PT Golden Plantation Tbk (ISX:GOLL) Beneish M-Score: 0.00 (As of Jun. 25, 2026)


What is PT Golden Plantation Tbk Beneish M-Score?

PT Golden Plantation Tbk ISX:GOLL Beneish M-Score is 0.00 as of Jun. 25, 2026.

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.

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

During the past 8 years, the highest Beneish M-Score of PT Golden Plantation Tbk was 0.00. The lowest was 0.00. And the median was 0.00.

PT Golden Plantation Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Golden Plantation 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 Golden Plantation Tbk Beneish M-Score Chart

PT Golden Plantation Tbk Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Get a 7-Day Free Trial -3.07 -2.68 0.00 0.00 0.00

PT Golden Plantation Tbk Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
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 0.00 0.00 0.00 0.00 0.00

PT Golden Plantation Tbk Beneish M-Score Competitor Comparison

For the Farm Products subindustry, PT Golden Plantation 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 Golden Plantation Tbk Beneish M-Score vs Consumer Packaged Goods Industry

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

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


PT Golden Plantation 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 Golden Plantation 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 * 2.0115+0.528 * 0.3911+0.404 * 0.9588+0.892 * 0.5366+0.115 * 17.9286
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9861+4.679 * -0.032252-0.327 * 1.0518
=-0.52

* 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 (Sep21) TTM:Last Year (Sep20) TTM:
Total Receivables was Rp921 Mil.
Revenue was 968.977 + 1387.681 + 1393.19 + 1644.527 = Rp5,394 Mil.
Gross Profit was -784.605 + -706.255 + -809.611 + -2150.507 = Rp-4,451 Mil.
Total Current Assets was Rp8,891 Mil.
Total Assets was Rp480,923 Mil.
Property, Plant and Equipment(Net PPE) was Rp403,942 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp28 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,384 Mil.
Total Current Liabilities was Rp95,814 Mil.
Long-Term Debt & Capital Lease Obligation was Rp234,879 Mil.
Net Income was -1434.339 + -1308.133 + -1608.62 + -12683.936 = Rp-17,035 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -947.646 + -58.28 + -437.258 + -81.004 = Rp-1,524 Mil.
 Total Receivables was Rp853 Mil.
Revenue was 619.43 + 637.39 + 819.616 + 7976.62 = Rp10,053 Mil.
Gross Profit was -919.695 + -991.442 + -777.754 + -555.349 = Rp-3,244 Mil.
Total Current Assets was Rp8,207 Mil.
Total Assets was Rp471,027 Mil.
Property, Plant and Equipment(Net PPE) was Rp393,262 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp494 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,615 Mil.
Total Current Liabilities was Rp87,903 Mil.
Long-Term Debt & Capital Lease Obligation was Rp220,035 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)
=(920.929 / 5394.375) / (853.243 / 10053.056)
=0.17072 / 0.084874
=2.0115

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)
=(-3244.24 / 10053.056) / (-4450.978 / 5394.375)
=-0.322712 / -0.825115
=0.3911

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 - (8891.42 + 403941.873) / 480923.22) / (1 - (8207.072 + 393262.089) / 471026.658)
=0.141582 / 0.147672
=0.9588

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
=5394.375 / 10053.056
=0.5366

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))
=(494.348 / (494.348 + 393262.089)) / (28.098 / (28.098 + 403941.873))
=0.001255 / 7.0E-5
=17.9286

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)
=(1383.632 / 5394.375) / (2614.905 / 10053.056)
=0.256495 / 0.26011
=0.9861

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)
=((234879.454 + 95814.038) / 480923.22) / ((220035.37 + 87903.455) / 471026.658)
=0.687622 / 0.653761
=1.0518

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
=(-17035.028 - 0 - -1524.188) / 480923.22
=-0.032252

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 Golden Plantation Tbk has a M-score of -0.52 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
PT Golden Plantation Tbk (ISX:GOLL) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Golden Plantation Tbk and its competitors.
Is PT Golden Plantation Tbk's Beneish M-Score too high?
PT Golden Plantation Tbk's current Beneish M-Score is 0.00.
How does PT Golden Plantation Tbk's Beneish M-Score compare to competitors?
PT Golden Plantation Tbk's Beneish M-Score of 0.00 can be compared against companies in the Consumer Packaged Goods 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 Golden Plantation Tbk and its competitors. PT Golden Plantation Tbk's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Golden Plantation Tbk stock overvalued right now?
PT Golden Plantation Tbk (ISX:GOLL) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Golden Plantation Tbk (ISX:GOLL), the current Beneish M-Score is 0.00 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.

PT Golden Plantation Tbk Business Description

Address Jalan Dr. Ide Anak Agung Gde Agung Kav.E.1.2 No.1 & 2, Plaza Mutiara building 8th Floor, Suite 801, Mega Kuningan, East Kuningan, Setiabudi, South Jakarta, Jakarta, IDN, 12950
PT Golden Plantation Tbk is engaged in the manufacturing of palm oil. The company's operating segment is palm oil plantations located in several areas in Indonesia. The company has around nine oil palm plantations, located in South Kalimantan, Central Kalimantan, West Kalimantan, Riau, South Sumatra, and Jambi. The sale of crude palm oil generates maximum revenue for the company. The company sells three products as principal sales, namely Crude Palm Oil, Fresh Fruit Bunches, and Palm Kernel.