PT Sinar Mas Multiartha Tbk (ISX:SMMA) Beneish M-Score: -2.59 (As of Jun. 26, 2026)


ISX:SMMA PT Sinar Mas Multiartha Tbk ISX:SMMA
56 GF Score
Price Rp21,875.00
GF Value Rp17,058.21
Valuation Modestly Overvalued
! 6 Warning Signs
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What is PT Sinar Mas Multiartha Tbk Beneish M-Score?

PT Sinar Mas Multiartha Tbk ISX:SMMA 56 Beneish M-Score is -2.59 as of Jun. 26, 2026. GuruFocus rates ISX:SMMA with a GF Score™ of 56/100 and a GF Value™ of Rp17,058.21 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 397 Insurance companies, PT Sinar Mas Multiartha Tbk ranks better than 61.71% 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 -2.59 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 Multiartha Tbk's Beneish M-Score or its related term are showing as below:

ISX:SMMA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05   Med: -2.48   Max: -1.42
Current: -2.59

During the past 13 years, the highest Beneish M-Score of PT Sinar Mas Multiartha Tbk was -1.42. The lowest was -3.05. And the median was -2.48.

ISX:SMMA
56GF Score
PT Sinar Mas Multiartha Tbk ISX:SMMA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Sinar Mas Multiartha 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 Multiartha 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 * 0.8681+0.528 * 1+0.404 * 1.0008+0.892 * 1.0645+0.115 * 1.0009
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8197+4.679 * -0.023797-0.327 * 0.9038
=-2.59

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was Rp10,378,631 Mil.
Revenue was 7266755 + 6516408 + 5799375 + 7686481 = Rp27,269,019 Mil.
Gross Profit was 7266755 + 6516408 + 5799375 + 7686481 = Rp27,269,019 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp122,555,441 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,186,576 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp484,002 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,103,409 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp9,029,340 Mil.
Net Income was 1415931 + 888979 + 435301 + 259782 = Rp2,999,993 Mil.
Non Operating Income was 453859 + 464970 + 329911 + 583025 = Rp1,831,765 Mil.
Cash Flow from Operations was 2824408 + 4841223 + -9347115 + 5766133 = Rp4,084,649 Mil.
 Total Receivables was Rp11,231,442 Mil.
Revenue was 7063295 + 5588744 + 5729614 + 7234400 = Rp25,616,053 Mil.
Gross Profit was 7063295 + 5588744 + 5729614 + 7234400 = Rp25,616,053 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp116,147,298 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,115,105 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp473,640 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,410,604 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp9,467,926 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)
=(10378631 / 27269019) / (11231442 / 25616053)
=0.380602 / 0.438453
=0.8681

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)
=(25616053 / 25616053) / (27269019 / 27269019)
=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 + 3186576) / 122555441) / (1 - (0 + 3115105) / 116147298)
=0.973999 / 0.97318
=1.0008

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
=27269019 / 25616053
=1.0645

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))
=(473640 / (473640 + 3115105)) / (484002 / (484002 + 3186576))
=0.131979 / 0.13186
=1.0009

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)
=(2103409 / 27269019) / (2410604 / 25616053)
=0.077135 / 0.094105
=0.8197

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)
=((9029340 + 0) / 122555441) / ((9467926 + 0) / 116147298)
=0.073676 / 0.081517
=0.9038

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
=(2999993 - 1831765 - 4084649) / 122555441
=-0.023797

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 Multiartha Tbk has a M-score of -2.59 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 -2.59 mean?
PT Sinar Mas Multiartha Tbk (ISX:SMMA) has a Beneish M-Score of -2.59 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Sinar Mas Multiartha Tbk and its competitors. According to the industry distribution chart, PT Sinar Mas Multiartha Tbk ranks #152 out of 397 companies in the Insurance industry, placing it in the top 38.3%.
Is PT Sinar Mas Multiartha Tbk's Beneish M-Score too high?
PT Sinar Mas Multiartha Tbk's current Beneish M-Score is -2.59. Based on the distribution chart, PT Sinar Mas Multiartha Tbk ranks #152 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, PT Sinar Mas Multiartha Tbk has a GF Score™ of 56/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Sinar Mas Multiartha Tbk's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, PT Sinar Mas Multiartha Tbk ranks #152 out of 397 companies for Beneish M-Score. This puts PT Sinar Mas Multiartha Tbk in the upper 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 Insurance company?
A good Beneish M-Score depends on the Insurance 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 Multiartha Tbk and its competitors. PT Sinar Mas Multiartha Tbk's current Beneish M-Score is -2.59. 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 Multiartha Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Sinar Mas Multiartha Tbk (ISX:SMMA) is currently considered Modestly Overvalued. The stock's GF Value™ is Rp17,058.21, compared to a current price of Rp21,875.00 — trading 28.2% above its estimated fair value. The current Beneish M-Score is -2.59. PT Sinar Mas Multiartha Tbk's overall GF Score™ is 56/100 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 Sinar Mas Multiartha Tbk (ISX:SMMA), the current Beneish M-Score is -2.59 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 Multiartha Tbk (ISX:SMMA) Overvalued in 2026?

Based on GuruFocus' analysis, PT Sinar Mas Multiartha Tbk stock appears to be overvalued. The current stock price of Rp21,875.00 is trading 28.2% above its estimated GF Value™ of Rp17,058.21. GuruFocus considers PT Sinar Mas Multiartha Tbk to be Modestly Overvalued.

Key valuation signals for ISX:SMMA:

  • Beneish M-Score: -2.59
  • GF Value™: Rp17,058.21 vs. price of Rp21,875.00 (28.2% above fair value)
  • GF Score™: 56/100 with 6 warning signs

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

PT Sinar Mas Multiartha Tbk Business Description

Address Sinar Mas Land Plaza, Tower I Lt 1 dan 2, Jl. MH Thamrin No. 51, Jakarta, IDN, 10350
PT Sinar Mas Multiartha Tbk provides an integrated and comprehensive range of financial services in Indonesia. The company is engaged in insurance underwriting, consumer financing, factoring of accounts, securities administration, securities brokerage, investment management, banking, development, Information technology, trading, and other related services. It is also involved in the auction house, property, health clinic, and workshop activities.
56GF Score

Get the complete analysis for ISX:SMMA

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

Rp21,875.00
Price
Rp17,058.21
GF Value