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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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Pinago Utama Tbk's Beneish M-Score or its related term are showing as below:
ISX:PNGO'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.52 Med: -2.6 Max: -1.76
Current: -2.68
During the past 9 years, the highest Beneish M-Score of PT Pinago Utama Tbk was -1.76. The lowest was -3.52. And the median was -2.60.
PT Pinago Utama Tbk Beneish M-Score Related Terms
PT Pinago Utama Tbk Beneish M-Score Historical Data
* Premium members only.
The historical data trend for PT Pinago Utama 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.
ISX:PNGO vs ADM, BG, TSN: Beneish M-Score Comparison
For the Farm Products subindustry, PT Pinago Utama 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 Pinago Utama Tbk Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Pinago Utama Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Pinago Utama 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 Pinago Utama 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 * 1.535
+
0.528 * 0.9627
+
0.404 * 0.5337
+
0.892 * 0.9212
+
0.115 * 1.1297
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0243
+
4.679 * -0.097031
-
0.327 * 0.8993
=
-2.68
* 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))
=
(13764.372 / (13764.372 + 1198638.196))
/
(12678.23 / (12678.23 + 1248809.2))
=
0.011353
/
0.01005
=
1.1297
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
=
(273846.386 - 0
-
437698.226)
/
1688656.733
=
-0.097031
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 Pinago Utama Tbk has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
PT Pinago Utama Tbk (ISX:PNGO) has a Beneish M-Score of -2.68 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Pinago Utama Tbk and its competitors. According to the industry distribution chart, PT Pinago Utama Tbk ranks #669 out of 1851 companies in the Consumer Packaged Goods industry, placing it in the top 36.1%.
Is PT Pinago Utama Tbk's Beneish M-Score too high?
PT Pinago Utama Tbk's current Beneish M-Score is -2.68. Based on the distribution chart, PT Pinago Utama Tbk ranks #669 out of 1851 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, PT Pinago Utama Tbk has a GF Score™ of 84/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Pinago Utama Tbk's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, PT Pinago Utama Tbk ranks #669 out of 1851 companies for Beneish M-Score. This puts PT Pinago Utama 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Pinago Utama Tbk and its competitors. PT Pinago Utama 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 Pinago Utama Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Pinago Utama Tbk (ISX:PNGO) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp1,760.86, compared to a current price of Rp3,520.00 — trading 99.9% above its estimated fair value. The current Beneish M-Score is -2.68. PT Pinago Utama Tbk's overall GF Score™ is 84/100 with 7 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 Pinago Utama Tbk (ISX:PNGO), the current Beneish M-Score is -2.68 as of Jul. 23, 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 Pinago Utama Tbk (ISX:PNGO) Overvalued in 2026?
Based on GuruFocus' analysis, PT Pinago Utama Tbk stock appears to be overvalued.
The current stock price of Rp3,520.00 is trading 99.9% above its estimated GF Value™ of Rp1,760.86.
GuruFocus considers PT Pinago Utama Tbk to be Significantly Overvalued.
Key valuation signals for ISX:PNGO:
Beneish M-Score: -2.68
GF Value™: Rp1,760.86 vs. price of Rp3,520.00 (99.9% above fair value)
No single metric tells the full story. See the ISX:PNGO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AddressPantai Indah Kapuk, Blok I No. 9, Rukan Exclusive Bukit Golf Mediterania, RT. 004, RW.003, Kel. Kamal Muara, Kec. Penjaringa, Jakarta Utara, DKI Jakarta, Jakarta, IDN, 14470
PT Pinago Utama Tbk is an Indonesian agribusiness company. It is engaged in managing oil palm and rubber plantations and their processing industries, producing products such as fresh fruit bunches, crude palm oil, palm kernel, latex, crumb rubber, smoked rubber sheets, palm kernel oil, and ImproBio organic fertilizer. Additionally, the company has palm oil and rubber processing plants that process raw materials into end products, such as organic fertilizer and biogas. Its operating segments are: Rubber, Palm Oil, and Compost. The majority of the company's revenue is generated from the Palm Oil segment. Geographically, it derives maximum revenue from the domestic market, and also exports its products to other countries.
84GF Score
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