PT Paninvest Tbk (ISX:PNIN) Beneish M-Score: -2.50 (As of Jul. 25, 2026)

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ISX:PNIN PT Paninvest Tbk ISX:PNIN
70 GF Score
Price Rp715.00
GF Value Rp917.46
Valuation Modestly Undervalued
! 2 Warning Signs
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What is PT Paninvest Tbk Beneish M-Score?

PT Paninvest Tbk ISX:PNIN -2.05% 70 Beneish M-Score is -2.50 as of Jul. 25, 2026. GuruFocus rates ISX:PNIN with a GF Score™ of 70/100 and a GF Value™ of Rp917.46 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 397 Insurance companies, PT Paninvest Tbk ranks better than 52.9% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:PNIN' s Beneish M-Score Range Over the Past 10 Years
Min: -21.93   Med: -2.44   Max: 0.01
Current: -2.5

During the past 13 years, the highest Beneish M-Score of PT Paninvest Tbk was 0.01. The lowest was -21.93. And the median was -2.44.

ISX:PNIN
70GF Score
PT Paninvest Tbk ISX:PNIN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Paninvest 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 Paninvest 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 * 0.8241+0.528 * 1+0.404 * 0.9991+0.892 * 1.1048+0.115 * 1.1449
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0852+4.679 * -0.014934-0.327 * 0.6315
=-2.50

* 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 Rp11,255,748 Mil.
Revenue was 2904577 + 1401630 + 3489092 + 3586566 = Rp11,381,865 Mil.
Gross Profit was 2904577 + 1401630 + 3489092 + 3586566 = Rp11,381,865 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp240,840,113 Mil.
Property, Plant and Equipment(Net PPE) was Rp10,253,784 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp580,569 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,961,786 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,661,255 Mil.
Net Income was 481504 + 305836 + 310271 + 104268 = Rp1,201,879 Mil.
Non Operating Income was 93487 + -288849 + 98770 + 196511 = Rp99,919 Mil.
Cash Flow from Operations was -3985315 + 5773032 + 1639171 + 1271707 = Rp4,698,595 Mil.
 Total Receivables was Rp12,363,026 Mil.
Revenue was 2438082 + 824351 + 3797961 + 3241645 = Rp10,302,039 Mil.
Gross Profit was 2438082 + 824351 + 3797961 + 3241645 = Rp10,302,039 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp243,982,234 Mil.
Property, Plant and Equipment(Net PPE) was Rp10,180,463 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp665,422 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,636,315 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,873,657 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)
=(11255748 / 11381865) / (12363026 / 10302039)
=0.988919 / 1.200056
=0.8241

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)
=(10302039 / 10302039) / (11381865 / 11381865)
=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 + 10253784) / 240840113) / (1 - (0 + 10180463) / 243982234)
=0.957425 / 0.958274
=0.9991

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
=11381865 / 10302039
=1.1048

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))
=(665422 / (665422 + 10180463)) / (580569 / (580569 + 10253784))
=0.061352 / 0.053586
=1.1449

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)
=(1961786 / 11381865) / (1636315 / 10302039)
=0.172361 / 0.158834
=1.0852

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)
=((3661255 + 0) / 240840113) / ((5873657 + 0) / 243982234)
=0.015202 / 0.024074
=0.6315

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
=(1201879 - 99919 - 4698595) / 240840113
=-0.014934

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 Paninvest Tbk has a M-score of -2.50 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 -2.50 mean?
PT Paninvest Tbk (ISX:PNIN) has a Beneish M-Score of -2.50 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Paninvest Tbk and its competitors. According to the industry distribution chart, PT Paninvest Tbk ranks #187 out of 397 companies in the Insurance industry, placing it in the top 47.1%.
Is PT Paninvest Tbk's Beneish M-Score too high?
PT Paninvest Tbk's current Beneish M-Score is -2.50. Based on the distribution chart, PT Paninvest Tbk ranks #187 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, PT Paninvest Tbk has a GF Score™ of 70/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Paninvest Tbk's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, PT Paninvest Tbk ranks #187 out of 397 companies for Beneish M-Score. This puts PT Paninvest 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 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 Paninvest Tbk and its competitors. PT Paninvest Tbk's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Paninvest Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Paninvest Tbk (ISX:PNIN) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp917.46, compared to a current price of Rp715.00 — trading 22.1% below its estimated fair value. The current Beneish M-Score is -2.50. PT Paninvest Tbk's overall GF Score™ is 70/100 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 Paninvest Tbk (ISX:PNIN), the current Beneish M-Score is -2.50 as of Jul. 25, 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 Paninvest Tbk (ISX:PNIN) Overvalued in 2026?

Based on GuruFocus' analysis, PT Paninvest Tbk stock appears to be undervalued. The current stock price of Rp715.00 is trading 22.1% below its estimated GF Value™ of Rp917.46. GuruFocus considers PT Paninvest Tbk to be Modestly Undervalued.

Key valuation signals for ISX:PNIN:

  • Beneish M-Score: -2.50
  • GF Value™: Rp917.46 vs. price of Rp715.00 (22.1% below fair value)
  • GF Score™: 70/100 with 2 warning signs

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

PT Paninvest Tbk Business Description

Address Jalan. Palmerah Utara No. 52, Panin Bank Plaza 6th Floor, Jakarta, IDN, 11480
PT Paninvest Tbk is an Indonesia-based company mainly engaged in providing life insurance products. The group classifies their lines of business into life insurance which comprises death, personal health, personal accident, unit link, and others. The company's reportable segments consist of life insurance and business consulting services, banking and multi-finance, trade and services, and tourism. Geographically, all the business activity functions through the region of Indonesia and it derives majority of the income in the form of premiums and commissions.
70GF Score

Get the complete analysis for ISX:PNIN

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

Rp715.00
Price
Rp917.46
GF Value