PT Bank Panin Dubai Syariah Tbk (ISX:PNBS) Beneish M-Score: -2.14 (As of Jul. 26, 2026)

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ISX:PNBS PT Bank Panin Dubai Syariah Tbk ISX:PNBS
67 GF Score
Price Rp51.00
GF Value Rp50.02
Valuation Fairly Valued
! 1 Warning Sign
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What is PT Bank Panin Dubai Syariah Tbk Beneish M-Score?

PT Bank Panin Dubai Syariah Tbk ISX:PNBS 67 Beneish M-Score is -2.14 as of Jul. 26, 2026. GuruFocus rates ISX:PNBS with a GF Score™ of 67/100 and a GF Value™ of Rp50.02 (Fairly Valued). The stock has 1 warning sign investors should review. Among 1,394 Banks companies, PT Bank Panin Dubai Syariah Tbk ranks worse than 84.72% 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 -2.14 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 Panin Dubai Syariah Tbk's Beneish M-Score or its related term are showing as below:

ISX:PNBS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01   Med: -2.47   Max: -0.66
Current: -2.14

During the past 13 years, the highest Beneish M-Score of PT Bank Panin Dubai Syariah Tbk was -0.66. The lowest was -3.01. And the median was -2.47.

ISX:PNBS
67GF Score
PT Bank Panin Dubai Syariah Tbk ISX:PNBS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Panin Dubai Syariah 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 Panin Dubai Syariah 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 * 0.9973+0.892 * 1.1241+0.115 * 1.3039
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9362+4.679 * 0.018137-0.327 * 0.6971
=-2.14

* 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 144282.643 + 133195.947 + 103887.942 + 99916.341 = Rp481,283 Mil.
Gross Profit was 144282.643 + 133195.947 + 103887.942 + 99916.341 = Rp481,283 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp19,722,857 Mil.
Property, Plant and Equipment(Net PPE) was Rp295,451 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp24,297 Mil.
Selling, General, & Admin. Expense(SGA) was Rp68,482 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp8,136 Mil.
Net Income was 50070.847 + -23204.311 + 17084.603 + 13087.013 = Rp57,038 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -253785.625 + 279752.003 + -531364.791 + 204715.818 = Rp-300,683 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 92416.969 + 105608.147 + 112849.966 + 117283.459 = Rp428,159 Mil.
Gross Profit was 92416.969 + 105608.147 + 112849.966 + 117283.459 = Rp428,159 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp17,783,674 Mil.
Property, Plant and Equipment(Net PPE) was Rp218,248 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp24,002 Mil.
Selling, General, & Admin. Expense(SGA) was Rp65,072 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp10,518 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 / 481282.873) / (0 / 428158.541)
=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)
=(428158.541 / 428158.541) / (481282.873 / 481282.873)
=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 + 295451.165) / 19722856.896) / (1 - (0 + 218247.559) / 17783674.202)
=0.98502 / 0.987728
=0.9973

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
=481282.873 / 428158.541
=1.1241

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))
=(24002.198 / (24002.198 + 218247.559)) / (24297.139 / (24297.139 + 295451.165))
=0.09908 / 0.075988
=1.3039

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)
=(68482.171 / 481282.873) / (65071.802 / 428158.541)
=0.142291 / 0.151981
=0.9362

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)
=((8135.644 + 0) / 19722856.896) / ((10517.955 + 0) / 17783674.202)
=0.000412 / 0.000591
=0.6971

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
=(57038.152 - 0 - -300682.595) / 19722856.896
=0.018137

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 Panin Dubai Syariah Tbk has a M-score of -2.14 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 -2.14 mean?
PT Bank Panin Dubai Syariah Tbk (ISX:PNBS) has a Beneish M-Score of -2.14 as of Jul. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Panin Dubai Syariah Tbk and its competitors. According to the industry distribution chart, PT Bank Panin Dubai Syariah Tbk ranks #1181 out of 1394 companies in the Banks industry, placing it in the top 84.7%.
Is PT Bank Panin Dubai Syariah Tbk's Beneish M-Score too high?
PT Bank Panin Dubai Syariah Tbk's current Beneish M-Score is -2.14. Based on the distribution chart, PT Bank Panin Dubai Syariah Tbk ranks #1181 out of 1394 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, PT Bank Panin Dubai Syariah Tbk has a GF Score™ of 67/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Panin Dubai Syariah Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Panin Dubai Syariah Tbk ranks #1181 out of 1394 companies for Beneish M-Score. This places PT Bank Panin Dubai Syariah 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 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 Panin Dubai Syariah Tbk and its competitors. PT Bank Panin Dubai Syariah Tbk's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Panin Dubai Syariah Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Panin Dubai Syariah Tbk (ISX:PNBS) is currently considered Fairly Valued. The stock's GF Value™ is Rp50.02, compared to a current price of Rp51.00 — trading 2% above its estimated fair value. The current Beneish M-Score is -2.14. PT Bank Panin Dubai Syariah Tbk's overall GF Score™ is 67/100 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 Panin Dubai Syariah Tbk (ISX:PNBS), the current Beneish M-Score is -2.14 as of Jul. 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 Bank Panin Dubai Syariah Tbk (ISX:PNBS) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Panin Dubai Syariah Tbk stock appears to be overvalued. The current stock price of Rp51.00 is trading 2% above its estimated GF Value™ of Rp50.02. GuruFocus considers PT Bank Panin Dubai Syariah Tbk to be Fairly Valued.

Key valuation signals for ISX:PNBS:

  • Beneish M-Score: -2.14
  • GF Value™: Rp50.02 vs. price of Rp51.00 (2% above fair value)
  • GF Score™: 67/100 with 1 warning sign

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

PT Bank Panin Dubai Syariah Tbk Business Description

Other Exchanges 2PS:Germany
Address Jalan Letjend S. Parman Kav. 91, Panin Life Center Building, 3rd Floor, Slipi, Palmerah, West Jakarta, Jakarta, IDN, 11420
PT Bank Panin Dubai Syariah Tbk is an Indonesia-based Islamic commercial bank engaged in providing Sharia banking products and services. The bank offers financing products based on Murabahah, Mudharabah, Musyarakah, and Ijarah principles, along with savings accounts, current accounts, time deposits, treasury services, and digital banking solutions. Its operations serve retail, consumer, SME, and commercial banking customers in accordance with Islamic banking principles.
67GF Score

Get the complete analysis for ISX:PNBS

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

Rp51.00
Price
Rp50.02
GF Value