PT Champion Pacific Indonesia Tbk (ISX:IGAR) Beneish M-Score: -2.43 (As of Aug. 24, 2026)

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ISX:IGAR PT Champion Pacific Indonesia Tbk ISX:IGAR
67 GF Score
Price Rp470.00
GF Value Rp547.78
Valuation Modestly Undervalued
! 3 Warning Signs
View Full Analysis

What is PT Champion Pacific Indonesia Tbk Beneish M-Score?

PT Champion Pacific Indonesia Tbk ISX:IGAR +0.86% 67 Beneish M-Score is -2.43 as of Aug. 24, 2026. GuruFocus rates ISX:IGAR with a GF Score™ of 67/100 and a GF Value™ of Rp547.78 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 383 Packaging & Containers companies, PT Champion Pacific Indonesia Tbk ranks worse than 60.31% 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:IGAR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26   Med: -2.7   Max: -1.41
Current: -2.43

During the past 13 years, the highest Beneish M-Score of PT Champion Pacific Indonesia Tbk was -1.41. The lowest was -3.26. And the median was -2.70.

PT Champion Pacific Indonesia Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Champion Pacific Indonesia 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 Champion Pacific Indonesia Tbk Beneish M-Score Chart

PT Champion Pacific Indonesia Tbk Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.21 -2.00 -3.14 -2.83 -2.91

PT Champion Pacific Indonesia Tbk Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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 -2.90 -2.74 -2.91 -3.05 -2.43

ISX:IGAR vs SW, PKG, IP: Beneish M-Score Comparison

For the Packaging & Containers subindustry, PT Champion Pacific Indonesia 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 Champion Pacific Indonesia Tbk Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, PT Champion Pacific Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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


ISX:IGAR
67GF Score
PT Champion Pacific Indonesia Tbk ISX:IGAR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Champion Pacific Indonesia 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 Champion Pacific Indonesia 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 * 1.1362+0.528 * 0.8986+0.404 * 1.1804+0.892 * 1.0749+0.115 * 1.2466
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0387+4.679 * -0.044429-0.327 * 0.924
=-2.43

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was Rp221,875 Mil.
Revenue was 288803.562 + 209673.23 + 209936.061 + 251069.585 = Rp959,482 Mil.
Gross Profit was 61055.559 + 29246.575 + 29514.745 + 37463.037 = Rp157,280 Mil.
Total Current Assets was Rp883,294 Mil.
Total Assets was Rp1,104,125 Mil.
Property, Plant and Equipment(Net PPE) was Rp193,222 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,479 Mil.
Selling, General, & Admin. Expense(SGA) was Rp20,685 Mil.
Total Current Liabilities was Rp143,355 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 28101.727 + 10508.609 + 13395.408 + 16223.3 = Rp68,229 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -25946.009 + 4401.751 + 60660.344 + 78168.429 = Rp117,285 Mil.
 Total Receivables was Rp181,676 Mil.
Revenue was 234176.48 + 222135.107 + 192316.071 + 244015.638 = Rp892,643 Mil.
Gross Profit was 37658.971 + 32537.534 + 25630.232 + 35657.562 = Rp131,484 Mil.
Total Current Assets was Rp839,933 Mil.
Total Assets was Rp1,021,151 Mil.
Property, Plant and Equipment(Net PPE) was Rp159,586 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,560 Mil.
Selling, General, & Admin. Expense(SGA) was Rp18,527 Mil.
Total Current Liabilities was Rp143,487 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
=(221874.682 / 959482.438) / (181675.702 / 892643.296)
=0.231244 / 0.203526
=1.1362

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)
=(131484.299 / 892643.296) / (157279.916 / 959482.438)
=0.147298 / 0.163922
=0.8986

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 - (883293.961 + 193221.624) / 1104124.782) / (1 - (839933.149 + 159586.201) / 1021151.15)
=0.025006 / 0.021184
=1.1804

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
=959482.438 / 892643.296
=1.0749

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))
=(2560.032 / (2560.032 + 159586.201)) / (2478.556 / (2478.556 + 193221.624))
=0.015788 / 0.012665
=1.2466

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)
=(20684.773 / 959482.438) / (18526.936 / 892643.296)
=0.021558 / 0.020755
=1.0387

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 + 143354.621) / 1104124.782) / ((0 + 143486.742) / 1021151.15)
=0.129836 / 0.140515
=0.924

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
=(68229.044 - 0 - 117284.515) / 1104124.782
=-0.044429

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 Champion Pacific Indonesia Tbk has a M-score of -2.43 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 -2.43 mean?
PT Champion Pacific Indonesia Tbk (ISX:IGAR) has a Beneish M-Score of -2.43 as of Aug. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Champion Pacific Indonesia Tbk and its competitors. According to the industry distribution chart, PT Champion Pacific Indonesia Tbk ranks #231 out of 383 companies in the Packaging & Containers industry, placing it in the top 60.3%.
Is PT Champion Pacific Indonesia Tbk's Beneish M-Score too high?
PT Champion Pacific Indonesia Tbk's current Beneish M-Score is -2.43. Based on the distribution chart, PT Champion Pacific Indonesia Tbk ranks #231 out of 383 companies in the Packaging & Containers industry, which is below the industry midpoint. Overall, PT Champion Pacific Indonesia Tbk has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Champion Pacific Indonesia Tbk's Beneish M-Score compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, PT Champion Pacific Indonesia Tbk ranks #231 out of 383 companies for Beneish M-Score. This places PT Champion Pacific Indonesia Tbk in the lower half of its 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 Packaging & Containers company?
A good Beneish M-Score depends on the Packaging & Containers 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 Champion Pacific Indonesia Tbk and its competitors. PT Champion Pacific Indonesia Tbk's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Champion Pacific Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Champion Pacific Indonesia Tbk (ISX:IGAR) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp547.78, compared to a current price of Rp470.00 — trading 14.2% below its estimated fair value. The current Beneish M-Score is -2.43. PT Champion Pacific Indonesia Tbk's overall GF Score™ is 67/100 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 Champion Pacific Indonesia Tbk (ISX:IGAR), the current Beneish M-Score is -2.43 as of Aug. 24, 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 Champion Pacific Indonesia Tbk (ISX:IGAR) Overvalued in 2026?

Based on GuruFocus' analysis, PT Champion Pacific Indonesia Tbk stock appears to be undervalued. The current stock price of Rp470.00 is trading 14.2% below its estimated GF Value™ of Rp547.78. GuruFocus considers PT Champion Pacific Indonesia Tbk to be Modestly Undervalued.

Key valuation signals for ISX:IGAR:

  • Beneish M-Score: -2.43
  • GF Value™: Rp547.78 vs. price of Rp470.00 (14.2% below fair value)
  • GF Score™: 67/100 with 3 warning signs

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

PT Champion Pacific Indonesia Tbk Business Description

Address Jalan Raya Sultan Agung Km. 28.5, Kota Baru Kotamadya, P.O. Box 151, Bekasi Barat, Bekasi, IDN, 17133
PT Champion Pacific Indonesia Tbk carries out its main business activities in the Flexible Packaging manufacturing industry through subsidiaries not only for the Pharmaceutical segment, but also for the Food, Cosmetics, Agro-industry, and other segments. The pharmaceutical section generates maximum revenue for the company. Geographically, the firm generates the majority of its revenue from the domestic market.
67GF Score

Get the complete analysis for ISX:IGAR

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

Rp470.00
Price
Rp547.78
GF Value