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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.
Good Sign:
Beneish M-Score -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Quality Houses PCL's Beneish M-Score or its related term are showing as below:
BKK:QH'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.52 Med: -2.55 Max: -1.36
Current: -2.77
During the past 13 years, the highest Beneish M-Score of Quality Houses PCL was -1.36. The lowest was -3.52. And the median was -2.55.
Quality Houses PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Quality Houses 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.
For the Real Estate - Development subindustry, Quality Houses 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.
Quality Houses PCL Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Quality Houses PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Quality Houses 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 Quality Houses 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 * 1.0401
+
0.528 * 1.0764
+
0.404 * 0.9878
+
0.892 * 1.058
+
0.115 * 0.9878
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.944
+
4.679 * -0.10107
-
0.327 * 0.8383
=
-2.77
* 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))
=
(317.961 / (317.961 + 2560.517))
/
(311.36 / (311.36 + 2473.037))
=
0.110462
/
0.111823
=
0.9878
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
=
(1912.802 - 1788.369
-
4360.702)
/
41914.17
=
-0.10107
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.
Quality Houses PCL has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
Quality Houses PCL (BKK:QH) has a Beneish M-Score of -2.77 as of Sep. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Quality Houses PCL and its competitors. According to the industry distribution chart, Quality Houses PCL ranks #417 out of 1680 companies in the Real Estate industry, placing it in the top 24.8%.
Is Quality Houses PCL's Beneish M-Score too high?
Quality Houses PCL's current Beneish M-Score is -2.77. Based on the distribution chart, Quality Houses PCL ranks #417 out of 1680 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Quality Houses PCL has a GF Score™ of 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Quality Houses PCL's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Quality Houses PCL ranks #417 out of 1680 companies for Beneish M-Score. This places Quality Houses PCL in the top 25% of its industry — outperforming the majority of peers. 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Quality Houses PCL and its competitors. Quality Houses PCL's current Beneish M-Score is -2.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Quality Houses PCL stock overvalued right now?
Based on GuruFocus' analysis, Quality Houses PCL (BKK:QH) is currently considered Fairly Valued. The stock's GF Value™ is ฿1.47, compared to a current price of ฿1.40 — trading 4.8% below its estimated fair value. The current Beneish M-Score is -2.77. Quality Houses PCL's overall GF Score™ is 79/100 with 6 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 Quality Houses PCL (BKK:QH), the current Beneish M-Score is -2.77 as of Sep. 05, 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 Quality Houses PCL (BKK:QH) Overvalued in 2026?
Based on GuruFocus' analysis, Quality Houses PCL stock appears to be undervalued.
The current stock price of ฿1.40 is trading 4.8% below its estimated GF Value™ of ฿1.47.
GuruFocus considers Quality Houses PCL to be Fairly Valued.
Key valuation signals for BKK:QH:
Beneish M-Score: -2.77
GF Value™: ฿1.47 vs. price of ฿1.40 (4.8% below fair value)
No single metric tells the full story. See the BKK:QH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Quality Houses PCL is a real estate development company. The company divides its business operations into four revenue-generating segments. The real estate business comprises sales of land and houses, and the sales of condominium units. The Hotel business segment relates to the service of residential buildings. The rental business segment relates to the rental of office buildings. The Others segment consists of providing management services for buildings and investing in the business. The real estate business generates a majority of the company's revenue. The company operates solely in Thailand.
79GF Score
Get the complete analysis for BKK:QH
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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