PT Panin Financial Tbk (ISX:PNLF) Beneish M-Score: -3.64 (As of Jul. 01, 2026)


ISX:PNLF PT Panin Financial Tbk ISX:PNLF
74 GF Score
Price Rp212.00
GF Value Rp276.49
Valuation Modestly Undervalued
! 3 Warning Signs
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What is PT Panin Financial Tbk Beneish M-Score?

PT Panin Financial Tbk ISX:PNLF -1.85% 74 Beneish M-Score is -3.64 as of Jul. 01, 2026. GuruFocus rates ISX:PNLF with a GF Score™ of 74/100 and a GF Value™ of Rp276.49 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,397 Banks companies, PT Panin Financial Tbk ranks better than 97.64% 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 -3.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:PNLF' s Beneish M-Score Range Over the Past 10 Years
Min: -249.72   Med: -2.45   Max: 6.93
Current: -3.64

During the past 13 years, the highest Beneish M-Score of PT Panin Financial Tbk was 6.93. The lowest was -249.72. And the median was -2.45.

ISX:PNLF
74GF Score
PT Panin Financial Tbk ISX:PNLF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Panin Financial 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 Panin Financial 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+0.528 * 1+0.404 * 1.0033+0.892 * 1.1409+0.115 * 1.0507
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0719+4.679 * -0.010463-0.327 * 1.9552
=-3.64

* 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 3241771 + 2049014 + 2856252 + 3345903 = Rp11,492,940 Mil.
Gross Profit was 3241771 + 2049014 + 2856252 + 3345903 = Rp11,492,940 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp239,275,013 Mil.
Property, Plant and Equipment(Net PPE) was Rp10,178,250 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp580,158 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,045,304 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp11,381,528 Mil.
Net Income was 814017 + 463006 + 468759 + 371370 = Rp2,117,152 Mil.
Non Operating Income was 0 + 0 + 1108788 + 0 = Rp1,108,788 Mil.
Cash Flow from Operations was -4628868 + 5453614 + 1732737 + 954372 = Rp3,511,855 Mil.
 Total Receivables was Rp11,838,493 Mil.
Revenue was 2877439 + 1180881 + 3138360 + 2877173 = Rp10,073,853 Mil.
Gross Profit was 2877439 + 1180881 + 3138360 + 2877173 = Rp10,073,853 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp242,150,252 Mil.
Property, Plant and Equipment(Net PPE) was Rp11,068,259 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp664,816 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,672,488 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,891,337 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 / 11492940) / (11838493 / 10073853)
=0 / 1.17517
=0

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)
=(10073853 / 10073853) / (11492940 / 11492940)
=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 + 10178250) / 239275013) / (1 - (0 + 11068259) / 242150252)
=0.957462 / 0.954292
=1.0033

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
=11492940 / 10073853
=1.1409

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))
=(664816 / (664816 + 11068259)) / (580158 / (580158 + 10178250))
=0.056662 / 0.053926
=1.0507

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)
=(2045304 / 11492940) / (1672488 / 10073853)
=0.177962 / 0.166023
=1.0719

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)
=((11381528 + 0) / 239275013) / ((5891337 + 0) / 242150252)
=0.047567 / 0.024329
=1.9552

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
=(2117152 - 1108788 - 3511855) / 239275013
=-0.010463

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 Panin Financial Tbk has a M-score of -3.64 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 -3.64 mean?
PT Panin Financial Tbk (ISX:PNLF) has a Beneish M-Score of -3.64 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Panin Financial Tbk and its competitors. According to the industry distribution chart, PT Panin Financial Tbk ranks #33 out of 1397 companies in the Banks industry, placing it in the top 2.4%.
Is PT Panin Financial Tbk's Beneish M-Score too high?
PT Panin Financial Tbk's current Beneish M-Score is -3.64. Based on the distribution chart, PT Panin Financial Tbk ranks #33 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, PT Panin Financial Tbk has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Panin Financial Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Panin Financial Tbk ranks #33 out of 1397 companies for Beneish M-Score. This places PT Panin Financial Tbk in the top 2% of its industry — outperforming the majority of peers. 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 Panin Financial Tbk and its competitors. PT Panin Financial Tbk's current Beneish M-Score is -3.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Panin Financial Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Panin Financial Tbk (ISX:PNLF) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp276.49, compared to a current price of Rp212.00 — trading 23.3% below its estimated fair value. The current Beneish M-Score is -3.64. PT Panin Financial Tbk's overall GF Score™ is 74/100 with 3 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 Panin Financial Tbk (ISX:PNLF), the current Beneish M-Score is -3.64 as of Jul. 01, 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 Panin Financial Tbk (ISX:PNLF) Overvalued in 2026?

Based on GuruFocus' analysis, PT Panin Financial Tbk stock appears to be undervalued. The current stock price of Rp212.00 is trading 23.3% below its estimated GF Value™ of Rp276.49. GuruFocus considers PT Panin Financial Tbk to be Modestly Undervalued.

Key valuation signals for ISX:PNLF:

  • Beneish M-Score: -3.64
  • GF Value™: Rp276.49 vs. price of Rp212.00 (23.3% below fair value)
  • GF Score™: 74/100 with 3 warning signs

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

PT Panin Financial Tbk Business Description

Address Jalan Jendral Sudirman Kav. 1 - Senayan, Panin Bank Headquarters Building, 8th Floor, Jakarta, IDN, 10270
PT Panin Financial Tbk is an Indonesian company in providing management, business, and administration consulting services. The company is also engaged in providing life insurance, health insurance, personal insurance, and annuity business. The company's reportable segments are Life insurance and business consulting services, and Banking and Multi-finance.
74GF Score

Get the complete analysis for ISX:PNLF

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

Rp212.00
Price
Rp276.49
GF Value