PT Maskapai Reasuransi Indonesia Tbk (ISX:MREI) Beneish M-Score: 0.00 (As of Jul. 20, 2026)

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ISX:MREI PT Maskapai Reasuransi Indonesia Tbk ISX:MREI
63 GF Score
Price Rp920.00
GF Value Rp1,516.72
Valuation Significantly Undervalued
! 2 Warning Signs
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What is PT Maskapai Reasuransi Indonesia Tbk Beneish M-Score?

PT Maskapai Reasuransi Indonesia Tbk ISX:MREI 63 Beneish M-Score is 0.00 as of Jul. 20, 2026. GuruFocus rates ISX:MREI with a GF Score™ of 63/100 and a GF Value™ of Rp1,516.72 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 398 Insurance companies, PT Maskapai Reasuransi Indonesia Tbk ranks worse than 251256.03% 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 Maskapai Reasuransi Indonesia Tbk's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of PT Maskapai Reasuransi Indonesia Tbk was 0.00. The lowest was 0.00. And the median was 0.00.

ISX:MREI
63GF Score
PT Maskapai Reasuransi Indonesia Tbk ISX:MREI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Maskapai Reasuransi 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 Maskapai Reasuransi 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was Rp1,266,658 Mil.
Revenue was 730090.883 + 657365.768 + 582438.333 + 503621.765 = Rp2,473,517 Mil.
Gross Profit was 730090.883 + 657365.768 + 582438.333 + 503621.765 = Rp2,473,517 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp5,445,114 Mil.
Property, Plant and Equipment(Net PPE) was Rp33,539 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,346 Mil.
Selling, General, & Admin. Expense(SGA) was Rp18,413 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 41327.446 + 18776.295 + 50819.466 + -18824.229 = Rp92,099 Mil.
Non Operating Income was 3141.802 + -78.367 + 2086.724 + 5035.893 = Rp10,186 Mil.
Cash Flow from Operations was 50860.144 + 22058.357 + -82052.811 + -20834.303 = Rp-29,969 Mil.
 Total Receivables was Rp999,505 Mil.
Revenue was 646945.723 + 627012.286 + 513484.957 + 617449.18 = Rp2,404,892 Mil.
Gross Profit was 646945.723 + 627012.286 + 513484.957 + 617449.18 = Rp2,404,892 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp5,170,710 Mil.
Property, Plant and Equipment(Net PPE) was Rp38,905 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,161 Mil.
Selling, General, & Admin. Expense(SGA) was Rp16,624 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)
=(1266658.04 / 2473516.749) / (999505.201 / 2404892.146)
=0.512088 / 0.415613
=

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)
=(2404892.146 / 2404892.146) / (2473516.749 / 2473516.749)
=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 + 33539.248) / 5445113.595) / (1 - (0 + 38904.58) / 5170710.087)
=0.99384 / 0.992476
=

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
=2473516.749 / 2404892.146
=

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))
=(6161.049 / (6161.049 + 38904.58)) / (6345.779 / (6345.779 + 33539.248))
=0.136713 / 0.159102
=

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)
=(18413.125 / 2473516.749) / (16623.765 / 2404892.146)
=0.007444 / 0.006912
=

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) / 5445113.595) / ((0 + 0) / 5170710.087)
=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
=(92098.978 - 10186.052 - -29968.613) / 5445113.595
=0.020547

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 Maskapai Reasuransi Indonesia Tbk (ISX:MREI) has a Beneish M-Score of 0.00 as of Jul. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Maskapai Reasuransi Indonesia Tbk and its competitors. According to the industry distribution chart, PT Maskapai Reasuransi Indonesia Tbk ranks #999999 out of 398 companies in the Insurance industry.
Is PT Maskapai Reasuransi Indonesia Tbk's Beneish M-Score too high?
PT Maskapai Reasuransi Indonesia Tbk's current Beneish M-Score is 0.00. Based on the distribution chart, PT Maskapai Reasuransi Indonesia Tbk ranks #999999 out of 398 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, PT Maskapai Reasuransi Indonesia Tbk has a GF Score™ of 63/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Maskapai Reasuransi Indonesia Tbk's Beneish M-Score compare to RGA and EG?
According to the Insurance industry distribution chart, PT Maskapai Reasuransi Indonesia Tbk ranks #999999 out of 398 companies for Beneish M-Score. This places PT Maskapai Reasuransi 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 Maskapai Reasuransi Indonesia Tbk and its competitors. PT Maskapai Reasuransi 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 Maskapai Reasuransi Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Maskapai Reasuransi Indonesia Tbk (ISX:MREI) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp1,516.72, compared to a current price of Rp920.00 — trading 39.3% below its estimated fair value. The current Beneish M-Score is 0.00. PT Maskapai Reasuransi Indonesia Tbk's overall GF Score™ is 63/100 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 Maskapai Reasuransi Indonesia Tbk (ISX:MREI), the current Beneish M-Score is 0.00 as of Jul. 20, 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 Maskapai Reasuransi Indonesia Tbk (ISX:MREI) Overvalued in 2026?

Based on GuruFocus' analysis, PT Maskapai Reasuransi Indonesia Tbk stock appears to be undervalued. The current stock price of Rp920.00 is trading 39.3% below its estimated GF Value™ of Rp1,516.72. GuruFocus considers PT Maskapai Reasuransi Indonesia Tbk to be Significantly Undervalued.

Key valuation signals for ISX:MREI:

  • Beneish M-Score: 0.00
  • GF Value™: Rp1,516.72 vs. price of Rp920.00 (39.3% below fair value)
  • GF Score™: 63/100 with 2 warning signs

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

PT Maskapai Reasuransi Indonesia Tbk Business Description

Address Jalan Jend. Sudirman Kav. 76-78, Plaza Marein, 18th Floor, Jakarta, IDN, 12910
PT Maskapai Reasuransi Indonesia Tbk is involved in the reinsurance business across Indonesia. Its divisions are Life Reinsurance and General Reinsurance. The company's business offering includes fire, marine cargo, marine hull, motor vehicles, and life reinsurance products. Some of its products include personal accidents, lines, marine, critical illness, disability, and health.
63GF Score

Get the complete analysis for ISX:MREI

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

Rp920.00
Price
Rp1,516.72
GF Value