PT Bayan Resources Tbk (LTS:0RSQ) Beneish M-Score: -2.72 (As of Jul. 07, 2026)


What is PT Bayan Resources Tbk Beneish M-Score?

PT Bayan Resources Tbk LTS:0RSQ 71 Beneish M-Score is -2.72 as of Jul. 07, 2026. GuruFocus rates LTS:0RSQ with a GF Score™ of 71/100. The stock has 3 warning signs investors should review. Among 119 Other Energy Sources companies, PT Bayan Resources Tbk ranks better than 57.14% 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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LTS:0RSQ' s Beneish M-Score Range Over the Past 10 Years
Min: -3   Med: -2.15   Max: 0.36
Current: -2.72

During the past 13 years, the highest Beneish M-Score of PT Bayan Resources Tbk was 0.36. The lowest was -3.00. And the median was -2.15.

PT Bayan Resources Tbk Beneish M-Score Historical Data

* Premium members only.

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

PT Bayan Resources Tbk Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.16 -2.13 -1.60 -1.41 -2.49

PT Bayan Resources 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.47 -2.63 -2.25 -2.49 -2.72

PT Bayan Resources Tbk Beneish M-Score Competitor Comparison

For the Thermal Coal subindustry, PT Bayan Resources 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 Bayan Resources Tbk Beneish M-Score vs Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, PT Bayan Resources Tbk's Beneish M-Score distribution charts can be found below:

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


PT Bayan Resources 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 Bayan Resources 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 * 0.7913+0.528 * 1.191+0.404 * 1.0637+0.892 * 0.872+0.115 * 0.9223
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8997+4.679 * -0.049682-0.327 * 0.7657
=-2.81

* 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 €191.70 Mil.
Revenue was 710.727 + 843.457 + 696.991 + 634.389 = €2,885.56 Mil.
Gross Profit was 231.009 + 284.338 + 210.482 + 182.99 = €908.82 Mil.
Total Current Assets was €1,353.35 Mil.
Total Assets was €3,033.75 Mil.
Property, Plant and Equipment(Net PPE) was €1,104.05 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.74 Mil.
Selling, General, & Admin. Expense(SGA) was €44.50 Mil.
Total Current Liabilities was €412.74 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 Mil.
Net Income was 165.034 + 209.88 + 147.316 + 113.87 = €636.10 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was 186.703 + 147.985 + 189.746 + 262.389 = €786.82 Mil.
 Total Receivables was €277.83 Mil.
Revenue was 823.389 + 923.895 + 846.01 + 715.973 = €3,309.27 Mil.
Gross Profit was 291.603 + 398.653 + 299.839 + 251.208 = €1,241.30 Mil.
Total Current Assets was €1,332.19 Mil.
Total Assets was €3,003.39 Mil.
Property, Plant and Equipment(Net PPE) was €1,134.78 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.65 Mil.
Selling, General, & Admin. Expense(SGA) was €56.73 Mil.
Total Current Liabilities was €533.65 Mil.
Long-Term Debt & Capital Lease Obligation was €0.00 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)
=(191.699 / 2885.564) / (277.825 / 3309.267)
=0.066434 / 0.083954
=0.7913

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)
=(1241.303 / 3309.267) / (908.819 / 2885.564)
=0.375099 / 0.314954
=1.191

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 - (1353.354 + 1104.049) / 3033.746) / (1 - (1332.187 + 1134.779) / 3003.392)
=0.189977 / 0.178607
=1.0637

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
=2885.564 / 3309.267
=0.872

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))
=(1.645 / (1.645 + 1134.779)) / (1.736 / (1.736 + 1104.049))
=0.001448 / 0.00157
=0.9223

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)
=(44.5 / 2885.564) / (56.725 / 3309.267)
=0.015422 / 0.017141
=0.8997

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)
=((0 + 412.744) / 3033.746) / ((0 + 533.652) / 3003.392)
=0.136051 / 0.177683
=0.7657

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
=(636.1 - 0 - 786.823) / 3033.746
=-0.049682

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 Bayan Resources Tbk has a M-score of -2.81 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 -2.72 mean?
PT Bayan Resources Tbk (LTS:0RSQ) has a Beneish M-Score of -2.72 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bayan Resources Tbk and its competitors. According to the industry distribution chart, PT Bayan Resources Tbk ranks #51 out of 119 companies in the Other Energy Sources industry, placing it in the top 42.9%.
Is PT Bayan Resources Tbk's Beneish M-Score too high?
PT Bayan Resources Tbk's current Beneish M-Score is -2.72. Based on the distribution chart, PT Bayan Resources Tbk ranks #51 out of 119 companies in the Other Energy Sources industry, which is above the industry midpoint. Overall, PT Bayan Resources Tbk has a GF Score™ of 71/100, reflecting its overall financial health beyond just this single metric.
How does PT Bayan Resources Tbk's Beneish M-Score compare to competitors?
According to the Other Energy Sources industry distribution chart, PT Bayan Resources Tbk ranks #51 out of 119 companies for Beneish M-Score. This puts PT Bayan Resources 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 an Other Energy Sources company?
A good Beneish M-Score depends on the Other Energy Sources 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 Bayan Resources Tbk and its competitors. PT Bayan Resources Tbk's current Beneish M-Score is -2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bayan Resources Tbk stock overvalued right now?
PT Bayan Resources Tbk (LTS:0RSQ) has a current Beneish M-Score of -2.72. The current Beneish M-Score is -2.72. PT Bayan Resources Tbk's overall GF Score™ is 71/100 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 Bayan Resources Tbk (LTS:0RSQ), the current Beneish M-Score is -2.72 as of Jul. 07, 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 Bayan Resources Tbk Business Description

Other Exchanges BYAN:IndonesiaBNB:Germany
Address Jalan Senopati No. 8B, Senayan, Office 8 Building, 37th Floor, Unit A-H, Kebayoran Baru, South Jakarta, Jakarta, IDN, 12190
PT Bayan Resources Tbk is an Indonesian holding company. Through its subsidiaries, it operates as a coal producer. The company integrates coal mining, processing, and logistics operations. The segments of the company include Coal and Non-coal. The company's majority of revenue is generated by the sale of the coal segment. Geographically, the company derives a majority of its revenue from East Asia (China, Japan, Korea and Taiwan), and also has a presence in South East Asia, Domestic, South Asia, and Europe.