Chin Huay PCL (BKK:CH) Beneish M-Score: -2.86 (As of Jul. 14, 2026)

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BKK:CH Chin Huay PCL BKK:CH
57 GF Score
Price ฿1.48
GF Value ฿2.45
Valuation Possible Value Trap
! 6 Warning Signs
View Full Analysis

What is Chin Huay PCL Beneish M-Score?

Chin Huay PCL BKK:CH -0.67% 57 Beneish M-Score is -2.86 as of Jul. 14, 2026. GuruFocus rates BKK:CH with a GF Score™ of 57/100 and a GF Value™ of ฿2.45 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 1,851 Consumer Packaged Goods companies, Chin Huay PCL ranks better than 76.39% 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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:CH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37   Med: -2.7   Max: -1.99
Current: -2.86

During the past 6 years, the highest Beneish M-Score of Chin Huay PCL was -1.99. The lowest was -3.37. And the median was -2.70.


Chin Huay PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Chin Huay 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.

Chin Huay PCL Beneish M-Score Chart

Chin Huay PCL Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 -2.86 -2.54 -3.10

Chin Huay PCL Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.08 -3.36 -3.37 -3.10 -2.86

BKK:CH vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Chin Huay 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.


Chin Huay PCL Beneish M-Score vs Consumer Packaged Goods Industry

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

* The bar in red indicates where Chin Huay PCL's Beneish M-Score falls into.


BKK:CH
57GF Score
Chin Huay PCL BKK:CH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Chin Huay 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 Chin Huay 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 * 1.1243+0.528 * 1.5091+0.404 * 0.9793+0.892 * 0.7613+0.115 * 0.9953
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3276+4.679 * -0.081024-0.327 * 1.3304
=-2.86

* 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 ฿175 Mil.
Revenue was 438.296 + 429.072 + 374.884 + 437.94 = ฿1,680 Mil.
Gross Profit was 50.058 + 38.931 + 30.878 + 68.906 = ฿189 Mil.
Total Current Assets was ฿991 Mil.
Total Assets was ฿2,004 Mil.
Property, Plant and Equipment(Net PPE) was ฿904 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿63 Mil.
Selling, General, & Admin. Expense(SGA) was ฿240 Mil.
Total Current Liabilities was ฿478 Mil.
Long-Term Debt & Capital Lease Obligation was ฿167 Mil.
Net Income was -0.131 + -23.276 + -19.664 + 12.04 = ฿-31 Mil.
Non Operating Income was 10.652 + 102.678 + 2.699 + 5.479 = ฿122 Mil.
Cash Flow from Operations was -50.843 + 11.824 + 51.87 + -3.029 = ฿10 Mil.
Total Receivables was ฿204 Mil.
Revenue was 445.482 + 505.938 + 610.057 + 645.546 = ฿2,207 Mil.
Gross Profit was 70.66 + 69.409 + 85.814 + 148.314 = ฿374 Mil.
Total Current Assets was ฿1,007 Mil.
Total Assets was ฿1,953 Mil.
Property, Plant and Equipment(Net PPE) was ฿837 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿58 Mil.
Selling, General, & Admin. Expense(SGA) was ฿238 Mil.
Total Current Liabilities was ฿340 Mil.
Long-Term Debt & Capital Lease Obligation was ฿132 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)
=(174.983 / 1680.192) / (204.444 / 2207.023)
=0.104145 / 0.092633
=1.1243

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)
=(374.197 / 2207.023) / (188.773 / 1680.192)
=0.169548 / 0.112352
=1.5091

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 - (990.897 + 904.037) / 2003.873) / (1 - (1007.326 + 836.987) / 1952.713)
=0.054364 / 0.055513
=0.9793

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
=1680.192 / 2207.023
=0.7613

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))
=(57.969 / (57.969 + 836.987)) / (62.93 / (62.93 + 904.037))
=0.064773 / 0.06508
=0.9953

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)
=(240.463 / 1680.192) / (237.926 / 2207.023)
=0.143116 / 0.107804
=1.3276

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)
=((166.65 + 477.522) / 2003.873) / ((132.069 + 339.756) / 1952.713)
=0.321463 / 0.241625
=1.3304

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
=(-31.031 - 121.508 - 9.822) / 2003.873
=-0.081024

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.

Chin Huay PCL has a M-score of -2.86 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 -2.86 mean?
Chin Huay PCL (BKK:CH) has a Beneish M-Score of -2.86 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chin Huay PCL and its competitors. According to the industry distribution chart, Chin Huay PCL ranks #437 out of 1851 companies in the Consumer Packaged Goods industry, placing it in the top 23.6%.
Is Chin Huay PCL's Beneish M-Score too high?
Chin Huay PCL's current Beneish M-Score is -2.86. Based on the distribution chart, Chin Huay PCL ranks #437 out of 1851 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, Chin Huay PCL has a GF Score™ of 57/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Chin Huay PCL's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Chin Huay PCL ranks #437 out of 1851 companies for Beneish M-Score. This places Chin Huay PCL in the top 24% 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 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 Chin Huay PCL and its competitors. Chin Huay PCL's current Beneish M-Score is -2.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chin Huay PCL stock overvalued right now?
Based on GuruFocus' analysis, Chin Huay PCL (BKK:CH) is currently considered Possible Value Trap. The stock's GF Value™ is ฿2.45, compared to a current price of ฿1.48 — trading 39.6% below its estimated fair value. The current Beneish M-Score is -2.86. Chin Huay PCL's overall GF Score™ is 57/100 with 6 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 Chin Huay PCL (BKK:CH), the current Beneish M-Score is -2.86 as of Jul. 14, 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 Chin Huay PCL (BKK:CH) Overvalued in 2026?

Based on GuruFocus' analysis, Chin Huay PCL stock appears to be undervalued. The current stock price of ฿1.48 is trading 39.6% below its estimated GF Value™ of ฿2.45. GuruFocus considers Chin Huay PCL to be Possible Value Trap.

Key valuation signals for BKK:CH:

  • Beneish M-Score: -2.86
  • GF Value™: ฿2.45 vs. price of ฿1.48 (39.6% below fair value)
  • GF Score™: 57/100 with 6 warning signs

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


Chin Huay PCL Business Description

Address No. 181 Thakham Road, Samae Dam Subdistrict, Bang Khun Thian District, Bangkok, THA, 10150
Chin Huay PCL is principally engaged in manufacturing and distributing canned food, dried fruit, and fried vegetables and fruit, both domestic and export. The company is segregated into three reportable segments namely Canned food, Dried fruit and Healthy snacks generating majority revenue from Dried fruit segment. Geographically, it operates in United States, Thailand, Canada, Italy, Republic of Mauritius, Japan, China, Hong Kong and others having key revenue from United states.
57GF Score

Get the complete analysis for BKK:CH

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

฿1.48
Price
฿2.45
GF Value