PT Bank Artha Graha Internasional Tbk (ISX:INPC) Beneish M-Score: -2.69 (As of Jun. 24, 2026)


ISX:INPC PT Bank Artha Graha Internasional Tbk ISX:INPC
48 GF Score
Price Rp125.00
GF Value Rp149.27
Valuation Modestly Undervalued
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What is PT Bank Artha Graha Internasional Tbk Beneish M-Score?

PT Bank Artha Graha Internasional Tbk ISX:INPC -4.58% 48 Beneish M-Score is -2.69 as of Jun. 24, 2026. GuruFocus rates ISX:INPC with a GF Score™ of 48/100 and a GF Value™ of Rp149.27 (Modestly Undervalued). Among 1,396 Banks companies, PT Bank Artha Graha Internasional Tbk ranks better than 86.1% 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:INPC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38   Med: -2.42   Max: -0.94
Current: -2.69

During the past 13 years, the highest Beneish M-Score of PT Bank Artha Graha Internasional Tbk was -0.94. The lowest was -3.38. And the median was -2.42.

ISX:INPC
48GF Score
PT Bank Artha Graha Internasional Tbk ISX:INPC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Artha Graha Internasional 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 Bank Artha Graha Internasional 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 * 0.9997+0.892 * 1.0499+0.115 * 1.0216
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7957+4.679 * -0.061713-0.327 * 0.9997
=-2.69

* 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 312123 + 342436 + 334125 + 329886 = Rp1,318,570 Mil.
Gross Profit was 312123 + 342436 + 334125 + 329886 = Rp1,318,570 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp30,312,535 Mil.
Property, Plant and Equipment(Net PPE) was Rp181,543 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp87,988 Mil.
Selling, General, & Admin. Expense(SGA) was Rp80,096 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp200,000 Mil.
Net Income was 58593 + -623193 + 5084 + 31931 = Rp-527,585 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 2549480 + -5463002 + 3976675 + 279954 = Rp1,343,107 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 283087 + 321759 + 312161 + 338927 = Rp1,255,934 Mil.
Gross Profit was 283087 + 321759 + 312161 + 338927 = Rp1,255,934 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp30,301,544 Mil.
Property, Plant and Equipment(Net PPE) was Rp171,794 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp85,959 Mil.
Selling, General, & Admin. Expense(SGA) was Rp95,880 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp200,000 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 / 1318570) / (0 / 1255934)
=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)
=(1255934 / 1255934) / (1318570 / 1318570)
=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 + 181543) / 30312535) / (1 - (0 + 171794) / 30301544)
=0.994011 / 0.994331
=0.9997

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
=1318570 / 1255934
=1.0499

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))
=(85959 / (85959 + 171794)) / (87988 / (87988 + 181543))
=0.333494 / 0.326449
=1.0216

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)
=(80096 / 1318570) / (95880 / 1255934)
=0.060745 / 0.076342
=0.7957

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)
=((200000 + 0) / 30312535) / ((200000 + 0) / 30301544)
=0.006598 / 0.0066
=0.9997

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
=(-527585 - 0 - 1343107) / 30312535
=-0.061713

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 Bank Artha Graha Internasional Tbk has a M-score of -2.69 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 -2.69 mean?
PT Bank Artha Graha Internasional Tbk (ISX:INPC) has a Beneish M-Score of -2.69 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Artha Graha Internasional Tbk and its competitors. According to the industry distribution chart, PT Bank Artha Graha Internasional Tbk ranks #194 out of 1396 companies in the Banks industry, placing it in the top 13.9%.
Is PT Bank Artha Graha Internasional Tbk's Beneish M-Score too high?
PT Bank Artha Graha Internasional Tbk's current Beneish M-Score is -2.69. Based on the distribution chart, PT Bank Artha Graha Internasional Tbk ranks #194 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, PT Bank Artha Graha Internasional Tbk has a GF Score™ of 48/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Artha Graha Internasional Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Artha Graha Internasional Tbk ranks #194 out of 1396 companies for Beneish M-Score. This places PT Bank Artha Graha Internasional 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Bank Artha Graha Internasional Tbk and its competitors. PT Bank Artha Graha Internasional Tbk's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Artha Graha Internasional Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Artha Graha Internasional Tbk (ISX:INPC) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp149.27, compared to a current price of Rp125.00 — trading 16.3% below its estimated fair value. The current Beneish M-Score is -2.69. PT Bank Artha Graha Internasional Tbk's overall GF Score™ is 48/100. 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 Bank Artha Graha Internasional Tbk (ISX:INPC), the current Beneish M-Score is -2.69 as of Jun. 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 Bank Artha Graha Internasional Tbk (ISX:INPC) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Artha Graha Internasional Tbk stock appears to be undervalued. The current stock price of Rp125.00 is trading 16.3% below its estimated GF Value™ of Rp149.27. GuruFocus considers PT Bank Artha Graha Internasional Tbk to be Modestly Undervalued.

Key valuation signals for ISX:INPC:

  • Beneish M-Score: -2.69
  • GF Value™: Rp149.27 vs. price of Rp125.00 (16.3% below fair value)
  • GF Score™: 48/100

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

PT Bank Artha Graha Internasional Tbk Business Description

Address Jalan Jenderal Sudirman Kav. 52 - 53, Gedung Artha Graha, Sudirman Commercial Business District, Selatan, Jakarta, IDN, 12190
PT Bank Artha Graha Internasional Tbk conducts business activities as a conventional commercial bank. Its main business activities include collecting funds from the public in the form of current account deposits, time deposits, certificates of deposit, savings, and/or other similar forms; providing loans, either medium-, long-, or short-term loans or other types that are common in the banking industry. Its operating segments comprise Productive, which generates maximum revenue and includes loans extended to productive sectors such as working capital and investment loans; Consumer, which includes loans extended for consumer purposes; Treasury, which relates to treasury activities including money market transactions, trade finance, foreign exchange, and securities; and Others.
48GF Score

Get the complete analysis for ISX:INPC

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

Rp125.00
Price
Rp149.27
GF Value