PT Temas Tbk (ISX:TMAS) Beneish M-Score: -2.71 (As of Jun. 24, 2026)

What is PT Temas Tbk Beneish M-Score?

PT Temas Tbk ISX:TMAS -1.75% 73 Beneish M-Score is -2.71 as of Jun. 24, 2026. GuruFocus rates ISX:TMAS with a GF Score™ of 73/100 and a GF Value™ of Rp145.36 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 966 Transportation companies, PT Temas Tbk ranks better than 61.59% 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TMAS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.98 Med: -2.64 Max: -1.29
Current: -2.71

During the past 13 years, the highest Beneish M-Score of PT Temas Tbk was -1.29. The lowest was -3.98. And the median was -2.64.

PT Temas Tbk Beneish M-Score Related Terms

PT Temas Tbk Beneish M-Score Historical Data

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

PT Temas Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.37

-2.71

-2.57

-3.13

-2.44

PT Temas 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															-2.65	-3.09	-2.90	-2.44	-2.71

PT Temas Tbk Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, PT Temas 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 Temas Tbk Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, PT Temas Tbk's Beneish M-Score distribution charts can be found below:

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

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73GF Score

PT Temas Tbk ISX:TMAS

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

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PT Temas 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 Temas 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 * 1.1835

0.528 * 1.113

0.404 * 0.4189

0.892 * 1.032

0.115 * 1.2583

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3988

4.679 * -0.072526

0.327 * 1.1364

-2.71

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was Rp354,760 Mil.
Revenue was 1139380 + 1153841 + 1120350 + 1034613 = Rp4,448,184 Mil.
Gross Profit was 245416 + 229708 + 170735 + 174237 = Rp820,096 Mil.
Total Current Assets was Rp1,021,370 Mil.
Total Assets was Rp5,569,893 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,468,982 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp15,331 Mil.
Selling, General, & Admin. Expense(SGA) was Rp4,969 Mil.
Total Current Liabilities was Rp797,981 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,458,763 Mil.
Net Income was 156763 + 133766 + 79250 + 150343 = Rp520,122 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 131012 + 337284 + 238855 + 216934 = Rp924,085 Mil.

Total Receivables was Rp290,466 Mil.
Revenue was 1039588 + 1116695 + 1118172 + 1035951 = Rp4,310,406 Mil.
Gross Profit was 222867 + 226669 + 225752 + 209232 = Rp884,520 Mil.
Total Current Assets was Rp1,032,484 Mil.
Total Assets was Rp4,700,914 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,508,160 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp15,159 Mil.
Selling, General, & Admin. Expense(SGA) was Rp12,075 Mil.
Total Current Liabilities was Rp635,029 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,041,018 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)
	=	(354760 / 4448184)	/	(290466 / 4310406)
	=	0.079754	/	0.067387
	=	1.1835

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)
	=	(884520 / 4310406)	/	(820096 / 4448184)
	=	0.205206	/	0.184366
	=	1.113

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 - (1021370 + 4468982) / 5569893)	/	(1 - (1032484 + 3508160) / 4700914)
	=	0.014281	/	0.034093
	=	0.4189

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
	=	4448184	/	4310406
	=	1.032

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))
	=	(15159 / (15159 + 3508160))	/	(15331 / (15331 + 4468982))
	=	0.004302	/	0.003419
	=	1.2583

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)
	=	(4969 / 4448184)	/	(12075 / 4310406)
	=	0.001117	/	0.002801
	=	0.3988

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)
	=	((1458763 + 797981) / 5569893)	/	((1041018 + 635029) / 4700914)
	=	0.405168	/	0.356536
	=	1.1364

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
	=	(520122 - 0	-	924085)	/	5569893
	=	-0.072526

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 Temas Tbk has a M-score of -2.71 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 -2.71 mean?

PT Temas Tbk (ISX:TMAS) has a Beneish M-Score of -2.71 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Temas Tbk and its competitors. According to the industry distribution chart, PT Temas Tbk ranks #371 out of 966 companies in the Transportation industry, placing it in the top 38.4%.

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

PT Temas Tbk's current Beneish M-Score is -2.71. Based on the distribution chart, PT Temas Tbk ranks #371 out of 966 companies in the Transportation industry, which is above the industry midpoint. Overall, PT Temas Tbk has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does PT Temas Tbk's Beneish M-Score compare to competitors?

According to the Transportation industry distribution chart, PT Temas Tbk ranks #371 out of 966 companies for Beneish M-Score. This puts PT Temas 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 Transportation company?

A good Beneish M-Score depends on the Transportation 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 Temas Tbk and its competitors. PT Temas Tbk's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is PT Temas Tbk stock overvalued right now?

Based on GuruFocus' analysis, PT Temas Tbk (ISX:TMAS) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp145.36, compared to a current price of Rp112.00 — trading 22.9% below its estimated fair value. The current Beneish M-Score is -2.71. PT Temas Tbk's overall GF Score™ is 73/100 with 2 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 Temas Tbk (ISX:TMAS), the current Beneish M-Score is -2.71 as of Jun. 24, 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 Temas Tbk (ISX:TMAS) Overvalued in 2026?

Based on GuruFocus' analysis, PT Temas Tbk stock appears to be undervalued. The current stock price of Rp112.00 is trading 22.9% below its estimated GF Value™ of Rp145.36. GuruFocus considers PT Temas Tbk to be Modestly Undervalued.

Key valuation signals for ISX:TMAS:

Beneish M-Score: -2.71
GF Value™: Rp145.36 vs. price of Rp112.00 (22.9% below fair value)
GF Score™: 73/100 with 2 warning signs

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

PT Temas Tbk Business Description

Industry Industrials Transportation

Comparable Companies ISX:BULL ISX:SMDR ISX:MBSS ISX:CBRE ISX:BESS ISX:HATM ISX:SOCI ISX:HUMI ISX:PORT ISX:GTSI BOM:532921 OCSE:MAERSK B HKSE:01919 PHS:ICT XTER:HLAG SHSE:600018 TPE:2603 TSE:9101 XKRX:011200 ADX:ADNOCLS

Address Jalan Yos Sudarso Kav. 33, Sunter Jaya, Tanjung Priok, Kantor Pusat Jakarta, Jakarta, IDN, 14350

Website https://www.temasline.com

PT Temas Tbk operates in the shipping industry. The company is engaged in the transportation business, especially marine transportation services that provide containerized goods delivery. Services offered include managing container transportation and stevedoring services nationwide. The company engages in both domestic and international transportation activities, particularly in transporting passengers, cargoes, and animals by vessels, acts as an agent in the shipping business. In addition, it is involved in the purchase and sale of vessels and related equipment. Its businesses are grouped into two operating segments: Shipping and Stevedoring. The Shipping segment contributes the vast majority of total revenue. Geographically, the company operates Domestically as well as Overseas.

73GF Score

Get the complete analysis for ISX:TMAS

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

Rp112.00

Price

Rp145.36

GF Value

View ISX:TMAS Analysis

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