Dhipaya Group Holdings PCL (BKK:TIPH) Beneish M-Score: -1.28 (As of Sep. 10, 2026)

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BKK:TIPH Dhipaya Group Holdings PCL BKK:TIPH
85 GF Score
Price ฿24.80
GF Value ฿24.56
Valuation Fairly Valued
! 8 Warning Signs
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What is Dhipaya Group Holdings PCL Beneish M-Score?

Dhipaya Group Holdings PCL BKK:TIPH -2.75% 85 Beneish M-Score is -1.28 as of Sep. 10, 2026. GuruFocus rates BKK:TIPH with a GF Score™ of 85/100 and a GF Value™ of ฿24.56 (Fairly Valued). The stock has 8 warning signs investors should review. Among 405 Insurance companies, Dhipaya Group Holdings PCL ranks worse than 92.1% 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.

Warning Sign:

Beneish M-Score -1.28 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BKK:TIPH' s Beneish M-Score Range Over the Past 10 Years
Min: -14.32   Med: -2.33   Max: -0.54
Current: -1.28

During the past 6 years, the highest Beneish M-Score of Dhipaya Group Holdings PCL was -0.54. The lowest was -14.32. And the median was -2.33.

BKK:TIPH
85GF Score
Dhipaya Group Holdings PCL BKK:TIPH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Dhipaya Group Holdings 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 Dhipaya Group Holdings 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 * 2.4231+0.528 * 1+0.404 * 1.0043+0.892 * 0.9066+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1371+4.679 * 0.007171-0.327 * 1.1201
=-1.28

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was ฿15 Mil.
Revenue was 6788.355 + 8130.123 + 12213.644 + 7493.935 = ฿34,626 Mil.
Gross Profit was 6788.355 + 8130.123 + 12213.644 + 7493.935 = ฿34,626 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿38,520 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,357 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿550 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,421 Mil.
Net Income was 292.803 + 352.927 + 309.244 + 150.167 = ฿1,105 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 724.962 + -995.613 + 1136.798 + -37.248 = ฿829 Mil.
 Total Receivables was ฿7 Mil.
Revenue was 6835.995 + 8482.197 + 16072.321 + 6801.023 = ฿38,192 Mil.
Gross Profit was 6835.995 + 8482.197 + 16072.321 + 6801.023 = ฿38,192 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿34,857 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,373 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿534 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,148 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)
=(15.275 / 34626.057) / (6.951 / 38191.536)
=0.000441 / 0.000182
=2.4231

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)
=(38191.536 / 38191.536) / (34626.057 / 34626.057)
=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 + 1357.207) / 38519.554) / (1 - (0 + 1372.598) / 34856.942)
=0.964766 / 0.960622
=1.0043

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
=34626.057 / 38191.536
=0.9066

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 + 1372.598)) / (0 / (0 + 1357.207))
=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)
=(550.002 / 34626.057) / (533.513 / 38191.536)
=0.015884 / 0.013969
=1.1371

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)
=((1420.794 + 0) / 38519.554) / ((1147.793 + 0) / 34856.942)
=0.036885 / 0.032929
=1.1201

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
=(1105.141 - 0 - 828.899) / 38519.554
=0.007171

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.

Dhipaya Group Holdings PCL has a M-score of -1.28 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.28 mean?
Dhipaya Group Holdings PCL (BKK:TIPH) has a Beneish M-Score of -1.28 as of Sep. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dhipaya Group Holdings PCL and its competitors. According to the industry distribution chart, Dhipaya Group Holdings PCL ranks #373 out of 405 companies in the Insurance industry, placing it in the top 92.1%.
Is Dhipaya Group Holdings PCL's Beneish M-Score too high?
Dhipaya Group Holdings PCL's current Beneish M-Score is -1.28. Based on the distribution chart, Dhipaya Group Holdings PCL ranks #373 out of 405 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Dhipaya Group Holdings PCL has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Dhipaya Group Holdings PCL's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Dhipaya Group Holdings PCL ranks #373 out of 405 companies for Beneish M-Score. This places Dhipaya Group Holdings 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 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 Dhipaya Group Holdings PCL and its competitors. Dhipaya Group Holdings PCL's current Beneish M-Score is -1.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dhipaya Group Holdings PCL stock overvalued right now?
Based on GuruFocus' analysis, Dhipaya Group Holdings PCL (BKK:TIPH) is currently considered Fairly Valued. The stock's GF Value™ is ฿24.56, compared to a current price of ฿24.80 — trading 1% above its estimated fair value. The current Beneish M-Score is -1.28. Dhipaya Group Holdings PCL's overall GF Score™ is 85/100 with 8 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 Dhipaya Group Holdings PCL (BKK:TIPH), the current Beneish M-Score is -1.28 as of Sep. 10, 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 Dhipaya Group Holdings PCL (BKK:TIPH) Overvalued in 2026?

Based on GuruFocus' analysis, Dhipaya Group Holdings PCL stock appears to be overvalued. The current stock price of ฿24.80 is trading 1% above its estimated GF Value™ of ฿24.56. GuruFocus considers Dhipaya Group Holdings PCL to be Fairly Valued.

Key valuation signals for BKK:TIPH:

  • Beneish M-Score: -1.28
  • GF Value™: ฿24.56 vs. price of ฿24.80 (1% above fair value)
  • GF Score™: 85/100 with 8 warning signs

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

Dhipaya Group Holdings PCL Business Description

Other Exchanges TIPH-R:Thailand
Address 1115 Rama 3 Road, Chong Nonsri, Yannawa, Bangkok, THA, 10120
Dhipaya Group Holdings PCL engaged in the business of holding investments in other companies. The company's operations are organized into three business segments: non-life insurance, investment, and insurance-supported business. It generates the majority of its revenue from the non-life insurance segment.
85GF Score

Get the complete analysis for BKK:TIPH

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

฿24.80
Price
฿24.56
GF Value