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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.
Warning Sign:
Beneish M-Score -1.76 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Masan Group's Beneish M-Score or its related term are showing as below:
BKK:MSN19'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.35 Med: -2.32 Max: -0.94
Current: -1.76
During the past 13 years, the highest Beneish M-Score of Masan Group was -0.94. The lowest was -3.35. And the median was -2.32.
The historical data trend for Masan Group'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.
For the Conglomerates subindustry, Masan Group'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.
Masan Group Beneish M-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Masan Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Masan Group's Beneish M-Score falls into.
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 Masan Group 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 * 1.4595
+
0.528 * 0.986
+
0.404 * 0.9844
+
0.892 * 1.1861
+
0.115 * 1.0874
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9004
+
4.679 * 0.026372
-
0.327 * 1.0267
=
-1.76
* 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))
=
(4849.558 / (4849.558 + 38451.779))
/
(4548.928 / (4548.928 + 39618.998))
=
0.111996
/
0.102992
=
1.0874
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
=
(8823.235 - 0
-
4107.214)
/
178823.801
=
0.026372
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.
Masan Group has a M-score of -1.76 signals that the company is likely to be a manipulator.
Masan Group (BKK:MSN19) has a Beneish M-Score of -1.76 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Masan Group and its competitors. According to the industry distribution chart, Masan Group ranks #376 out of 539 companies in the Conglomerates industry, placing it in the top 69.8%.
Is Masan Group's Beneish M-Score too high?
Masan Group's current Beneish M-Score is -1.76. Based on the distribution chart, Masan Group ranks #376 out of 539 companies in the Conglomerates industry, which is below the industry midpoint. Overall, Masan Group has a GF Score™ of 59/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Masan Group's Beneish M-Score compare to MMM and HON?
According to the Conglomerates industry distribution chart, Masan Group ranks #376 out of 539 companies for Beneish M-Score. This places Masan Group 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 Masan Group and its competitors. Masan Group's current Beneish M-Score is -1.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Masan Group stock overvalued right now?
Based on GuruFocus' analysis, Masan Group (BKK:MSN19) is currently considered Modestly Undervalued. The stock's GF Value™ is ฿3.70, compared to a current price of ฿2.86 — trading 22.7% below its estimated fair value. The current Beneish M-Score is -1.76. Masan Group's overall GF Score™ is 59/100 with 4 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 Masan Group (BKK:MSN19), the current Beneish M-Score is -1.76 as of Jul. 31, 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 Masan Group (BKK:MSN19) Overvalued in 2026?
Based on GuruFocus' analysis, Masan Group stock appears to be undervalued.
The current stock price of ฿2.86 is trading 22.7% below its estimated GF Value™ of ฿3.70.
GuruFocus considers Masan Group to be Modestly Undervalued.
Key valuation signals for BKK:MSN19:
Beneish M-Score: -1.76
GF Value™: ฿3.70 vs. price of ฿2.86 (22.7% below fair value)
No single metric tells the full story. See the BKK:MSN19 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Masan Group Corp is an investment holding company based in Vietnam. Along with its subsidiaries, it is mainly engaged in manufacturing, retailing, and distributing food and beverage products in Vietnam. Additionally, it is also involved in financial services, high-tech materials, consumer retail, and other businesses. The Group has five reportable segments: Branded consumer product, MEATLife: integrated meat products, Consumer retail, High-tech materials, and Others. Maximum revenue is generated from the Consumer retail segment. Geographically, the Group generates maximum revenue from its domestic market, and also has some overseas presence.
59GF Score
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