)
=0.120097 / 0.173416
=0.6925

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)
=((3932425.17 + 0) / 34929016.613) / ((3781336.441 + 0) / 33014245.54)
=0.112583 / 0.114537
=0.9829

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
=(69808.869 - 0 - 361221.836) / 34929016.613
=-0.008343

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 Victoria International Tbk has a M-score of -2.13 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 -2.13 mean?
PT Bank Victoria International Tbk (ISX:BVIC) has a Beneish M-Score of -2.13 as of Aug. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Victoria International Tbk and its competitors. According to the industry distribution chart, PT Bank Victoria International Tbk ranks #1196 out of 1391 companies in the Banks industry, placing it in the top 86%.
Is PT Bank Victoria International Tbk's Beneish M-Score too high?
PT Bank Victoria International Tbk's current Beneish M-Score is -2.13. Based on the distribution chart, PT Bank Victoria International Tbk ranks #1196 out of 1391 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, PT Bank Victoria International Tbk has a GF Score™ of 55/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Victoria International Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Victoria International Tbk ranks #1196 out of 1391 companies for Beneish M-Score. This places PT Bank Victoria International 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 Victoria International Tbk and its competitors. PT Bank Victoria International Tbk's current Beneish M-Score is -2.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Victoria International Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Victoria International Tbk (ISX:BVIC) is currently considered Fairly Valued. The stock's GF Value™ is Rp100.33, compared to a current price of Rp92.00 — trading 8.3% below its estimated fair value. The current Beneish M-Score is -2.13. PT Bank Victoria International Tbk's overall GF Score™ is 55/100 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 Bank Victoria International Tbk (ISX:BVIC), the current Beneish M-Score is -2.13 as of Aug. 27, 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 Victoria International Tbk (ISX:BVIC) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Victoria International Tbk stock appears to be undervalued. The current stock price of Rp92.00 is trading 8.3% below its estimated GF Value™ of Rp100.33. GuruFocus considers PT Bank Victoria International Tbk to be Fairly Valued.

Key valuation signals for ISX:BVIC:

  • Beneish M-Score: -2.13
  • GF Value™: Rp100.33 vs. price of Rp92.00 (8.3% below fair value)
  • GF Score™: 55/100 with 3 warning signs

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

PT Bank Victoria International Tbk Business Description

Address Jalan Gatot Subroto Kav. 23, Gedung Graha BIP, Lantai 10, Kel. Karet Semanggi, Kec. Setiabudi, Jakarta Selatan, Jakarta, IDN, 12930
PT Bank Victoria International Tbk is an Indonesian-based commercial banking firm. It provides general banking services like collecting deposits, granting loans and advances, clearing and collection services, RTGS, bill payment, investment products, and many others. The majority of the company's revenue is generated in the form of interest income. Geographically, it operates across different regions in Indonesia, such as Jadetabek, West Java, Central Java and East Java, and Non Java.
55GF Score

Get the complete analysis for ISX:BVIC

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

Rp92.00
Price
Rp100.33
GF Value