Thai Mui PCL (BKK:THMUI) Beneish M-Score: -2.49 (As of Jun. 26, 2026)

What is Thai Mui PCL Beneish M-Score?

Thai Mui PCL BKK:THMUI 53 Beneish M-Score is -2.49 as of Jun. 26, 2026. GuruFocus rates BKK:THMUI with a GF Score™ of 53/100 and a GF Value™ of ฿0.63 (Possible Value Trap). The stock has 2 warning signs investors should review. Among 151 Industrial Distribution companies, Thai Mui PCL ranks worse than 62.25% 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:THMUI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22 Med: -2.42 Max: -0.28
Current: -2.49

During the past 12 years, the highest Beneish M-Score of Thai Mui PCL was -0.28. The lowest was -3.22. And the median was -2.42.

Thai Mui PCL Beneish M-Score Related Terms

Thai Mui PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Thai Mui 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 Mui PCL Beneish M-Score Chart

Thai Mui PCL Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.10

-2.29

-2.66

-3.18

-2.23

Thai Mui 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															-3.22	-3.03	-2.99	-2.23	-2.49

BKK:THMUI vs GWW, FAST, FERG: Beneish M-Score Comparison

For the Industrial Distribution subindustry, Thai Mui 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 Mui PCL Beneish M-Score vs Industrial Distribution Industry

For the Industrial Distribution industry and Industrials sector, Thai Mui PCL's Beneish M-Score distribution charts can be found below:

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

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53GF Score

Thai Mui Corp PCL BKK:THMUI

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Thai Mui 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 Mui PCL for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7974

0.528 * 0.9751

0.404 * 1.1609

0.892 * 1.2208

0.115 * 1.0419

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8336

4.679 * -0.029864

0.327 * 0.8914

-2.49

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ฿111.7 Mil.
Revenue was 92.707 + 160.851 + 104.024 + 87.546 = ฿445.1 Mil.
Gross Profit was 37.289 + 59.276 + 42.913 + 37.856 = ฿177.3 Mil.
Total Current Assets was ฿415.4 Mil.
Total Assets was ฿603.4 Mil.
Property, Plant and Equipment(Net PPE) was ฿96.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿16.4 Mil.
Selling, General, & Admin. Expense(SGA) was ฿153.3 Mil.
Total Current Liabilities was ฿211.3 Mil.
Long-Term Debt & Capital Lease Obligation was ฿36.4 Mil.
Net Income was -0.75 + 11.712 + 2.799 + 0.004 = ฿13.8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0.0 Mil.
Cash Flow from Operations was 35.171 + -6.458 + 4.876 + -1.804 = ฿31.8 Mil.

Total Receivables was ฿114.7 Mil.
Revenue was 92.097 + 109.034 + 82.698 + 80.781 = ฿364.6 Mil.
Gross Profit was 37.452 + 41.209 + 32.411 + 30.563 = ฿141.6 Mil.
Total Current Assets was ฿444.6 Mil.
Total Assets was ฿631.6 Mil.
Property, Plant and Equipment(Net PPE) was ฿104.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿18.6 Mil.
Selling, General, & Admin. Expense(SGA) was ฿150.6 Mil.
Total Current Liabilities was ฿249.4 Mil.
Long-Term Debt & Capital Lease Obligation was ฿41.4 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)
	=	(111.652 / 445.128)	/	(114.689 / 364.61)
	=	0.250831	/	0.314553
	=	0.7974

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)
	=	(141.635 / 364.61)	/	(177.334 / 445.128)
	=	0.388456	/	0.398389
	=	0.9751

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 - (415.415 + 96.848) / 603.396)	/	(1 - (444.587 + 104.857) / 631.614)
	=	0.151033	/	0.130095
	=	1.1609

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
	=	445.128	/	364.61
	=	1.2208

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))
	=	(18.614 / (18.614 + 104.857))	/	(16.384 / (16.384 + 96.848))
	=	0.150756	/	0.144694
	=	1.0419

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)
	=	(153.281 / 445.128)	/	(150.624 / 364.61)
	=	0.344353	/	0.41311
	=	0.8336

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)
	=	((36.355 + 211.258) / 603.396)	/	((41.394 + 249.374) / 631.614)
	=	0.410366	/	0.460357
	=	0.8914

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
	=	(13.765 - 0	-	31.785)	/	603.396
	=	-0.029864

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 Mui PCL has a M-score of -2.49 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 -2.49 mean?

Thai Mui PCL (BKK:THMUI) has a Beneish M-Score of -2.49 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thai Mui PCL and its competitors. According to the industry distribution chart, Thai Mui PCL ranks #94 out of 151 companies in the Industrial Distribution industry, placing it in the top 62.3%.

Is Thai Mui PCL's Beneish M-Score too high?

Thai Mui PCL's current Beneish M-Score is -2.49. Based on the distribution chart, Thai Mui PCL ranks #94 out of 151 companies in the Industrial Distribution industry, which is below the industry midpoint. Overall, Thai Mui PCL has a GF Score™ of 53/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Thai Mui PCL's Beneish M-Score compare to GWW and FAST?

According to the Industrial Distribution industry distribution chart, Thai Mui PCL ranks #94 out of 151 companies for Beneish M-Score. This places Thai Mui PCL in the lower 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 an Industrial Distribution company?

A good Beneish M-Score depends on the Industrial Distribution 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 Mui PCL and its competitors. Thai Mui PCL's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Thai Mui PCL stock overvalued right now?

Based on GuruFocus' analysis, Thai Mui PCL (BKK:THMUI) is currently considered Possible Value Trap. The stock's GF Value™ is ฿0.63, compared to a current price of ฿0.31 — trading 50.8% below its estimated fair value. The current Beneish M-Score is -2.49. Thai Mui PCL's overall GF Score™ is 53/100 with 2 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 Thai Mui PCL (BKK:THMUI), the current Beneish M-Score is -2.49 as of Jun. 26, 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 Thai Mui PCL (BKK:THMUI) Overvalued in 2026?

Based on GuruFocus' analysis, Thai Mui PCL stock appears to be undervalued. The current stock price of ฿0.31 is trading 50.8% below its estimated GF Value™ of ฿0.63. GuruFocus considers Thai Mui PCL to be Possible Value Trap.

Key valuation signals for BKK:THMUI:

Beneish M-Score: -2.49
GF Value™: ฿0.63 vs. price of ฿0.31 (50.8% below fair value)
GF Score™: 53/100 with 2 warning signs

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

Thai Mui PCL Business Description

Industry Industrials Industrial Distribution

Comparable Companies BKK:SE BKK:MASTEC GWW FAST FERG WCC WSO TSX:TIH LSE:DPLM QXO AIT TSX:FTT OSTO:ADDT B CNM OSTO:INDT OSTO:BEIJ B POOL MSM ASX:REH XMTR

Address 759 Chareonkrung Road, Taladnoi, Sumphantawong, Krung Thep Maha Nakhon, Bangkok, THA, 10100

Website https://www.thaimui.co.th

Thai Mui Corp PCL is engaged in the retail and wholesale of ironware, wire rope, saw, and pipe, and provides loop wire rope and equipment installation and inspection, plumbing contractor project, and construction of a water quality improvement business for shrimp farm. Its products include Wire rope, Skate, Soft sling, Hook, etc. The company's segments are Sales and service and Project work. The key revenue is derived from the sale of wire rope and lifting equipment, including replacement and installation, and providing technical inspection, testing, and analysis equipment activity. The group operates in Thailand.

53GF Score

Get the complete analysis for BKK:THMUI

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

฿0.31

Price

฿0.63

GF Value

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