Indara Insurance PCL (BKK:INSURE) Beneish M-Score: -2.37 (As of Jun. 26, 2026)


BKK:INSURE Indara Insurance PCL BKK:INSURE
59 GF Score
Price ฿53.25
GF Value ฿152.92
Valuation Significantly Undervalued
! 2 Warning Signs
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What is Indara Insurance PCL Beneish M-Score?

Indara Insurance PCL BKK:INSURE 59 Beneish M-Score is -2.37 as of Jun. 26, 2026. GuruFocus rates BKK:INSURE with a GF Score™ of 59/100 and a GF Value™ of ฿152.92 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 397 Insurance companies, Indara Insurance PCL ranks worse than 67.25% 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:INSURE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98   Med: -2.45   Max: 7.99
Current: -2.37

During the past 13 years, the highest Beneish M-Score of Indara Insurance PCL was 7.99. The lowest was -2.98. And the median was -2.45.

BKK:INSURE
59GF Score
Indara Insurance PCL BKK:INSURE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Indara 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 Indara 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 * 0.8109+0.528 * 1+0.404 * 0.9989+0.892 * 1.5518+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5873+4.679 * -0.042147-0.327 * 1.2514
=-2.37

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ฿105 Mil.
Revenue was ฿3,391 Mil.
Gross Profit was ฿3,391 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿8,251 Mil.
Property, Plant and Equipment(Net PPE) was ฿52 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿112 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿49 Mil.
Net Income was ฿22 Mil.
Gross Profit was ฿0 Mil.
Cash Flow from Operations was ฿370 Mil.
 Total Receivables was ฿84 Mil.
Revenue was ฿2,185 Mil.
Gross Profit was ฿2,185 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿6,271 Mil.
Property, Plant and Equipment(Net PPE) was ฿33 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿123 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿30 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)
=(105.323 / 3390.6) / (83.701 / 2184.984)
=0.031063 / 0.038307
=0.8109

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)
=(2184.984 / 2184.984) / (3390.6 / 3390.6)
=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 + 52.124) / 8250.608) / (1 - (0 + 32.97) / 6271.063)
=0.993682 / 0.994743
=0.9989

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
=3390.6 / 2184.984
=1.5518

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 + 32.97)) / (0 / (0 + 52.124))
=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)
=(112.009 / 3390.6) / (122.9 / 2184.984)
=0.033035 / 0.056248
=0.5873

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)
=((48.583 + 0) / 8250.608) / ((29.507 + 0) / 6271.063)
=0.005888 / 0.004705
=1.2514

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
=(22.261 - 0 - 370) / 8250.608
=-0.042147

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.

Indara Insurance PCL has a M-score of -2.37 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 -2.37 mean?
Indara Insurance PCL (BKK:INSURE) has a Beneish M-Score of -2.37 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Indara Insurance PCL and its competitors. According to the industry distribution chart, Indara Insurance PCL ranks #267 out of 397 companies in the Insurance industry, placing it in the top 67.3%.
Is Indara Insurance PCL's Beneish M-Score too high?
Indara Insurance PCL's current Beneish M-Score is -2.37. Based on the distribution chart, Indara Insurance PCL ranks #267 out of 397 companies in the Insurance industry, which is below the industry midpoint. Overall, Indara Insurance PCL has a GF Score™ of 59/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Indara Insurance PCL's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Indara Insurance PCL ranks #267 out of 397 companies for Beneish M-Score. This places Indara Insurance 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 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 Indara Insurance PCL and its competitors. Indara Insurance PCL's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indara Insurance PCL stock overvalued right now?
Based on GuruFocus' analysis, Indara Insurance PCL (BKK:INSURE) is currently considered Significantly Undervalued. The stock's GF Value™ is ฿152.92, compared to a current price of ฿53.25 — trading 65.2% below its estimated fair value. The current Beneish M-Score is -2.37. Indara Insurance PCL's overall GF Score™ is 59/100 with 2 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 Indara Insurance PCL (BKK:INSURE), the current Beneish M-Score is -2.37 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 Indara Insurance PCL (BKK:INSURE) Overvalued in 2026?

Based on GuruFocus' analysis, Indara Insurance PCL stock appears to be undervalued. The current stock price of ฿53.25 is trading 65.2% below its estimated GF Value™ of ฿152.92. GuruFocus considers Indara Insurance PCL to be Significantly Undervalued.

Key valuation signals for BKK:INSURE:

  • Beneish M-Score: -2.37
  • GF Value™: ฿152.92 vs. price of ฿53.25 (65.2% below fair value)
  • GF Score™: 59/100 with 2 warning signs

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

Indara Insurance PCL Business Description

Address Silom Road, No. 315 Thai Group Building, 3rd - 4th Floor, Silom Sub-district, Bangrak District, Bangkok, THA, 10500
Indara Insurance PCL is a Thailand-based company engaged in the provision of non-life insurance. The company operates in business segments: Motor and Others such as Property, Marine and transportation, Accident and health and Miscellaneous insurance. Majority of revenue is from Motor. The company operates mainly in Thailand. Its Individual Insurance involves Car insurance, Accident and health insurance, Travel insurance, and Home insurance. Its Business Insurance includes: Engineering Insurance, Cargo and hull insurance, Property insurance, and Other insurance.
59GF Score

Get the complete analysis for BKK:INSURE

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

฿53.25
Price
฿152.92
GF Value