PT Bank Victoria International Tbk (ISX:BVIC) Beneish M-Score: -1.99 (As of Jul. 11, 2026)


ISX:BVIC PT Bank Victoria International Tbk ISX:BVIC
53 GF Score
Price Rp81.00
GF Value Rp102.87
Valuation Modestly Undervalued
! 2 Warning Signs
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What is PT Bank Victoria International Tbk Beneish M-Score?

PT Bank Victoria International Tbk ISX:BVIC +1.25% 53 Beneish M-Score is -1.99 as of Jul. 11, 2026. GuruFocus rates ISX:BVIC with a GF Score™ of 53/100 and a GF Value™ of Rp102.87 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,395 Banks companies, PT Bank Victoria International Tbk ranks worse than 91.33% 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 -1.99 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: -2.45   Max: -1.51
Current: -1.99

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 -2.45.

ISX:BVIC
53GF 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 * 1.0012+0.892 * 1.5812+0.115 * 0.8187
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6511+4.679 * 0.010673-0.327 * 1.3478
=-1.99

* 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 224000.17 + 282048.256 + 161910.922 + 238535.016 = Rp906,494 Mil.
Gross Profit was 224000.17 + 282048.256 + 161910.922 + 238535.016 = Rp906,494 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp33,950,457 Mil.
Property, Plant and Equipment(Net PPE) was Rp374,877 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp34,389 Mil.
Selling, General, & Admin. Expense(SGA) was Rp107,232 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,706,831 Mil.
Net Income was 39144.897 + 3955.397 + 2208.26 + 89956.817 = Rp135,265 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -1248056.159 + 843726.363 + -89793.998 + 267024.55 = Rp-227,099 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 177985.787 + 165385.754 + 52658.394 + 177278.047 = Rp573,308 Mil.
Gross Profit was 177985.787 + 165385.754 + 52658.394 + 177278.047 = Rp573,308 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp31,463,053 Mil.
Property, Plant and Equipment(Net PPE) was Rp385,976 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp28,512 Mil.
Selling, General, & Admin. Expense(SGA) was Rp104,163 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,236,347 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 / 906494.364) / (0 / 573307.982)
=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)
=(573307.982 / 573307.982) / (906494.364 / 906494.364)
=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 + 374877.078) / 33950457.369) / (1 - (0 + 385975.569) / 31463053.318)
=0.988958 / 0.987732
=1.0012

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
=906494.364 / 573307.982
=1.5812

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))
=(28512.464 / (28512.464 + 385975.569)) / (34388.773 / (34388.773 + 374877.078))
=0.06879 / 0.084026
=0.8187

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)
=(107231.786 / 906494.364) / (104163.189 / 573307.982)
=0.118293 / 0.181688
=0.6511

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)
=((4706831.005 + 0) / 33950457.369) / ((3236347.479 + 0) / 31463053.318)
=0.138638 / 0.102862
=1.3478

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
=(135265.371 - 0 - -227099.244) / 33950457.369
=0.010673

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 -1.99 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 -1.99 mean?
PT Bank Victoria International Tbk (ISX:BVIC) has a Beneish M-Score of -1.99 as of Jul. 11, 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 #1274 out of 1395 companies in the Banks industry, placing it in the top 91.3%.
Is PT Bank Victoria International Tbk's Beneish M-Score too high?
PT Bank Victoria International Tbk's current Beneish M-Score is -1.99. Based on the distribution chart, PT Bank Victoria International Tbk ranks #1274 out of 1395 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 53/100 and is considered Modestly Undervalued, 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 #1274 out of 1395 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 -1.99. 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 Modestly Undervalued. The stock's GF Value™ is Rp102.87, compared to a current price of Rp81.00 — trading 21.3% below its estimated fair value. The current Beneish M-Score is -1.99. PT Bank Victoria International Tbk's overall GF Score™ is 53/100 with 2 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 -1.99 as of Jul. 11, 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 Rp81.00 is trading 21.3% below its estimated GF Value™ of Rp102.87. GuruFocus considers PT Bank Victoria International Tbk to be Modestly Undervalued.

Key valuation signals for ISX:BVIC:

  • Beneish M-Score: -1.99
  • GF Value™: Rp102.87 vs. price of Rp81.00 (21.3% below fair value)
  • GF Score™: 53/100 with 2 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.
53GF 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.

Rp81.00
Price
Rp102.87
GF Value