Thai Reinsurance PCL (BKK:THRE-R) Beneish M-Score: -2.67 (As of Jun. 25, 2026)


BKK:THRE-R Thai Reinsurance PCL BKK:THRE-R
42 GF Score
Price ฿0.39
GF Value ฿0.48
! 3 Warning Signs
View Full Analysis

What is Thai Reinsurance PCL Beneish M-Score?

Thai Reinsurance PCL BKK:THRE-R 42 Beneish M-Score is -2.67 as of Jun. 25, 2026. GuruFocus rates BKK:THRE-R with a GF Score™ of 42/100 and a GF Value™ of ฿0.48. The stock has 3 warning signs investors should review. Among 397 Insurance companies, Thai Reinsurance PCL ranks better than 69.52% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:THRE-R' s Beneish M-Score Range Over the Past 10 Years
Min: -3.83   Med: -2.48   Max: 2.13
Current: -2.67

During the past 13 years, the highest Beneish M-Score of Thai Reinsurance PCL was 2.13. The lowest was -3.83. And the median was -2.48.

BKK:THRE-R
42GF Score
Thai Reinsurance PCL BKK:THRE-R
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Thai Reinsurance 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 Reinsurance 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 * 0.3848+0.528 * 1+0.404 * 1.0114+0.892 * 1.3067+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.721+4.679 * -0.024078-0.327 * 0.5024
=-2.67

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ฿24 Mil.
Revenue was ฿4,335 Mil.
Gross Profit was ฿4,335 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿6,752 Mil.
Property, Plant and Equipment(Net PPE) was ฿267 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿119 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿6 Mil.
Net Income was ฿-3 Mil.
Gross Profit was ฿0 Mil.
Cash Flow from Operations was ฿160 Mil.
 Total Receivables was ฿48 Mil.
Revenue was ฿3,317 Mil.
Gross Profit was ฿3,317 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿5,804 Mil.
Property, Plant and Equipment(Net PPE) was ฿292 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿127 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿11 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)
=(24.12 / 4335.131) / (47.974 / 3317.496)
=0.005564 / 0.014461
=0.3848

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)
=(3317.496 / 3317.496) / (4335.131 / 4335.131)
=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 + 266.716) / 6751.827) / (1 - (0 + 292.086) / 5803.572)
=0.960497 / 0.949671
=1.0114

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
=4335.131 / 3317.496
=1.3067

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))
=(0 / (0 + 292.086)) / (0 / (0 + 266.716))
=0 / 0
=1

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)
=(119.499 / 4335.131) / (126.83 / 3317.496)
=0.027565 / 0.038231
=0.721

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)
=((6.46 + 0) / 6751.827) / ((11.054 + 0) / 5803.572)
=0.000957 / 0.001905
=0.5024

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
=(-2.74 - 0 - 159.832) / 6751.827
=-0.024078

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 Reinsurance PCL has a M-score of -2.67 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 -2.67 mean?
Thai Reinsurance PCL (BKK:THRE-R) has a Beneish M-Score of -2.67 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thai Reinsurance PCL and its competitors. According to the industry distribution chart, Thai Reinsurance PCL ranks #121 out of 397 companies in the Insurance industry, placing it in the top 30.5%.
Is Thai Reinsurance PCL's Beneish M-Score too high?
Thai Reinsurance PCL's current Beneish M-Score is -2.67. Based on the distribution chart, Thai Reinsurance PCL ranks #121 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, Thai Reinsurance PCL has a GF Score™ of 42/100, reflecting its overall financial health beyond just this single metric.
How does Thai Reinsurance PCL's Beneish M-Score compare to RGA and EG?
According to the Insurance industry distribution chart, Thai Reinsurance PCL ranks #121 out of 397 companies for Beneish M-Score. This puts Thai Reinsurance 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Reinsurance PCL and its competitors. Thai Reinsurance PCL's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Reinsurance PCL stock overvalued right now?
Thai Reinsurance PCL (BKK:THRE-R) has a current Beneish M-Score of -2.67. The stock's GF Value™ is ฿0.48, compared to a current price of ฿0.39 — trading 18.8% below its estimated fair value. The current Beneish M-Score is -2.67. Thai Reinsurance PCL's overall GF Score™ is 42/100 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 Thai Reinsurance PCL (BKK:THRE-R), the current Beneish M-Score is -2.67 as of Jun. 25, 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 Reinsurance PCL (BKK:THRE-R) Overvalued in 2026?

Based on GuruFocus' analysis, Thai Reinsurance PCL stock appears to be undervalued. The current stock price of ฿0.39 is trading 18.8% below its estimated GF Value™ of ฿0.48.

Key valuation signals for BKK:THRE-R:

  • Beneish M-Score: -2.67
  • GF Value™: ฿0.48 vs. price of ฿0.39 (18.8% below fair value)
  • GF Score™: 42/100 with 3 warning signs

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

Thai Reinsurance PCL Business Description

Other Exchanges THRE:Thailand
Address North Sathorn Road, 100/3 - 4, Sathorn Nakorn Tower, 3rd - 4th Floor, Silom, Bangrak, Bangkok, THA, 10500
Thai Reinsurance PCL provides reinsurance for non-life businesses diversify risk, including but not limited to property, personal accident, engineering, and marine and cargo risk. The company provides two main types of reinsurance contracts: facultative reinsurance and treaty reinsurance. Its segments include Motor insurance and Non-motor insurance. The majority of the revenue is derived from Non-motor insurance segment. The group operates in Thailand only.
42GF Score

Get the complete analysis for BKK:THRE-R

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

฿0.39
Price
฿0.48
GF Value