PT Bank Multiarta Sentosa Tbk (ISX:MASB) Beneish M-Score: -2.64 (As of Jun. 27, 2026)


ISX:MASB PT Bank Multiarta Sentosa Tbk ISX:MASB
69 GF Score
Price Rp3,370.00
GF Value Rp4,053.88
Valuation Modestly Undervalued
! 1 Warning Sign
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What is PT Bank Multiarta Sentosa Tbk Beneish M-Score?

PT Bank Multiarta Sentosa Tbk ISX:MASB 69 Beneish M-Score is -2.64 as of Jun. 27, 2026. GuruFocus rates ISX:MASB with a GF Score™ of 69/100 and a GF Value™ of Rp4,053.88 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,397 Banks companies, PT Bank Multiarta Sentosa Tbk ranks better than 83.61% 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 -2.64 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 Multiarta Sentosa Tbk's Beneish M-Score or its related term are showing as below:

ISX:MASB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.78   Med: -2.66   Max: -1.45
Current: -2.64

During the past 8 years, the highest Beneish M-Score of PT Bank Multiarta Sentosa Tbk was -1.45. The lowest was -3.78. And the median was -2.66.

ISX:MASB
69GF Score
PT Bank Multiarta Sentosa Tbk ISX:MASB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Multiarta Sentosa 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 Multiarta Sentosa 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 * 0.9998+0.892 * 1.1171+0.115 * 0.9776
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9992+4.679 * -0.068496-0.327 * 0.8328
=-2.64

* 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 286991.812 + 280520.518 + 269531.338 + 248718.544 = Rp1,085,762 Mil.
Gross Profit was 286991.812 + 280520.518 + 269531.338 + 248718.544 = Rp1,085,762 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp34,102,679 Mil.
Property, Plant and Equipment(Net PPE) was Rp166,101 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp45,651 Mil.
Selling, General, & Admin. Expense(SGA) was Rp246,850 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp8,481 Mil.
Net Income was 54378.773 + 48925.284 + 56325.988 + 49018.114 = Rp208,648 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1771423.115 + -1362435.981 + 2161603.124 + -26048.132 = Rp2,544,542 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 249219.922 + 243989.718 + 240742.968 + 237965.17 = Rp971,918 Mil.
Gross Profit was 249219.922 + 243989.718 + 240742.968 + 237965.17 = Rp971,918 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp30,458,756 Mil.
Property, Plant and Equipment(Net PPE) was Rp141,849 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp37,877 Mil.
Selling, General, & Admin. Expense(SGA) was Rp221,133 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp9,102 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 / 1085762.212) / (0 / 971917.778)
=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)
=(971917.778 / 971917.778) / (1085762.212 / 1085762.212)
=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 + 166100.987) / 34102679.285) / (1 - (0 + 141848.749) / 30458755.996)
=0.995129 / 0.995343
=0.9998

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
=1085762.212 / 971917.778
=1.1171

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))
=(37876.549 / (37876.549 + 141848.749)) / (45650.708 / (45650.708 + 166100.987))
=0.210747 / 0.215586
=0.9776

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)
=(246850.46 / 1085762.212) / (221133.353 / 971917.778)
=0.227352 / 0.227523
=0.9992

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)
=((8481.428 + 0) / 34102679.285) / ((9101.605 + 0) / 30458755.996)
=0.000249 / 0.000299
=0.8328

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
=(208648.159 - 0 - 2544542.126) / 34102679.285
=-0.068496

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 Multiarta Sentosa Tbk has a M-score of -2.64 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 -2.64 mean?
PT Bank Multiarta Sentosa Tbk (ISX:MASB) has a Beneish M-Score of -2.64 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Multiarta Sentosa Tbk and its competitors. According to the industry distribution chart, PT Bank Multiarta Sentosa Tbk ranks #229 out of 1397 companies in the Banks industry, placing it in the top 16.4%.
Is PT Bank Multiarta Sentosa Tbk's Beneish M-Score too high?
PT Bank Multiarta Sentosa Tbk's current Beneish M-Score is -2.64. Based on the distribution chart, PT Bank Multiarta Sentosa Tbk ranks #229 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, PT Bank Multiarta Sentosa Tbk has a GF Score™ of 69/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Multiarta Sentosa Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Multiarta Sentosa Tbk ranks #229 out of 1397 companies for Beneish M-Score. This places PT Bank Multiarta Sentosa Tbk in the top 16% 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 Multiarta Sentosa Tbk and its competitors. PT Bank Multiarta Sentosa Tbk's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Multiarta Sentosa Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Multiarta Sentosa Tbk (ISX:MASB) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp4,053.88, compared to a current price of Rp3,370.00 — trading 16.9% below its estimated fair value. The current Beneish M-Score is -2.64. PT Bank Multiarta Sentosa Tbk's overall GF Score™ is 69/100 with 1 warning sign 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 Bank Multiarta Sentosa Tbk (ISX:MASB), the current Beneish M-Score is -2.64 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 Bank Multiarta Sentosa Tbk (ISX:MASB) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Multiarta Sentosa Tbk stock appears to be undervalued. The current stock price of Rp3,370.00 is trading 16.9% below its estimated GF Value™ of Rp4,053.88. GuruFocus considers PT Bank Multiarta Sentosa Tbk to be Modestly Undervalued.

Key valuation signals for ISX:MASB:

  • Beneish M-Score: -2.64
  • GF Value™: Rp4,053.88 vs. price of Rp3,370.00 (16.9% below fair value)
  • GF Score™: 69/100 with 1 warning sign

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

PT Bank Multiarta Sentosa Tbk Business Description

Address Jalan Setiabudi Selatan Kav. 7-8, Grha Bank MAS, Kuningan, Jakarta Selatan, IDN, 12920
PT Bank Multiarta Sentosa Tbk provides banking services. The company offers loans, savings, e-banking, and other financial services. The products and services are offered to small and medium businesses and the commercial sector, and to meet the personal banking needs of business owners, families, and employees. The Bank's operations are organized into four segments: loans, Treasury, Trade Finance, and others. The company earns the majority of its revenue from the Treasury segment.
69GF Score

Get the complete analysis for ISX:MASB

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

Rp3,370.00
Price
Rp4,053.88
GF Value