PBCRF (PT Bank Central Asia Tbk) Beneish M-Score: -2.39 (As of Jun. 25, 2026)


PBCRF PT Bank Central Asia Tbk PBCRF
57 GF Score
Price $0.35
GF Value $0.64
Valuation Significantly Undervalued
! 2 Warning Signs
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What is PT Bank Central Asia Tbk Beneish M-Score?

PT Bank Central Asia Tbk PBCRF 57 Beneish M-Score is -2.39 as of Jun. 25, 2026. GuruFocus rates PBCRF with a GF Score™ of 57/100 and a GF Value™ of $0.64 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,396 Banks companies, PT Bank Central Asia Tbk ranks worse than 51.72% 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PBCRF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79   Med: -2.4   Max: -2.08
Current: -2.39

During the past 13 years, the highest Beneish M-Score of PT Bank Central Asia Tbk was -2.08. The lowest was -2.79. And the median was -2.40.

PBCRF
57GF Score
PT Bank Central Asia Tbk PBCRF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Central Asia 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 Bank Central Asia 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 * 1.0012+0.892 * 1.0143+0.115 * 0.8702
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9038+4.679 * -0.019539-0.327 * 0.5991
=-2.43

* 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 $0 Mil.
Revenue was 1692.919 + 1599.022 + 1801.781 + 1850.526 = $6,944 Mil.
Gross Profit was 1692.919 + 1599.022 + 1801.781 + 1850.526 = $6,944 Mil.
Total Current Assets was $0 Mil.
Total Assets was $96,922 Mil.
Property, Plant and Equipment(Net PPE) was $1,660 Mil.
Depreciation, Depletion and Amortization(DDA) was $162 Mil.
Selling, General, & Admin. Expense(SGA) was $749 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $136 Mil.
Net Income was 867.376 + 846.338 + 871.144 + 911.776 = $3,497 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 2830.628 + 692.926 + 1514.931 + 351.942 = $5,390 Mil.
 Total Receivables was $0 Mil.
Revenue was 1680.76 + 1659.298 + 1850.585 + 1655.578 = $6,846 Mil.
Gross Profit was 1680.76 + 1659.298 + 1850.585 + 1655.578 = $6,846 Mil.
Total Current Assets was $0 Mil.
Total Assets was $93,132 Mil.
Property, Plant and Equipment(Net PPE) was $1,708 Mil.
Depreciation, Depletion and Amortization(DDA) was $143 Mil.
Selling, General, & Admin. Expense(SGA) was $817 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $219 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)
=(0 / 6944.248) / (0 / 6846.221)
=0 / 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)
=(6846.221 / 6846.221) / (6944.248 / 6944.248)
=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 + 1659.571) / 96922.164) / (1 - (0 + 1707.849) / 93131.948)
=0.982877 / 0.981662
=1.0012

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
=6944.248 / 6846.221
=1.0143

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))
=(143.125 / (143.125 + 1707.849)) / (161.853 / (161.853 + 1659.571))
=0.077324 / 0.088861
=0.8702

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)
=(749.267 / 6944.248) / (817.281 / 6846.221)
=0.107898 / 0.119377
=0.9038

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)
=((136.458 + 0) / 96922.164) / ((218.814 + 0) / 93131.948)
=0.001408 / 0.00235
=0.5991

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
=(3496.634 - 0 - 5390.427) / 96922.164
=-0.019539

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 Bank Central Asia Tbk has a M-score of -2.43 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 -2.39 mean?
PT Bank Central Asia Tbk (PBCRF) has a Beneish M-Score of -2.39 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Central Asia Tbk and its competitors. According to the industry distribution chart, PT Bank Central Asia Tbk ranks #722 out of 1396 companies in the Banks industry, placing it in the top 51.7%.
Is PT Bank Central Asia Tbk's Beneish M-Score too high?
PT Bank Central Asia Tbk's current Beneish M-Score is -2.39. Based on the distribution chart, PT Bank Central Asia Tbk ranks #722 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, PT Bank Central Asia Tbk has a GF Score™ of 57/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Bank Central Asia Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Central Asia Tbk ranks #722 out of 1396 companies for Beneish M-Score. This places PT Bank Central Asia 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 a Banks company?
A good Beneish M-Score depends on the Banks 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 Bank Central Asia Tbk and its competitors. PT Bank Central Asia Tbk's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Central Asia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Bank Central Asia Tbk (PBCRF) is currently considered Significantly Undervalued. The stock's GF Value™ is $0.64, compared to a current price of $0.35 — trading 45.5% below its estimated fair value. The current Beneish M-Score is -2.39. PT Bank Central Asia Tbk's overall GF Score™ is 57/100 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 Bank Central Asia Tbk (PBCRF), the current Beneish M-Score is -2.39 as of Jun. 25, 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 Bank Central Asia Tbk (PBCRF) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Central Asia Tbk stock appears to be undervalued. The current stock price of $0.35 is trading 45.5% below its estimated GF Value™ of $0.64. GuruFocus considers PT Bank Central Asia Tbk to be Significantly Undervalued.

Key valuation signals for PBCRF:

  • Beneish M-Score: -2.39
  • GF Value™: $0.64 vs. price of $0.35 (45.5% below fair value)
  • GF Score™: 57/100 with 2 warning signs

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

PT Bank Central Asia Tbk Business Description

Address Jalan. M.H. Thamrin No. 1, Menara BCA, 20th Floor, Grand Indonesia, Jakarta, IDN, 10310
PT Bank Central Asia Tbk is an Indonesia-based banking service provider operating as a Sharia bank. The bank provides various financial solutions to its customers through its inter-branch links, ATM network, and electronic banking services. It offers loans, deposit accounts, mutual fund investments, fixed income products, and credit facilities, among other banking products and services. Its segments are Loans, which derives maximum revenue, Treasury, and Others. The customer base mainly includes individuals, small and medium businesses, and corporations. Its business segment is classified into five geographic areas, which are Sumatera, Java, Kalimantan, East Indonesia, and overseas operations.
57GF Score

Get the complete analysis for PBCRF

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

$0.35
Price
$0.64
GF Value