Thai-German Products PCL (BKK:TGPRO) Beneish M-Score: -2.55 (As of Jul. 11, 2026)


What is Thai-German Products PCL Beneish M-Score?

Thai-German Products PCL BKK:TGPRO Beneish M-Score is -2.55 as of Jul. 11, 2026. The stock has 4 warning signs investors should review. Among 588 Steel companies, Thai-German Products PCL ranks better than 53.4% on this metric.

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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:TGPRO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38   Med: -2.65   Max: 48.32
Current: -2.55

During the past 13 years, the highest Beneish M-Score of Thai-German Products PCL was 48.32. The lowest was -3.38. And the median was -2.65.

Thai-German Products PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Thai-German Products 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.

Thai-German Products PCL Beneish M-Score Chart

Thai-German Products PCL Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.75 -2.59 1.31 -3.38 -3.05

Thai-German Products PCL Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.23 -2.92 -3.37 -3.05 -2.55

BKK:TGPRO vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Thai-German Products 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.

Thai-German Products PCL Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Thai-German Products PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Thai-German Products PCL's Beneish M-Score falls into.


Thai-German Products 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 Thai-German Products 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 * 1.185+0.528 * 1.0232+0.404 * 1.0335+0.892 * 0.9745+0.115 * 1.007
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0302+4.679 * -0.047616-0.327 * 1.0583
=-2.55

* 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 ฿218 Mil.
Revenue was 425.557 + 320.721 + 327.626 + 366.832 = ฿1,441 Mil.
Gross Profit was 47.722 + 20.056 + 35.784 + 59.356 = ฿163 Mil.
Total Current Assets was ฿774 Mil.
Total Assets was ฿2,611 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,832 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿113 Mil.
Selling, General, & Admin. Expense(SGA) was ฿276 Mil.
Total Current Liabilities was ฿1,012 Mil.
Long-Term Debt & Capital Lease Obligation was ฿26 Mil.
Net Income was -26.811 + -62.036 + -35.34 + -18.94 = ฿-143 Mil.
Non Operating Income was 0.498 + 1.469 + 3.791 + 3.473 = ฿9 Mil.
Cash Flow from Operations was 12.111 + -7.812 + 6.366 + -38.721 = ฿-28 Mil.
 Total Receivables was ฿189 Mil.
Revenue was 356.886 + 358.426 + 434.172 + 328.984 = ฿1,478 Mil.
Gross Profit was 45.962 + 39.048 + 56.035 + 30.026 = ฿171 Mil.
Total Current Assets was ฿795 Mil.
Total Assets was ฿2,738 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,938 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿120 Mil.
Selling, General, & Admin. Expense(SGA) was ฿275 Mil.
Total Current Liabilities was ฿1,010 Mil.
Long-Term Debt & Capital Lease Obligation was ฿19 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)
=(217.712 / 1440.736) / (188.531 / 1478.468)
=0.151112 / 0.127518
=1.185

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)
=(171.071 / 1478.468) / (162.918 / 1440.736)
=0.115708 / 0.11308
=1.0232

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 - (773.797 + 1831.744) / 2610.533) / (1 - (795.053 + 1938.148) / 2738.266)
=0.001912 / 0.00185
=1.0335

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
=1440.736 / 1478.468
=0.9745

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))
=(120.062 / (120.062 + 1938.148)) / (112.633 / (112.633 + 1831.744))
=0.058333 / 0.057928
=1.007

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)
=(276.01 / 1440.736) / (274.949 / 1478.468)
=0.191576 / 0.185969
=1.0302

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)
=((25.923 + 1012.069) / 2610.533) / ((18.557 + 1010.219) / 2738.266)
=0.397617 / 0.375703
=1.0583

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
=(-143.127 - 9.231 - -28.056) / 2610.533
=-0.047616

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.

Thai-German Products PCL has a M-score of -2.55 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 -2.55 mean?
Thai-German Products PCL (BKK:TGPRO) has a Beneish M-Score of -2.55 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thai-German Products PCL and its competitors. According to the industry distribution chart, Thai-German Products PCL ranks #274 out of 588 companies in the Steel industry, placing it in the top 46.6%.
Is Thai-German Products PCL's Beneish M-Score too high?
Thai-German Products PCL's current Beneish M-Score is -2.55. Based on the distribution chart, Thai-German Products PCL ranks #274 out of 588 companies in the Steel industry, which is above the industry midpoint.
How does Thai-German Products PCL's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Thai-German Products PCL ranks #274 out of 588 companies for Beneish M-Score. This puts Thai-German Products 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Thai-German Products PCL and its competitors. Thai-German Products PCL's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai-German Products PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai-German Products PCL (BKK:TGPRO) is currently considered Possible Value Trap. The stock's GF Value™ is ฿0.09, compared to a current price of ฿0.03 — trading 66.7% below its estimated fair value. The current Beneish M-Score is -2.55. 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 Thai-German Products PCL (BKK:TGPRO), the current Beneish M-Score is -2.55 as of Jul. 11, 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.

Thai-German Products PCL Business Description

Address 99 Huaypong-Nongbon Road, Tambol Huaypong, Amphur Muang, Rayong, THA, 21150
Thai-German Products PCL is engaged in the business of manufacturing and distribution of stainless steel products such as pipe, axle, and other equipment, under trademark by TGPRO. It has four operating segments: the Stainless and service selling segment, which is the key revenue driver, includes steel pipes, steel sheets, steel shafts, and steel fittings; the Stereo sales segment sells stereo equipment, telephone equipment, and spare parts; an agriculture selling segment includes vegetables and seed; and Food sales Segment, which comprises of food sales, coffee and bakery shops, and steakhouse restaurants. It sells its product in Thailand and other countries, of which a majority of the revenue is generated from the Thailand market, and also has its presence in other countries.