Srisawad Capital 1969 PCL (BKK:SCAP) Beneish M-Score: -3.17 (As of Jul. 14, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

BKK:SCAP Srisawad Capital 1969 PCL BKK:SCAP
48 GF Score
Price ฿1.76
GF Value ฿1.37
Valuation Modestly Overvalued
! 5 Warning Signs
View Full Analysis

What is Srisawad Capital 1969 PCL Beneish M-Score?

Srisawad Capital 1969 PCL BKK:SCAP -0.56% 48 Beneish M-Score is -3.17 as of Jul. 14, 2026. GuruFocus rates BKK:SCAP with a GF Score™ of 48/100 and a GF Value™ of ฿1.37 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 485 Credit Services companies, Srisawad Capital 1969 PCL ranks better than 87.84% 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 -3.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Srisawad Capital 1969 PCL's Beneish M-Score or its related term are showing as below:

BKK:SCAP' s Beneish M-Score Range Over the Past 10 Years
Min: -164.25   Med: -2.02   Max: 7717.92
Current: -3.17

During the past 13 years, the highest Beneish M-Score of Srisawad Capital 1969 PCL was 7717.92. The lowest was -164.25. And the median was -2.02.

BKK:SCAP
48GF Score
Srisawad Capital 1969 PCL BKK:SCAP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Srisawad Capital 1969 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 Capital 1969 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 * 0.8719+0.528 * 1+0.404 * 0.9956+0.892 * 1.0037+0.115 * 1.4604
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7946+4.679 * -0.137193-0.327 * 1.0532
=-3.17

* 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 ฿28,318 Mil.
Revenue was 784.039 + 1329.315 + 1206.752 + 1119.128 = ฿4,439 Mil.
Gross Profit was 784.039 + 1329.315 + 1206.752 + 1119.128 = ฿4,439 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿28,399 Mil.
Property, Plant and Equipment(Net PPE) was ฿352 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿63 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,370 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿6,864 Mil.
Net Income was 407.762 + 219.237 + 299.427 + 191.858 = ฿1,118 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 832.815 + 1154.592 + 1640.501 + 1386.52 = ฿5,014 Mil.
 Total Receivables was ฿32,359 Mil.
Revenue was 584.925 + 1250.659 + 1263.707 + 1323.49 = ฿4,423 Mil.
Gross Profit was 584.925 + 1250.659 + 1263.707 + 1323.49 = ฿4,423 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿33,222 Mil.
Property, Plant and Equipment(Net PPE) was ฿266 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿76 Mil.
Selling, General, & Admin. Expense(SGA) was ฿1,717 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿7,625 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)
=(28317.895 / 4439.234) / (32359.329 / 4422.781)
=6.379005 / 7.316512
=0.8719

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)
=(4422.781 / 4422.781) / (4439.234 / 4439.234)
=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 + 352.079) / 28398.939) / (1 - (0 + 265.99) / 33222.398)
=0.987602 / 0.991994
=0.9956

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
=4439.234 / 4422.781
=1.0037

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))
=(75.626 / (75.626 + 265.99)) / (62.905 / (62.905 + 352.079))
=0.221377 / 0.151584
=1.4604

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)
=(1369.644 / 4439.234) / (1717.344 / 4422.781)
=0.308532 / 0.388295
=0.7946

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)
=((6864.038 + 0) / 28398.939) / ((7624.623 + 0) / 33222.398)
=0.241701 / 0.229502
=1.0532

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
=(1118.284 - 0 - 5014.428) / 28398.939
=-0.137193

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 Capital 1969 PCL has a M-score of -3.17 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 -3.17 mean?
Srisawad Capital 1969 PCL (BKK:SCAP) has a Beneish M-Score of -3.17 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Srisawad Capital 1969 PCL and its competitors. According to the industry distribution chart, Srisawad Capital 1969 PCL ranks #59 out of 485 companies in the Credit Services industry, placing it in the top 12.2%.
Is Srisawad Capital 1969 PCL's Beneish M-Score too high?
Srisawad Capital 1969 PCL's current Beneish M-Score is -3.17. Based on the distribution chart, Srisawad Capital 1969 PCL ranks #59 out of 485 companies in the Credit Services industry, which is in the top quartile — a strong position relative to peers. Overall, Srisawad Capital 1969 PCL has a GF Score™ of 48/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Srisawad Capital 1969 PCL's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Srisawad Capital 1969 PCL ranks #59 out of 485 companies for Beneish M-Score. This places Srisawad Capital 1969 PCL in the top 12% 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 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 Capital 1969 PCL and its competitors. Srisawad Capital 1969 PCL's current Beneish M-Score is -3.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Srisawad Capital 1969 PCL stock overvalued right now?
Based on GuruFocus' analysis, Srisawad Capital 1969 PCL (BKK:SCAP) is currently considered Modestly Overvalued. The stock's GF Value™ is ฿1.37, compared to a current price of ฿1.76 — trading 28.5% above its estimated fair value. The current Beneish M-Score is -3.17. Srisawad Capital 1969 PCL's overall GF Score™ is 48/100 with 5 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 Capital 1969 PCL (BKK:SCAP), the current Beneish M-Score is -3.17 as of Jul. 14, 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 Capital 1969 PCL (BKK:SCAP) Overvalued in 2026?

Based on GuruFocus' analysis, Srisawad Capital 1969 PCL stock appears to be overvalued. The current stock price of ฿1.76 is trading 28.5% above its estimated GF Value™ of ฿1.37. GuruFocus considers Srisawad Capital 1969 PCL to be Modestly Overvalued.

Key valuation signals for BKK:SCAP:

  • Beneish M-Score: -3.17
  • GF Value™: ฿1.37 vs. price of ฿1.76 (28.5% above fair value)
  • GF Score™: 48/100 with 5 warning signs

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

Srisawad Capital 1969 PCL Business Description

Address Chaeng Watthana Road, 3 Sub Alley, No. 99/392 Srisawad Building, Floor 1st, 3rd, 5th, 6th, Chaeng Watthana 10 Alley, Tungsonghong Subdistrict, Laksi District, Bangkok, THA, 10120
Srisawad Capital 1969 PCL is a finance company under the supervision of the Bank of Thailand. The principal business operations of the Company and its subsidiaries (the Group) are engaged in financial services specifically hire-purchase and loan services. The majority of the company's revenue is generated from the Hire-purchase segment.
48GF Score

Get the complete analysis for BKK:SCAP

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

฿1.76
Price
฿1.37
GF Value