88(Thailand) PCL (BKK:88TH) Beneish M-Score: -2.66 (As of Jun. 27, 2026)


BKK:88TH 88(Thailand) PCL BKK:88TH
22 GF Score
Price ฿4.26
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What is 88(Thailand) PCL Beneish M-Score?

88(Thailand) PCL BKK:88TH -1.84% 22 Beneish M-Score is -2.66 as of Jun. 27, 2026. GuruFocus rates BKK:88TH with a GF Score™ of 22/100. Among 1,849 Consumer Packaged Goods companies, 88(Thailand) PCL ranks better than 62.41% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for 88(Thailand) PCL's Beneish M-Score or its related term are showing as below:

BKK:88TH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66   Med: -2.66   Max: -2.66
Current: -2.66

During the past 4 years, the highest Beneish M-Score of 88(Thailand) PCL was -2.66. The lowest was -2.66. And the median was -2.66.

88(Thailand) PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for 88(Thailand) PCL'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.

88(Thailand) PCL Beneish M-Score Chart

88(Thailand) PCL Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 -2.66

88(Thailand) PCL Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 -2.66

BKK:88TH vs PG, CL, KVUE: Beneish M-Score Comparison

For the Household & Personal Products subindustry, 88(Thailand) PCL'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.

88(Thailand) PCL Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, 88(Thailand) PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where 88(Thailand) PCL's Beneish M-Score falls into.


BKK:88TH
22GF Score
88(Thailand) PCL BKK:88TH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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88(Thailand) PCL 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 88(Thailand) PCL 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 * 0.6851+0.528 * 0.9813+0.404 * 0.4402+0.892 * 1.3762+0.115 * 0.8987
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9298+4.679 * -0.029054-0.327 * 0.5617
=-2.66

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ฿70.6 Mil.
Revenue was ฿657.6 Mil.
Gross Profit was ฿452.4 Mil.
Total Current Assets was ฿499.8 Mil.
Total Assets was ฿555.4 Mil.
Property, Plant and Equipment(Net PPE) was ฿37.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿10.0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿326.2 Mil.
Total Current Liabilities was ฿60.9 Mil.
Long-Term Debt & Capital Lease Obligation was ฿4.3 Mil.
Net Income was ฿101.0 Mil.
Gross Profit was ฿0.0 Mil.
Cash Flow from Operations was ฿117.1 Mil.
 Total Receivables was ฿74.9 Mil.
Revenue was ฿477.8 Mil.
Gross Profit was ฿322.6 Mil.
Total Current Assets was ฿227.2 Mil.
Total Assets was ฿282.9 Mil.
Property, Plant and Equipment(Net PPE) was ฿34.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿8.0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿254.9 Mil.
Total Current Liabilities was ฿56.6 Mil.
Long-Term Debt & Capital Lease Obligation was ฿2.6 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)
=(70.574 / 657.596) / (74.851 / 477.822)
=0.107321 / 0.15665
=0.6851

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)
=(322.584 / 477.822) / (452.413 / 657.596)
=0.675113 / 0.68798
=0.9813

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 - (499.806 + 37.061) / 555.443) / (1 - (227.222 + 34.148) / 282.86)
=0.033444 / 0.075974
=0.4402

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
=657.596 / 477.822
=1.3762

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))
=(8.033 / (8.033 + 34.148)) / (9.965 / (9.965 + 37.061))
=0.190441 / 0.211904
=0.8987

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)
=(326.244 / 657.596) / (254.949 / 477.822)
=0.496116 / 0.533565
=0.9298

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)
=((4.311 + 60.911) / 555.443) / ((2.568 + 56.564) / 282.86)
=0.117423 / 0.20905
=0.5617

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
=(101.004 - 0 - 117.142) / 555.443
=-0.029054

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.

88(Thailand) PCL has a M-score of -2.66 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 -2.66 mean?
88(Thailand) PCL (BKK:88TH) has a Beneish M-Score of -2.66 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on 88(Thailand) PCL and its competitors. According to the industry distribution chart, 88(Thailand) PCL ranks #695 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 37.6%.
Is 88(Thailand) PCL's Beneish M-Score too high?
88(Thailand) PCL's current Beneish M-Score is -2.66. Based on the distribution chart, 88(Thailand) PCL ranks #695 out of 1849 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, 88(Thailand) PCL has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does 88(Thailand) PCL's Beneish M-Score compare to PG and CL?
According to the Consumer Packaged Goods industry distribution chart, 88(Thailand) PCL ranks #695 out of 1849 companies for Beneish M-Score. This puts 88(Thailand) PCL 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 a Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 88(Thailand) PCL and its competitors. 88(Thailand) PCL's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is 88(Thailand) PCL stock overvalued right now?
88(Thailand) PCL (BKK:88TH) has a current Beneish M-Score of -2.66. The current Beneish M-Score is -2.66. 88(Thailand) PCL's overall GF Score™ is 22/100. 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 88(Thailand) PCL (BKK:88TH), the current Beneish M-Score is -2.66 as of Jun. 27, 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.

88(Thailand) PCL Business Description

Address 48 Soi Sangkom Songkroh 8, Lat Phrao Sub-district/Sub-area, Lat Phrao District/Area, Bangkok, THA, 10230
88(Thailand) PCL is engaged in the distribution of cosmetics and dietary supplements. Its brands include Version 88, LYO, and Hone. The company's segments include the production segment, which is the segment that produces products according to customer orders, and the distribution segment, which sells products and provides services related to the distribution of products. The majority of the revenue is derived from the distribution segment.
22GF Score

Get the complete analysis for BKK:88TH

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

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