PT Radana Bhaskara Finance Tbk (ISX:HDFA) Beneish M-Score: -3.03 (As of Jun. 26, 2026)


ISX:HDFA PT Radana Bhaskara Finance Tbk ISX:HDFA
54 GF Score
Price Rp93.00
GF Value Rp122.20
Valuation Modestly Undervalued
! 4 Warning Signs
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What is PT Radana Bhaskara Finance Tbk Beneish M-Score?

PT Radana Bhaskara Finance Tbk ISX:HDFA +1.09% 54 Beneish M-Score is -3.03 as of Jun. 26, 2026. GuruFocus rates ISX:HDFA with a GF Score™ of 54/100 and a GF Value™ of Rp122.20 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 483 Credit Services companies, PT Radana Bhaskara Finance Tbk ranks better than 85.92% 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 -3.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:HDFA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.18   Med: -1.03   Max: 1.5
Current: -3.03

During the past 10 years, the highest Beneish M-Score of PT Radana Bhaskara Finance Tbk was 1.50. The lowest was -4.18. And the median was -1.03.

ISX:HDFA
54GF Score
PT Radana Bhaskara Finance Tbk ISX:HDFA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Radana Bhaskara Finance 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 Radana Bhaskara Finance 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 * 1+0.528 * 1+0.404 * 0.9967+0.892 * 1.0299+0.115 * 1.5917
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2061+4.679 * -0.129901-0.327 * 1.0102
=-3.03

* 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 Rp0 Mil.
Revenue was 35342.726 + 34372.419 + 38776.328 + 34270.056 = Rp142,762 Mil.
Gross Profit was 35342.726 + 34372.419 + 38776.328 + 34270.056 = Rp142,762 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp3,150,820 Mil.
Property, Plant and Equipment(Net PPE) was Rp20,254 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,738 Mil.
Selling, General, & Admin. Expense(SGA) was Rp38,335 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,563,485 Mil.
Net Income was 1795.37 + -79399.887 + -4326.324 + -1532.929 = Rp-83,464 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 189264.909 + 244552.295 + -136860.715 + 28875.544 = Rp325,832 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 32418.346 + 34189.766 + 33934.586 + 38068.894 = Rp138,612 Mil.
Gross Profit was 32418.346 + 34189.766 + 33934.586 + 38068.894 = Rp138,612 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp3,385,718 Mil.
Property, Plant and Equipment(Net PPE) was Rp10,707 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp7,059 Mil.
Selling, General, & Admin. Expense(SGA) was Rp30,860 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,726,787 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)
=(0 / 142761.529) / (0 / 138611.592)
=0 / 0
=1

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)
=(138611.592 / 138611.592) / (142761.529 / 142761.529)
=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 + 20253.67) / 3150819.857) / (1 - (0 + 10707.068) / 3385717.868)
=0.993572 / 0.996838
=0.9967

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
=142761.529 / 138611.592
=1.0299

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))
=(7059.367 / (7059.367 + 10707.068)) / (6738.206 / (6738.206 + 20253.67))
=0.397343 / 0.249638
=1.5917

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)
=(38335.416 / 142761.529) / (30860.089 / 138611.592)
=0.268528 / 0.222637
=1.2061

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)
=((2563484.787 + 0) / 3150819.857) / ((2726787.198 + 0) / 3385717.868)
=0.813593 / 0.805379
=1.0102

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
=(-83463.77 - 0 - 325832.033) / 3150819.857
=-0.129901

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 Radana Bhaskara Finance Tbk has a M-score of -3.03 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 -3.03 mean?
PT Radana Bhaskara Finance Tbk (ISX:HDFA) has a Beneish M-Score of -3.03 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Radana Bhaskara Finance Tbk and its competitors. According to the industry distribution chart, PT Radana Bhaskara Finance Tbk ranks #68 out of 483 companies in the Credit Services industry, placing it in the top 14.1%.
Is PT Radana Bhaskara Finance Tbk's Beneish M-Score too high?
PT Radana Bhaskara Finance Tbk's current Beneish M-Score is -3.03. Based on the distribution chart, PT Radana Bhaskara Finance Tbk ranks #68 out of 483 companies in the Credit Services industry, which is in the top quartile — a strong position relative to peers. Overall, PT Radana Bhaskara Finance Tbk has a GF Score™ of 54/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Radana Bhaskara Finance Tbk's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, PT Radana Bhaskara Finance Tbk ranks #68 out of 483 companies for Beneish M-Score. This places PT Radana Bhaskara Finance Tbk in the top 14% 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 Radana Bhaskara Finance Tbk and its competitors. PT Radana Bhaskara Finance Tbk's current Beneish M-Score is -3.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Radana Bhaskara Finance Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Radana Bhaskara Finance Tbk (ISX:HDFA) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp122.20, compared to a current price of Rp93.00 — trading 23.9% below its estimated fair value. The current Beneish M-Score is -3.03. PT Radana Bhaskara Finance Tbk's overall GF Score™ is 54/100 with 4 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 Radana Bhaskara Finance Tbk (ISX:HDFA), the current Beneish M-Score is -3.03 as of Jun. 26, 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 Radana Bhaskara Finance Tbk (ISX:HDFA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Radana Bhaskara Finance Tbk stock appears to be undervalued. The current stock price of Rp93.00 is trading 23.9% below its estimated GF Value™ of Rp122.20. GuruFocus considers PT Radana Bhaskara Finance Tbk to be Modestly Undervalued.

Key valuation signals for ISX:HDFA:

  • Beneish M-Score: -3.03
  • GF Value™: Rp122.20 vs. price of Rp93.00 (23.9% below fair value)
  • GF Score™: 54/100 with 4 warning signs

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

PT Radana Bhaskara Finance Tbk Business Description

Address Jl. TB Simatupang, No. 2 Rt. 001/Rw. 005, CIBIS Nine Building 11th Floor Suite W-16, Kel. Cilandak Timur, Kec. Pasar Minggu, Jakarta, IDN, 12560
PT Radana Bhaskara Finance Tbk is engaged in the field of financing institutions, which includes Investment Financing, Working Capital Financing and Multipurpose Financing, as well as other Financing business activities. The Sharia business activities include: Sale and Purchase Financing, Investment Financing, and Service Financing. Its segments include Factoring, ABF, and Legacy. It derives majority of revenue from factoring segment.
54GF Score

Get the complete analysis for ISX:HDFA

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

Rp93.00
Price
Rp122.20
GF Value