Goldfine Manufacturers (BKK:GFM-R) Beneish M-Score: -2.70 (As of Jun. 24, 2026)


What is Goldfine Manufacturers Beneish M-Score?

Goldfine Manufacturers BKK:GFM-R Beneish M-Score is -2.70 as of Jun. 24, 2026. The stock has 3 warning signs investors should review.

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.

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

BKK:GFM-R' s Beneish M-Score Range Over the Past 10 Years
Min: -3.4   Med: -2.59   Max: -0.87
Current: -2.7

During the past 9 years, the highest Beneish M-Score of Goldfine Manufacturers was -0.87. The lowest was -3.40. And the median was -2.59.

Goldfine Manufacturers Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Goldfine Manufacturers'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.

Goldfine Manufacturers Beneish M-Score Chart

Goldfine Manufacturers Annual Data
Trend Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only 0.00 0.00 -1.40 -2.79 -2.89

Goldfine Manufacturers Quarterly Data
Dec09 Mar10 Jun10 Sep10 Dec10 Mar11 Jun11 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14
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 -2.30 -2.89 -2.82 -2.74 -2.70

Goldfine Manufacturers Beneish M-Score Competitor Comparison

For the Luxury Goods subindustry, Goldfine Manufacturers'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.

Goldfine Manufacturers Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Goldfine Manufacturers's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Goldfine Manufacturers's Beneish M-Score falls into.


Goldfine Manufacturers 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 Goldfine Manufacturers 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 * 0.9948+0.528 * 0.9275+0.404 * 0.957+0.892 * 0.9837+0.115 * 1.0017
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0596+4.679 * -0.037374-0.327 * 0.8787
=-2.70

* 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 (Sep14) TTM:Last Year (Sep13) TTM:
Total Receivables was ฿351.13 Mil.
Revenue was 296.615 + 283.453 + 278.489 + 328.831 = ฿1,187.39 Mil.
Gross Profit was 67.575 + 64.222 + 66.787 + 88.744 = ฿287.33 Mil.
Total Current Assets was ฿1,214.55 Mil.
Total Assets was ฿1,510.45 Mil.
Property, Plant and Equipment(Net PPE) was ฿268.20 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿32.80 Mil.
Selling, General, & Admin. Expense(SGA) was ฿157.12 Mil.
Total Current Liabilities was ฿82.87 Mil.
Long-Term Debt & Capital Lease Obligation was ฿0.00 Mil.
Net Income was 19.647 + 19.711 + 52.695 + 55.633 = ฿147.69 Mil.
Non Operating Income was 0 + 4.607 + -0.458 + 39.615 = ฿43.76 Mil.
Cash Flow from Operations was 1.752 + 5.632 + 107.5 + 45.489 = ฿160.37 Mil.
 Total Receivables was ฿358.82 Mil.
Revenue was 305.135 + 254.405 + 304.347 + 343.147 = ฿1,207.03 Mil.
Gross Profit was 66.812 + 57.382 + 65.823 + 80.879 = ฿270.90 Mil.
Total Current Assets was ฿1,119.02 Mil.
Total Assets was ฿1,400.66 Mil.
Property, Plant and Equipment(Net PPE) was ฿254.80 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿31.22 Mil.
Selling, General, & Admin. Expense(SGA) was ฿150.74 Mil.
Total Current Liabilities was ฿87.46 Mil.
Long-Term Debt & Capital Lease Obligation was ฿0.00 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)
=(351.13 / 1187.388) / (358.817 / 1207.034)
=0.295716 / 0.297272
=0.9948

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)
=(270.896 / 1207.034) / (287.328 / 1187.388)
=0.224431 / 0.241983
=0.9275

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 - (1214.547 + 268.198) / 1510.445) / (1 - (1119.023 + 254.795) / 1400.659)
=0.018339 / 0.019163
=0.957

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
=1187.388 / 1207.034
=0.9837

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))
=(31.222 / (31.222 + 254.795)) / (32.803 / (32.803 + 268.198))
=0.109161 / 0.10898
=1.0017

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)
=(157.123 / 1187.388) / (150.744 / 1207.034)
=0.132327 / 0.124888
=1.0596

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)
=((0 + 82.87) / 1510.445) / ((0 + 87.456) / 1400.659)
=0.054865 / 0.062439
=0.8787

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
=(147.686 - 43.764 - 160.373) / 1510.445
=-0.037374

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.

Goldfine Manufacturers has a M-score of -2.70 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 -2.70 mean?
Goldfine Manufacturers (BKK:GFM-R) has a Beneish M-Score of -2.70 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Goldfine Manufacturers and its competitors.
Is Goldfine Manufacturers' Beneish M-Score too high?
Goldfine Manufacturers' current Beneish M-Score is -2.70.
How does Goldfine Manufacturers' Beneish M-Score compare to competitors?
Goldfine Manufacturers' Beneish M-Score of -2.70 can be compared against companies in the Retail - Cyclical 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Goldfine Manufacturers and its competitors. Goldfine Manufacturers's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Goldfine Manufacturers stock overvalued right now?
Goldfine Manufacturers (BKK:GFM-R) has a current Beneish M-Score of -2.70. The current Beneish M-Score is -2.70. 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 Goldfine Manufacturers (BKK:GFM-R), the current Beneish M-Score is -2.70 as of Jun. 24, 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.

Goldfine Manufacturers Business Description

Goldfine Manufacturers Public Company Limited was incorporated on 26 September 1989 in Thailand. The Company is a manufacturer, importer and exporter of ornaments and jewelries. It manufactures and exports gold, silver, platinum jewelry sets with diamonds, precious stones, semi-precious stones and others.