PT Siantar Top Tbk (ISX:STTP) Beneish M-Score: -2.67 (As of Jun. 25, 2026)

What is PT Siantar Top Tbk Beneish M-Score?

PT Siantar Top Tbk ISX:STTP 95 Beneish M-Score is -2.67 as of Jun. 25, 2026. GuruFocus rates ISX:STTP with a GF Score™ of 95/100 and a GF Value™ of Rp10,868.46 (Modestly Undervalued). Among 1,849 Consumer Packaged Goods companies, PT Siantar Top Tbk ranks better than 63.28% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:STTP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93 Med: -2.45 Max: -1.78
Current: -2.67

During the past 13 years, the highest Beneish M-Score of PT Siantar Top Tbk was -1.78. The lowest was -2.93. And the median was -2.45.

PT Siantar Top Tbk Beneish M-Score Related Terms

PT Siantar Top Tbk Beneish M-Score Historical Data

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The historical data trend for PT Siantar Top 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 Siantar Top Tbk Beneish M-Score Chart

PT Siantar Top Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.36

-2.56

-2.84

-2.09

-2.48

PT Siantar Top 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															-2.59	-2.43	-2.27	-2.48	-2.67

ISX:STTP vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, PT Siantar Top 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 Siantar Top Tbk Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Siantar Top Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Siantar Top Tbk's Beneish M-Score falls into.

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PT Siantar Top Tbk ISX:STTP

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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PT Siantar Top 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 Siantar Top Tbk for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.6876

0.528 * 0.9969

0.404 * 0.8854

0.892 * 1.0352

0.115 * 0.9376

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9871

4.679 * 0.004768

0.327 * 0.7154

-2.67

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp503,720 Mil.
Revenue was 1214743.045 + 1374162.667 + 1355289.603 + 1242114.766 = Rp5,186,310 Mil.
Gross Profit was 381183.66 + 444993.388 + 438250.724 + 378623.05 = Rp1,643,051 Mil.
Total Current Assets was Rp6,233,203 Mil.
Total Assets was Rp8,179,602 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,050,171 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp18,189 Mil.
Selling, General, & Admin. Expense(SGA) was Rp370,573 Mil.
Total Current Liabilities was Rp493,808 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 241630.884 + 295057.649 + 345889.343 + 237154.343 = Rp1,119,732 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 340193.471 + 485287.625 + 293945.397 + -38692.655 = Rp1,080,734 Mil.

Total Receivables was Rp707,647 Mil.
Revenue was 1264389 + 1259022.197 + 1344837.986 + 1141876.394 = Rp5,010,126 Mil.
Gross Profit was 393586.625 + 409795.81 + 439425.936 + 339573.55 = Rp1,582,382 Mil.
Total Current Assets was Rp5,187,324 Mil.
Total Assets was Rp7,176,358 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,100,950 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp17,860 Mil.
Selling, General, & Admin. Expense(SGA) was Rp362,678 Mil.
Total Current Liabilities was Rp605,573 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)
	=	(503719.655 / 5186310.081)	/	(707647.211 / 5010125.577)
	=	0.097125	/	0.141243
	=	0.6876

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)
	=	(1582381.921 / 5010125.577)	/	(1643050.822 / 5186310.081)
	=	0.315837	/	0.316805
	=	0.9969

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 - (6233203.183 + 1050170.837) / 8179602.4)	/	(1 - (5187324.409 + 1100949.91) / 7176358.415)
	=	0.109569	/	0.123751
	=	0.8854

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
	=	5186310.081	/	5010125.577
	=	1.0352

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))
	=	(17859.568 / (17859.568 + 1100949.91))	/	(18189.173 / (18189.173 + 1050170.837))
	=	0.015963	/	0.017025
	=	0.9376

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)
	=	(370573.037 / 5186310.081)	/	(362677.726 / 5010125.577)
	=	0.071452	/	0.072389
	=	0.9871

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)
	=	((0 + 493808.255) / 8179602.4)	/	((0 + 605573.156) / 7176358.415)
	=	0.060371	/	0.084384
	=	0.7154

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
	=	(1119732.219 - 0	-	1080733.838)	/	8179602.4
	=	0.004768

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 Siantar Top Tbk has a M-score of -2.67 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 -2.67 mean?

PT Siantar Top Tbk (ISX:STTP) has a Beneish M-Score of -2.67 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Siantar Top Tbk and its competitors. According to the industry distribution chart, PT Siantar Top Tbk ranks #679 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 36.7%.

Is PT Siantar Top Tbk's Beneish M-Score too high?

PT Siantar Top Tbk's current Beneish M-Score is -2.67. Based on the distribution chart, PT Siantar Top Tbk ranks #679 out of 1849 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, PT Siantar Top Tbk has a GF Score™ of 95/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does PT Siantar Top Tbk's Beneish M-Score compare to KHC and GIS?

According to the Consumer Packaged Goods industry distribution chart, PT Siantar Top Tbk ranks #679 out of 1849 companies for Beneish M-Score. This puts PT Siantar Top 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 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 Siantar Top Tbk and its competitors. PT Siantar Top Tbk's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Siantar Top Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Siantar Top Tbk (ISX:STTP) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp10,868.46, compared to a current price of Rp9,475.00 — trading 12.8% below its estimated fair value. The current Beneish M-Score is -2.67. PT Siantar Top Tbk's overall GF Score™ is 95/100. 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 Siantar Top Tbk (ISX:STTP), the current Beneish M-Score is -2.67 as of Jun. 25, 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 Siantar Top Tbk (ISX:STTP) Overvalued in 2026?

Based on GuruFocus' analysis, PT Siantar Top Tbk stock appears to be undervalued. The current stock price of Rp9,475.00 is trading 12.8% below its estimated GF Value™ of Rp10,868.46. GuruFocus considers PT Siantar Top Tbk to be Modestly Undervalued.

Key valuation signals for ISX:STTP:

Beneish M-Score: -2.67
GF Value™: Rp10,868.46 vs. price of Rp9,475.00 (12.8% below fair value)
GF Score™: 95/100

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

PT Siantar Top Tbk Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies ISX:GOOD ISX:SIDO ISX:SIMP ISX:DMND ISX:TBLA ISX:KEJU ISX:ROTI ISX:BWPT ISX:MGRO ISX:CBUT XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 SHSE:603288 NSE:NESTLEIND KHC SHSE:600887 SZSE:300999 GIS

Address Jalan Tambak Sawah No. 21-23, Waru, Sidoarjo, IDN, 61256

Website https://www.siantartop.co.id

PT Siantar Top Tbk is a snack manufacturing company. The company is principally engaged in the manufacturing of snacks such as crackers, noodles, candies, biscuits, and wafers. The company has two operating segments include the food processing segment, from the sales of rice, crackers, biscuits, wafers, and candy, and other segments that arise from the sales of flour and seasoning. The majority of the revenue is made from the food processing segment. The company operates in three key geographic locations of food processing in Sidoarjo, Medan and Bekasi.

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

Rp9,475.00

Price

Rp10,868.46

GF Value

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