Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Leo Global Logistics PCL's Beneish M-Score or its related term are showing as below:
BKK:LEO-R'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.19 Med: -2.04 Max: 1.04
Current: -2.3
During the past 10 years, the highest Beneish M-Score of Leo Global Logistics PCL was 1.04. The lowest was -4.19. And the median was -2.04.
* 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.
BKK:LEO-R vs UPS, FDX, JBHT: Beneish M-Score Comparison
For the Integrated Freight & Logistics subindustry, Leo Global Logistics PCL'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.
Leo Global Logistics PCL Beneish M-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Leo Global Logistics PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Leo Global Logistics PCL's Beneish M-Score falls into.
Leo Global Logistics 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 Leo Global Logistics 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 * 1.463
+
0.528 * 0.9446
+
0.404 * 0.9744
+
0.892 * 0.8473
+
0.115 * 0.6925
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1242
+
4.679 * 0.003518
-
0.327 * 1.081
=
-2.30
* 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.
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.
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))
=
(50.466 / (50.466 + 505.003))
/
(71.586 / (71.586 + 474.071))
=
0.090853
/
0.131192
=
0.6925
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
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
=
(9.371 - 1.524
-
0.758)
/
2015.205
=
0.003518
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.
Leo Global Logistics PCL has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
Leo Global Logistics PCL (BKK:LEO-R) has a Beneish M-Score of -2.30 as of Aug. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Leo Global Logistics PCL and its competitors. According to the industry distribution chart, Leo Global Logistics PCL ranks #695 out of 968 companies in the Transportation industry, placing it in the top 71.8%.
Is Leo Global Logistics PCL's Beneish M-Score too high?
Leo Global Logistics PCL's current Beneish M-Score is -2.30. Based on the distribution chart, Leo Global Logistics PCL ranks #695 out of 968 companies in the Transportation industry, which is below the industry midpoint. Overall, Leo Global Logistics PCL has a GF Score™ of 60/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Leo Global Logistics PCL's Beneish M-Score compare to UPS and FDX?
According to the Transportation industry distribution chart, Leo Global Logistics PCL ranks #695 out of 968 companies for Beneish M-Score. This places Leo Global Logistics 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Leo Global Logistics PCL and its competitors. Leo Global Logistics PCL's current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Leo Global Logistics PCL stock overvalued right now?
Based on GuruFocus' analysis, Leo Global Logistics PCL (BKK:LEO-R) is currently considered Fairly Valued. The stock's GF Value™ is ฿1.96, compared to a current price of ฿1.90 — trading 3.1% below its estimated fair value. The current Beneish M-Score is -2.30. Leo Global Logistics PCL's overall GF Score™ is 60/100 with 10 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 Leo Global Logistics PCL (BKK:LEO-R), the current Beneish M-Score is -2.30 as of Aug. 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 Leo Global Logistics PCL (BKK:LEO-R) Overvalued in 2026?
Based on GuruFocus' analysis, Leo Global Logistics PCL stock appears to be undervalued.
The current stock price of ฿1.90 is trading 3.1% below its estimated GF Value™ of ฿1.96.
GuruFocus considers Leo Global Logistics PCL to be Fairly Valued.
Key valuation signals for BKK:LEO-R:
Beneish M-Score: -2.30
GF Value™: ฿1.96 vs. price of ฿1.90 (3.1% below fair value)
No single metric tells the full story. See the BKK:LEO-R stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Leo Global Logistics PCL is engaged in international freight forwarding and integrated logistics. The company's services include Sea freight, Air freight, Multimodal transportation, Warehouse and distribution management, cross-border transport, and Other services. Its segments include Sea freight, Air freight, integrated logistics services, and Storage rental and container depot. The prime revenue is derived from the Sea freight segment.
60GF Score
Get the complete analysis for BKK:LEO-R
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BKK:LEO-R has been successfully added to your 
