Thai Credit Bank PCL (BKK:CREDIT) Beneish M-Score: -2.26 (As of Sep. 10, 2026)

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BKK:CREDIT Thai Credit Bank PCL BKK:CREDIT
26 GF Score
Price ฿22.80
GF Value ฿19.78
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Thai Credit Bank PCL Beneish M-Score?

Thai Credit Bank PCL BKK:CREDIT 26 Beneish M-Score is -2.26 as of Sep. 10, 2026. GuruFocus rates BKK:CREDIT with a GF Score™ of 26/100 and a GF Value™ of ฿19.78 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 1,388 Banks companies, Thai Credit Bank PCL ranks worse than 73.05% 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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:CREDIT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.41   Med: -2.27   Max: -1.9
Current: -2.26

During the past 5 years, the highest Beneish M-Score of Thai Credit Bank PCL was -1.90. The lowest was -2.41. And the median was -2.27.

BKK:CREDIT
26GF Score
Thai Credit Bank PCL BKK:CREDIT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Thai Credit 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 Thai Credit 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 * 1.0936+0.528 * 1+0.404 * 0.9971+0.892 * 1.071+0.115 * 1.2643
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0141+4.679 * -0.020937-0.327 * 0.5786
=-2.26

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was ฿14,282 Mil.
Revenue was 4111.993 + 3973.036 + 4453.919 + 3821.383 = ฿16,360 Mil.
Gross Profit was 4111.993 + 3973.036 + 4453.919 + 3821.383 = ฿16,360 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿228,761 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,652 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿368 Mil.
Selling, General, & Admin. Expense(SGA) was ฿5,239 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿6,980 Mil.
Net Income was 989.264 + 1164.674 + 1174.61 + 1013.482 = ฿4,342 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 5134.597 + 3364.733 + 120.061 + 512.159 = ฿9,132 Mil.
 Total Receivables was ฿12,194 Mil.
Revenue was 3564.041 + 3736.356 + 4293.417 + 3681.457 = ฿15,275 Mil.
Gross Profit was 3564.041 + 3736.356 + 4293.417 + 3681.457 = ฿15,275 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿191,953 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,675 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿305 Mil.
Selling, General, & Admin. Expense(SGA) was ฿4,823 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿10,123 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)
=(14282.091 / 16360.331) / (12194.045 / 15275.271)
=0.872971 / 0.798287
=1.0936

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)
=(15275.271 / 15275.271) / (16360.331 / 16360.331)
=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 + 2651.937) / 228760.962) / (1 - (0 + 1675.171) / 191953.236)
=0.988407 / 0.991273
=0.9971

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
=16360.331 / 15275.271
=1.071

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))
=(305.366 / (305.366 + 1675.171)) / (368.341 / (368.341 + 2651.937))
=0.154183 / 0.121956
=1.2643

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)
=(5238.624 / 16360.331) / (4823.27 / 15275.271)
=0.320203 / 0.315757
=1.0141

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)
=((6979.927 + 0) / 228760.962) / ((10122.683 + 0) / 191953.236)
=0.030512 / 0.052735
=0.5786

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
=(4342.03 - 0 - 9131.55) / 228760.962
=-0.020937

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.

Thai Credit Bank PCL has a M-score of -2.26 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 -2.26 mean?
Thai Credit Bank PCL (BKK:CREDIT) has a Beneish M-Score of -2.26 as of Sep. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thai Credit Bank PCL and its competitors. According to the industry distribution chart, Thai Credit Bank PCL ranks #1014 out of 1388 companies in the Banks industry, placing it in the top 73.1%.
Is Thai Credit Bank PCL's Beneish M-Score too high?
Thai Credit Bank PCL's current Beneish M-Score is -2.26. Based on the distribution chart, Thai Credit Bank PCL ranks #1014 out of 1388 companies in the Banks industry, which is below the industry midpoint. Overall, Thai Credit Bank PCL has a GF Score™ of 26/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thai Credit Bank PCL's Beneish M-Score compare to USB and PNC?
According to the Banks industry distribution chart, Thai Credit Bank PCL ranks #1014 out of 1388 companies for Beneish M-Score. This places Thai Credit Bank PCL in the lower 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 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 Thai Credit Bank PCL and its competitors. Thai Credit Bank PCL's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Credit Bank PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Credit Bank PCL (BKK:CREDIT) is currently considered Modestly Overvalued. The stock's GF Value™ is ฿19.78, compared to a current price of ฿22.80 — trading 15.3% above its estimated fair value. The current Beneish M-Score is -2.26. Thai Credit Bank PCL's overall GF Score™ is 26/100 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 Thai Credit Bank PCL (BKK:CREDIT), the current Beneish M-Score is -2.26 as of Sep. 10, 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 Thai Credit Bank PCL (BKK:CREDIT) Overvalued in 2026?

Based on GuruFocus' analysis, Thai Credit Bank PCL stock appears to be overvalued. The current stock price of ฿22.80 is trading 15.3% above its estimated GF Value™ of ฿19.78. GuruFocus considers Thai Credit Bank PCL to be Modestly Overvalued.

Key valuation signals for BKK:CREDIT:

  • Beneish M-Score: -2.26
  • GF Value™: ฿19.78 vs. price of ฿22.80 (15.3% above fair value)
  • GF Score™: 26/100 with 5 warning signs

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

Thai Credit Bank PCL Business Description

Address Rama 9 Road, 123 V. One Tower Building, Huai Khwang, Huai Khwang District, Bangkok, THA, 10310
Thai Credit Bank PCL is a commercial bank in Thailand. It provides comprehensive financial and investment services and focuses on providing micro SME business loans (MSME) and Nano and Micro Finance to small business entrepreneurs. The Group has 2 operating segments: e-wallet business, which is operated by its subsidiary; and banking business which comprises of business loans - SMEs and Microfinance, retail loans secured by residential property - Housing loans and Home for Cash, and other segments, e.g., personal loans, gold loans, and treasury activities. The company generates the majority of its revenue from the banking business.
26GF Score

Get the complete analysis for BKK:CREDIT

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

฿22.80
Price
฿19.78
GF Value