Muangthai Capital PCL (BKK:MTC) Beneish M-Score: -2.25 (As of Jun. 25, 2026)


BKK:MTC Muangthai Capital PCL BKK:MTC
52 GF Score
Price ฿29.50
GF Value ฿52.02
Valuation Significantly Undervalued
! 2 Warning Signs
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What is Muangthai Capital PCL Beneish M-Score?

Muangthai Capital PCL BKK:MTC 52 Beneish M-Score is -2.25 as of Jun. 25, 2026. GuruFocus rates BKK:MTC with a GF Score™ of 52/100 and a GF Value™ of ฿52.02 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 483 Credit Services companies, Muangthai Capital PCL ranks better than 53.62% 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 -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:MTC' s Beneish M-Score Range Over the Past 10 Years
Min: -16.58   Med: -1.51   Max: 0.99
Current: -2.25

During the past 13 years, the highest Beneish M-Score of Muangthai Capital PCL was 0.99. The lowest was -16.58. And the median was -1.51.

BKK:MTC
52GF Score
Muangthai Capital PCL BKK:MTC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Muangthai Capital 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 Muangthai Capital 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 * 1.0054+0.528 * 1+0.404 * 1.0039+0.892 * 1.1+0.115 * 0.9835
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0024+4.679 * 0.038835-0.327 * 1.1249
=-2.25

* 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 ฿6,478 Mil.
Revenue was 6159.092 + 6133.696 + 6016.536 + 5825.859 = ฿24,135 Mil.
Gross Profit was 6159.092 + 6133.696 + 6016.536 + 5825.859 = ฿24,135 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿195,184 Mil.
Property, Plant and Equipment(Net PPE) was ฿7,666 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿1,605 Mil.
Selling, General, & Admin. Expense(SGA) was ฿9,465 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿131,747 Mil.
Net Income was 1823.034 + 1781.096 + 1723.953 + 1647.011 = ฿6,975 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 4292.632 + 884.089 + -1914.163 + -3867.375 = ฿-605 Mil.
 Total Receivables was ฿5,857 Mil.
Revenue was 5545.215 + 5578.569 + 5527.289 + 5289.154 = ฿21,940 Mil.
Gross Profit was 5545.215 + 5578.569 + 5527.289 + 5289.154 = ฿21,940 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿173,704 Mil.
Property, Plant and Equipment(Net PPE) was ฿7,478 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿1,534 Mil.
Selling, General, & Admin. Expense(SGA) was ฿8,584 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿104,228 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)
=(6477.703 / 24135.183) / (5857.167 / 21940.227)
=0.268393 / 0.26696
=1.0054

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)
=(21940.227 / 21940.227) / (24135.183 / 24135.183)
=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 + 7665.892) / 195184.392) / (1 - (0 + 7477.716) / 173703.985)
=0.960725 / 0.956951
=1.0039

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
=24135.183 / 21940.227
=1.1

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))
=(1534.202 / (1534.202 + 7477.716)) / (1604.628 / (1604.628 + 7665.892))
=0.170241 / 0.173089
=0.9835

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)
=(9465.412 / 24135.183) / (8584.328 / 21940.227)
=0.392183 / 0.39126
=1.0024

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)
=((131747.24 + 0) / 195184.392) / ((104227.637 + 0) / 173703.985)
=0.674989 / 0.60003
=1.1249

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
=(6975.094 - 0 - -604.817) / 195184.392
=0.038835

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.

Muangthai Capital PCL has a M-score of -2.25 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 -2.25 mean?
Muangthai Capital PCL (BKK:MTC) has a Beneish M-Score of -2.25 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Muangthai Capital PCL and its competitors. According to the industry distribution chart, Muangthai Capital PCL ranks #224 out of 483 companies in the Credit Services industry, placing it in the top 46.4%.
Is Muangthai Capital PCL's Beneish M-Score too high?
Muangthai Capital PCL's current Beneish M-Score is -2.25. Based on the distribution chart, Muangthai Capital PCL ranks #224 out of 483 companies in the Credit Services industry, which is above the industry midpoint. Overall, Muangthai Capital PCL has a GF Score™ of 52/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Muangthai Capital PCL's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Muangthai Capital PCL ranks #224 out of 483 companies for Beneish M-Score. This puts Muangthai Capital 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 Muangthai Capital PCL and its competitors. Muangthai Capital PCL's current Beneish M-Score is -2.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Muangthai Capital PCL stock overvalued right now?
Based on GuruFocus' analysis, Muangthai Capital PCL (BKK:MTC) is currently considered Significantly Undervalued. The stock's GF Value™ is ฿52.02, compared to a current price of ฿29.50 — trading 43.3% below its estimated fair value. The current Beneish M-Score is -2.25. Muangthai Capital PCL's overall GF Score™ is 52/100 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 Muangthai Capital PCL (BKK:MTC), the current Beneish M-Score is -2.25 as of Jun. 25, 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 Muangthai Capital PCL (BKK:MTC) Overvalued in 2026?

Based on GuruFocus' analysis, Muangthai Capital PCL stock appears to be undervalued. The current stock price of ฿29.50 is trading 43.3% below its estimated GF Value™ of ฿52.02. GuruFocus considers Muangthai Capital PCL to be Significantly Undervalued.

Key valuation signals for BKK:MTC:

  • Beneish M-Score: -2.25
  • GF Value™: ฿52.02 vs. price of ฿29.50 (43.3% below fair value)
  • GF Score™: 52/100 with 2 warning signs

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

Muangthai Capital PCL Business Description

Address No. 332/1 Jaransanitwong Road, Bangplad Sub-district, Bangplad, Bangkok, THA, 10700
Muangthai Capital PCL mainly provides loans to consumers in Thailand. The company is principally engaged in providing loans secured against vehicle registrations, land title deeds loans, personal loans without collateral, and nano finance under supervision as well as providing hire purchase service, installment loans, and insurance broker.
52GF Score

Get the complete analysis for BKK:MTC

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

฿29.50
Price
฿52.02
GF Value