PT Super Bank Indonesia Tbk (ISX:SUPA) Beneish M-Score: -1.45 (As of Aug. 28, 2026)

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ISX:SUPA PT Super Bank Indonesia Tbk ISX:SUPA
6 GF Score
Price Rp520.00
! 1 Warning Sign
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What is PT Super Bank Indonesia Tbk Beneish M-Score?

PT Super Bank Indonesia Tbk ISX:SUPA +1.96% 6 Beneish M-Score is -1.45 as of Aug. 28, 2026. GuruFocus rates ISX:SUPA with a GF Score™ of 6/100. The stock has 1 warning sign investors should review. Among 1,391 Banks companies, PT Super Bank Indonesia Tbk ranks worse than 96.76% 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.

Warning Sign:

Beneish M-Score -1.45 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:SUPA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.17   Med: -1.81   Max: -1.45
Current: -1.45

During the past 4 years, the highest Beneish M-Score of PT Super Bank Indonesia Tbk was -1.45. The lowest was -2.17. And the median was -1.81.

ISX:SUPA
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PT Super Bank Indonesia Tbk ISX:SUPA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Super Bank Indonesia 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 Super Bank Indonesia 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 * 1.0039+0.892 * 2.6398+0.115 * 0.6525
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.306+4.679 * -0.149122-0.327 * 0.4497
=-1.45

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was Rp0 Mil.
Revenue was Rp1,580,800 Mil.
Gross Profit was Rp1,580,800 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp21,282,312 Mil.
Property, Plant and Equipment(Net PPE) was Rp75,194 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp53,705 Mil.
Selling, General, & Admin. Expense(SGA) was Rp354,401 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp31,228 Mil.
Net Income was Rp99,684 Mil.
Gross Profit was Rp0 Mil.
Cash Flow from Operations was Rp3,273,349 Mil.
 Total Receivables was Rp0 Mil.
Revenue was Rp598,826 Mil.
Gross Profit was Rp598,826 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp11,395,094 Mil.
Property, Plant and Equipment(Net PPE) was Rp84,078 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp31,391 Mil.
Selling, General, & Admin. Expense(SGA) was Rp438,730 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp37,167 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 / 1580800) / (0 / 598826)
=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)
=(598826 / 598826) / (1580800 / 1580800)
=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 + 75194) / 21282312) / (1 - (0 + 84078) / 11395094)
=0.996467 / 0.992622
=1.0039

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
=1580800 / 598826
=2.6398

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))
=(31391 / (31391 + 84078)) / (53705 / (53705 + 75194))
=0.271857 / 0.416644
=0.6525

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)
=(354401 / 1580800) / (438730 / 598826)
=0.224191 / 0.73265
=0.306

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)
=((31228 + 0) / 21282312) / ((37167 + 0) / 11395094)
=0.001467 / 0.003262
=0.4497

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
=(99684 - 0 - 3273349) / 21282312
=-0.149122

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 Super Bank Indonesia Tbk has a M-score of -1.45 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.45 mean?
PT Super Bank Indonesia Tbk (ISX:SUPA) has a Beneish M-Score of -1.45 as of Aug. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Super Bank Indonesia Tbk and its competitors. According to the industry distribution chart, PT Super Bank Indonesia Tbk ranks #1346 out of 1391 companies in the Banks industry, placing it in the top 96.8%.
Is PT Super Bank Indonesia Tbk's Beneish M-Score too high?
PT Super Bank Indonesia Tbk's current Beneish M-Score is -1.45. Based on the distribution chart, PT Super Bank Indonesia Tbk ranks #1346 out of 1391 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, PT Super Bank Indonesia Tbk has a GF Score™ of 6/100, reflecting its overall financial health beyond just this single metric.
How does PT Super Bank Indonesia Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Super Bank Indonesia Tbk ranks #1346 out of 1391 companies for Beneish M-Score. This places PT Super Bank Indonesia 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 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 Super Bank Indonesia Tbk and its competitors. PT Super Bank Indonesia Tbk's current Beneish M-Score is -1.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Super Bank Indonesia Tbk stock overvalued right now?
PT Super Bank Indonesia Tbk (ISX:SUPA) has a current Beneish M-Score of -1.45. The current Beneish M-Score is -1.45. PT Super Bank Indonesia Tbk's overall GF Score™ is 6/100 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 Super Bank Indonesia Tbk (ISX:SUPA), the current Beneish M-Score is -1.45 as of Aug. 28, 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.

PT Super Bank Indonesia Tbk Business Description

Address Jalan Jend Sudirman Kav 52-53, Revenue Tower Lantai 28 - 29, SCBD Lot 13 District 8, Jakarta, IDN, 12190
PT Super Bank Indonesia Tbk is a bank in Indonesia that provides digital banking services. It offers digital solutions for a range of customer segments, including underbanked and unbanked communities and micro, small, and medium enterprises (MSMEs). The company offers a variety of digital banking solutions through the Superbank, Grab, and OVO applications, including savings accounts, digital loans, and easy-to-use payment solutions.
6GF Score

Get the complete analysis for ISX:SUPA

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

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