Thaivivat Holdings PCL (BKK:TVH) Beneish M-Score: 11.55 (As of Jul. 01, 2026)


BKK:TVH Thaivivat Holdings PCL BKK:TVH
34 GF Score
Price ฿10.10
GF Value ฿9.35
Valuation Fairly Valued
! 4 Warning Signs
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What is Thaivivat Holdings PCL Beneish M-Score?

Thaivivat Holdings PCL BKK:TVH 34 Beneish M-Score is 11.55 as of Jul. 01, 2026. GuruFocus rates BKK:TVH with a GF Score™ of 34/100 and a GF Value™ of ฿9.35 (Fairly Valued). The stock has 4 warning signs investors should review. Among 401 Insurance companies, Thaivivat Holdings PCL ranks worse than 98.75% 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 11.55 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BKK:TVH' s Beneish M-Score Range Over the Past 10 Years
Min: -4.6   Med: -2.36   Max: 11.55
Current: 11.55

During the past 4 years, the highest Beneish M-Score of Thaivivat Holdings PCL was 11.55. The lowest was -4.60. And the median was -2.36.

BKK:TVH
34GF Score
Thaivivat Holdings PCL BKK:TVH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Thaivivat 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 Thaivivat 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 * 15.7245+0.528 * 1+0.404 * 1.0032+0.892 * 1.0582+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.066976-0.327 * 0.6353
=11.55

* 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 ฿130 Mil.
Revenue was 1943.505 + 1875.085 + 1970.729 + 1865.086 = ฿7,654 Mil.
Gross Profit was 1943.505 + 1875.085 + 1970.729 + 1865.086 = ฿7,654 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿10,818 Mil.
Property, Plant and Equipment(Net PPE) was ฿369 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿0 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿8 Mil.
Net Income was 172.758 + 47.781 + 183.78 + 137.775 = ฿542 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was -144.391 + 231.724 + -16.46 + -253.332 = ฿-182 Mil.
 Total Receivables was ฿8 Mil.
Revenue was 1754.914 + 1832.637 + 1862.973 + 1782.649 = ฿7,233 Mil.
Gross Profit was 1754.914 + 1832.637 + 1862.973 + 1782.649 = ฿7,233 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿10,060 Mil.
Property, Plant and Equipment(Net PPE) was ฿375 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿0 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)
=(129.746 / 7654.405) / (7.798 / 7233.173)
=0.016951 / 0.001078
=15.7245

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)
=(7233.173 / 7233.173) / (7654.405 / 7654.405)
=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 + 369.067) / 10818.119) / (1 - (0 + 374.657) / 10059.761)
=0.965884 / 0.962757
=1.0032

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
=7654.405 / 7233.173
=1.0582

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 + 374.657)) / (0 / (0 + 369.067))
=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)
=(0 / 7654.405) / (0 / 7233.173)
=0 / 0
=1

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)
=((7.59 + 0) / 10818.119) / ((11.116 + 0) / 10059.761)
=0.000702 / 0.001105
=0.6353

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
=(542.094 - 0 - -182.459) / 10818.119
=0.066976

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.

Thaivivat Holdings PCL has a M-score of 11.55 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 11.55 mean?
Thaivivat Holdings PCL (BKK:TVH) has a Beneish M-Score of 11.55 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thaivivat Holdings PCL and its competitors. According to the industry distribution chart, Thaivivat Holdings PCL ranks #396 out of 401 companies in the Insurance industry, placing it in the top 98.8%.
Is Thaivivat Holdings PCL's Beneish M-Score too high?
Thaivivat Holdings PCL's current Beneish M-Score is 11.55. Based on the distribution chart, Thaivivat Holdings PCL ranks #396 out of 401 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Thaivivat Holdings PCL has a GF Score™ of 34/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Thaivivat Holdings PCL's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Thaivivat Holdings PCL ranks #396 out of 401 companies for Beneish M-Score. This places Thaivivat 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 Thaivivat Holdings PCL and its competitors. Thaivivat Holdings PCL's current Beneish M-Score is 11.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thaivivat Holdings PCL stock overvalued right now?
Based on GuruFocus' analysis, Thaivivat Holdings PCL (BKK:TVH) is currently considered Fairly Valued. The stock's GF Value™ is ฿9.35, compared to a current price of ฿10.10 — trading 8% above its estimated fair value. The current Beneish M-Score is 11.55. Thaivivat Holdings PCL's overall GF Score™ is 34/100 with 4 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 Thaivivat Holdings PCL (BKK:TVH), the current Beneish M-Score is 11.55 as of Jul. 01, 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 Thaivivat Holdings PCL (BKK:TVH) Overvalued in 2026?

Based on GuruFocus' analysis, Thaivivat Holdings PCL stock appears to be overvalued. The current stock price of ฿10.10 is trading 8% above its estimated GF Value™ of ฿9.35. GuruFocus considers Thaivivat Holdings PCL to be Fairly Valued.

Key valuation signals for BKK:TVH:

  • Beneish M-Score: 11.55
  • GF Value™: ฿9.35 vs. price of ฿10.10 (8% above fair value)
  • GF Score™: 34/100 with 4 warning signs

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

Thaivivat Holdings PCL Business Description

Address No. 71 , Dindaeng Road, Samsen Nai, Phayathai, Bangkok, THA, 10400
Thaivivat Holdings PCL is a Thailand-based company, which is engaged in investment in other companies. The Group is organised into business units based on its nature of business and have four principal business segments: (1) Non-life insurance business, (2) Investment business (3) Service business and (4) Investment property. The Company is engaged in the core business of holding shares in other companies with the core business being the insurance business consisting of the non-life insurance business in Thailand, the insurance business in overseas and the insurance supported business. Its insurance business includes motor insurance, fire insurance, marine and transportation insurance, and miscellaneous insurance.
34GF Score

Get the complete analysis for BKK:TVH

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

฿10.10
Price
฿9.35
GF Value