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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 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Thai Industrial Fund 1's Beneish M-Score or its related term are showing as below:
BKK:TIF1'
s Beneish M-Score Range Over the Past 10 Years
Min: -81.18 Med: -2.47 Max: 36.54
Current: -2
During the past 13 years, the highest Beneish M-Score of Thai Industrial Fund 1 was 36.54. The lowest was -81.18. And the median was -2.47.
Thai Industrial Fund 1 Beneish M-Score Related Terms
Thai Industrial Fund 1 Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Thai Industrial Fund 1'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.
BKK:TIF1 vs BLK, BX, KKR: Beneish M-Score Comparison
For the Asset Management subindustry, Thai Industrial Fund 1'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 Industrial Fund 1 Beneish M-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Thai Industrial Fund 1's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thai Industrial Fund 1's Beneish M-Score falls into.
Thai Industrial Fund 1 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 Industrial Fund 1 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 * 1.3397
+
0.528 * 1.0002
+
0.404 * 1.0014
+
0.892 * 1.0059
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.6256
+
4.679 * 0.019392
-
0.327 * 0.9892
=
-2.00
* 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.
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.
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))
=
(0.332 / (0.332 + 0))
/
(0.38 / (0.38 + 0))
=
1
/
1
=
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
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
=
(58.525 - 3.762
-
35.675)
/
984.335
=
0.019392
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 Industrial Fund 1 has a M-score of -2.00 suggests that the company is unlikely to be a manipulator.
Thai Industrial Fund 1 (BKK:TIF1) has a Beneish M-Score of -2.00 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thai Industrial Fund 1 and its competitors. According to the industry distribution chart, Thai Industrial Fund 1 ranks #563 out of 952 companies in the Asset Management industry, placing it in the top 59.1%.
Is Thai Industrial Fund 1's Beneish M-Score too high?
Thai Industrial Fund 1's current Beneish M-Score is -2.00. Based on the distribution chart, Thai Industrial Fund 1 ranks #563 out of 952 companies in the Asset Management industry, which is below the industry midpoint. Overall, Thai Industrial Fund 1 has a GF Score™ of 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Thai Industrial Fund 1's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Thai Industrial Fund 1 ranks #563 out of 952 companies for Beneish M-Score. This places Thai Industrial Fund 1 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Industrial Fund 1 and its competitors. Thai Industrial Fund 1's current Beneish M-Score is -2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Industrial Fund 1 stock overvalued right now?
Based on GuruFocus' analysis, Thai Industrial Fund 1 (BKK:TIF1) is currently considered Fairly Valued. The stock's GF Value™ is ฿8.50, compared to a current price of ฿7.90 — trading 7.1% below its estimated fair value. The current Beneish M-Score is -2.00. Thai Industrial Fund 1's overall GF Score™ is 79/100 with 6 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 Industrial Fund 1 (BKK:TIF1), the current Beneish M-Score is -2.00 as of Jul. 21, 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 Industrial Fund 1 (BKK:TIF1) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Industrial Fund 1 stock appears to be undervalued.
The current stock price of ฿7.90 is trading 7.1% below its estimated GF Value™ of ฿8.50.
GuruFocus considers Thai Industrial Fund 1 to be Fairly Valued.
Key valuation signals for BKK:TIF1:
Beneish M-Score: -2.00
GF Value™: ฿8.50 vs. price of ฿7.90 (7.1% below fair value)
No single metric tells the full story. See the BKK:TIF1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thai Industrial Fund 1 is an asset management company. The objective of the fund is to raise funds from general investors and to use the proceeds from such fundraising for the purchase and/or lease of immovable properties or property lease rights. It invests in land and factory buildings, industrial parks, and industrial promotion zone in Thailand. The one reportable operating segment of the Fund is to provide the rental on property in which the Fund has invested and the single geographical area of its operations is Thailand.
79GF Score
Get the complete analysis for BKK:TIF1
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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