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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.
Warning Sign:
Beneish M-Score 0.31 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for PT Fap Agri Tbk's Beneish M-Score or its related term are showing as below:
ISX:FAPA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.47 Med: -2.64 Max: 0.31
Current: 0.31
During the past 9 years, the highest Beneish M-Score of PT Fap Agri Tbk was 0.31. The lowest was -3.47. And the median was -2.64.
The historical data trend for PT Fap Agri 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.
ISX:FAPA vs ADM, BG, TSN: Beneish M-Score Comparison
For the Farm Products subindustry, PT Fap Agri 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 Fap Agri Tbk Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Fap Agri Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Fap Agri Tbk's Beneish M-Score falls into.
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 Fap Agri 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 * 4.1884
+
0.528 * 0.8779
+
0.404 * 0.7266
+
0.892 * 1.2762
+
0.115 * 1.1057
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1861
+
4.679 * -0.045941
-
0.327 * 0.9278
=
0.31
* 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.
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.
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))
=
(2255.253 / (2255.253 + 6159500.843))
/
(2392.192 / (2392.192 + 7225783.679))
=
0.000366
/
0.000331
=
1.1057
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
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
=
(1303849.708 - 0
-
1808588.478)
/
10986702.062
=
-0.045941
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 Fap Agri Tbk has a M-score of 0.31 signals that the company is likely to be a manipulator.
PT Fap Agri Tbk (ISX:FAPA) has a Beneish M-Score of 0.31 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Fap Agri Tbk and its competitors. According to the industry distribution chart, PT Fap Agri Tbk ranks #1764 out of 1854 companies in the Consumer Packaged Goods industry, placing it in the top 95.1%.
Is PT Fap Agri Tbk's Beneish M-Score too high?
PT Fap Agri Tbk's current Beneish M-Score is 0.31. Based on the distribution chart, PT Fap Agri Tbk ranks #1764 out of 1854 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, PT Fap Agri Tbk has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Fap Agri Tbk's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, PT Fap Agri Tbk ranks #1764 out of 1854 companies for Beneish M-Score. This places PT Fap Agri 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 Fap Agri Tbk and its competitors. PT Fap Agri Tbk's current Beneish M-Score is 0.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Fap Agri Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Fap Agri Tbk (ISX:FAPA) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp8,201.98, compared to a current price of Rp7,350.00 — trading 10.4% below its estimated fair value. The current Beneish M-Score is 0.31. PT Fap Agri Tbk's overall GF Score™ is 80/100 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 Fap Agri Tbk (ISX:FAPA), the current Beneish M-Score is 0.31 as of Aug. 10, 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 Fap Agri Tbk (ISX:FAPA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Fap Agri Tbk stock appears to be undervalued.
The current stock price of Rp7,350.00 is trading 10.4% below its estimated GF Value™ of Rp8,201.98.
GuruFocus considers PT Fap Agri Tbk to be Modestly Undervalued.
Key valuation signals for ISX:FAPA:
Beneish M-Score: 0.31
GF Value™: Rp8,201.98 vs. price of Rp7,350.00 (10.4% below fair value)
No single metric tells the full story. See the ISX:FAPA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AddressJl. Pantai Indah Kapuk, Gedung Gold Coast Building, Liberty Tower, 16th Floor, A-H, RT06/RW02, Kamal Muara, Penjaringan, Jakarta North, IDN, 14470
PT Fap Agri Tbk is involved in the production of agricultural products. It engaged in Wholesale fruit containing oil; Oil and Vegetable fat; Holding company activities, Head office activities, and Other management Consultant Activities. Its product portfolio is Fresh Fruit Bunches, Crude Palm Oil, Palm Kernel Oil, Palm Kernel Expeller, and Cooking Oil. The segments of the company are Plantation, Fabrication, and Others.
80GF Score
Get the complete analysis for ISX:FAPA
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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