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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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Modernland Realty Tbk's Beneish M-Score or its related term are showing as below:
ISX:MDLN'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.83 Med: -2.26 Max: -0.43
Current: -2.69
During the past 13 years, the highest Beneish M-Score of PT Modernland Realty Tbk was -0.43. The lowest was -3.83. And the median was -2.26.
PT Modernland Realty Tbk Beneish M-Score Related Terms
PT Modernland Realty Tbk Beneish M-Score Historical Data
* 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.
For the Real Estate - Development subindustry, PT Modernland Realty 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 Modernland Realty Tbk Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, PT Modernland Realty Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Modernland Realty Tbk's Beneish M-Score falls into.
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 Modernland Realty 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 * 1.1874
+
0.528 * 1.0058
+
0.404 * 0.9974
+
0.892 * 0.8909
+
0.115 * 0.9736
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9324
+
4.679 * -0.058252
-
0.327 * 1.0795
=
-2.69
* 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))
=
(24671.218 / (24671.218 + 2886632.306))
/
(23007.401 / (23007.401 + 2620282.697))
=
0.008474
/
0.008704
=
0.9736
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
=
(-760280.397 - 0
-
19588.394)
/
13387797.52
=
-0.058252
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 Modernland Realty Tbk has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
PT Modernland Realty Tbk (ISX:MDLN) has a Beneish M-Score of -2.69 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Modernland Realty Tbk and its competitors. According to the industry distribution chart, PT Modernland Realty Tbk ranks #472 out of 1682 companies in the Real Estate industry, placing it in the top 28.1%.
Is PT Modernland Realty Tbk's Beneish M-Score too high?
PT Modernland Realty Tbk's current Beneish M-Score is -2.69. Based on the distribution chart, PT Modernland Realty Tbk ranks #472 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, PT Modernland Realty Tbk has a GF Score™ of 55/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Modernland Realty Tbk's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, PT Modernland Realty Tbk ranks #472 out of 1682 companies for Beneish M-Score. This puts PT Modernland Realty 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 Modernland Realty Tbk and its competitors. PT Modernland Realty Tbk's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Modernland Realty Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Modernland Realty Tbk (ISX:MDLN) is currently considered Fairly Valued. The stock's GF Value™ is Rp47.55, compared to a current price of Rp50.00 — trading 5.2% above its estimated fair value. The current Beneish M-Score is -2.69. PT Modernland Realty Tbk's overall GF Score™ is 55/100 with 6 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 Modernland Realty Tbk (ISX:MDLN), the current Beneish M-Score is -2.69 as of Jul. 17, 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 Modernland Realty Tbk (ISX:MDLN) Overvalued in 2026?
Based on GuruFocus' analysis, PT Modernland Realty Tbk stock appears to be overvalued.
The current stock price of Rp50.00 is trading 5.2% above its estimated GF Value™ of Rp47.55.
GuruFocus considers PT Modernland Realty Tbk to be Fairly Valued.
Key valuation signals for ISX:MDLN:
Beneish M-Score: -2.69
GF Value™: Rp47.55 vs. price of Rp50.00 (5.2% above fair value)
No single metric tells the full story. See the ISX:MDLN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AddressJalan Gajah Mada No. 188, RT.3/RW.5, Commercial Area, Lantai 5, Green Central City, Glodok, Kec. Taman, Kota Jakarta Barat, Daerah Khusus Ibukota Jakarta, Jakarta, IDN, 11120
PT Modernland Realty Tbk is an Indonesian company engaged in property development with a portfolio spanning residential, industrial, and hospitality sectors. Its business activities also include the leasing of furnished and unfurnished properties, the development of supporting facilities and infrastructure, such as golf courses and recreational facilities, and building and infrastructure construction services. In addition, the company engages in trading, distribution, and agency activities supporting its property business and asset management services. The company's operating segments based on project location are as follows: Tangerang, Bekasi, Cakung, Serang, and Gajah Mada. The majority of its revenue is derived from the Cakung region.
55GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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