PT Asuransi Tugu Pratama Indonesia Tbk (ISX:TUGU) Beneish M-Score: -4.99 (As of Jul. 17, 2026)

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ISX:TUGU PT Asuransi Tugu Pratama Indonesia Tbk ISX:TUGU
83 GF Score
Price Rp1,240.00
GF Value Rp1,025.73
Valuation Modestly Overvalued
! 3 Warning Signs
View Full Analysis

What is PT Asuransi Tugu Pratama Indonesia Tbk Beneish M-Score?

PT Asuransi Tugu Pratama Indonesia Tbk ISX:TUGU -0.40% 83 Beneish M-Score is -4.99 as of Jul. 17, 2026. GuruFocus rates ISX:TUGU with a GF Score™ of 83/100 and a GF Value™ of Rp1,025.73 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 397 Insurance companies, PT Asuransi Tugu Pratama Indonesia Tbk ranks better than 95.47% 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 -4.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TUGU' s Beneish M-Score Range Over the Past 10 Years
Min: -10.28   Med: -3.08   Max: 1.18
Current: -4.99

During the past 13 years, the highest Beneish M-Score of PT Asuransi Tugu Pratama Indonesia Tbk was 1.18. The lowest was -10.28. And the median was -3.08.

ISX:TUGU
83GF Score
PT Asuransi Tugu Pratama Indonesia Tbk ISX:TUGU
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Asuransi Tugu Pratama 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 Asuransi Tugu Pratama 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 * 0.9908+0.892 * 0.679+0.115 * 0.2257
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 12.5941+4.679 * -0.016228-0.327 * 1.1838
=-4.99

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was Rp337,675 Mil.
Revenue was 3091168.16 + -618371.348 + 1080189.11 + 1730924.008 = Rp5,283,910 Mil.
Gross Profit was 3091168.16 + -618371.348 + 1080189.11 + 1730924.008 = Rp5,283,910 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp29,685,844 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,090,117 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp246,329 Mil.
Selling, General, & Admin. Expense(SGA) was Rp331,199 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp692,999 Mil.
Net Income was 265617.754 + 116238.295 + 237287.927 + -6687.11 = Rp612,457 Mil.
Non Operating Income was 113058.073 + 296871.741 + -125410.338 + 148316.988 = Rp432,836 Mil.
Cash Flow from Operations was -412566.862 + 598373.692 + 363388.332 + 112161.918 = Rp661,357 Mil.
 Total Receivables was Rp0 Mil.
Revenue was 4449564.896 + -2012718.606 + -365289.478 + 5709980.503 = Rp7,781,537 Mil.
Gross Profit was 4449564.896 + -2012718.606 + -365289.478 + 5709980.503 = Rp7,781,537 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp30,128,905 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,885,924 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp48,911 Mil.
Selling, General, & Admin. Expense(SGA) was Rp38,729 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp594,138 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)
=(337675.042 / 5283909.93) / (0 / 7781537.315)
=0.063906 / 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)
=(7781537.315 / 7781537.315) / (5283909.93 / 5283909.93)
=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 + 3090116.512) / 29685844.4) / (1 - (0 + 2885923.617) / 30128904.56)
=0.895906 / 0.904214
=0.9908

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
=5283909.93 / 7781537.315
=0.679

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))
=(48910.78 / (48910.78 + 2885923.617)) / (246329.484 / (246329.484 + 3090116.512))
=0.016666 / 0.07383
=0.2257

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)
=(331199.055 / 5283909.93) / (38728.805 / 7781537.315)
=0.062681 / 0.004977
=12.5941

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)
=((692998.779 + 0) / 29685844.4) / ((594138.017 + 0) / 30128904.56)
=0.023344 / 0.01972
=1.1838

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
=(612456.866 - 432836.464 - 661357.08) / 29685844.4
=-0.016228

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 Asuransi Tugu Pratama Indonesia Tbk has a M-score of -4.99 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 -4.99 mean?
PT Asuransi Tugu Pratama Indonesia Tbk (ISX:TUGU) has a Beneish M-Score of -4.99 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Asuransi Tugu Pratama Indonesia Tbk and its competitors. According to the industry distribution chart, PT Asuransi Tugu Pratama Indonesia Tbk ranks #18 out of 397 companies in the Insurance industry, placing it in the top 4.5%.
Is PT Asuransi Tugu Pratama Indonesia Tbk's Beneish M-Score too high?
PT Asuransi Tugu Pratama Indonesia Tbk's current Beneish M-Score is -4.99. Based on the distribution chart, PT Asuransi Tugu Pratama Indonesia Tbk ranks #18 out of 397 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, PT Asuransi Tugu Pratama Indonesia Tbk has a GF Score™ of 83/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Asuransi Tugu Pratama Indonesia Tbk's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, PT Asuransi Tugu Pratama Indonesia Tbk ranks #18 out of 397 companies for Beneish M-Score. This places PT Asuransi Tugu Pratama Indonesia Tbk in the top 5% of its industry — outperforming the majority of peers. 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 Asuransi Tugu Pratama Indonesia Tbk and its competitors. PT Asuransi Tugu Pratama Indonesia Tbk's current Beneish M-Score is -4.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Asuransi Tugu Pratama Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Asuransi Tugu Pratama Indonesia Tbk (ISX:TUGU) is currently considered Modestly Overvalued. The stock's GF Value™ is Rp1,025.73, compared to a current price of Rp1,240.00 — trading 20.9% above its estimated fair value. The current Beneish M-Score is -4.99. PT Asuransi Tugu Pratama Indonesia Tbk's overall GF Score™ is 83/100 with 3 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 Asuransi Tugu Pratama Indonesia Tbk (ISX:TUGU), the current Beneish M-Score is -4.99 as of Jul. 17, 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 Asuransi Tugu Pratama Indonesia Tbk (ISX:TUGU) Overvalued in 2026?

Based on GuruFocus' analysis, PT Asuransi Tugu Pratama Indonesia Tbk stock appears to be overvalued. The current stock price of Rp1,240.00 is trading 20.9% above its estimated GF Value™ of Rp1,025.73. GuruFocus considers PT Asuransi Tugu Pratama Indonesia Tbk to be Modestly Overvalued.

Key valuation signals for ISX:TUGU:

  • Beneish M-Score: -4.99
  • GF Value™: Rp1,025.73 vs. price of Rp1,240.00 (20.9% above fair value)
  • GF Score™: 83/100 with 3 warning signs

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

PT Asuransi Tugu Pratama Indonesia Tbk Business Description

Address Jalan H.R. Rasuna Said Kav C 8-9, Gedung Wisma Tugu I, South Jakarta, Jakarta, IDN, 12920
PT Asuransi Tugu Pratama Indonesia Tbk is an insurance company. It has four business segments namely General insurance; Reinsurance; Rental and related business; and Others. Geographically, it derives the majority of its revenue from Indonesia. Its products include Fire and Property, Health, Personal, Aviation, Marine Hull, Cargo and Protection and Indemnity, Engineering, and other Miscellaneous insurance.
83GF Score

Get the complete analysis for ISX:TUGU

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

Rp1,240.00
Price
Rp1,025.73
GF Value