Krungthai Card PCL (BKK:KTC) Beneish M-Score: -2.51 (As of Jun. 26, 2026)


BKK:KTC Krungthai Card PCL BKK:KTC
68 GF Score
Price ฿32.25
GF Value ฿50.07
Valuation Significantly Undervalued
! 5 Warning Signs
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What is Krungthai Card PCL Beneish M-Score?

Krungthai Card PCL BKK:KTC +0.78% 68 Beneish M-Score is -2.51 as of Jun. 26, 2026. GuruFocus rates BKK:KTC with a GF Score™ of 68/100 and a GF Value™ of ฿50.07 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 483 Credit Services companies, Krungthai Card PCL ranks better than 67.91% 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:KTC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28   Med: -2.19   Max: 0.25
Current: -2.51

During the past 13 years, the highest Beneish M-Score of Krungthai Card PCL was 0.25. The lowest was -3.28. And the median was -2.19.

BKK:KTC
68GF Score
Krungthai Card PCL BKK:KTC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Krungthai Card 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 Krungthai Card 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 * 0.8889+0.528 * 1+0.404 * 1.0022+0.892 * 1.0206+0.115 * 0.8246
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9797+4.679 * 0.00537-0.327 * 0.8504
=-2.51

* 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 ฿2,585 Mil.
Revenue was 5541.813 + 5711.767 + 5468.612 + 5388.086 = ฿22,110 Mil.
Gross Profit was 5541.813 + 5711.767 + 5468.612 + 5388.086 = ฿22,110 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿106,125 Mil.
Property, Plant and Equipment(Net PPE) was ฿525 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿498 Mil.
Selling, General, & Admin. Expense(SGA) was ฿9,652 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿40,670 Mil.
Net Income was 2171.234 + 2075.034 + 1951.3 + 1894.792 = ฿8,092 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 4909.347 + -508.173 + 2454.002 + 667.269 = ฿7,522 Mil.
 Total Receivables was ฿2,849 Mil.
Revenue was 5395.223 + 5543.836 + 5407.178 + 5318.075 = ฿21,664 Mil.
Gross Profit was 5395.223 + 5543.836 + 5407.178 + 5318.075 = ฿21,664 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿107,495 Mil.
Property, Plant and Equipment(Net PPE) was ฿765 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿512 Mil.
Selling, General, & Admin. Expense(SGA) was ฿9,653 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿48,444 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)
=(2584.633 / 22110.278) / (2849.019 / 21664.312)
=0.116897 / 0.131507
=0.8889

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)
=(21664.312 / 21664.312) / (22110.278 / 22110.278)
=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 + 525.311) / 106125.045) / (1 - (0 + 764.555) / 107494.926)
=0.99505 / 0.992888
=1.0022

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
=22110.278 / 21664.312
=1.0206

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))
=(512.37 / (512.37 + 764.555)) / (497.925 / (497.925 + 525.311))
=0.401253 / 0.486618
=0.8246

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)
=(9651.574 / 22110.278) / (9653.221 / 21664.312)
=0.43652 / 0.445582
=0.9797

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)
=((40669.985 + 0) / 106125.045) / ((48444.028 + 0) / 107494.926)
=0.383227 / 0.450663
=0.8504

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
=(8092.36 - 0 - 7522.445) / 106125.045
=0.00537

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.

Krungthai Card PCL has a M-score of -2.51 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 -2.51 mean?
Krungthai Card PCL (BKK:KTC) has a Beneish M-Score of -2.51 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Krungthai Card PCL and its competitors. According to the industry distribution chart, Krungthai Card PCL ranks #155 out of 483 companies in the Credit Services industry, placing it in the top 32.1%.
Is Krungthai Card PCL's Beneish M-Score too high?
Krungthai Card PCL's current Beneish M-Score is -2.51. Based on the distribution chart, Krungthai Card PCL ranks #155 out of 483 companies in the Credit Services industry, which is above the industry midpoint. Overall, Krungthai Card PCL has a GF Score™ of 68/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Krungthai Card PCL's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Krungthai Card PCL ranks #155 out of 483 companies for Beneish M-Score. This puts Krungthai Card PCL in the upper 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 Krungthai Card PCL and its competitors. Krungthai Card PCL's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Krungthai Card PCL stock overvalued right now?
Based on GuruFocus' analysis, Krungthai Card PCL (BKK:KTC) is currently considered Significantly Undervalued. The stock's GF Value™ is ฿50.07, compared to a current price of ฿32.25 — trading 35.6% below its estimated fair value. The current Beneish M-Score is -2.51. Krungthai Card PCL's overall GF Score™ is 68/100 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 Krungthai Card PCL (BKK:KTC), the current Beneish M-Score is -2.51 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 Krungthai Card PCL (BKK:KTC) Overvalued in 2026?

Based on GuruFocus' analysis, Krungthai Card PCL stock appears to be undervalued. The current stock price of ฿32.25 is trading 35.6% below its estimated GF Value™ of ฿50.07. GuruFocus considers Krungthai Card PCL to be Significantly Undervalued.

Key valuation signals for BKK:KTC:

  • Beneish M-Score: -2.51
  • GF Value™: ฿50.07 vs. price of ฿32.25 (35.6% below fair value)
  • GF Score™: 68/100 with 5 warning signs

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

Krungthai Card PCL Business Description

Address 591 Sukhumvit Road, 14th Floor United Business Center II Building, Klongton Nua, Wattana, Bangkok, THA, 10110
Krungthai Card PCL engaged in credit cards, personal loans and other related businesses. The Company provides services such as Credit Cards, Personal Loans, KTC Brother Boom Money, MAAI by KTC, Shop business and many. The company operations relate to a single business segment which is the financial services business and are carried out in a single geographic area which is Thailand.
68GF Score

Get the complete analysis for BKK:KTC

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

฿32.25
Price
฿50.07
GF Value