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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 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Japfa Comfeed Indonesia Tbk's Beneish M-Score or its related term are showing as below:
ISX:JPFA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.52 Max: -1.75
Current: -2
During the past 13 years, the highest Beneish M-Score of PT Japfa Comfeed Indonesia Tbk was -1.75. The lowest was -3.20. And the median was -2.52.
* 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 Japfa Comfeed Indonesia Tbk Beneish M-Score Chart
ISX:JPFA vs ADM, BG, TSN: Beneish M-Score Comparison
For the Farm Products subindustry, PT Japfa Comfeed 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 Japfa Comfeed Indonesia Tbk Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Japfa Comfeed Indonesia Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Japfa Comfeed Indonesia Tbk's Beneish M-Score falls into.
PT Japfa Comfeed 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 Japfa Comfeed 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 * 1.0943
+
0.528 * 0.8838
+
0.404 * 0.71
+
0.892 * 1.2329
+
0.115 * 1.0879
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.996
+
4.679 * 0.076228
-
0.327 * 1.0096
=
-2.00
* 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.
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.
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))
=
(299729 / (299729 + 14651094))
/
(336530 / (336530 + 17925239))
=
0.020048
/
0.018428
=
1.0879
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
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
=
(5243152 - 0
-
1801838)
/
45145132
=
0.076228
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 Japfa Comfeed Indonesia Tbk has a M-score of -2.00 suggests that the company is unlikely to be a manipulator.
PT Japfa Comfeed Indonesia Tbk (ISX:JPFA) has a Beneish M-Score of -2.00 as of Aug. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Japfa Comfeed Indonesia Tbk and its competitors. According to the industry distribution chart, PT Japfa Comfeed Indonesia Tbk ranks #1447 out of 1864 companies in the Consumer Packaged Goods industry, placing it in the top 77.6%.
Is PT Japfa Comfeed Indonesia Tbk's Beneish M-Score too high?
PT Japfa Comfeed Indonesia Tbk's current Beneish M-Score is -2.00. Based on the distribution chart, PT Japfa Comfeed Indonesia Tbk ranks #1447 out of 1864 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, PT Japfa Comfeed Indonesia Tbk has a GF Score™ of 98/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Japfa Comfeed Indonesia Tbk's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, PT Japfa Comfeed Indonesia Tbk ranks #1447 out of 1864 companies for Beneish M-Score. This places PT Japfa Comfeed 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Japfa Comfeed Indonesia Tbk and its competitors. PT Japfa Comfeed Indonesia Tbk's current Beneish M-Score is -2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Japfa Comfeed Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Japfa Comfeed Indonesia Tbk (ISX:JPFA) is currently considered Fairly Valued. The stock's GF Value™ is Rp2,065.42, compared to a current price of Rp2,210.00 — trading 7% above its estimated fair value. The current Beneish M-Score is -2.00. PT Japfa Comfeed Indonesia Tbk's overall GF Score™ is 98/100 with 2 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 Japfa Comfeed Indonesia Tbk (ISX:JPFA), the current Beneish M-Score is -2.00 as of Aug. 23, 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 Japfa Comfeed Indonesia Tbk (ISX:JPFA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Japfa Comfeed Indonesia Tbk stock appears to be overvalued.
The current stock price of Rp2,210.00 is trading 7% above its estimated GF Value™ of Rp2,065.42.
GuruFocus considers PT Japfa Comfeed Indonesia Tbk to be Fairly Valued.
Key valuation signals for ISX:JPFA:
Beneish M-Score: -2.00
GF Value™: Rp2,065.42 vs. price of Rp2,210.00 (7% above fair value)
No single metric tells the full story. See the ISX:JPFA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Japfa Comfeed Indonesia Tbk is a farm products company that predominantly produces animal feed. The company's business segments are: Animal feed, Poultry breeding, Commercial farm, Poultry processing and Consumer Products, Aquaculture, Trading, and Others. The company's activities include production and marketing of animal feed products, breeding poultry, running broiler farms and chicken slaughtering, processing and selling chicken meat, shrimp and freshwater fish breeding, beef cattle breeding and meat production, and provision of animal vaccine units, freight business units, among others. A vast majority of the company's revenue is generated by the Animal feed segment.
98GF Score
Get the complete analysis for ISX:JPFA
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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