Bangkok Bank PCL (BKK:BBL-R) Beneish M-Score: -2.73 (As of Jun. 26, 2026)


BKK:BBL-R Bangkok Bank PCL BKK:BBL-R
50 GF Score
Price ฿168.63
GF Value ฿139.89
! 5 Warning Signs
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What is Bangkok Bank PCL Beneish M-Score?

Bangkok Bank PCL BKK:BBL-R 50 Beneish M-Score is -2.73 as of Jun. 26, 2026. GuruFocus rates BKK:BBL-R with a GF Score™ of 50/100 and a GF Value™ of ฿139.89. The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Bangkok Bank PCL ranks better than 87.69% 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:BBL-R' s Beneish M-Score Range Over the Past 10 Years
Min: -3.72   Med: -2.51   Max: 76.15
Current: -2.73

During the past 13 years, the highest Beneish M-Score of Bangkok Bank PCL was 76.15. The lowest was -3.72. And the median was -2.51.

BKK:BBL-R
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Bangkok Bank PCL BKK:BBL-R
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bangkok Bank 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 Bangkok Bank 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 * 0.9256+0.528 * 1+0.404 * 0.9976+0.892 * 0.9694+0.115 * 1.1914
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0473+4.679 * -0.030875-0.327 * 1.0601
=-2.73

* 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 ฿323,912 Mil.
Revenue was 43904.714 + 43890.343 + 50775.018 + 47572.105 = ฿186,142 Mil.
Gross Profit was 43904.714 + 43890.343 + 50775.018 + 47572.105 = ฿186,142 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿4,708,950 Mil.
Property, Plant and Equipment(Net PPE) was ฿71,353 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿5,729 Mil.
Selling, General, & Admin. Expense(SGA) was ฿49,628 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿632,882 Mil.
Net Income was 10993.773 + 7759.383 + 13789.477 + 11839.865 = ฿44,382 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 63447.562 + 7835.468 + 172279.799 + -53789.383 = ฿189,773 Mil.
 Total Receivables was ฿361,011 Mil.
Revenue was 48745.59 + 47838.217 + 48820.105 + 46621.445 = ฿192,025 Mil.
Gross Profit was 48745.59 + 47838.217 + 48820.105 + 46621.445 = ฿192,025 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿4,628,379 Mil.
Property, Plant and Equipment(Net PPE) was ฿59,282 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿5,759 Mil.
Selling, General, & Admin. Expense(SGA) was ฿48,885 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿586,784 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)
=(323912 / 186142.18) / (361011 / 192025.357)
=1.740132 / 1.880017
=0.9256

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)
=(192025.357 / 192025.357) / (186142.18 / 186142.18)
=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 + 71352.727) / 4708950.49) / (1 - (0 + 59281.529) / 4628378.803)
=0.984847 / 0.987192
=0.9976

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
=186142.18 / 192025.357
=0.9694

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))
=(5759.14 / (5759.14 + 59281.529)) / (5728.909 / (5728.909 + 71352.727))
=0.088547 / 0.074323
=1.1914

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)
=(49628.234 / 186142.18) / (48885.425 / 192025.357)
=0.266615 / 0.254578
=1.0473

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)
=((632882.349 + 0) / 4708950.49) / ((586784.446 + 0) / 4628378.803)
=0.1344 / 0.12678
=1.0601

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
=(44382.498 - 0 - 189773.446) / 4708950.49
=-0.030875

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.

Bangkok Bank PCL has a M-score of -2.73 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 -2.73 mean?
Bangkok Bank PCL (BKK:BBL-R) has a Beneish M-Score of -2.73 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bangkok Bank PCL and its competitors. According to the industry distribution chart, Bangkok Bank PCL ranks #172 out of 1397 companies in the Banks industry, placing it in the top 12.3%.
Is Bangkok Bank PCL's Beneish M-Score too high?
Bangkok Bank PCL's current Beneish M-Score is -2.73. Based on the distribution chart, Bangkok Bank PCL ranks #172 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Bangkok Bank PCL has a GF Score™ of 50/100, reflecting its overall financial health beyond just this single metric.
How does Bangkok Bank PCL's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Bangkok Bank PCL ranks #172 out of 1397 companies for Beneish M-Score. This places Bangkok Bank PCL in the top 12% 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 Bangkok Bank PCL and its competitors. Bangkok Bank PCL's current Beneish M-Score is -2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bangkok Bank PCL stock overvalued right now?
Bangkok Bank PCL (BKK:BBL-R) has a current Beneish M-Score of -2.73. The stock's GF Value™ is ฿139.89, compared to a current price of ฿168.63 — trading 20.5% above its estimated fair value. The current Beneish M-Score is -2.73. Bangkok Bank PCL's overall GF Score™ is 50/100 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 Bangkok Bank PCL (BKK:BBL-R), the current Beneish M-Score is -2.73 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 Bangkok Bank PCL (BKK:BBL-R) Overvalued in 2026?

Based on GuruFocus' analysis, Bangkok Bank PCL stock appears to be overvalued. The current stock price of ฿168.63 is trading 20.5% above its estimated GF Value™ of ฿139.89.

Key valuation signals for BKK:BBL-R:

  • Beneish M-Score: -2.73
  • GF Value™: ฿139.89 vs. price of ฿168.63 (20.5% above fair value)
  • GF Score™: 50/100 with 5 warning signs

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

Bangkok Bank PCL Business Description

Address 333 Silom Road, Bangrak, Bangkok, THA, 10500
Bangkok Bank PCL is a Thai commercial bank with some international exposure. The bank's operaing segments are: Domestic banking, International banking, Investment banking, and Others. The majority of its revenue is generated from the Domestic banking segment, which provides financial services in domestic market. The main products and services offered under this segment are loans, deposits, trade finance, remittances and payments, electronic services, credit cards, debit cards and other related financial services. The International banking segment provides financial services through overseas branches and subsidiaries, and the Investment banking segment provides project services, corporate finance services, financial advisory services, securities business services, etc.
50GF Score

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

฿168.63
Price
฿139.89
GF Value