PT Asuransi Tugu Pratama Indonesia Tbk (ISX:TUGU) Beneish M-Score: 0.00 (As of Aug. 31, 2026)

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ISX:TUGU PT Asuransi Tugu Pratama Indonesia Tbk ISX:TUGU
86 GF Score
Price Rp1,370.00
GF Value Rp1,406.38
Valuation Fairly Valued
! 5 Warning Signs
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What is PT Asuransi Tugu Pratama Indonesia Tbk Beneish M-Score?

PT Asuransi Tugu Pratama Indonesia Tbk ISX:TUGU +0.37% 86 Beneish M-Score is 0.00 as of Aug. 31, 2026. GuruFocus rates ISX:TUGU with a GF Score™ of 86/100 and a GF Value™ of Rp1,406.38 (Fairly Valued). The stock has 5 warning signs investors should review. Among 401 Insurance companies, PT Asuransi Tugu Pratama Indonesia Tbk ranks worse than 249376.31% 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.

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:

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 -3.06.

ISX:TUGU
86GF 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was Rp274,659 Mil.
Revenue was -772339.747 + 3091168.16 + -618371.348 + 4992593.309 = Rp6,693,050 Mil.
Gross Profit was -772339.747 + 3091168.16 + -618371.348 + 4992593.309 = Rp6,693,050 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp29,487,508 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,056,996 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp265,806 Mil.
Selling, General, & Admin. Expense(SGA) was Rp360,499 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp707,625 Mil.
Net Income was 214667.879 + 265617.754 + 116238.295 + 323263.822 = Rp919,788 Mil.
Non Operating Income was 189697.714 + 113058.073 + 296871.741 + -58453.413 = Rp541,174 Mil.
Cash Flow from Operations was 238243.736 + -412566.862 + 598373.692 + 363387.74 = Rp787,438 Mil.
 Total Receivables was Rp319,929 Mil.
Revenue was -2181480.191 + 4449564.896 + -2012718.606 + -365289.478 = Rp-109,923 Mil.
Gross Profit was -2181480.191 + 4449564.896 + -2012718.606 + -365289.478 = Rp-109,923 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp32,564,537 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,951,554 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp101,260 Mil.
Selling, General, & Admin. Expense(SGA) was Rp97,064 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp704,591 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)
=(274658.785 / 6693050.374) / (319928.802 / -109923.379)
=0.041036 /
=

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)
=(-109923.379 / -109923.379) / (6693050.374 / 6693050.374)
= / 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 + 3056995.975) / 29487507.699) / (1 - (0 + 2951553.835) / 32564537.206)
=0.896329 / 0.909363
=

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
=6693050.374 / -109923.379
=

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))
=(101260.09 / (101260.09 + 2951553.835)) / (265805.61 / (265805.61 + 3056995.975))
=0.033169 / 0.079994
=

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)
=(360499.098 / 6693050.374) / (97063.982 / -109923.379)
=0.053862 /
=

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)
=((707624.517 + 0) / 29487507.699) / ((704591.19 + 0) / 32564537.206)
=0.023997 / 0.021637
=

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
=(919787.75 - 541174.115 - 787438.306) / 29487507.699
=-0.013864

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
PT Asuransi Tugu Pratama Indonesia Tbk (ISX:TUGU) has a Beneish M-Score of 0.00 as of Aug. 31, 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 #999999 out of 401 companies in the Insurance industry.
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 0.00. Based on the distribution chart, PT Asuransi Tugu Pratama Indonesia Tbk ranks #999999 out of 401 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, PT Asuransi Tugu Pratama Indonesia Tbk has a GF Score™ of 86/100 and is considered Fairly Valued, 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 #999999 out of 401 companies for Beneish M-Score. This places PT Asuransi Tugu Pratama 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 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 0.00. 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 Fairly Valued. The stock's GF Value™ is Rp1,406.38, compared to a current price of Rp1,370.00 — trading 2.6% below its estimated fair value. The current Beneish M-Score is 0.00. PT Asuransi Tugu Pratama Indonesia Tbk's overall GF Score™ is 86/100 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 Asuransi Tugu Pratama Indonesia Tbk (ISX:TUGU), the current Beneish M-Score is 0.00 as of Aug. 31, 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 undervalued. The current stock price of Rp1,370.00 is trading 2.6% below its estimated GF Value™ of Rp1,406.38. GuruFocus considers PT Asuransi Tugu Pratama Indonesia Tbk to be Fairly Valued.

Key valuation signals for ISX:TUGU:

  • Beneish M-Score: 0.00
  • GF Value™: Rp1,406.38 vs. price of Rp1,370.00 (2.6% below fair value)
  • GF Score™: 86/100 with 5 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.
86GF 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.

Rp1,370.00
Price
Rp1,406.38
GF Value