PT Multi Garam Utama Tbk (ISX:FOLK) Beneish M-Score: -3.60 (As of Jun. 25, 2026)


ISX:FOLK PT Multi Garam Utama Tbk ISX:FOLK
17 GF Score
Price Rp178.00
GF Value Rp32.56
Valuation Significantly Overvalued
! 1 Warning Sign
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What is PT Multi Garam Utama Tbk Beneish M-Score?

PT Multi Garam Utama Tbk ISX:FOLK 17 Beneish M-Score is -3.60 as of Jun. 25, 2026. GuruFocus rates ISX:FOLK with a GF Score™ of 17/100 and a GF Value™ of Rp32.56 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,087 Retail - Cyclical companies, PT Multi Garam Utama Tbk ranks better than 93.28% 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 -3.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:FOLK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.72   Med: -3.6   Max: -1.96
Current: -3.6

During the past 5 years, the highest Beneish M-Score of PT Multi Garam Utama Tbk was -1.96. The lowest was -3.72. And the median was -3.60.

PT Multi Garam Utama Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Multi Garam Utama 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 Multi Garam Utama Tbk Beneish M-Score Chart

PT Multi Garam Utama Tbk Annual Data
Trend Dec20 Dec21 Dec22 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.96 -3.72 -3.60

PT Multi Garam Utama Tbk Semi-Annual Data
Dec20 Dec21 Dec22 Dec24 Dec25
Beneish M-Score 0.00 0.00 -1.96 -3.72 -3.60

ISX:FOLK vs AMZN, BABA, PDD: Beneish M-Score Comparison

For the Internet Retail subindustry, PT Multi Garam Utama 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 Multi Garam Utama Tbk Beneish M-Score vs Retail - Cyclical Industry

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

* The bar in red indicates where PT Multi Garam Utama Tbk's Beneish M-Score falls into.


ISX:FOLK
17GF Score
PT Multi Garam Utama Tbk ISX:FOLK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Multi Garam Utama 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 Multi Garam Utama 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 * 0.7657+0.528 * 0.8331+0.404 * 1.1919+0.892 * 0.9691+0.115 * 0.7674
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8596+4.679 * -0.166763-0.327 * 1.2417
=-3.60

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was Rp3,546 Mil.
Revenue was Rp18,757 Mil.
Gross Profit was Rp9,831 Mil.
Total Current Assets was Rp8,580 Mil.
Total Assets was Rp76,205 Mil.
Property, Plant and Equipment(Net PPE) was Rp11,096 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp3,932 Mil.
Selling, General, & Admin. Expense(SGA) was Rp11,009 Mil.
Total Current Liabilities was Rp9,606 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was Rp-13,735 Mil.
Gross Profit was Rp0 Mil.
Cash Flow from Operations was Rp-1,027 Mil.
 Total Receivables was Rp4,778 Mil.
Revenue was Rp19,354 Mil.
Gross Profit was Rp8,451 Mil.
Total Current Assets was Rp22,028 Mil.
Total Assets was Rp95,004 Mil.
Property, Plant and Equipment(Net PPE) was Rp13,850 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp3,479 Mil.
Selling, General, & Admin. Expense(SGA) was Rp13,216 Mil.
Total Current Liabilities was Rp9,556 Mil.
Long-Term Debt & Capital Lease Obligation was Rp89 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)
=(3546.077 / 18756.716) / (4778.448 / 19354.231)
=0.189056 / 0.246894
=0.7657

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)
=(8451.071 / 19354.231) / (9830.722 / 18756.716)
=0.436652 / 0.524117
=0.8331

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 - (8580.303 + 11096.151) / 76205.023) / (1 - (22028.234 + 13850.082) / 95004.089)
=0.741796 / 0.62235
=1.1919

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
=18756.716 / 19354.231
=0.9691

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))
=(3479.144 / (3479.144 + 13850.082)) / (3931.859 / (3931.859 + 11096.151))
=0.200767 / 0.261635
=0.7674

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)
=(11008.957 / 18756.716) / (13215.678 / 19354.231)
=0.586934 / 0.682831
=0.8596

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 + 9606.017) / 76205.023) / ((88.525 + 9555.999) / 95004.089)
=0.126055 / 0.101517
=1.2417

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
=(-13735.179 - 0 - -1027.007) / 76205.023
=-0.166763

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 Multi Garam Utama Tbk has a M-score of -3.60 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 -3.60 mean?
PT Multi Garam Utama Tbk (ISX:FOLK) has a Beneish M-Score of -3.60 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Multi Garam Utama Tbk and its competitors. According to the industry distribution chart, PT Multi Garam Utama Tbk ranks #73 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 6.7%.
Is PT Multi Garam Utama Tbk's Beneish M-Score too high?
PT Multi Garam Utama Tbk's current Beneish M-Score is -3.60. Based on the distribution chart, PT Multi Garam Utama Tbk ranks #73 out of 1087 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, PT Multi Garam Utama Tbk has a GF Score™ of 17/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Multi Garam Utama Tbk's Beneish M-Score compare to AMZN and BABA?
According to the Retail - Cyclical industry distribution chart, PT Multi Garam Utama Tbk ranks #73 out of 1087 companies for Beneish M-Score. This places PT Multi Garam Utama Tbk in the top 7% of its industry — outperforming the majority of peers. 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 Multi Garam Utama Tbk and its competitors. PT Multi Garam Utama Tbk's current Beneish M-Score is -3.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Multi Garam Utama Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Multi Garam Utama Tbk (ISX:FOLK) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp32.56, compared to a current price of Rp178.00 — trading 446.7% above its estimated fair value. The current Beneish M-Score is -3.60. PT Multi Garam Utama Tbk's overall GF Score™ is 17/100 with 1 warning sign 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 Multi Garam Utama Tbk (ISX:FOLK), the current Beneish M-Score is -3.60 as of Jun. 25, 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 Multi Garam Utama Tbk (ISX:FOLK) Overvalued in 2026?

Based on GuruFocus' analysis, PT Multi Garam Utama Tbk stock appears to be overvalued. The current stock price of Rp178.00 is trading 446.7% above its estimated GF Value™ of Rp32.56. GuruFocus considers PT Multi Garam Utama Tbk to be Significantly Overvalued.

Key valuation signals for ISX:FOLK:

  • Beneish M-Score: -3.60
  • GF Value™: Rp32.56 vs. price of Rp178.00 (446.7% above fair value)
  • GF Score™: 17/100 with 1 warning sign

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

PT Multi Garam Utama Tbk Business Description

Address Jl. Jend. Sudirman Kav. 52 - 53, Prosperity Tower Unit 17th Floor, District 8, SCBD, Kel. Senayan, Kec. Kebayoran Baru, Jakarta Selatan, Jakarta, IDN, 12190
PT Multi Garam Utama Tbk is a multi-sector holding entity operating under 3 main business pillars, namely New Age Media Commerce, Omni-Channel Retail Brands, and Intellectual Property & Community. The company categorized its operational segments into 5 segments: holding, media, cosmetics, footwear, and soap. The Soap segment derives majority of the revenue.
17GF Score

Get the complete analysis for ISX:FOLK

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

Rp178.00
Price
Rp32.56
GF Value