PT Erajaya Swasembada Tbk (ISX:ERAA) Beneish M-Score: -2.20 (As of Jun. 27, 2026)

What is PT Erajaya Swasembada Tbk Beneish M-Score?

PT Erajaya Swasembada Tbk ISX:ERAA -0.56% 92 Beneish M-Score is -2.20 as of Jun. 27, 2026. GuruFocus rates ISX:ERAA with a GF Score™ of 92/100 and a GF Value™ of Rp537.86 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 1,087 Retail - Cyclical companies, PT Erajaya Swasembada Tbk ranks worse than 72.49% 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 -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Erajaya Swasembada Tbk's Beneish M-Score or its related term are showing as below:

ISX:ERAA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.65 Med: -2.39 Max: -0.93
Current: -2.2

During the past 13 years, the highest Beneish M-Score of PT Erajaya Swasembada Tbk was -0.93. The lowest was -4.65. And the median was -2.39.

PT Erajaya Swasembada Tbk Beneish M-Score Related Terms

PT Erajaya Swasembada Tbk Beneish M-Score Historical Data

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The historical data trend for PT Erajaya Swasembada 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 Erajaya Swasembada Tbk Beneish M-Score Chart

PT Erajaya Swasembada Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.19

-1.76

-2.44

-2.92

-2.12

PT Erajaya Swasembada 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															-3.21	-2.44	-2.78	-2.12	-2.20

ISX:ERAA vs CASY, WSM, ULTA: Beneish M-Score Comparison

For the Specialty Retail subindustry, PT Erajaya Swasembada 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 Erajaya Swasembada Tbk Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, PT Erajaya Swasembada Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Erajaya Swasembada Tbk's Beneish M-Score falls into.

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92GF Score

PT Erajaya Swasembada Tbk ISX:ERAA

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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PT Erajaya Swasembada 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 Erajaya Swasembada Tbk for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8824

0.528 * 1.0421

0.404 * 0.8695

0.892 * 1.2887

0.115 * 1.0225

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0621

4.679 * 0.034463

0.327 * 0.9677

-2.20

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp2,046,212 Mil.
Revenue was 22412935.967 + 24242515.92 + 17318189.786 + 19163709.669 = Rp83,137,351 Mil.
Gross Profit was 2388147.077 + 2505076.378 + 1882586.498 + 2168934.823 = Rp8,944,745 Mil.
Total Current Assets was Rp21,112,630 Mil.
Total Assets was Rp31,585,762 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,600,624 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,447,242 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,339,185 Mil.
Total Current Liabilities was Rp17,059,032 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,059,707 Mil.
Net Income was 452714.205 + 410397.786 + 217277.432 + 365043.263 = Rp1,445,433 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -794586.828 + 794318.285 + 4341942.583 + -3984769.701 = Rp356,904 Mil.

Total Receivables was Rp1,799,308 Mil.
Revenue was 15882480.637 + 16671896.129 + 15491232.089 + 16466884.519 = Rp64,512,493 Mil.
Gross Profit was 1794717.206 + 1839830.086 + 1860423 + 1738113.47 = Rp7,233,084 Mil.
Total Current Assets was Rp18,814,724 Mil.
Total Assets was Rp28,353,252 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,508,179 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,198,126 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,708,964 Mil.
Total Current Liabilities was Rp16,036,037 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,626,166 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)
	=	(2046212.362 / 83137351.342)	/	(1799307.915 / 64512493.374)
	=	0.024612	/	0.027891
	=	0.8824

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)
	=	(7233083.762 / 64512493.374)	/	(8944744.776 / 83137351.342)
	=	0.112119	/	0.10759
	=	1.0421

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 - (21112630.014 + 5600623.925) / 31585761.929)	/	(1 - (18814723.871 + 4508179.124) / 28353252.14)
	=	0.154263	/	0.177417
	=	0.8695

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
	=	83137351.342	/	64512493.374
	=	1.2887

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))
	=	(1198126.498 / (1198126.498 + 4508179.124))	/	(1447241.947 / (1447241.947 + 5600623.925))
	=	0.209965	/	0.205345
	=	1.0225

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)
	=	(2339184.862 / 83137351.342)	/	(1708963.834 / 64512493.374)
	=	0.028136	/	0.02649
	=	1.0621

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)
	=	((3059707.271 + 17059032.329) / 31585761.929)	/	((2626165.732 + 16036037.317) / 28353252.14)
	=	0.636956	/	0.658203
	=	0.9677

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
	=	(1445432.686 - 0	-	356904.339)	/	31585761.929
	=	0.034463

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 Erajaya Swasembada Tbk has a M-score of -2.20 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 -2.20 mean?

PT Erajaya Swasembada Tbk (ISX:ERAA) has a Beneish M-Score of -2.20 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Erajaya Swasembada Tbk and its competitors. According to the industry distribution chart, PT Erajaya Swasembada Tbk ranks #788 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 72.5%.

Is PT Erajaya Swasembada Tbk's Beneish M-Score too high?

PT Erajaya Swasembada Tbk's current Beneish M-Score is -2.20. Based on the distribution chart, PT Erajaya Swasembada Tbk ranks #788 out of 1087 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, PT Erajaya Swasembada Tbk has a GF Score™ of 92/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does PT Erajaya Swasembada Tbk's Beneish M-Score compare to CASY and WSM?

According to the Retail - Cyclical industry distribution chart, PT Erajaya Swasembada Tbk ranks #788 out of 1087 companies for Beneish M-Score. This places PT Erajaya Swasembada 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 Retail - Cyclical company?

A good Beneish M-Score depends on the Retail - Cyclical 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 Erajaya Swasembada Tbk and its competitors. PT Erajaya Swasembada Tbk's current Beneish M-Score is -2.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Erajaya Swasembada Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Erajaya Swasembada Tbk (ISX:ERAA) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp537.86, compared to a current price of Rp358.00 — trading 33.4% below its estimated fair value. The current Beneish M-Score is -2.20. PT Erajaya Swasembada Tbk's overall GF Score™ is 92/100 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 Erajaya Swasembada Tbk (ISX:ERAA), the current Beneish M-Score is -2.20 as of Jun. 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 Erajaya Swasembada Tbk (ISX:ERAA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Erajaya Swasembada Tbk stock appears to be undervalued. The current stock price of Rp358.00 is trading 33.4% below its estimated GF Value™ of Rp537.86. GuruFocus considers PT Erajaya Swasembada Tbk to be Significantly Undervalued.

Key valuation signals for ISX:ERAA:

Beneish M-Score: -2.20
GF Value™: Rp537.86 vs. price of Rp358.00 (33.4% below fair value)
GF Score™: 92/100 with 3 warning signs

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

PT Erajaya Swasembada Tbk Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies ISX:ACES ISX:DAYA ISX:ERAL ISX:KONI ISX:DOSS ISX:ECII ISX:MAPA TSX:ATD XJAM:ASBH CASY WSM ULTA DKS SHSE:601888 TSCO BBY ADX:ADNOCDIST FIVE TPE:3045 GME

Address Jl. Bandengan Selatan No.19-20, Pekojan - Tambora, Jakarta Barat, IDN, 11240

Website https://www.erajaya.com

PT Erajaya Swasembada Tbk its activities comprises, among others, large trading, activities and services; and industry. The main activities includes distribution and trading of telecommunication equipment such as cellular phones, Subscriber Identity Module Card (SIM), vouchers for cell phone, computer and other electronic devices, property business, providing information technology system, managing service and customer relationship, trading of medical equipment, trading of pharmacy products, trading of cosmetics, food and beverage and restaurant. Its segments are Cellular phones and tablet, Operator products, Computer & other electronic devices, Accessories and others of which majority of revenue comes from Cellular phones and tablets. Geographically majority of sales is from Central area.

92GF Score

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

Rp358.00

Price

Rp537.86

GF Value

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