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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.
Warning Sign:
Beneish M-Score 70.67 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for PT PP Properti Tbk's Beneish M-Score or its related term are showing as below:
ISX:PPRO'
s Beneish M-Score Range Over the Past 10 Years
Min: -24.56 Med: -1.98 Max: 70.67
Current: 70.67
During the past 13 years, the highest Beneish M-Score of PT PP Properti Tbk was 70.67. The lowest was -24.56. And the median was -1.98.
PT PP Properti Tbk Beneish M-Score Historical Data
* Premium members only.
The historical data trend for PT PP Properti 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.
For the Real Estate - Development subindustry, PT PP Properti 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 PP Properti Tbk Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, PT PP Properti Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT PP Properti 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 PP Properti 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 * 0.504
+
0.528 * 0.216
+
0.404 * 0.8566
+
0.892 * 0.857
+
0.115 * 669.6667
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 3.1427
+
4.679 * -0.48585
-
0.327 * 1.1568
=
70.67
* 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))
=
(475.029 / (475.029 + 235920.899))
/
(0.31 / (0.31 + 114727.804))
=
0.002009
/
3.0E-6
=
669.6667
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
=
(-5080747.908 - 0
-
34952.663)
/
10529384.78
=
-0.48585
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 PP Properti Tbk has a M-score of 70.67 signals that the company is likely to be a manipulator.
PT PP Properti Tbk (ISX:PPRO) has a Beneish M-Score of 70.67 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT PP Properti Tbk and its competitors. According to the industry distribution chart, PT PP Properti Tbk ranks #1672 out of 1677 companies in the Real Estate industry, placing it in the top 99.7%.
Is PT PP Properti Tbk's Beneish M-Score too high?
PT PP Properti Tbk's current Beneish M-Score is 70.67. Based on the distribution chart, PT PP Properti Tbk ranks #1672 out of 1677 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, PT PP Properti Tbk has a GF Score™ of 62/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT PP Properti Tbk's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, PT PP Properti Tbk ranks #1672 out of 1677 companies for Beneish M-Score. This places PT PP Properti 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 PP Properti Tbk and its competitors. PT PP Properti Tbk's current Beneish M-Score is 70.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT PP Properti Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT PP Properti Tbk (ISX:PPRO) is currently considered Fairly Valued. The stock's GF Value™ is Rp16.87, compared to a current price of Rp17.00 — trading 0.8% above its estimated fair value. The current Beneish M-Score is 70.67. PT PP Properti Tbk's overall GF Score™ is 62/100 with 6 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 PP Properti Tbk (ISX:PPRO), the current Beneish M-Score is 70.67 as of Aug. 15, 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 PP Properti Tbk (ISX:PPRO) Overvalued in 2026?
Based on GuruFocus' analysis, PT PP Properti Tbk stock appears to be overvalued.
The current stock price of Rp17.00 is trading 0.8% above its estimated GF Value™ of Rp16.87.
GuruFocus considers PT PP Properti Tbk to be Fairly Valued.
Key valuation signals for ISX:PPRO:
Beneish M-Score: 70.67
GF Value™: Rp16.87 vs. price of Rp17.00 (0.8% above fair value)
No single metric tells the full story. See the ISX:PPRO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT PP Properti Tbk is engaged in real estate sector. The company operates a diversified business portfolio centered on two main pillars: Construction Services and Investment. In the Construction Services segment, it possesses comprehensive capabilities encompassing General Contracting services (Buildings, Civil, and EPC), supported by a Specialized Contracting business line covering specialized works, plant management, and equipment supply. Meanwhile, in the Investment segment, it strategically develops its business portfolio through the Infrastructure, Energy, and Property sectors, as part of efforts to create sustainable added value and strengthen the Company's business fundamentals in the long term.
62GF Score
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