Kasikornbank Public Co (BKK:KBANK) Beneish M-Score: -2.74 (As of Jun. 26, 2026)


BKK:KBANK Kasikornbank Public Co Ltd BKK:KBANK
49 GF Score
Price ฿215.00
GF Value ฿144.48
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Kasikornbank Public Co Beneish M-Score?

Kasikornbank Public Co BKK:KBANK +1.42% 49 Beneish M-Score is -2.74 as of Jun. 26, 2026. GuruFocus rates BKK:KBANK with a GF Score™ of 49/100 and a GF Value™ of ฿144.48 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,397 Banks companies, Kasikornbank Public Co ranks better than 87.83% 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:KBANK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48   Med: -2.5   Max: -2.06
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Kasikornbank Public Co was -2.06. The lowest was -3.48. And the median was -2.50.

BKK:KBANK
49GF Score
Kasikornbank Public Co Ltd BKK:KBANK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Kasikornbank Public Co 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 Kasikornbank Public Co 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 * 1.0012+0.892 * 0.9908+0.115 * 0.9073
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0168+4.679 * -0.050488-0.327 * 1.0133
=-2.74

* 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 47749.763 + 61139.287 + 48979.445 + 51870.283 = ฿209,739 Mil.
Gross Profit was 47749.763 + 61139.287 + 48979.445 + 51870.283 = ฿209,739 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿4,539,958 Mil.
Property, Plant and Equipment(Net PPE) was ฿58,468 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿9,679 Mil.
Selling, General, & Admin. Expense(SGA) was ฿57,855 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿268,682 Mil.
Net Income was 14667.406 + 10277.938 + 13007.19 + 12488.192 = ฿50,441 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 112527.742 + 96813.88 + 36339.1 + 33971.738 = ฿279,652 Mil.
 Total Receivables was ฿0 Mil.
Revenue was 48927.081 + 60639.548 + 48722.613 + 53402.089 = ฿211,691 Mil.
Gross Profit was 48927.081 + 60639.548 + 48722.613 + 53402.089 = ฿211,691 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿4,355,212 Mil.
Property, Plant and Equipment(Net PPE) was ฿61,331 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿9,073 Mil.
Selling, General, & Admin. Expense(SGA) was ฿57,427 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿254,379 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 / 209738.778) / (0 / 211691.331)
=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)
=(211691.331 / 211691.331) / (209738.778 / 209738.778)
=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 + 58467.602) / 4539958.494) / (1 - (0 + 61331.431) / 4355211.526)
=0.987122 / 0.985918
=1.0012

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
=209738.778 / 211691.331
=0.9908

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))
=(9072.741 / (9072.741 + 61331.431)) / (9679.086 / (9679.086 + 58467.602))
=0.128867 / 0.142033
=0.9073

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)
=(57855.095 / 209738.778) / (57427.422 / 211691.331)
=0.275844 / 0.271279
=1.0168

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)
=((268681.965 + 0) / 4539958.494) / ((254379.178 + 0) / 4355211.526)
=0.059182 / 0.058408
=1.0133

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
=(50440.726 - 0 - 279652.46) / 4539958.494
=-0.050488

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.

Kasikornbank Public Co has a M-score of -2.74 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 -2.74 mean?
Kasikornbank Public Co (BKK:KBANK) has a Beneish M-Score of -2.74 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kasikornbank Public Co and its competitors. According to the industry distribution chart, Kasikornbank Public Co ranks #170 out of 1397 companies in the Banks industry, placing it in the top 12.2%.
Is Kasikornbank Public Co's Beneish M-Score too high?
Kasikornbank Public Co's current Beneish M-Score is -2.74. Based on the distribution chart, Kasikornbank Public Co ranks #170 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Kasikornbank Public Co has a GF Score™ of 49/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kasikornbank Public Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Kasikornbank Public Co ranks #170 out of 1397 companies for Beneish M-Score. This places Kasikornbank Public Co in the top 12% 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 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 Kasikornbank Public Co and its competitors. Kasikornbank Public Co's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kasikornbank Public Co stock overvalued right now?
Based on GuruFocus' analysis, Kasikornbank Public Co (BKK:KBANK) is currently considered Significantly Overvalued. The stock's GF Value™ is ฿144.48, compared to a current price of ฿215.00 — trading 48.8% above its estimated fair value. The current Beneish M-Score is -2.74. Kasikornbank Public Co's overall GF Score™ is 49/100 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 Kasikornbank Public Co (BKK:KBANK), the current Beneish M-Score is -2.74 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 Kasikornbank Public Co (BKK:KBANK) Overvalued in 2026?

Based on GuruFocus' analysis, Kasikornbank Public Co stock appears to be overvalued. The current stock price of ฿215.00 is trading 48.8% above its estimated GF Value™ of ฿144.48. GuruFocus considers Kasikornbank Public Co to be Significantly Overvalued.

Key valuation signals for BKK:KBANK:

  • Beneish M-Score: -2.74
  • GF Value™: ฿144.48 vs. price of ฿215.00 (48.8% above fair value)
  • GF Score™: 49/100 with 6 warning signs

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

Kasikornbank Public Co Business Description

Address 400/22 Phahon Yothin Road, Sam Sen Nai Sub-District, Phaya Thai District, Bangkok, THA, 10400
Kasikornbank Public Co Ltd is a commercial bank operating in Thailand. The corporate business customers of the company include public and private companies, government-backed enterprises or agencies, and financial institutions. The corporate business provides a variety of financial products and services, such as loans, working capital, cash management, and value chain solutions. The retail business focuses on individual customers and offers loans and deposits, debit and credit cards, financial planning, and transactional banking services. The treasury and capital markets business includes funding, risk management, foreign currency exchange services, and other related businesses.
49GF Score

Get the complete analysis for BKK:KBANK

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

฿215.00
Price
฿144.48
GF Value