Bangkok Union Insurance PCL (BKK:BUI) Beneish M-Score: -2.72 (As of Jul. 17, 2026)

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BKK:BUI Bangkok Union Insurance PCL BKK:BUI
67 GF Score
Price ฿11.00
GF Value ฿11.17
Valuation Fairly Valued
! 4 Warning Signs
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What is Bangkok Union Insurance PCL Beneish M-Score?

Bangkok Union Insurance PCL BKK:BUI 67 Beneish M-Score is -2.72 as of Jul. 17, 2026. GuruFocus rates BKK:BUI with a GF Score™ of 67/100 and a GF Value™ of ฿11.17 (Fairly Valued). The stock has 4 warning signs investors should review. Among 397 Insurance companies, Bangkok Union Insurance PCL ranks better than 72.8% 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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:BUI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42   Med: -2.73   Max: -2.01
Current: -2.72

During the past 13 years, the highest Beneish M-Score of Bangkok Union Insurance PCL was -2.01. The lowest was -3.42. And the median was -2.73.

BKK:BUI
67GF Score
Bangkok Union Insurance PCL BKK:BUI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bangkok Union Insurance 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 Union Insurance 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 * 1+0.528 * 1+0.404 * 1.0141+0.892 * 1.0936+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0117+4.679 * -0.077324-0.327 * 0.8797
=-2.72

* 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 277.623 + 281.704 + 282.42 + 287.695 = ฿1,129 Mil.
Gross Profit was 277.623 + 281.704 + 282.42 + 287.695 = ฿1,129 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿1,893 Mil.
Property, Plant and Equipment(Net PPE) was ฿397 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿72 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿45 Mil.
Net Income was 14.73 + 4.333 + 20.238 + 41.393 = ฿81 Mil.
Non Operating Income was 18.734 + 16.741 + 18.826 + 18.572 = ฿73 Mil.
Cash Flow from Operations was 7.251 + 34.424 + 63.301 + 49.209 = ฿154 Mil.
 Total Receivables was ฿0 Mil.
Revenue was 264.234 + 260.993 + 246.208 + 261.296 = ฿1,033 Mil.
Gross Profit was 264.234 + 260.993 + 246.208 + 261.296 = ฿1,033 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿1,787 Mil.
Property, Plant and Equipment(Net PPE) was ฿395 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿65 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿49 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 / 1129.442) / (0 / 1032.731)
=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)
=(1032.731 / 1032.731) / (1129.442 / 1129.442)
=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 + 397.32) / 1892.861) / (1 - (0 + 394.678) / 1786.931)
=0.790096 / 0.779131
=1.0141

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
=1129.442 / 1032.731
=1.0936

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))
=(0 / (0 + 394.678)) / (0 / (0 + 397.32))
=0 / 0
=1

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)
=(72.137 / 1129.442) / (65.196 / 1032.731)
=0.06387 / 0.06313
=1.0117

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)
=((45.325 + 0) / 1892.861) / ((48.637 + 0) / 1786.931)
=0.023945 / 0.027218
=0.8797

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
=(80.694 - 72.873 - 154.185) / 1892.861
=-0.077324

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 Union Insurance PCL has a M-score of -2.72 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 -2.72 mean?
Bangkok Union Insurance PCL (BKK:BUI) has a Beneish M-Score of -2.72 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bangkok Union Insurance PCL and its competitors. According to the industry distribution chart, Bangkok Union Insurance PCL ranks #108 out of 397 companies in the Insurance industry, placing it in the top 27.2%.
Is Bangkok Union Insurance PCL's Beneish M-Score too high?
Bangkok Union Insurance PCL's current Beneish M-Score is -2.72. Based on the distribution chart, Bangkok Union Insurance PCL ranks #108 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Bangkok Union Insurance PCL has a GF Score™ of 67/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bangkok Union Insurance PCL's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Bangkok Union Insurance PCL ranks #108 out of 397 companies for Beneish M-Score. This puts Bangkok Union Insurance 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Union Insurance PCL and its competitors. Bangkok Union Insurance PCL's current Beneish M-Score is -2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bangkok Union Insurance PCL stock overvalued right now?
Based on GuruFocus' analysis, Bangkok Union Insurance PCL (BKK:BUI) is currently considered Fairly Valued. The stock's GF Value™ is ฿11.17, compared to a current price of ฿11.00 — trading 1.5% below its estimated fair value. The current Beneish M-Score is -2.72. Bangkok Union Insurance PCL's overall GF Score™ is 67/100 with 4 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 Union Insurance PCL (BKK:BUI), the current Beneish M-Score is -2.72 as of Jul. 17, 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 Union Insurance PCL (BKK:BUI) Overvalued in 2026?

Based on GuruFocus' analysis, Bangkok Union Insurance PCL stock appears to be undervalued. The current stock price of ฿11.00 is trading 1.5% below its estimated GF Value™ of ฿11.17. GuruFocus considers Bangkok Union Insurance PCL to be Fairly Valued.

Key valuation signals for BKK:BUI:

  • Beneish M-Score: -2.72
  • GF Value™: ฿11.17 vs. price of ฿11.00 (1.5% below fair value)
  • GF Score™: 67/100 with 4 warning signs

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

Bangkok Union Insurance PCL Business Description

Address 175-177 Surawong Road, Suriyawong Subdistrict, Bangrak District, Bangkok, THA, 10500
Bangkok Union Insurance PCL is a Thailand-based company engaged in the insurance sector. Its two operating segments are non-life insurance business and rental of office space. The company operates principally in Thailand and generates the majority of the revenue from the non-insurance segment where it provides non-life insurance services like fire insurance, motor insurance, marine and transportation insurance, and miscellaneous insurance.
67GF Score

Get the complete analysis for BKK:BUI

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

฿11.00
Price
฿11.17
GF Value