Srisawad PCL (BKK:SAWAD) Beneish M-Score: -2.56 (As of Jun. 27, 2026)


BKK:SAWAD Srisawad Corp PCL BKK:SAWAD
70 GF Score
Price ฿23.40
GF Value ฿34.83
Valuation Significantly Undervalued
! 3 Warning Signs
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What is Srisawad PCL Beneish M-Score?

Srisawad PCL BKK:SAWAD +1.30% 70 Beneish M-Score is -2.56 as of Jun. 27, 2026. GuruFocus rates BKK:SAWAD with a GF Score™ of 70/100 and a GF Value™ of ฿34.83 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 483 Credit Services companies, Srisawad PCL ranks better than 71.43% 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:SAWAD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19   Med: -1.96   Max: 4.51
Current: -2.56

During the past 13 years, the highest Beneish M-Score of Srisawad PCL was 4.51. The lowest was -3.19. And the median was -1.96.

BKK:SAWAD
70GF Score
Srisawad Corp PCL BKK:SAWAD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Srisawad 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 Srisawad 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 * 0.8414+0.528 * 1+0.404 * 0.9906+0.892 * 1.0302+0.115 * 1.3255
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9171+4.679 * -0.008633-0.327 * 0.8909
=-2.56

* 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 ฿29,295 Mil.
Revenue was 4244.551 + 4342.448 + 3865.337 + 3768.203 = ฿16,221 Mil.
Gross Profit was 4244.551 + 4342.448 + 3865.337 + 3768.203 = ฿16,221 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿106,835 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,060 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿1,009 Mil.
Selling, General, & Admin. Expense(SGA) was ฿5,514 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿48,639 Mil.
Net Income was 1342.077 + 1328.004 + 1323.003 + 1270.04 = ฿5,263 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 2355.591 + 1017.571 + 896.543 + 1915.741 = ฿6,185 Mil.
 Total Receivables was ฿33,799 Mil.
Revenue was 4046.812 + 3502.664 + 4070.467 + 4125.629 = ฿15,746 Mil.
Gross Profit was 4046.812 + 3502.664 + 4070.467 + 4125.629 = ฿15,746 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿106,848 Mil.
Property, Plant and Equipment(Net PPE) was ฿2,075 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿1,015 Mil.
Selling, General, & Admin. Expense(SGA) was ฿5,836 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿54,603 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)
=(29295.402 / 16220.539) / (33799.471 / 15745.572)
=1.806068 / 2.146602
=0.8414

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)
=(15745.572 / 15745.572) / (16220.539 / 16220.539)
=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 + 3060.331) / 106835.022) / (1 - (0 + 2074.777) / 106848.052)
=0.971355 / 0.980582
=0.9906

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
=16220.539 / 15745.572
=1.0302

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))
=(1015.377 / (1015.377 + 2074.777)) / (1008.646 / (1008.646 + 3060.331))
=0.328585 / 0.247887
=1.3255

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)
=(5514.114 / 16220.539) / (5836.488 / 15745.572)
=0.339946 / 0.370675
=0.9171

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)
=((48638.939 + 0) / 106835.022) / ((54603.329 + 0) / 106848.052)
=0.455271 / 0.511037
=0.8909

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
=(5263.124 - 0 - 6185.446) / 106835.022
=-0.008633

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.

Srisawad PCL has a M-score of -2.56 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 -2.56 mean?
Srisawad PCL (BKK:SAWAD) has a Beneish M-Score of -2.56 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Srisawad PCL and its competitors. According to the industry distribution chart, Srisawad PCL ranks #138 out of 483 companies in the Credit Services industry, placing it in the top 28.6%.
Is Srisawad PCL's Beneish M-Score too high?
Srisawad PCL's current Beneish M-Score is -2.56. Based on the distribution chart, Srisawad PCL ranks #138 out of 483 companies in the Credit Services industry, which is above the industry midpoint. Overall, Srisawad PCL has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Srisawad PCL's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Srisawad PCL ranks #138 out of 483 companies for Beneish M-Score. This puts Srisawad 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 Srisawad PCL and its competitors. Srisawad PCL's current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Srisawad PCL stock overvalued right now?
Based on GuruFocus' analysis, Srisawad PCL (BKK:SAWAD) is currently considered Significantly Undervalued. The stock's GF Value™ is ฿34.83, compared to a current price of ฿23.40 — trading 32.8% below its estimated fair value. The current Beneish M-Score is -2.56. Srisawad PCL's overall GF Score™ is 70/100 with 3 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 Srisawad PCL (BKK:SAWAD), the current Beneish M-Score is -2.56 as of Jun. 27, 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 Srisawad PCL (BKK:SAWAD) Overvalued in 2026?

Based on GuruFocus' analysis, Srisawad PCL stock appears to be undervalued. The current stock price of ฿23.40 is trading 32.8% below its estimated GF Value™ of ฿34.83. GuruFocus considers Srisawad PCL to be Significantly Undervalued.

Key valuation signals for BKK:SAWAD:

  • Beneish M-Score: -2.56
  • GF Value™: ฿34.83 vs. price of ฿23.40 (32.8% below fair value)
  • GF Score™: 70/100 with 3 warning signs

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

Srisawad PCL Business Description

Address Chaeng Watthana Road, Chaeng Watthana 10 Alley, 99/392 Srisawad Building, 4,6 floor, 3 Sub Alley, Thungsonghong, Laksi, Bangkok, THA, 10210
Srisawad Corp PCL provides financial services, including hire-purchase, loan granting, non-performing assets management, investments in other companies, management and consulting services for retail credit systems in local and foreign countries, and credit sales in foreign countries. The company operates through three business segments: Hire-purchase, Loan, which derives key revenue, and Asset management.
70GF Score

Get the complete analysis for BKK:SAWAD

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

฿23.40
Price
฿34.83
GF Value