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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.
Good Sign:
Beneish M-Score -1.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Surya Fajar Capital Tbk's Beneish M-Score or its related term are showing as below:
ISX:SFAN'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.93 Med: -1.78 Max: 3.17
Current: -1.78
During the past 9 years, the highest Beneish M-Score of PT Surya Fajar Capital Tbk was 3.17. The lowest was -3.93. And the median was -1.78.
* 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.
ISX:SFAN vs BLK, BX, KKR: Beneish M-Score Comparison
For the Asset Management subindustry, PT Surya Fajar Capital 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 Surya Fajar Capital Tbk Beneish M-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, PT Surya Fajar Capital Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Surya Fajar Capital Tbk's Beneish M-Score falls into.
PT Surya Fajar Capital 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 Surya Fajar Capital 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 * 3.646
+
0.528 * 0.8789
+
0.404 * 0.4733
+
0.892 * 0.2811
+
0.115 * 0.9794
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 2.21
+
4.679 * 0.011921
-
0.327 * 3.028
=
-1.78
* 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))
=
(5511.327 / (5511.327 + 4172.403))
/
(2863.191 / (2863.191 + 2063.974))
=
0.569133
/
0.581103
=
0.9794
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
=
(-13963.193 - 0
-
-16245.968)
/
191491.798
=
0.011921
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 Surya Fajar Capital Tbk has a M-score of -1.78 suggests that the company is unlikely to be a manipulator.
PT Surya Fajar Capital Tbk (ISX:SFAN) has a Beneish M-Score of -1.78 as of Aug. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Surya Fajar Capital Tbk and its competitors. According to the industry distribution chart, PT Surya Fajar Capital Tbk ranks #630 out of 958 companies in the Asset Management industry, placing it in the top 65.8%.
Is PT Surya Fajar Capital Tbk's Beneish M-Score too high?
PT Surya Fajar Capital Tbk's current Beneish M-Score is -1.78. Based on the distribution chart, PT Surya Fajar Capital Tbk ranks #630 out of 958 companies in the Asset Management industry, which is below the industry midpoint. Overall, PT Surya Fajar Capital Tbk has a GF Score™ of 55/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Surya Fajar Capital Tbk's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, PT Surya Fajar Capital Tbk ranks #630 out of 958 companies for Beneish M-Score. This places PT Surya Fajar Capital 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Surya Fajar Capital Tbk and its competitors. PT Surya Fajar Capital Tbk's current Beneish M-Score is -1.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Surya Fajar Capital Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Surya Fajar Capital Tbk (ISX:SFAN) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp1,269.77, compared to a current price of Rp2,030.00 — trading 59.9% above its estimated fair value. The current Beneish M-Score is -1.78. PT Surya Fajar Capital Tbk's overall GF Score™ is 55/100 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 Surya Fajar Capital Tbk (ISX:SFAN), the current Beneish M-Score is -1.78 as of Aug. 29, 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 Surya Fajar Capital Tbk (ISX:SFAN) Overvalued in 2026?
Based on GuruFocus' analysis, PT Surya Fajar Capital Tbk stock appears to be overvalued.
The current stock price of Rp2,030.00 is trading 59.9% above its estimated GF Value™ of Rp1,269.77.
GuruFocus considers PT Surya Fajar Capital Tbk to be Significantly Overvalued.
Key valuation signals for ISX:SFAN:
Beneish M-Score: -1.78
GF Value™: Rp1,269.77 vs. price of Rp2,030.00 (59.9% above fair value)
No single metric tells the full story. See the ISX:SFAN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Surya Fajar Capital Tbk is an Indonesia-based company engaged in management and business consulting services, trade, finance & investment, directly or indirectly through its Subsidiaries. The Group has five reportable segments, including brokerage and underwriting, financial technology peer-to-peer lending, Consultancy services, crowdfunding/Information technology with securities crowdfunding, and Electronic payment services (including IT Consultancy Services). The majority of its revenue is generated from the Brokerage Commissions.
55GF Score
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