PT Metropolitan Kentjana Tbk (ISX:MKPI) Beneish M-Score: -2.68 (As of Jun. 26, 2026)

What is PT Metropolitan Kentjana Tbk Beneish M-Score?

PT Metropolitan Kentjana Tbk ISX:MKPI +1.83% 79 Beneish M-Score is -2.68 as of Jun. 26, 2026. GuruFocus rates ISX:MKPI with a GF Score™ of 79/100 and a GF Value™ of Rp29,165.89 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,682 Real Estate companies, PT Metropolitan Kentjana Tbk ranks better than 71.52% 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MKPI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84 Med: -2.42 Max: -0.56
Current: -2.68

During the past 13 years, the highest Beneish M-Score of PT Metropolitan Kentjana Tbk was -0.56. The lowest was -2.84. And the median was -2.42.

PT Metropolitan Kentjana Tbk Beneish M-Score Related Terms

PT Metropolitan Kentjana Tbk Beneish M-Score Historical Data

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The historical data trend for PT Metropolitan Kentjana 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 Metropolitan Kentjana Tbk Beneish M-Score Chart

PT Metropolitan Kentjana Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.75

-2.42

-2.76

-2.75

PT Metropolitan Kentjana 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															-2.73	-2.74	-2.84	-2.75	-2.68

ISX:MKPI vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, PT Metropolitan Kentjana 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 Metropolitan Kentjana Tbk Beneish M-Score vs Real Estate Industry

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

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

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79GF Score

PT Metropolitan Kentjana Tbk ISX:MKPI

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

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PT Metropolitan Kentjana 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 Metropolitan Kentjana 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 * 1.0255

0.528 * 0.9521

0.404 * 0.9244

0.892 * 1.0378

0.115 * 1.4086

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8993

4.679 * -0.046687

0.327 * 1.1333

-2.68

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp222,502 Mil.
Revenue was 673171.281 + 757230.678 + 609106.82 + 602265.01 = Rp2,641,774 Mil.
Gross Profit was 369017.426 + 418040.528 + 335981.54 + 314800.669 = Rp1,437,840 Mil.
Total Current Assets was Rp3,561,510 Mil.
Total Assets was Rp9,872,186 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,584,248 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,705 Mil.
Selling, General, & Admin. Expense(SGA) was Rp22,977 Mil.
Total Current Liabilities was Rp1,416,503 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,537 Mil.
Net Income was 293487.36 + 349437.628 + 292590.214 + 230665.384 = Rp1,166,181 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 453630.274 + 500893.781 + 433581.481 + 238973.457 = Rp1,627,079 Mil.

Total Receivables was Rp209,065 Mil.
Revenue was 634710.528 + 678871.818 + 603553.092 + 628504.63 = Rp2,545,640 Mil.
Gross Profit was 339708.342 + 339672.347 + 313858.253 + 325846.419 = Rp1,319,085 Mil.
Total Current Assets was Rp2,851,912 Mil.
Total Assets was Rp9,136,931 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,556,467 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,387 Mil.
Selling, General, & Admin. Expense(SGA) was Rp24,618 Mil.
Total Current Liabilities was Rp1,156,551 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,537 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)
	=	(222502.222 / 2641773.789)	/	(209064.686 / 2545640.068)
	=	0.084225	/	0.082127
	=	1.0255

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)
	=	(1319085.361 / 2545640.068)	/	(1437840.163 / 2641773.789)
	=	0.518174	/	0.544271
	=	0.9521

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 - (3561509.938 + 4584248.182) / 9872185.874)	/	(1 - (2851912.151 + 4556466.984) / 9136930.638)
	=	0.174878	/	0.189183
	=	0.9244

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
	=	2641773.789	/	2545640.068
	=	1.0378

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))
	=	(2386.765 / (2386.765 + 4556466.984))	/	(1704.748 / (1704.748 + 4584248.182))
	=	0.000524	/	0.000372
	=	1.4086

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)
	=	(22976.563 / 2641773.789)	/	(24617.902 / 2545640.068)
	=	0.008697	/	0.009671
	=	0.8993

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)
	=	((1537.066 + 1416502.874) / 9872185.874)	/	((1537.066 + 1156551.413) / 9136930.638)
	=	0.14364	/	0.126748
	=	1.1333

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
	=	(1166180.586 - 0	-	1627078.993)	/	9872185.874
	=	-0.046687

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 Metropolitan Kentjana Tbk has a M-score of -2.68 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 -2.68 mean?

PT Metropolitan Kentjana Tbk (ISX:MKPI) has a Beneish M-Score of -2.68 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Metropolitan Kentjana Tbk and its competitors. According to the industry distribution chart, PT Metropolitan Kentjana Tbk ranks #479 out of 1682 companies in the Real Estate industry, placing it in the top 28.5%.

Is PT Metropolitan Kentjana Tbk's Beneish M-Score too high?

PT Metropolitan Kentjana Tbk's current Beneish M-Score is -2.68. Based on the distribution chart, PT Metropolitan Kentjana Tbk ranks #479 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, PT Metropolitan Kentjana Tbk has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does PT Metropolitan Kentjana Tbk's Beneish M-Score compare to CBRE and BEKE?

According to the Real Estate industry distribution chart, PT Metropolitan Kentjana Tbk ranks #479 out of 1682 companies for Beneish M-Score. This puts PT Metropolitan Kentjana 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 Metropolitan Kentjana Tbk and its competitors. PT Metropolitan Kentjana Tbk's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Metropolitan Kentjana Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Metropolitan Kentjana Tbk (ISX:MKPI) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp29,165.89, compared to a current price of Rp20,825.00 — trading 28.6% below its estimated fair value. The current Beneish M-Score is -2.68. PT Metropolitan Kentjana Tbk's overall GF Score™ is 79/100 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 Metropolitan Kentjana Tbk (ISX:MKPI), the current Beneish M-Score is -2.68 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 Metropolitan Kentjana Tbk (ISX:MKPI) Overvalued in 2026?

Based on GuruFocus' analysis, PT Metropolitan Kentjana Tbk stock appears to be undervalued. The current stock price of Rp20,825.00 is trading 28.6% below its estimated GF Value™ of Rp29,165.89. GuruFocus considers PT Metropolitan Kentjana Tbk to be Modestly Undervalued.

Key valuation signals for ISX:MKPI:

Beneish M-Score: -2.68
GF Value™: Rp29,165.89 vs. price of Rp20,825.00 (28.6% below fair value)
GF Score™: 79/100 with 1 warning sign

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

PT Metropolitan Kentjana Tbk Business Description

Industry Real Estate Real Estate

Comparable Companies ISX:CBDK ISX:TOWR ISX:KPIG ISX:INPP ISX:RDTX ISX:MTLA ISX:NIRO ISX:OMRE ISX:JSPT ISX:ROCK STC:VIC CBRE ISX:DCII XMAD:CLNX TSE:8830 XTER:VNA XTAE:AZRG BEKE HKSE:01972 ADX:MODON

Address Jl. Metro Duta Niaga Blok B-5, Plaza Pondok Indah 2, Pondok Indah, South Jakarta, Jakarta, IDN, 12310

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

PT Metropolitan Kentjana Tbk is engaged in the development and management of land and buildings (real estate), lease of land and buildings (real estate), and investment services relating to the property. The Entity's main activity is the rental of space in shopping centers, office buildings, and apartments, and the sale of land and buildings. The operating business segments are a Shopping center, Office, Apartment, Real Estate, Air/Waterpark, and Hotel. It makes the majority of the revenue from the Shopping center segment.

79GF Score

Get the complete analysis for ISX:MKPI

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

Rp20,825.00

Price

Rp29,165.89

GF Value

View ISX:MKPI Analysis

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