PT Sinar Mas Agro Resources & Technology Tbk (ISX:SMAR) Beneish M-Score: -3.20 (As of Jun. 26, 2026)


ISX:SMAR PT Sinar Mas Agro Resources & Technology Tbk ISX:SMAR
83 GF Score
Price Rp4,750.00
GF Value Rp4,992.78
Valuation Fairly Valued
! 3 Warning Signs
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What is PT Sinar Mas Agro Resources & Technology Tbk Beneish M-Score?

PT Sinar Mas Agro Resources & Technology Tbk ISX:SMAR -2.86% 83 Beneish M-Score is -3.20 as of Jun. 26, 2026. GuruFocus rates ISX:SMAR with a GF Score™ of 83/100 and a GF Value™ of Rp4,992.78 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, PT Sinar Mas Agro Resources & Technology Tbk ranks better than 89.29% 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.

Good Sign:

Beneish M-Score -3.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Sinar Mas Agro Resources & Technology Tbk's Beneish M-Score or its related term are showing as below:

ISX:SMAR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.56   Med: -2.32   Max: -1.24
Current: -3.2

During the past 13 years, the highest Beneish M-Score of PT Sinar Mas Agro Resources & Technology Tbk was -1.24. The lowest was -3.56. And the median was -2.32.

PT Sinar Mas Agro Resources & Technology Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Sinar Mas Agro Resources & Technology 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 Sinar Mas Agro Resources & Technology Tbk Beneish M-Score Chart

PT Sinar Mas Agro Resources & Technology Tbk Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.85 -2.04 -2.67 -2.21 -3.24

PT Sinar Mas Agro Resources & Technology Tbk Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.30 -2.53 -3.19 -3.24 -3.20

ISX:SMAR vs ADM, BG, TSN: Beneish M-Score Comparison

For the Farm Products subindustry, PT Sinar Mas Agro Resources & Technology 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 Sinar Mas Agro Resources & Technology Tbk Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Sinar Mas Agro Resources & Technology Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Sinar Mas Agro Resources & Technology Tbk's Beneish M-Score falls into.


ISX:SMAR
83GF Score
PT Sinar Mas Agro Resources & Technology Tbk ISX:SMAR
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PT Sinar Mas Agro Resources & Technology 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 Sinar Mas Agro Resources & Technology 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 * 0.7922+0.528 * 0.7947+0.404 * 1.0366+0.892 * 1.0537+0.115 * 1.161
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8795+4.679 * -0.122154-0.327 * 0.8606
=-3.20

* 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 Rp5,507,200 Mil.
Revenue was 20734239 + 21291713 + 22388222 + 22108083 = Rp86,522,257 Mil.
Gross Profit was 2952407 + 2970042 + 2878730 + 2293423 = Rp11,094,602 Mil.
Total Current Assets was Rp22,209,810 Mil.
Total Assets was Rp45,893,595 Mil.
Property, Plant and Equipment(Net PPE) was Rp16,693,757 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp253,290 Mil.
Selling, General, & Admin. Expense(SGA) was Rp962,845 Mil.
Total Current Liabilities was Rp11,347,608 Mil.
Long-Term Debt & Capital Lease Obligation was Rp10,133,656 Mil.
Net Income was 829521 + 986651 + 772875 + 691145 = Rp3,280,192 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1294784 + 1718627 + 3758336 + 2114529 = Rp8,886,276 Mil.
 Total Receivables was Rp6,597,364 Mil.
Revenue was 21158050 + 22542131 + 20400912 + 18009412 = Rp82,110,505 Mil.
Gross Profit was 2069422 + 2695088 + 1919324 + 1683183 = Rp8,367,017 Mil.
Total Current Assets was Rp24,903,126 Mil.
Total Assets was Rp46,269,755 Mil.
Property, Plant and Equipment(Net PPE) was Rp14,568,467 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp257,275 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,038,853 Mil.
Total Current Liabilities was Rp14,441,547 Mil.
Long-Term Debt & Capital Lease Obligation was Rp10,723,130 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)
=(5507200 / 86522257) / (6597364 / 82110505)
=0.063651 / 0.080347
=0.7922

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)
=(8367017 / 82110505) / (11094602 / 86522257)
=0.101899 / 0.128228
=0.7947

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 - (22209810 + 16693757) / 45893595) / (1 - (24903126 + 14568467) / 46269755)
=0.152309 / 0.146925
=1.0366

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
=86522257 / 82110505
=1.0537

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))
=(257275 / (257275 + 14568467)) / (253290 / (253290 + 16693757))
=0.017353 / 0.014946
=1.161

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)
=(962845 / 86522257) / (1038853 / 82110505)
=0.011128 / 0.012652
=0.8795

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)
=((10133656 + 11347608) / 45893595) / ((10723130 + 14441547) / 46269755)
=0.468067 / 0.543869
=0.8606

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
=(3280192 - 0 - 8886276) / 45893595
=-0.122154

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 Sinar Mas Agro Resources & Technology Tbk has a M-score of -3.20 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 -3.20 mean?
PT Sinar Mas Agro Resources & Technology Tbk (ISX:SMAR) has a Beneish M-Score of -3.20 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Sinar Mas Agro Resources & Technology Tbk and its competitors. According to the industry distribution chart, PT Sinar Mas Agro Resources & Technology Tbk ranks #198 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 10.7%.
Is PT Sinar Mas Agro Resources & Technology Tbk's Beneish M-Score too high?
PT Sinar Mas Agro Resources & Technology Tbk's current Beneish M-Score is -3.20. Based on the distribution chart, PT Sinar Mas Agro Resources & Technology Tbk ranks #198 out of 1849 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, PT Sinar Mas Agro Resources & Technology Tbk has a GF Score™ of 83/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Sinar Mas Agro Resources & Technology Tbk's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, PT Sinar Mas Agro Resources & Technology Tbk ranks #198 out of 1849 companies for Beneish M-Score. This places PT Sinar Mas Agro Resources & Technology Tbk in the top 11% 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Sinar Mas Agro Resources & Technology Tbk and its competitors. PT Sinar Mas Agro Resources & Technology Tbk's current Beneish M-Score is -3.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Sinar Mas Agro Resources & Technology Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Sinar Mas Agro Resources & Technology Tbk (ISX:SMAR) is currently considered Fairly Valued. The stock's GF Value™ is Rp4,992.78, compared to a current price of Rp4,750.00 — trading 4.9% below its estimated fair value. The current Beneish M-Score is -3.20. PT Sinar Mas Agro Resources & Technology Tbk's overall GF Score™ is 83/100 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 Sinar Mas Agro Resources & Technology Tbk (ISX:SMAR), the current Beneish M-Score is -3.20 as of Jun. 26, 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 Sinar Mas Agro Resources & Technology Tbk (ISX:SMAR) Overvalued in 2026?

Based on GuruFocus' analysis, PT Sinar Mas Agro Resources & Technology Tbk stock appears to be undervalued. The current stock price of Rp4,750.00 is trading 4.9% below its estimated GF Value™ of Rp4,992.78. GuruFocus considers PT Sinar Mas Agro Resources & Technology Tbk to be Fairly Valued.

Key valuation signals for ISX:SMAR:

  • Beneish M-Score: -3.20
  • GF Value™: Rp4,992.78 vs. price of Rp4,750.00 (4.9% below fair value)
  • GF Score™: 83/100 with 3 warning signs

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

PT Sinar Mas Agro Resources & Technology Tbk Business Description

Address Jalan MH Thamrin No. 51, Tower II, 28th-30th Floor, Sinar Mas Land Plaza, Jakarta, IDN, 10350
PT Sinar Mas Agro Resources & Technology Tbk is involved in the business of cultivating and harvesting oil palm trees, extracting fresh fruit bunches into crude palm oil and palm kernel, processing it into value-added products such as cooking oil, margarine, shortening, oleochemicals, and biodiesel. The firm's products include cooking oil, fat, margarine, crude palm oil, palm kernel, cocoa butter substitute, etc. Its scope of activities comprises plantation development, agriculture, trading, refining of plantation products, management services, and research related to the business.
83GF Score

Get the complete analysis for ISX:SMAR

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

Rp4,750.00
Price
Rp4,992.78
GF Value