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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Phol Dhanya PCL's Beneish M-Score or its related term are showing as below:
BKK:PHOL'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.31 Med: -2.53 Max: -0.58
Current: -2.72
During the past 13 years, the highest Beneish M-Score of Phol Dhanya PCL was -0.58. The lowest was -4.31. And the median was -2.53.
Phol Dhanya PCL Beneish M-Score Related Terms
Phol Dhanya PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Phol Dhanya PCL'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.
BKK:PHOL vs ALLE, MSA, ADT: Beneish M-Score Comparison
For the Security & Protection Services subindustry, Phol Dhanya 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.
Phol Dhanya PCL Beneish M-Score vs Business Services Industry
For the Business Services industry and Industrials sector, Phol Dhanya PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Phol Dhanya PCL'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 Phol Dhanya 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 * 0.9877
+
0.528 * 0.8739
+
0.404 * 0.9753
+
0.892 * 1.0293
+
0.115 * 1.0515
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0878
+
4.679 * -0.046754
-
0.327 * 0.8445
=
-2.72
* 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))
=
(10.001 / (10.001 + 85.721))
/
(9.165 / (9.165 + 83.069))
=
0.10448
/
0.099367
=
1.0515
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
=
(70.272 - 0.689
-
101.837)
/
689.871
=
-0.046754
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.
Phol Dhanya PCL has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
Phol Dhanya PCL (BKK:PHOL) has a Beneish M-Score of -2.72 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Phol Dhanya PCL and its competitors. According to the industry distribution chart, Phol Dhanya PCL ranks #381 out of 1020 companies in the Business Services industry, placing it in the top 37.4%.
Is Phol Dhanya PCL's Beneish M-Score too high?
Phol Dhanya PCL's current Beneish M-Score is -2.72. Based on the distribution chart, Phol Dhanya PCL ranks #381 out of 1020 companies in the Business Services industry, which is above the industry midpoint. Overall, Phol Dhanya PCL has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Phol Dhanya PCL's Beneish M-Score compare to ALLE and MSA?
According to the Business Services industry distribution chart, Phol Dhanya PCL ranks #381 out of 1020 companies for Beneish M-Score. This puts Phol Dhanya 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 Business Services company?
A good Beneish M-Score depends on the Business 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 Phol Dhanya PCL and its competitors. Phol Dhanya PCL's current Beneish M-Score is -2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Phol Dhanya PCL stock overvalued right now?
Based on GuruFocus' analysis, Phol Dhanya PCL (BKK:PHOL) is currently considered Fairly Valued. The stock's GF Value™ is ฿2.92, compared to a current price of ฿3.18 — trading 8.9% above its estimated fair value. The current Beneish M-Score is -2.72. Phol Dhanya PCL's overall GF Score™ is 75/100 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 Phol Dhanya PCL (BKK:PHOL), the current Beneish M-Score is -2.72 as of Jul. 17, 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 Phol Dhanya PCL (BKK:PHOL) Overvalued in 2026?
Based on GuruFocus' analysis, Phol Dhanya PCL stock appears to be overvalued.
The current stock price of ฿3.18 is trading 8.9% above its estimated GF Value™ of ฿2.92.
GuruFocus considers Phol Dhanya PCL to be Fairly Valued.
Key valuation signals for BKK:PHOL:
Beneish M-Score: -2.72
GF Value™: ฿2.92 vs. price of ฿3.18 (8.9% above fair value)
No single metric tells the full story. See the BKK:PHOL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Phol Dhanya PCL is a Thailand-based company engaged in the trading business. It is involved in the distribution of safety, health, and environmental products, and the distribution, production, and servicing of water treatment systems. The operating segments of the group are Trading in Health and Safety Products, Water treatment systems, and Others. It generates the majority of its revenue from the Trading in Health and Safety Products segment. The company offers products like firefighting suits, gas meters, fall protection devices, gloves, dust masks, chemical masks, and other related products. The group operates in Thailand, and internationally of which the majority of the revenue is derived from Thailand.
75GF Score
Get the complete analysis for BKK:PHOL
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:PHOL has been successfully added to your 
