PT Kino Indonesia Tbk (ISX:KINO) Beneish M-Score: -2.75 (As of Jun. 27, 2026)

What is PT Kino Indonesia Tbk Beneish M-Score?

PT Kino Indonesia Tbk ISX:KINO -0.90% 68 Beneish M-Score is -2.75 as of Jun. 27, 2026. GuruFocus rates ISX:KINO with a GF Score™ of 68/100 and a GF Value™ of Rp1,384.46 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 109 Beverages - Non-Alcoholic companies, PT Kino Indonesia Tbk ranks better than 71.56% 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:KINO' s Beneish M-Score Range Over the Past 10 Years
Min: -4.42 Med: -2.73 Max: -1.76
Current: -2.75

During the past 13 years, the highest Beneish M-Score of PT Kino Indonesia Tbk was -1.76. The lowest was -4.42. And the median was -2.73.

PT Kino Indonesia Tbk Beneish M-Score Related Terms

PT Kino Indonesia Tbk Beneish M-Score Historical Data

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

PT Kino Indonesia Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.99

-4.09

-3.11

-2.91

-2.78

PT Kino Indonesia 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															-3.00	-2.91	-2.79	-2.78	-2.75

ISX:KINO vs KO, PEP, MNST: Beneish M-Score Comparison

For the Beverages - Non-Alcoholic subindustry, PT Kino 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 Kino Indonesia Tbk Beneish M-Score vs Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, PT Kino Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

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68GF Score

PT Kino Indonesia Tbk ISX:KINO

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

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PT Kino 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 Kino Indonesia 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 * 1.0168

0.528 * 1.0153

0.404 * 1.4117

0.892 * 1.0362

0.115 * 1.1547

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9579

4.679 * -0.11347

0.327 * 0.9489

-2.75

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp1,097,659 Mil.
Revenue was 1256024.437 + 1228579.23 + 1032990.523 + 1032632.77 = Rp4,550,227 Mil.
Gross Profit was 550081.51 + 512789.973 + 443907.699 + 462131.117 = Rp1,968,910 Mil.
Total Current Assets was Rp1,743,503 Mil.
Total Assets was Rp4,622,753 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,623,318 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp52,967 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,226,987 Mil.
Total Current Liabilities was Rp2,518,277 Mil.
Long-Term Debt & Capital Lease Obligation was Rp134,610 Mil.
Net Income was 63012.496 + 48357.275 + 21313.772 + 15329.026 = Rp148,013 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 182222.292 + 246127.329 + 172785.823 + 71422.022 = Rp672,557 Mil.

Total Receivables was Rp1,041,778 Mil.
Revenue was 1127347.484 + 1151814.778 + 1048738.432 + 1063271.807 = Rp4,391,173 Mil.
Gross Profit was 506839.097 + 512484.613 + 442862.196 + 466943.546 = Rp1,929,129 Mil.
Total Current Assets was Rp1,779,288 Mil.
Total Assets was Rp4,654,653 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,692,813 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp62,979 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,236,203 Mil.
Total Current Liabilities was Rp2,439,723 Mil.
Long-Term Debt & Capital Lease Obligation was Rp375,442 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)
	=	(1097658.689 / 4550226.96)	/	(1041778.444 / 4391172.501)
	=	0.241232	/	0.237244
	=	1.0168

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)
	=	(1929129.452 / 4391172.501)	/	(1968910.299 / 4550226.96)
	=	0.43932	/	0.432706
	=	1.0153

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 - (1743503.016 + 2623317.851) / 4622753.006)	/	(1 - (1779288.182 + 2692812.868) / 4654653.246)
	=	0.055364	/	0.039219
	=	1.4117

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
	=	4550226.96	/	4391172.501
	=	1.0362

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))
	=	(62979.151 / (62979.151 + 2692812.868))	/	(52967.244 / (52967.244 + 2623317.851))
	=	0.022853	/	0.019791
	=	1.1547

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)
	=	(1226987.059 / 4550226.96)	/	(1236203.154 / 4391172.501)
	=	0.269654	/	0.28152
	=	0.9579

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)
	=	((134609.703 + 2518277.259) / 4622753.006)	/	((375442.498 + 2439723.384) / 4654653.246)
	=	0.573876	/	0.604807
	=	0.9489

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
	=	(148012.569 - 0	-	672557.466)	/	4622753.006
	=	-0.11347

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 Kino Indonesia Tbk has a M-score of -2.75 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 -2.75 mean?

PT Kino Indonesia Tbk (ISX:KINO) has a Beneish M-Score of -2.75 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Kino Indonesia Tbk and its competitors. According to the industry distribution chart, PT Kino Indonesia Tbk ranks #31 out of 109 companies in the Beverages - Non-Alcoholic industry, placing it in the top 28.4%.

Is PT Kino Indonesia Tbk's Beneish M-Score too high?

PT Kino Indonesia Tbk's current Beneish M-Score is -2.75. Based on the distribution chart, PT Kino Indonesia Tbk ranks #31 out of 109 companies in the Beverages - Non-Alcoholic industry, which is above the industry midpoint. Overall, PT Kino Indonesia Tbk has a GF Score™ of 68/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does PT Kino Indonesia Tbk's Beneish M-Score compare to KO and PEP?

According to the Beverages - Non-Alcoholic industry distribution chart, PT Kino Indonesia Tbk ranks #31 out of 109 companies for Beneish M-Score. This puts PT Kino Indonesia 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 Beverages - Non-Alcoholic company?

A good Beneish M-Score depends on the Beverages - Non-Alcoholic 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 Kino Indonesia Tbk and its competitors. PT Kino Indonesia Tbk's current Beneish M-Score is -2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Kino Indonesia Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Kino Indonesia Tbk (ISX:KINO) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp1,384.46, compared to a current price of Rp1,100.00 — trading 20.5% below its estimated fair value. The current Beneish M-Score is -2.75. PT Kino Indonesia Tbk's overall GF Score™ is 68/100 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 Kino Indonesia Tbk (ISX:KINO), the current Beneish M-Score is -2.75 as of Jun. 27, 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 Kino Indonesia Tbk (ISX:KINO) Overvalued in 2026?

Based on GuruFocus' analysis, PT Kino Indonesia Tbk stock appears to be undervalued. The current stock price of Rp1,100.00 is trading 20.5% below its estimated GF Value™ of Rp1,384.46. GuruFocus considers PT Kino Indonesia Tbk to be Modestly Undervalued.

Key valuation signals for ISX:KINO:

Beneish M-Score: -2.75
GF Value™: Rp1,384.46 vs. price of Rp1,100.00 (20.5% below fair value)
GF Score™: 68/100 with 3 warning signs

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

PT Kino Indonesia Tbk Business Description

Industry Consumer Defensive Beverages - Non-Alcoholic

Comparable Companies ISX:GRPM KO PEP MNST HKSE:09633 KDP LSE:CCEP COCSF MEX:AC LSE:CCH NSE:VBL SHSE:605499 HKSE:02097 COKE PRMB CELH TSE:2587 SHSE:603156 TSE:2267 IST:CCOLA

Address Jalan Jalur Sutera Boulevard No. 01, Kino Tower, 17th Floor, Alam Sutera, Tangerang, IDN, 15143

Website https://www.kino.co.id

PT Kino Indonesia Tbk is an Indonesia-based fast-moving consumer goods company engaged in the manufacturing and marketing of personal care products, beverages, foods, pharmaceutical products, and pet foods. The company operates through the following segments: Personal Care, Beverages, Foods, Pet Food, and Pharmaceuticals. The company generates the majority of the revenue from the sale of beverages, which include the production process that begins with the material weighing process and ends with storage in the warehouse.

68GF Score

Get the complete analysis for ISX:KINO

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

Rp1,100.00

Price

Rp1,384.46

GF Value

View ISX:KINO Analysis

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