PT MSIG Life Insurance Indonesia Tbk (ISX:LIFE) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


ISX:LIFE PT MSIG Life Insurance Indonesia Tbk ISX:LIFE
70 GF Score
Price Rp5,975.00
GF Value Rp7,195.44
Valuation Modestly Undervalued
! 2 Warning Signs
View Full Analysis

What is PT MSIG Life Insurance Indonesia Tbk Beneish M-Score?

PT MSIG Life Insurance Indonesia Tbk ISX:LIFE -0.83% 70 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates ISX:LIFE with a GF Score™ of 70/100 and a GF Value™ of Rp7,195.44 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 397 Insurance companies, PT MSIG Life Insurance Indonesia Tbk ranks worse than 251888.92% 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.

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

During the past 10 years, the highest Beneish M-Score of PT MSIG Life Insurance Indonesia Tbk was -0.53. The lowest was -5.18. And the median was -2.48.

ISX:LIFE
70GF Score
PT MSIG Life Insurance Indonesia Tbk ISX:LIFE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT MSIG Life Insurance 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 MSIG Life Insurance 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 Rp358,476 Mil.
Revenue was 559316 + 832226 + 863850 + 842461 = Rp3,097,853 Mil.
Gross Profit was 559316 + 832226 + 863850 + 842461 = Rp3,097,853 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp15,668,721 Mil.
Property, Plant and Equipment(Net PPE) was Rp175,761 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp3,523 Mil.
Selling, General, & Admin. Expense(SGA) was Rp318,603 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 74452 + 30470 + 68647 + 102293 = Rp275,862 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 97966 + 321506 + -29830 + 181266 = Rp570,908 Mil.
 Total Receivables was Rp393,063 Mil.
Revenue was 488926 + 320740 + 792349 + -69149 = Rp1,532,866 Mil.
Gross Profit was 488926 + 320740 + 792349 + -69149 = Rp1,532,866 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp14,646,724 Mil.
Property, Plant and Equipment(Net PPE) was Rp172,577 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp19,234 Mil.
Selling, General, & Admin. Expense(SGA) was Rp174,817 Mil.
Total Current Liabilities was Rp0 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)
=(358476 / 3097853) / (393063 / 1532866)
=0.115718 / 0.256424
=

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)
=(1532866 / 1532866) / (3097853 / 3097853)
=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 + 175761) / 15668721) / (1 - (0 + 172577) / 14646724)
=0.988783 / 0.988217
=

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
=3097853 / 1532866
=

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))
=(19234 / (19234 + 172577)) / (3523 / (3523 + 175761))
=0.100276 / 0.01965
=

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)
=(318603 / 3097853) / (174817 / 1532866)
=0.102846 / 0.114046
=

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 + 0) / 15668721) / ((0 + 0) / 14646724)
=0 / 0
=

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
=(275862 - 0 - 570908) / 15668721
=-0.01883

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
PT MSIG Life Insurance Indonesia Tbk (ISX:LIFE) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT MSIG Life Insurance Indonesia Tbk and its competitors. According to the industry distribution chart, PT MSIG Life Insurance Indonesia Tbk ranks #999999 out of 397 companies in the Insurance industry.
Is PT MSIG Life Insurance Indonesia Tbk's Beneish M-Score too high?
PT MSIG Life Insurance Indonesia Tbk's current Beneish M-Score is 0.00. Based on the distribution chart, PT MSIG Life Insurance Indonesia Tbk ranks #999999 out of 397 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, PT MSIG Life Insurance Indonesia Tbk has a GF Score™ of 70/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT MSIG Life Insurance Indonesia Tbk's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, PT MSIG Life Insurance Indonesia Tbk ranks #999999 out of 397 companies for Beneish M-Score. This places PT MSIG Life Insurance 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 MSIG Life Insurance Indonesia Tbk and its competitors. PT MSIG Life Insurance Indonesia Tbk's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT MSIG Life Insurance Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT MSIG Life Insurance Indonesia Tbk (ISX:LIFE) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp7,195.44, compared to a current price of Rp5,975.00 — trading 17% below its estimated fair value. The current Beneish M-Score is 0.00. PT MSIG Life Insurance Indonesia Tbk's overall GF Score™ is 70/100 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 MSIG Life Insurance Indonesia Tbk (ISX:LIFE), the current Beneish M-Score is 0.00 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 MSIG Life Insurance Indonesia Tbk (ISX:LIFE) Overvalued in 2026?

Based on GuruFocus' analysis, PT MSIG Life Insurance Indonesia Tbk stock appears to be undervalued. The current stock price of Rp5,975.00 is trading 17% below its estimated GF Value™ of Rp7,195.44. GuruFocus considers PT MSIG Life Insurance Indonesia Tbk to be Modestly Undervalued.

Key valuation signals for ISX:LIFE:

  • Beneish M-Score: 0.00
  • GF Value™: Rp7,195.44 vs. price of Rp5,975.00 (17% below fair value)
  • GF Score™: 70/100 with 2 warning signs

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

PT MSIG Life Insurance Indonesia Tbk Business Description

Address Jalan Jend. Sudirman Kav. 21, Sinarmas Land Plaza Sudirman, 6th Floor, Jakarta Selatan, IDN, 12920
PT MSIG Life Insurance Indonesia Tbk is involved in the life insurance business, including business with Sharia principles and financial institution pension funds. The firm's operating segment comprises: Health Insurance Contract, Unit Link Insurance Contract, Traditional Insurance Contract, and Mortgage Redemption Insurance (MRI) Contract. The firm generates the majority of its revenue from Health Insurance Contracts.
70GF Score

Get the complete analysis for ISX:LIFE

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

Rp5,975.00
Price
Rp7,195.44
GF Value