Bank Of Ayudhya PCL (BKK:BAY) Beneish M-Score: -2.64 (As of Jun. 26, 2026)


BKK:BAY Bank Of Ayudhya PCL BKK:BAY
65 GF Score
Price ฿38.75
GF Value ฿27.09
Valuation Significantly Overvalued
! 5 Warning Signs
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What is Bank Of Ayudhya PCL Beneish M-Score?

Bank Of Ayudhya PCL BKK:BAY 65 Beneish M-Score is -2.64 as of Jun. 26, 2026. GuruFocus rates BKK:BAY with a GF Score™ of 65/100 and a GF Value™ of ฿27.09 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Bank Of Ayudhya PCL ranks better than 83.61% 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Bank Of Ayudhya PCL's Beneish M-Score or its related term are showing as below:

BKK:BAY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.68   Med: -2.41   Max: -2.19
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Bank Of Ayudhya PCL was -2.19. The lowest was -2.68. And the median was -2.41.

BKK:BAY
65GF Score
Bank Of Ayudhya PCL BKK:BAY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bank Of Ayudhya 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 Bank Of Ayudhya 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 * 0.9119+0.528 * 1+0.404 * 0.9996+0.892 * 1.074+0.115 * 0.8986
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.019+4.679 * -0.01553-0.327 * 1.1703
=-2.64

* 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 ฿726,374 Mil.
Revenue was 41931.607 + 39140.21 + 42306.956 + 37223.924 = ฿160,603 Mil.
Gross Profit was 41931.607 + 39140.21 + 42306.956 + 37223.924 = ฿160,603 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿2,606,925 Mil.
Property, Plant and Equipment(Net PPE) was ฿36,317 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿7,291 Mil.
Selling, General, & Admin. Expense(SGA) was ฿48,609 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿335,577 Mil.
Net Income was 8617.632 + 7126.696 + 8782.891 + 8295.367 = ฿32,823 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 12027.924 + 30957.79 + 41950.217 + -11628.813 = ฿73,307 Mil.
 Total Receivables was ฿741,661 Mil.
Revenue was 36219.581 + 36346.751 + 37852.59 + 39120.399 = ฿149,539 Mil.
Gross Profit was 36219.581 + 36346.751 + 37852.59 + 39120.399 = ฿149,539 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿2,634,375 Mil.
Property, Plant and Equipment(Net PPE) was ฿35,770 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿6,324 Mil.
Selling, General, & Admin. Expense(SGA) was ฿44,418 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿289,761 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)
=(726374 / 160602.697) / (741661 / 149539.321)
=4.522801 / 4.959639
=0.9119

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)
=(149539.321 / 149539.321) / (160602.697 / 160602.697)
=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 + 36317.347) / 2606925.257) / (1 - (0 + 35770.497) / 2634374.788)
=0.986069 / 0.986422
=0.9996

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
=160602.697 / 149539.321
=1.074

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))
=(6323.721 / (6323.721 + 35770.497)) / (7290.606 / (7290.606 + 36317.347))
=0.150228 / 0.167185
=0.8986

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)
=(48609.38 / 160602.697) / (44418.425 / 149539.321)
=0.302669 / 0.297035
=1.019

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)
=((335576.603 + 0) / 2606925.257) / ((289760.589 + 0) / 2634374.788)
=0.128725 / 0.109992
=1.1703

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
=(32822.586 - 0 - 73307.118) / 2606925.257
=-0.01553

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.

Bank Of Ayudhya PCL has a M-score of -2.64 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 -2.64 mean?
Bank Of Ayudhya PCL (BKK:BAY) has a Beneish M-Score of -2.64 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bank Of Ayudhya PCL and its competitors. According to the industry distribution chart, Bank Of Ayudhya PCL ranks #229 out of 1397 companies in the Banks industry, placing it in the top 16.4%.
Is Bank Of Ayudhya PCL's Beneish M-Score too high?
Bank Of Ayudhya PCL's current Beneish M-Score is -2.64. Based on the distribution chart, Bank Of Ayudhya PCL ranks #229 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Bank Of Ayudhya PCL has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bank Of Ayudhya PCL's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Bank Of Ayudhya PCL ranks #229 out of 1397 companies for Beneish M-Score. This places Bank Of Ayudhya PCL in the top 16% of its industry — outperforming the majority of peers. 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 Bank Of Ayudhya PCL and its competitors. Bank Of Ayudhya PCL's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank Of Ayudhya PCL stock overvalued right now?
Based on GuruFocus' analysis, Bank Of Ayudhya PCL (BKK:BAY) is currently considered Significantly Overvalued. The stock's GF Value™ is ฿27.09, compared to a current price of ฿38.75 — trading 43% above its estimated fair value. The current Beneish M-Score is -2.64. Bank Of Ayudhya PCL's overall GF Score™ is 65/100 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 Bank Of Ayudhya PCL (BKK:BAY), the current Beneish M-Score is -2.64 as of Jun. 26, 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 Bank Of Ayudhya PCL (BKK:BAY) Overvalued in 2026?

Based on GuruFocus' analysis, Bank Of Ayudhya PCL stock appears to be overvalued. The current stock price of ฿38.75 is trading 43% above its estimated GF Value™ of ฿27.09. GuruFocus considers Bank Of Ayudhya PCL to be Significantly Overvalued.

Key valuation signals for BKK:BAY:

  • Beneish M-Score: -2.64
  • GF Value™: ฿27.09 vs. price of ฿38.75 (43% above fair value)
  • GF Score™: 65/100 with 5 warning signs

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

Bank Of Ayudhya PCL Business Description

Address 1222 Rama III Road, Bang Phongphang Subdistrict, Yannawa District, Bangkok, THA, 10120
Bank Of Ayudhya PCL is a full-service universal bank commonly referred to as Krunsgri, operating mostly in Thailand, and with some exposure to other Asian countries. The bank's operations include commercial banking, retail banking, and other financial services, such as wealth management, credit cards, insurance, asset management, securities trading, auto hire purchase, equipment leasing, factoring, microfinance, and installment loans. Its segments include Retail, Commercial, and Others. The majority of revenue is derived from the Retail segment.
65GF Score

Get the complete analysis for BKK:BAY

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

฿38.75
Price
฿27.09
GF Value