PT Pabrik Kertas Tjiwi Kimia Tbk (ISX:TKIM) Beneish M-Score: -2.57 (As of Jun. 26, 2026)

What is PT Pabrik Kertas Tjiwi Kimia Tbk Beneish M-Score?

PT Pabrik Kertas Tjiwi Kimia Tbk ISX:TKIM -4.24% 78 Beneish M-Score is -2.57 as of Jun. 26, 2026. GuruFocus rates ISX:TKIM with a GF Score™ of 78/100 and a GF Value™ of Rp7,506.74 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 273 Forest Products companies, PT Pabrik Kertas Tjiwi Kimia Tbk ranks better than 52.01% 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score or its related term are showing as below:

ISX:TKIM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48 Med: -2.39 Max: -0.96
Current: -2.57

During the past 13 years, the highest Beneish M-Score of PT Pabrik Kertas Tjiwi Kimia Tbk was -0.96. The lowest was -3.48. And the median was -2.39.

PT Pabrik Kertas Tjiwi Kimia Tbk Beneish M-Score Related Terms

PT Pabrik Kertas Tjiwi Kimia Tbk Beneish M-Score Historical Data

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The historical data trend for PT Pabrik Kertas Tjiwi Kimia 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 Pabrik Kertas Tjiwi Kimia Tbk Beneish M-Score Chart

PT Pabrik Kertas Tjiwi Kimia Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.43

-0.96

-2.52

-1.70

-2.92

PT Pabrik Kertas Tjiwi Kimia 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															-1.40	-2.00	-2.65	-2.92	-2.57

PT Pabrik Kertas Tjiwi Kimia Tbk Beneish M-Score Competitor Comparison

For the Paper & Paper Products subindustry, PT Pabrik Kertas Tjiwi Kimia 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 Pabrik Kertas Tjiwi Kimia Tbk Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score falls into.

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PT Pabrik Kertas Tjiwi Kimia Tbk ISX:TKIM

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

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PT Pabrik Kertas Tjiwi Kimia 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 Pabrik Kertas Tjiwi Kimia 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 * 0.5547

0.528 * 0.9207

0.404 * 1.0498

0.892 * 1.0665

0.115 * 1.0418

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1249

4.679 * 0.053427

0.327 * 0.8502

-2.57

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp1,050,653 Mil.
Revenue was 4427787.841 + 4106561.389 + 4103390.782 + 3834670.955 = Rp16,472,411 Mil.
Gross Profit was 706326.5 + 625548.203 + 575062.731 + 628521.756 = Rp2,535,459 Mil.
Total Current Assets was Rp10,990,435 Mil.
Total Assets was Rp68,060,827 Mil.
Property, Plant and Equipment(Net PPE) was Rp13,481,217 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp17,132 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,109,625 Mil.
Total Current Liabilities was Rp8,088,371 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,662,259 Mil.
Net Income was 1383382.146 + 1045548.637 + 1895965.399 + -4909.052 = Rp4,319,987 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -583554.826 + -1039032.858 + 1319994.717 + 986262.809 = Rp683,670 Mil.

Total Receivables was Rp1,775,821 Mil.
Revenue was 4203457.771 + 3620823.471 + 3705154.095 + 3915429.773 = Rp15,444,865 Mil.
Gross Profit was 660971.786 + 502193.7 + 403528.747 + 622147.2 = Rp2,188,841 Mil.
Total Current Assets was Rp12,735,140 Mil.
Total Assets was Rp64,132,758 Mil.
Property, Plant and Equipment(Net PPE) was Rp12,271,035 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp16,242 Mil.
Selling, General, & Admin. Expense(SGA) was Rp924,850 Mil.
Total Current Liabilities was Rp8,745,381 Mil.
Long-Term Debt & Capital Lease Obligation was Rp8,712,097 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)
	=	(1050652.627 / 16472410.967)	/	(1775821.295 / 15444865.11)
	=	0.063783	/	0.114978
	=	0.5547

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)
	=	(2188841.433 / 15444865.11)	/	(2535459.19 / 16472410.967)
	=	0.14172	/	0.153922
	=	0.9207

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 - (10990434.915 + 13481216.882) / 68060827.168)	/	(1 - (12735140.28 + 12271035.487) / 64132757.587)
	=	0.640444	/	0.610087
	=	1.0498

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
	=	16472410.967	/	15444865.11
	=	1.0665

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))
	=	(16242.346 / (16242.346 + 12271035.487))	/	(17132.069 / (17132.069 + 13481216.882))
	=	0.001322	/	0.001269
	=	1.0418

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)
	=	(1109624.868 / 16472410.967)	/	(924850.19 / 15444865.11)
	=	0.067363	/	0.059881
	=	1.1249

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)
	=	((7662259.392 + 8088371.227) / 68060827.168)	/	((8712097.258 + 8745380.526) / 64132757.587)
	=	0.23142	/	0.272208
	=	0.8502

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
	=	(4319987.13 - 0	-	683669.842)	/	68060827.168
	=	0.053427

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 Pabrik Kertas Tjiwi Kimia Tbk has a M-score of -2.57 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 -2.57 mean?

PT Pabrik Kertas Tjiwi Kimia Tbk (ISX:TKIM) has a Beneish M-Score of -2.57 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Pabrik Kertas Tjiwi Kimia Tbk and its competitors. According to the industry distribution chart, PT Pabrik Kertas Tjiwi Kimia Tbk ranks #131 out of 273 companies in the Forest Products industry, placing it in the top 48%.

Is PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score too high?

PT Pabrik Kertas Tjiwi Kimia Tbk's current Beneish M-Score is -2.57. Based on the distribution chart, PT Pabrik Kertas Tjiwi Kimia Tbk ranks #131 out of 273 companies in the Forest Products industry, which is above the industry midpoint. Overall, PT Pabrik Kertas Tjiwi Kimia Tbk has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score compare to competitors?

According to the Forest Products industry distribution chart, PT Pabrik Kertas Tjiwi Kimia Tbk ranks #131 out of 273 companies for Beneish M-Score. This puts PT Pabrik Kertas Tjiwi Kimia 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 Forest Products company?

A good Beneish M-Score depends on the Forest Products 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 Pabrik Kertas Tjiwi Kimia Tbk and its competitors. PT Pabrik Kertas Tjiwi Kimia Tbk's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Pabrik Kertas Tjiwi Kimia Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Pabrik Kertas Tjiwi Kimia Tbk (ISX:TKIM) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp7,506.74, compared to a current price of Rp5,650.00 — trading 24.7% below its estimated fair value. The current Beneish M-Score is -2.57. PT Pabrik Kertas Tjiwi Kimia Tbk's overall GF Score™ is 78/100 with 5 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 Pabrik Kertas Tjiwi Kimia Tbk (ISX:TKIM), the current Beneish M-Score is -2.57 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 Pabrik Kertas Tjiwi Kimia Tbk (ISX:TKIM) Overvalued in 2026?

Based on GuruFocus' analysis, PT Pabrik Kertas Tjiwi Kimia Tbk stock appears to be undervalued. The current stock price of Rp5,650.00 is trading 24.7% below its estimated GF Value™ of Rp7,506.74. GuruFocus considers PT Pabrik Kertas Tjiwi Kimia Tbk to be Modestly Undervalued.

Key valuation signals for ISX:TKIM:

Beneish M-Score: -2.57
GF Value™: Rp7,506.74 vs. price of Rp5,650.00 (24.7% below fair value)
GF Score™: 78/100 with 5 warning signs

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

PT Pabrik Kertas Tjiwi Kimia Tbk Business Description

Industry Basic Materials Forest Products

Comparable Companies ISX:ALDO ISX:SPMA ISX:INKP OHEL:UPM BSP:SUZB3 OSTO:SCA A SZSE:002078 OSTO:HOLM A LSE:MNDI TSE:3861 BSP:KLBN3 HKSE:02689 XSGO:CMPC XLIS:NVG SHSE:603733 BUE:CELU XLIS:SEM HKSE:02314 SZSE:000815 OSTO:BILL

Address Jalan M.H. Thamrin No. 51, Gedung Sinar Mas Land Plaza, Tower II, 9th Floor, Jakarta, IDN, 10350

Website https://app.co.id

PT Pabrik Kertas Tjiwi Kimia Tbk is engaged in paper and stationery manufacturing, with its main products such as printed paper, coated paper, and carbonless. The company also produces a wide range of converted stationery and office products such as woodfree, art board, baking paper, brown kraft, kraft paper, and others. It operates in two business segments: Cultural paper products, and Industrial paper products and others. The Cultural paper products segment consists of printing and writing paper and related paper products; the Industrial paper segment consists of fluting medium paper and carton boxes; The other product segment includes the sale of the chemical by-product. The majority of the revenue is being made from Cultural paper products segment.

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Rp5,650.00

Price

Rp7,506.74

GF Value

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