PT Aracord Nusantara Group Tbk (ISX:RONY) Beneish M-Score: 0.00 (As of Jun. 24, 2026)


ISX:RONY PT Aracord Nusantara Group Tbk ISX:RONY
39 GF Score
Price Rp1,145.00
GF Value Rp4,114.88
Valuation Significantly Undervalued
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What is PT Aracord Nusantara Group Tbk Beneish M-Score?

PT Aracord Nusantara Group Tbk ISX:RONY +5.05% 39 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates ISX:RONY with a GF Score™ of 39/100 and a GF Value™ of Rp4,114.88 (Significantly Undervalued). Among 1,704 Construction companies, PT Aracord Nusantara Group Tbk ranks worse than 58685.39% on this metric.

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.

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

During the past 5 years, the highest Beneish M-Score of PT Aracord Nusantara Group Tbk was 0.00. The lowest was 0.00. And the median was 0.00.

PT Aracord Nusantara Group Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Aracord Nusantara Group 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.

PT Aracord Nusantara Group Tbk Beneish M-Score Chart

PT Aracord Nusantara Group Tbk Annual Data
Trend Dec17 Dec18 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00 0.00

PT Aracord Nusantara Group Tbk Quarterly Data
Dec17 Dec18 Sep19 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

ISX:RONY vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, PT Aracord Nusantara Group 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 Aracord Nusantara Group Tbk Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, PT Aracord Nusantara Group Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Aracord Nusantara Group Tbk's Beneish M-Score falls into.


ISX:RONY
39GF Score
PT Aracord Nusantara Group Tbk ISX:RONY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Aracord Nusantara Group 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 Aracord Nusantara Group 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 Rp7,385 Mil.
Revenue was 8851.564 + 25624.678 + 405.676 + 430 = Rp35,312 Mil.
Gross Profit was 2562.394 + 8214.796 + 150.672 + 320.548 = Rp11,248 Mil.
Total Current Assets was Rp55,746 Mil.
Total Assets was Rp61,313 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,898 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,502 Mil.
Selling, General, & Admin. Expense(SGA) was Rp4,286 Mil.
Total Current Liabilities was Rp14,732 Mil.
Long-Term Debt & Capital Lease Obligation was Rp40,192 Mil.
Net Income was -1758.701 + 4228.538 + -2399.677 + -476.767 = Rp-407 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 6794.017 + 2870.343 + 2369.095 + -3549.041 = Rp8,484 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 0 + 592.5 + 886.5 + 599.713 = Rp2,079 Mil.
Gross Profit was 0 + 347.625 + 515.205 + 390.238 = Rp1,253 Mil.
Total Current Assets was Rp4,549 Mil.
Total Assets was Rp5,541 Mil.
Property, Plant and Equipment(Net PPE) was Rp993 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp544 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,528 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
=(7384.714 / 35311.918) / (0 / 2078.713)
=0.209128 / 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)
=(1253.068 / 2078.713) / (11248.41 / 35311.918)
=0.60281 / 0.318544
=

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 - (55745.63 + 3897.521) / 61313.246) / (1 - (4548.605 + 992.856) / 5541.461)
=0.027239 / 0
=

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
=35311.918 / 2078.713
=

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))
=(543.519 / (543.519 + 992.856)) / (1502.417 / (1502.417 + 3897.521))
=0.353767 / 0.278229
=

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)
=(4285.904 / 35311.918) / (1528.346 / 2078.713)
=0.121373 / 0.735237
=

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)
=((40192.262 + 14731.848) / 61313.246) / ((0 + 0) / 5541.461)
=0.895795 / 0
=

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
=(-406.607 - 0 - 8484.414) / 61313.246
=-0.14501

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
PT Aracord Nusantara Group Tbk (ISX:RONY) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Aracord Nusantara Group Tbk and its competitors. According to the industry distribution chart, PT Aracord Nusantara Group Tbk ranks #999999 out of 1704 companies in the Construction industry.
Is PT Aracord Nusantara Group Tbk's Beneish M-Score too high?
PT Aracord Nusantara Group Tbk's current Beneish M-Score is 0.00. Based on the distribution chart, PT Aracord Nusantara Group Tbk ranks #999999 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, PT Aracord Nusantara Group Tbk has a GF Score™ of 39/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Aracord Nusantara Group Tbk's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, PT Aracord Nusantara Group Tbk ranks #999999 out of 1704 companies for Beneish M-Score. This places PT Aracord Nusantara Group 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Aracord Nusantara Group Tbk and its competitors. PT Aracord Nusantara Group Tbk's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Aracord Nusantara Group Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Aracord Nusantara Group Tbk (ISX:RONY) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp4,114.88, compared to a current price of Rp1,145.00 — trading 72.2% below its estimated fair value. The current Beneish M-Score is 0.00. PT Aracord Nusantara Group Tbk's overall GF Score™ is 39/100. 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 Aracord Nusantara Group Tbk (ISX:RONY), the current Beneish M-Score is 0.00 as of Jun. 24, 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 Aracord Nusantara Group Tbk (ISX:RONY) Overvalued in 2026?

Based on GuruFocus' analysis, PT Aracord Nusantara Group Tbk stock appears to be undervalued. The current stock price of Rp1,145.00 is trading 72.2% below its estimated GF Value™ of Rp4,114.88. GuruFocus considers PT Aracord Nusantara Group Tbk to be Significantly Undervalued.

Key valuation signals for ISX:RONY:

  • Beneish M-Score: 0.00
  • GF Value™: Rp4,114.88 vs. price of Rp1,145.00 (72.2% below fair value)
  • GF Score™: 39/100

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

PT Aracord Nusantara Group Tbk Business Description

Address Jalan Jenderal Sudirman Kav 5-6, Lantai 23, Zona F, Menara Astra, RT 010 / RW 006, Karet Tengsin, Tanah Abang, Jakarta, IDN, 10220
PT Aracord Nusantara Group Tbk is engaged in heavy constructions & civil engineering activities.
39GF Score

Get the complete analysis for ISX:RONY

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

Rp1,145.00
Price
Rp4,114.88
GF Value