PT Campina Ice Cream Industry Tbk (ISX:CAMP) Beneish M-Score: -2.45 (As of Jun. 28, 2026)


ISX:CAMP PT Campina Ice Cream Industry Tbk ISX:CAMP
76 GF Score
Price Rp171.00
GF Value Rp282.63
Valuation Significantly Undervalued
! 2 Warning Signs
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What is PT Campina Ice Cream Industry Tbk Beneish M-Score?

PT Campina Ice Cream Industry Tbk ISX:CAMP -3.93% 76 Beneish M-Score is -2.45 as of Jun. 28, 2026. GuruFocus rates ISX:CAMP with a GF Score™ of 76/100 and a GF Value™ of Rp282.63 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, PT Campina Ice Cream Industry Tbk ranks worse than 56.46% on this metric.

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 Campina Ice Cream Industry Tbk's Beneish M-Score or its related term are showing as below:

ISX:CAMP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65   Med: -2.86   Max: 0.83
Current: -2.45

During the past 10 years, the highest Beneish M-Score of PT Campina Ice Cream Industry Tbk was 0.83. The lowest was -3.65. And the median was -2.86.

PT Campina Ice Cream Industry Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Campina Ice Cream Industry 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.

PT Campina Ice Cream Industry Tbk Beneish M-Score Chart

PT Campina Ice Cream Industry Tbk Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.12 -2.70 0.03 -2.29 -2.25

PT Campina Ice Cream Industry Tbk Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.14 -2.06 -2.15 -2.25 -2.45

ISX:CAMP vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, PT Campina Ice Cream Industry 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 Campina Ice Cream Industry Tbk Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Campina Ice Cream Industry Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Campina Ice Cream Industry Tbk's Beneish M-Score falls into.


ISX:CAMP
76GF Score
PT Campina Ice Cream Industry Tbk ISX:CAMP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Campina Ice Cream Industry 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 Campina Ice Cream Industry 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 * 1.1545+0.528 * 1.0336+0.404 * 0.948+0.892 * 0.9981+0.115 * 0.9698
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8729+4.679 * -0.031718-0.327 * 0.9221
=-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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was Rp227,726 Mil.
Revenue was 275309.419 + 312954.545 + 290581.509 + 295510.461 = Rp1,174,356 Mil.
Gross Profit was 150073.737 + 167880.42 + 163467.338 + 163766.013 = Rp645,188 Mil.
Total Current Assets was Rp534,361 Mil.
Total Assets was Rp1,195,934 Mil.
Property, Plant and Equipment(Net PPE) was Rp340,870 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp76,181 Mil.
Selling, General, & Admin. Expense(SGA) was Rp207,575 Mil.
Total Current Liabilities was Rp120,357 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 5778.904 + 27786.907 + 33594.018 + 9003.413 = Rp76,163 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 13914.3 + 15618.644 + 39633.098 + 44929.562 = Rp114,096 Mil.
 Total Receivables was Rp197,609 Mil.
Revenue was 274890.243 + 307248.211 + 296267.676 + 298133.195 = Rp1,176,539 Mil.
Gross Profit was 149557.066 + 169602.216 + 176677.642 + 172246.54 = Rp668,083 Mil.
Total Current Assets was Rp470,217 Mil.
Total Assets was Rp1,116,699 Mil.
Property, Plant and Equipment(Net PPE) was Rp330,613 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp71,177 Mil.
Selling, General, & Admin. Expense(SGA) was Rp238,229 Mil.
Total Current Liabilities was Rp121,880 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
=(227725.657 / 1174355.934) / (197609.124 / 1176539.325)
=0.193915 / 0.167958
=1.1545

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)
=(668083.464 / 1176539.325) / (645187.508 / 1174355.934)
=0.567838 / 0.549397
=1.0336

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 - (534360.905 + 340870.096) / 1195933.806) / (1 - (470216.623 + 330612.677) / 1116698.536)
=0.268161 / 0.28286
=0.948

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
=1174355.934 / 1176539.325
=0.9981

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))
=(71177.212 / (71177.212 + 330612.677)) / (76181.372 / (76181.372 + 340870.096))
=0.17715 / 0.182667
=0.9698

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)
=(207575.384 / 1174355.934) / (238229.115 / 1176539.325)
=0.176757 / 0.202483
=0.8729

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)
=((0 + 120357.214) / 1195933.806) / ((0 + 121880.035) / 1116698.536)
=0.100639 / 0.109143
=0.9221

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
=(76163.242 - 0 - 114095.604) / 1195933.806
=-0.031718

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 Campina Ice Cream Industry Tbk has a M-score of -2.45 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 -2.45 mean?
PT Campina Ice Cream Industry Tbk (ISX:CAMP) has a Beneish M-Score of -2.45 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Campina Ice Cream Industry Tbk and its competitors. According to the industry distribution chart, PT Campina Ice Cream Industry Tbk ranks #1044 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 56.5%.
Is PT Campina Ice Cream Industry Tbk's Beneish M-Score too high?
PT Campina Ice Cream Industry Tbk's current Beneish M-Score is -2.45. Based on the distribution chart, PT Campina Ice Cream Industry Tbk ranks #1044 out of 1849 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, PT Campina Ice Cream Industry Tbk has a GF Score™ of 76/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Campina Ice Cream Industry Tbk's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, PT Campina Ice Cream Industry Tbk ranks #1044 out of 1849 companies for Beneish M-Score. This places PT Campina Ice Cream Industry 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Campina Ice Cream Industry Tbk and its competitors. PT Campina Ice Cream Industry 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 Campina Ice Cream Industry Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Campina Ice Cream Industry Tbk (ISX:CAMP) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp282.63, compared to a current price of Rp171.00 — trading 39.5% below its estimated fair value. The current Beneish M-Score is -2.45. PT Campina Ice Cream Industry Tbk's overall GF Score™ is 76/100 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 Campina Ice Cream Industry Tbk (ISX:CAMP), the current Beneish M-Score is -2.45 as of Jun. 28, 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 Campina Ice Cream Industry Tbk (ISX:CAMP) Overvalued in 2026?

Based on GuruFocus' analysis, PT Campina Ice Cream Industry Tbk stock appears to be undervalued. The current stock price of Rp171.00 is trading 39.5% below its estimated GF Value™ of Rp282.63. GuruFocus considers PT Campina Ice Cream Industry Tbk to be Significantly Undervalued.

Key valuation signals for ISX:CAMP:

  • Beneish M-Score: -2.45
  • GF Value™: Rp282.63 vs. price of Rp171.00 (39.5% below fair value)
  • GF Score™: 76/100 with 2 warning signs

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

PT Campina Ice Cream Industry Tbk Business Description

Address Jl. Rungkut Industri II No. 15-17, Kel. Tenggilis Mejoyo, Kec. Tenggilis Mejoyo, Surabaya, IDN, 60293
PT Campina Ice Cream Industry Tbk is an ice cream manufacturer in Indonesia. It engages in ice cream processing industry, that includes various ice cream production where milk is the main ingredient; similar edible ice processing industry (neither ice cubes nor ice blocks), that includes various edible ice production where milk is not the main ingredient; and ice trading industry, distribution and trade of processed ice cream. Its Supporting business activities includes Bread and pastry products industry, Retail trade on media for commodities of food, beverages, tobacco, chemicals, pharmaceuticals, cosmetics, and laboratory equipment. Its products include Ice cream stick, Ice cream cup, Ice cream cone, family pack, Ice cream five/eight liter, Ice cream package, cake series, and bites.
76GF Score

Get the complete analysis for ISX:CAMP

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

Rp171.00
Price
Rp282.63
GF Value