PT Jaya Real Property Tbk (ISX:JRPT) Beneish M-Score: -2.52 (As of Jun. 26, 2026)

What is PT Jaya Real Property Tbk Beneish M-Score?

PT Jaya Real Property Tbk ISX:JRPT 81 Beneish M-Score is -2.52 as of Jun. 26, 2026. GuruFocus rates ISX:JRPT with a GF Score™ of 81/100 and a GF Value™ of Rp911.11 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 1,682 Real Estate companies, PT Jaya Real Property Tbk ranks better than 60.76% 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:JRPT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.33 Max: -1.51
Current: -2.52

During the past 13 years, the highest Beneish M-Score of PT Jaya Real Property Tbk was -1.51. The lowest was -2.98. And the median was -2.33.

PT Jaya Real Property Tbk Beneish M-Score Related Terms

PT Jaya Real Property Tbk Beneish M-Score Historical Data

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The historical data trend for PT Jaya Real Property 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 Jaya Real Property Tbk Beneish M-Score Chart

PT Jaya Real Property Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.36

-2.73

-2.23

-2.29

-2.36

PT Jaya Real Property Tbk Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.26	-2.37	-2.37	-2.36	-2.52

PT Jaya Real Property Tbk Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, PT Jaya Real Property 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 Jaya Real Property Tbk Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Jaya Real Property Tbk's Beneish M-Score distribution charts can be found below:

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

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81GF Score

PT Jaya Real Property Tbk ISX:JRPT

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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PT Jaya Real Property 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 Jaya Real Property Tbk for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7974

0.528 * 0.9995

0.404 * 0.9479

0.892 * 1.115

0.115 * 0.863

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9098

4.679 * 0.012962

0.327 * 0.974

-2.52

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp31,776 Mil.
Revenue was 733724.631 + 1010204.267 + 792981.643 + 830475.752 = Rp3,367,386 Mil.
Gross Profit was 402420.918 + 566107.034 + 439891.429 + 453846.649 = Rp1,862,266 Mil.
Total Current Assets was Rp5,053,388 Mil.
Total Assets was Rp15,414,202 Mil.
Property, Plant and Equipment(Net PPE) was Rp601,798 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,122 Mil.
Selling, General, & Admin. Expense(SGA) was Rp158,546 Mil.
Total Current Liabilities was Rp3,888,857 Mil.
Long-Term Debt & Capital Lease Obligation was Rp257 Mil.
Net Income was 285343.795 + 400055.436 + 318196.768 + 340818.452 = Rp1,344,414 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 153867.123 + 413379.29 + 201153.233 + 376213.336 = Rp1,144,613 Mil.

Total Receivables was Rp35,739 Mil.
Revenue was 641621.515 + 899180.846 + 755726.991 + 723440.504 = Rp3,019,970 Mil.
Gross Profit was 355910.64 + 485492.144 + 420166.198 + 407749.488 = Rp1,669,318 Mil.
Total Current Assets was Rp4,128,328 Mil.
Total Assets was Rp14,321,775 Mil.
Property, Plant and Equipment(Net PPE) was Rp627,638 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp9,089 Mil.
Selling, General, & Admin. Expense(SGA) was Rp156,289 Mil.
Total Current Liabilities was Rp3,708,529 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,532 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)
	=	(31776.021 / 3367386.293)	/	(35738.85 / 3019969.856)
	=	0.009436	/	0.011834
	=	0.7974

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)
	=	(1669318.47 / 3019969.856)	/	(1862266.03 / 3367386.293)
	=	0.55276	/	0.55303
	=	0.9995

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 - (5053388.118 + 601797.567) / 15414201.994)	/	(1 - (4128327.757 + 627637.663) / 14321774.532)
	=	0.633118	/	0.667921
	=	0.9479

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
	=	3367386.293	/	3019969.856
	=	1.115

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))
	=	(9089.166 / (9089.166 + 627637.663))	/	(10122.311 / (10122.311 + 601797.567))
	=	0.014275	/	0.016542
	=	0.863

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)
	=	(158546.405 / 3367386.293)	/	(156289.497 / 3019969.856)
	=	0.047083	/	0.051752
	=	0.9098

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)
	=	((256.527 + 3888857.21) / 15414201.994)	/	((1531.755 + 3708528.526) / 14321774.532)
	=	0.252307	/	0.25905
	=	0.974

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
	=	(1344414.451 - 0	-	1144612.982)	/	15414201.994
	=	0.012962

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 Jaya Real Property Tbk has a M-score of -2.52 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 -2.52 mean?

PT Jaya Real Property Tbk (ISX:JRPT) has a Beneish M-Score of -2.52 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Jaya Real Property Tbk and its competitors. According to the industry distribution chart, PT Jaya Real Property Tbk ranks #660 out of 1682 companies in the Real Estate industry, placing it in the top 39.2%.

Is PT Jaya Real Property Tbk's Beneish M-Score too high?

PT Jaya Real Property Tbk's current Beneish M-Score is -2.52. Based on the distribution chart, PT Jaya Real Property Tbk ranks #660 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, PT Jaya Real Property Tbk has a GF Score™ of 81/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does PT Jaya Real Property Tbk's Beneish M-Score compare to competitors?

According to the Real Estate industry distribution chart, PT Jaya Real Property Tbk ranks #660 out of 1682 companies for Beneish M-Score. This puts PT Jaya Real Property Tbk in the upper 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 Real Estate company?

A good Beneish M-Score depends on the Real Estate 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 Jaya Real Property Tbk and its competitors. PT Jaya Real Property Tbk's current Beneish M-Score is -2.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Jaya Real Property Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Jaya Real Property Tbk (ISX:JRPT) is currently considered Modestly Overvalued. The stock's GF Value™ is Rp911.11, compared to a current price of Rp1,080.00 — trading 18.5% above its estimated fair value. The current Beneish M-Score is -2.52. PT Jaya Real Property Tbk's overall GF Score™ is 81/100 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 Jaya Real Property Tbk (ISX:JRPT), the current Beneish M-Score is -2.52 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 Jaya Real Property Tbk (ISX:JRPT) Overvalued in 2026?

Based on GuruFocus' analysis, PT Jaya Real Property Tbk stock appears to be overvalued. The current stock price of Rp1,080.00 is trading 18.5% above its estimated GF Value™ of Rp911.11. GuruFocus considers PT Jaya Real Property Tbk to be Modestly Overvalued.

Key valuation signals for ISX:JRPT:

Beneish M-Score: -2.52
GF Value™: Rp911.11 vs. price of Rp1,080.00 (18.5% above fair value)
GF Score™: 81/100 with 4 warning signs

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

PT Jaya Real Property Tbk Business Description

Industry Real Estate Real Estate

Comparable Companies ISX:BSDE ISX:BKSL ISX:CTRA ISX:RISE ISX:DUTI ISX:DMAS ISX:SMRA ISX:APLN ISX:KIJA ISX:LPCK HKSE:00016 HKSE:01109 DFM:EMAAR STC:VHM HKSE:00688 HKSE:01113 TSE:1925 ADX:ALDAR SGX:H78 DFM:EMAARDEV

Address Boulevard Bintaro Jaya, CBD Emerald Blok CE/A No. 01, Tangerang, IDN, 15227

Website https://www.jayaproperty.com

PT Jaya Real Property Tbk is a property development company engaged in the development of housing and industrial estate, the development of infrastructure and public facilities, and the provision of supporting services. The company is developing housing and managing property business in the area of Jakarta Selatan and Tangerang which includes land clearance, real estate developments. Its portfolio of properties includes Plaza Bintaro Jaya, Plaza Slipi Jaya, Bintaro Jaya Xchange Mall, BX Rink, BTC and Pasar Modern, and Senen Jaya Wholesale Center, among others. The company operates in two segments, sales of land and buildings and Rental, Building and Building Maintenance Service, and Entertainment. The majority of the revenue is earned from the sales of land and buildings.

81GF Score

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

Rp1,080.00

Price

Rp911.11

GF Value

View ISX:JRPT Analysis

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