PT Bank Tabungan Negara (Persero) Tbk (STU:TA2) Beneish M-Score: -2.10 (As of Jun. 25, 2026)


STU:TA2 PT Bank Tabungan Negara (Persero) Tbk STU:TA2
81 GF Score
Price €0.04
GF Value €0.07
! 3 Warning Signs
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What is PT Bank Tabungan Negara (Persero) Tbk Beneish M-Score?

PT Bank Tabungan Negara (Persero) Tbk STU:TA2 -4.65% 81 Beneish M-Score is -2.10 as of Jun. 25, 2026. GuruFocus rates STU:TA2 with a GF Score™ of 81/100 and a GF Value™ of €0.07. The stock has 3 warning signs investors should review. Among 1,396 Banks companies, PT Bank Tabungan Negara (Persero) Tbk ranks worse than 86.89% 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 -2.1 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 Tabungan Negara (Persero) Tbk's Beneish M-Score or its related term are showing as below:

STU:TA2' s Beneish M-Score Range Over the Past 10 Years
Min: -3.1   Med: -2.37   Max: -1.81
Current: -2.1

During the past 13 years, the highest Beneish M-Score of PT Bank Tabungan Negara (Persero) Tbk was -1.81. The lowest was -3.10. And the median was -2.37.

STU:TA2
81GF Score
PT Bank Tabungan Negara (Persero) Tbk STU:TA2
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Bank Tabungan Negara (Persero) 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 Tabungan Negara (Persero) 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 * 0.9995+0.892 * 1.2869+0.115 * 1.0474
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7543+4.679 * -0.001055-0.327 * 1.1559
=-2.23

* 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 252.18 + 325.419 + 216.246 + 328.43 = €1,122 Mil.
Gross Profit was 252.18 + 325.419 + 216.246 + 328.43 = €1,122 Mil.
Total Current Assets was €0 Mil.
Total Assets was €26,444 Mil.
Property, Plant and Equipment(Net PPE) was €536 Mil.
Depreciation, Depletion and Amortization(DDA) was €43 Mil.
Selling, General, & Admin. Expense(SGA) was €201 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €2,635 Mil.
Net Income was 56.612 + 61.261 + 30.775 + 42.671 = €191 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -1097.565 + -361.333 + 1140.244 + 537.871 = €219 Mil.
 Total Receivables was €0 Mil.
Revenue was 252.63 + 221.627 + 201.378 + 196.441 = €872 Mil.
Gross Profit was 252.63 + 221.627 + 201.378 + 196.441 = €872 Mil.
Total Current Assets was €0 Mil.
Total Assets was €26,316 Mil.
Property, Plant and Equipment(Net PPE) was €521 Mil.
Depreciation, Depletion and Amortization(DDA) was €44 Mil.
Selling, General, & Admin. Expense(SGA) was €207 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €2,268 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 / 1122.275) / (0 / 872.076)
=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)
=(872.076 / 872.076) / (1122.275 / 1122.275)
=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 + 535.961) / 26443.666) / (1 - (0 + 521.239) / 26316.013)
=0.979732 / 0.980193
=0.9995

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
=1122.275 / 872.076
=1.2869

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))
=(43.718 / (43.718 + 521.239)) / (42.755 / (42.755 + 535.961))
=0.077383 / 0.073879
=1.0474

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)
=(200.877 / 1122.275) / (206.943 / 872.076)
=0.178991 / 0.237299
=0.7543

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)
=((2634.533 + 0) / 26443.666) / ((2268.116 + 0) / 26316.013)
=0.099628 / 0.086188
=1.1559

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
=(191.319 - 0 - 219.217) / 26443.666
=-0.001055

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 Tabungan Negara (Persero) Tbk has a M-score of -2.23 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 -2.10 mean?
PT Bank Tabungan Negara (Persero) Tbk (STU:TA2) has a Beneish M-Score of -2.10 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Bank Tabungan Negara (Persero) Tbk and its competitors. According to the industry distribution chart, PT Bank Tabungan Negara (Persero) Tbk ranks #1213 out of 1396 companies in the Banks industry, placing it in the top 86.9%.
Is PT Bank Tabungan Negara (Persero) Tbk's Beneish M-Score too high?
PT Bank Tabungan Negara (Persero) Tbk's current Beneish M-Score is -2.10. Based on the distribution chart, PT Bank Tabungan Negara (Persero) Tbk ranks #1213 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, PT Bank Tabungan Negara (Persero) Tbk has a GF Score™ of 81/100, reflecting its overall financial health beyond just this single metric.
How does PT Bank Tabungan Negara (Persero) Tbk's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, PT Bank Tabungan Negara (Persero) Tbk ranks #1213 out of 1396 companies for Beneish M-Score. This places PT Bank Tabungan Negara (Persero) 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 Tabungan Negara (Persero) Tbk and its competitors. PT Bank Tabungan Negara (Persero) Tbk's current Beneish M-Score is -2.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Bank Tabungan Negara (Persero) Tbk stock overvalued right now?
PT Bank Tabungan Negara (Persero) Tbk (STU:TA2) has a current Beneish M-Score of -2.10. The stock's GF Value™ is €0.07, compared to a current price of €0.04 — trading 41.4% below its estimated fair value. The current Beneish M-Score is -2.10. PT Bank Tabungan Negara (Persero) Tbk's overall GF Score™ is 81/100 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 Bank Tabungan Negara (Persero) Tbk (STU:TA2), the current Beneish M-Score is -2.10 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 Tabungan Negara (Persero) Tbk (STU:TA2) Overvalued in 2026?

Based on GuruFocus' analysis, PT Bank Tabungan Negara (Persero) Tbk stock appears to be undervalued. The current stock price of €0.04 is trading 41.4% below its estimated GF Value™ of €0.07.

Key valuation signals for STU:TA2:

  • Beneish M-Score: -2.10
  • GF Value™: €0.07 vs. price of €0.04 (41.4% below fair value)
  • GF Score™: 81/100 with 3 warning signs

No single metric tells the full story. See the STU:TA2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

PT Bank Tabungan Negara (Persero) Tbk Business Description

Other Exchanges BBTN:Indonesia
Address Jalan Gajah Mada No. 1, Menara BTN, Jakarta, IDN, 10130
PT Bank Tabungan Negara (Persero) Tbk conducts business in the banking sector. Its activities include Collecting funds from the public in the form of savings, current accounts, time deposits, certificates of deposit, distributing funds in the form of credit or financing, issuing and/or carrying out securities transactions. Its products and services are divided into two segments, namely conventional and sharia. Conventional banking consist of Consumer products and Commercial products; and Sharia consist of Sharia Products. Its services include consumer loan products, consumer savings products, and wealth management products.
81GF Score

Get the complete analysis for STU:TA2

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

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