PT Bank Wooriudara Indonesia 1906 Tbk (ISX:SDRA) Beneish M-Score: -3.22 (As of Jul. 12, 2026)


ISX:SDRA PT Bank Woori Saudara Indonesia 1906 Tbk ISX:SDRA
47 GF Score
Price Rp206.00
GF Value Rp263.23
Valuation Modestly Undervalued
! 1 Warning Sign
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What is PT Bank Wooriudara Indonesia 1906 Tbk Beneish M-Score?

PT Bank Wooriudara Indonesia 1906 Tbk ISX:SDRA -1.90% 47 Beneish M-Score is -3.22 as of Jul. 12, 2026. GuruFocus rates ISX:SDRA with a GF Score™ of 47/100 and a GF Value™ of Rp263.23 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,399 Banks companies, PT Bank Wooriudara Indonesia 1906 Tbk ranks better than 96% 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 -3.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Bank Wooriudara Indonesia 1906 Tbk's Beneish M-Score or its related term are showing as below:

ISX:SDRA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22   Med: -2.33   Max: -1.83
Current: -3.22

During the past 13 years, the highest Beneish M-Score of PT Bank Wooriudara Indonesia 1906 Tbk was -1.83. The lowest was -3.22. And the median was -2.33.

ISX:SDRA
47GF Score
PT Bank Woori Saudara Indonesia 1906 Tbk ISX:SDRA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Wooriudara Indonesia 1906 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 Bank Wooriudara Indonesia 1906 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+0.528 * 1+0.404 * 0.9996+0.892 * 0.8345+0.115 * 1.1439
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3529+4.679 * -0.136021-0.327 * 0.7352
=-3.22

* 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 401843 + 449498 + 399439 + 483939 = Rp1,734,719 Mil.
Gross Profit was 401843 + 449498 + 399439 + 483939 = Rp1,734,719 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp54,188,403 Mil.
Property, Plant and Equipment(Net PPE) was Rp324,044 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp115,178 Mil.
Selling, General, & Admin. Expense(SGA) was Rp417,893 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,461,906 Mil.
Net Income was 106825 + -1076056 + -67974 + -71664 = Rp-1,108,869 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 232729 + 3727378 + 2820451 + -518654 = Rp6,261,904 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 498990 + 529870 + 495210 + 554769 = Rp2,078,839 Mil.
Gross Profit was 498990 + 529870 + 495210 + 554769 = Rp2,078,839 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp57,915,978 Mil.
Property, Plant and Equipment(Net PPE) was Rp322,508 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp138,197 Mil.
Selling, General, & Admin. Expense(SGA) was Rp370,155 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp10,848,068 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 / 1734719) / (0 / 2078839)
=0 / 0
=1

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)
=(2078839 / 2078839) / (1734719 / 1734719)
=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 + 324044) / 54188403) / (1 - (0 + 322508) / 57915978)
=0.99402 / 0.994431
=0.9996

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
=1734719 / 2078839
=0.8345

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))
=(138197 / (138197 + 322508)) / (115178 / (115178 + 324044))
=0.299969 / 0.262232
=1.1439

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)
=(417893 / 1734719) / (370155 / 2078839)
=0.2409 / 0.178059
=1.3529

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)
=((7461906 + 0) / 54188403) / ((10848068 + 0) / 57915978)
=0.137703 / 0.187307
=0.7352

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
=(-1108869 - 0 - 6261904) / 54188403
=-0.136021

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 Bank Wooriudara Indonesia 1906 Tbk has a M-score of -3.22 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 -3.22 mean?
PT Bank Wooriudara Indonesia 1906 Tbk (ISX:SDRA) has a Beneish M-Score of -3.22 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Wooriudara Indonesia 1906 Tbk and its competitors. According to the industry distribution chart, PT Bank Wooriudara Indonesia 1906 Tbk ranks #56 out of 1399 companies in the Banks industry, placing it in the top 4%.
Is PT Bank Wooriudara Indonesia 1906 Tbk's Beneish M-Score too high?
PT Bank Wooriudara Indonesia 1906 Tbk's current Beneish M-Score is -3.22. Based on the distribution chart, PT Bank Wooriudara Indonesia 1906 Tbk ranks #56 out of 1399 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, PT Bank Wooriudara Indonesia 1906 Tbk has a GF Score™ of 47/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Wooriudara Indonesia 1906 Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Wooriudara Indonesia 1906 Tbk ranks #56 out of 1399 companies for Beneish M-Score. This places PT Bank Wooriudara Indonesia 1906 Tbk in the top 4% 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 Bank Wooriudara Indonesia 1906 Tbk and its competitors. PT Bank Wooriudara Indonesia 1906 Tbk's current Beneish M-Score is -3.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Wooriudara Indonesia 1906 Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Wooriudara Indonesia 1906 Tbk (ISX:SDRA) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp263.23, compared to a current price of Rp206.00 — trading 21.7% below its estimated fair value. The current Beneish M-Score is -3.22. PT Bank Wooriudara Indonesia 1906 Tbk's overall GF Score™ is 47/100 with 1 warning sign 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 Bank Wooriudara Indonesia 1906 Tbk (ISX:SDRA), the current Beneish M-Score is -3.22 as of Jul. 12, 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 Bank Wooriudara Indonesia 1906 Tbk (ISX:SDRA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Wooriudara Indonesia 1906 Tbk stock appears to be undervalued. The current stock price of Rp206.00 is trading 21.7% below its estimated GF Value™ of Rp263.23. GuruFocus considers PT Bank Wooriudara Indonesia 1906 Tbk to be Modestly Undervalued.

Key valuation signals for ISX:SDRA:

  • Beneish M-Score: -3.22
  • GF Value™: Rp263.23 vs. price of Rp206.00 (21.7% below fair value)
  • GF Score™: 47/100 with 1 warning sign

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

PT Bank Wooriudara Indonesia 1906 Tbk Business Description

Address Jalan Jend. Sudirman Kav 52 - 53, Treasury Tower Lantai 26, 27, & 38, District 8 SCBD Lot 28, Jakarta, IDN, 12190
PT Bank Woori Saudara Indonesia 1906 Tbk is a financial institution engaged in providing commercial banking products and services. The bank has six reportable segments which are; Pensioner includes loans disbursed to pensioner's debtor; Employee which includes loans disbursed to government and private employees; Commercial includes loans disbursed to commercial debtors such as cooperation, multi finance and others; Treasury undertakes the treasury activities which include money market and investment in placements and securities; Funding undertakes the bank's funding activities which include third party fund, bonds and others; Other segment includes activities such as back-office processes, etc. The company generates the majority of its revenue from commercial segment.
47GF Score

Get the complete analysis for ISX:SDRA

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

Rp206.00
Price
Rp263.23
GF Value