PT Equity Development Investment Tbk (ISX:GSMF) Beneish M-Score: -2.81 (As of Jul. 13, 2026)


ISX:GSMF PT Equity Development Investment Tbk ISX:GSMF
59 GF Score
Price Rp83.00
GF Value Rp42.13
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is PT Equity Development Investment Tbk Beneish M-Score?

PT Equity Development Investment Tbk ISX:GSMF +1.22% 59 Beneish M-Score is -2.81 as of Jul. 13, 2026. GuruFocus rates ISX:GSMF with a GF Score™ of 59/100 and a GF Value™ of Rp42.13 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 399 Insurance companies, PT Equity Development Investment Tbk ranks better than 79.45% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:GSMF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.66   Med: -2.68   Max: 0.46
Current: -2.81

During the past 13 years, the highest Beneish M-Score of PT Equity Development Investment Tbk was 0.46. The lowest was -4.66. And the median was -2.68.

ISX:GSMF
59GF Score
PT Equity Development Investment Tbk ISX:GSMF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Equity Development Investment 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 Equity Development Investment 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 * 0.3562+0.528 * 1+0.404 * 1.0011+0.892 * 1.2456+0.115 * 0.8509
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0124+4.679 * 0.009059-0.327 * 0.9368
=-2.81

* 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 Rp169,099 Mil.
Revenue was 326688 + -38575 + 337163 + 318769 = Rp944,045 Mil.
Gross Profit was 326688 + -38575 + 337163 + 318769 = Rp944,045 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp5,548,172 Mil.
Property, Plant and Equipment(Net PPE) was Rp132,051 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp14,259 Mil.
Selling, General, & Admin. Expense(SGA) was Rp65,243 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp452,090 Mil.
Net Income was -353 + 12637 + 22347 + 33613 = Rp68,244 Mil.
Non Operating Income was 21715 + 15826 + 27392 + 21927 = Rp86,860 Mil.
Cash Flow from Operations was 25495 + -18514 + -60917 + -14943 = Rp-68,879 Mil.
 Total Receivables was Rp381,129 Mil.
Revenue was 276648 + -75850 + 300504 + 256600 = Rp757,902 Mil.
Gross Profit was 276648 + -75850 + 300504 + 256600 = Rp757,902 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp5,828,735 Mil.
Property, Plant and Equipment(Net PPE) was Rp144,901 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp13,103 Mil.
Selling, General, & Admin. Expense(SGA) was Rp51,736 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp506,977 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)
=(169099 / 944045) / (381129 / 757902)
=0.179122 / 0.502874
=0.3562

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)
=(757902 / 757902) / (944045 / 944045)
=1 / 1
=1

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 - (0 + 132051) / 5548172) / (1 - (0 + 144901) / 5828735)
=0.976199 / 0.97514
=1.0011

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
=944045 / 757902
=1.2456

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))
=(13103 / (13103 + 144901)) / (14259 / (14259 + 132051))
=0.082928 / 0.097457
=0.8509

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)
=(65243 / 944045) / (51736 / 757902)
=0.06911 / 0.068262
=1.0124

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)
=((452090 + 0) / 5548172) / ((506977 + 0) / 5828735)
=0.081484 / 0.086979
=0.9368

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
=(68244 - 86860 - -68879) / 5548172
=0.009059

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 Equity Development Investment Tbk has a M-score of -2.81 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 -2.81 mean?
PT Equity Development Investment Tbk (ISX:GSMF) has a Beneish M-Score of -2.81 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Equity Development Investment Tbk and its competitors. According to the industry distribution chart, PT Equity Development Investment Tbk ranks #82 out of 399 companies in the Insurance industry, placing it in the top 20.6%.
Is PT Equity Development Investment Tbk's Beneish M-Score too high?
PT Equity Development Investment Tbk's current Beneish M-Score is -2.81. Based on the distribution chart, PT Equity Development Investment Tbk ranks #82 out of 399 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, PT Equity Development Investment Tbk has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Equity Development Investment Tbk's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, PT Equity Development Investment Tbk ranks #82 out of 399 companies for Beneish M-Score. This places PT Equity Development Investment Tbk in the top 21% 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Equity Development Investment Tbk and its competitors. PT Equity Development Investment Tbk's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Equity Development Investment Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Equity Development Investment Tbk (ISX:GSMF) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp42.13, compared to a current price of Rp83.00 — trading 97% above its estimated fair value. The current Beneish M-Score is -2.81. PT Equity Development Investment Tbk's overall GF Score™ is 59/100 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 Equity Development Investment Tbk (ISX:GSMF), the current Beneish M-Score is -2.81 as of Jul. 13, 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 Equity Development Investment Tbk (ISX:GSMF) Overvalued in 2026?

Based on GuruFocus' analysis, PT Equity Development Investment Tbk stock appears to be overvalued. The current stock price of Rp83.00 is trading 97% above its estimated GF Value™ of Rp42.13. GuruFocus considers PT Equity Development Investment Tbk to be Significantly Overvalued.

Key valuation signals for ISX:GSMF:

  • Beneish M-Score: -2.81
  • GF Value™: Rp42.13 vs. price of Rp83.00 (97% above fair value)
  • GF Score™: 59/100 with 3 warning signs

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

PT Equity Development Investment Tbk Business Description

Address Jalan Hayam Wuruk No. 8, Wisma Hayam Wuruk, 3rd Floor, Central Jakarta, Jakarta, IDN, 10120
PT Equity Development Investment Tbk is an Indonesia-based investment holding company engaged in the insurance business through its subsidiaries. It is also engaged in investment activities, management consulting services, and share investments, as well as training areas specifically for the Equity group. The company and its subsidiaries have categorized their business activity into four segments by the nature of the business, which include Holding company, travel services and venture capital, Banking and financing, Insurance, Stock administration and securities, out of which the majority of the revenue is generated from the Insurance segment. The company's geographical segments include Java Island and Outside Java Island.
59GF Score

Get the complete analysis for ISX:GSMF

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

Rp83.00
Price
Rp42.13
GF Value