PT HILLCON Tbk (ISX:HILL) Beneish M-Score: -5.58 (As of Jun. 29, 2026)


ISX:HILL PT HILLCON Tbk ISX:HILL
60 GF Score
Price Rp16.00
GF Value Rp383.58
Valuation Possible Value Trap
! 7 Warning Signs
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What is PT HILLCON Tbk Beneish M-Score?

PT HILLCON Tbk ISX:HILL 60 Beneish M-Score is -5.58 as of Jun. 29, 2026. GuruFocus rates ISX:HILL with a GF Score™ of 60/100 and a GF Value™ of Rp383.58 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 684 Metals & Mining companies, PT HILLCON Tbk ranks better than 97.51% 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 -5.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:HILL' s Beneish M-Score Range Over the Past 10 Years
Min: -5.58   Med: -2   Max: -1.02
Current: -5.58

During the past 7 years, the highest Beneish M-Score of PT HILLCON Tbk was -1.02. The lowest was -5.58. And the median was -2.00.

PT HILLCON Tbk Beneish M-Score Historical Data

* Premium members only.

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

PT HILLCON Tbk Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 -1.02 -2.00 -5.58

PT HILLCON Tbk Quarterly Data
Dec19 Dec20 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
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 -2.00 -2.08 -1.98 -1.25 -5.58

PT HILLCON Tbk Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, PT HILLCON 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 HILLCON Tbk Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, PT HILLCON Tbk's Beneish M-Score distribution charts can be found below:

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


ISX:HILL
60GF Score
PT HILLCON Tbk ISX:HILL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT HILLCON 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 HILLCON 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 * 0.2152+0.528 * -1.1399+0.404 * 1.9817+0.892 * 0.8758+0.115 * 0.9267
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5057+4.679 * -0.288594-0.327 * 1.2793
=-5.58

* 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 Rp250,011 Mil.
Revenue was 661103 + 627288 + 1005729 + 1161684 = Rp3,455,804 Mil.
Gross Profit was -361069 + -310930 + 114829 + 139395 = Rp-417,775 Mil.
Total Current Assets was Rp677,167 Mil.
Total Assets was Rp5,302,295 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,374,437 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp11,550 Mil.
Selling, General, & Admin. Expense(SGA) was Rp22,738 Mil.
Total Current Liabilities was Rp3,242,685 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,293,562 Mil.
Net Income was -923971 + -107676 + -2371 + 2690 = Rp-1,031,328 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 516223 + 64366 + 159048 + -240753 = Rp498,884 Mil.
 Total Receivables was Rp1,326,441 Mil.
Revenue was 1215283 + 1087126 + 854762 + 788906 = Rp3,946,077 Mil.
Gross Profit was 204049 + 187093 + 138968 + 13686 = Rp543,796 Mil.
Total Current Assets was Rp1,802,188 Mil.
Total Assets was Rp6,281,309 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,731,455 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp11,831 Mil.
Selling, General, & Admin. Expense(SGA) was Rp17,245 Mil.
Total Current Liabilities was Rp2,654,198 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,546,367 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)
=(250011 / 3455804) / (1326441 / 3946077)
=0.072345 / 0.336142
=0.2152

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)
=(543796 / 3946077) / (-417775 / 3455804)
=0.137807 / -0.120891
=-1.1399

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 - (677167 + 3374437) / 5302295) / (1 - (1802188 + 3731455) / 6281309)
=0.235877 / 0.11903
=1.9817

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
=3455804 / 3946077
=0.8758

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))
=(11831 / (11831 + 3731455)) / (11550 / (11550 + 3374437))
=0.003161 / 0.003411
=0.9267

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)
=(22738 / 3455804) / (17245 / 3946077)
=0.00658 / 0.00437
=1.5057

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)
=((1293562 + 3242685) / 5302295) / ((1546367 + 2654198) / 6281309)
=0.855525 / 0.66874
=1.2793

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
=(-1031328 - 0 - 498884) / 5302295
=-0.288594

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 HILLCON Tbk has a M-score of -5.58 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 -5.58 mean?
PT HILLCON Tbk (ISX:HILL) has a Beneish M-Score of -5.58 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT HILLCON Tbk and its competitors. According to the industry distribution chart, PT HILLCON Tbk ranks #17 out of 684 companies in the Metals & Mining industry, placing it in the top 2.5%.
Is PT HILLCON Tbk's Beneish M-Score too high?
PT HILLCON Tbk's current Beneish M-Score is -5.58. Based on the distribution chart, PT HILLCON Tbk ranks #17 out of 684 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, PT HILLCON Tbk has a GF Score™ of 60/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does PT HILLCON Tbk's Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, PT HILLCON Tbk ranks #17 out of 684 companies for Beneish M-Score. This places PT HILLCON Tbk in the top 3% 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 Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 HILLCON Tbk and its competitors. PT HILLCON Tbk's current Beneish M-Score is -5.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT HILLCON Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT HILLCON Tbk (ISX:HILL) is currently considered Possible Value Trap. The stock's GF Value™ is Rp383.58, compared to a current price of Rp16.00 — trading 95.8% below its estimated fair value. The current Beneish M-Score is -5.58. PT HILLCON Tbk's overall GF Score™ is 60/100 with 7 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 HILLCON Tbk (ISX:HILL), the current Beneish M-Score is -5.58 as of Jun. 29, 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 HILLCON Tbk (ISX:HILL) Overvalued in 2026?

Based on GuruFocus' analysis, PT HILLCON Tbk stock appears to be undervalued. The current stock price of Rp16.00 is trading 95.8% below its estimated GF Value™ of Rp383.58. GuruFocus considers PT HILLCON Tbk to be Possible Value Trap.

Key valuation signals for ISX:HILL:

  • Beneish M-Score: -5.58
  • GF Value™: Rp383.58 vs. price of Rp16.00 (95.8% below fair value)
  • GF Score™: 60/100 with 7 warning signs

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

PT HILLCON Tbk Business Description

Address Taman Modern, Blok R2 No.19 Cakung, PO Box: 1016, RT.014/RW.06, Ujung Menteng, Kecamatan Cakung, East Jakarta, Jakarta, IDN, 13960
PT HILLCON Tbk is engaged in holding company activities and management consulting, as well as mining services and construction services through its subsidiaries. The company has completed hundreds of projects, both large and small, with aspects of work safety, health safety, operating safety, and the environment. The Company has experience as a coal and mineral mining contractor, civil contractor, earthworks, river basin construction, and dams. The company's operating segments are Mining Services, Construction Services, and others. The majority of revenue is derived from the Mining Services segment.
60GF Score

Get the complete analysis for ISX:HILL

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

Rp16.00
Price
Rp383.58
GF Value