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Thai Wah PCLBKK:TWPC 72 Beneish M-Score is -2.86 as of Jul. 15, 2026. GuruFocus rates BKK:TWPC with a GF Score™ of 72/100 and a GF Value™ of ฿2.94 (Fairly Valued). The stock has 7 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Thai Wah PCL ranks better than 76.42% 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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Thai Wah PCL's Beneish M-Score or its related term are showing as below:
BKK:TWPC'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.44 Med: -2.56 Max: 0.56
Current: -2.86
During the past 13 years, the highest Beneish M-Score of Thai Wah PCL was 0.56. The lowest was -3.44. And the median was -2.56.
Thai Wah PCL Beneish M-Score Related Terms
Thai Wah PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Thai Wah 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.
For the Packaged Foods subindustry, Thai Wah 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 Wah PCL Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Thai Wah PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thai Wah PCL's Beneish M-Score falls into.
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 Wah 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 * 1.0949
+
0.528 * 0.8086
+
0.404 * 0.9668
+
0.892 * 0.9605
+
0.115 * 1.0266
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0502
+
4.679 * -0.068442
-
0.327 * 0.9872
=
-2.86
* 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))
=
(468.478 / (468.478 + 3842.745))
/
(462.394 / (462.394 + 3905.999))
=
0.108665
/
0.10585
=
1.0266
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
=
(206.386 - 38.412
-
770.44)
/
8802.549
=
-0.068442
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 Wah PCL has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
Thai Wah PCL (BKK:TWPC) has a Beneish M-Score of -2.86 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thai Wah PCL and its competitors. According to the industry distribution chart, Thai Wah PCL ranks #436 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 23.6%.
Is Thai Wah PCL's Beneish M-Score too high?
Thai Wah PCL's current Beneish M-Score is -2.86. Based on the distribution chart, Thai Wah PCL ranks #436 out of 1849 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, Thai Wah PCL has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Thai Wah PCL's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Thai Wah PCL ranks #436 out of 1849 companies for Beneish M-Score. This places Thai Wah PCL in the top 24% of its industry — outperforming the majority of peers. 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 a Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Wah PCL and its competitors. Thai Wah PCL's current Beneish M-Score is -2.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Wah PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Wah PCL (BKK:TWPC) is currently considered Fairly Valued. The stock's GF Value™ is ฿2.94, compared to a current price of ฿2.88 — trading 2% below its estimated fair value. The current Beneish M-Score is -2.86. Thai Wah PCL's overall GF Score™ is 72/100 with 7 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 Wah PCL (BKK:TWPC), the current Beneish M-Score is -2.86 as of Jul. 15, 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 Wah PCL (BKK:TWPC) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Wah PCL stock appears to be undervalued.
The current stock price of ฿2.88 is trading 2% below its estimated GF Value™ of ฿2.94.
GuruFocus considers Thai Wah PCL to be Fairly Valued.
Key valuation signals for BKK:TWPC:
Beneish M-Score: -2.86
GF Value™: ฿2.94 vs. price of ฿2.88 (2% below fair value)
No single metric tells the full story. See the BKK:TWPC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thai Wah PCL is engaged in the manufacture and distribution of vermicelli, tapioca starch and other food products. Its products include Starch & Starch-Related Products such as Tapioca Flour & Starch, Modified Starch, Glucose Syrup, Tapioca Pearl, Alpha Starch, Rice Flour & Starch, and Organic Products; Food Products such as Bean Vermicelli, Rice Noodles, Rice Vermicelli, Starch, Flour And Pearl, and Meal Kit And Instant Noodles. Its segments include the manufacture and distribution of starch, the manufacture and distribution of vermicelli and other food products, and the manufacture and distribution of other agricultural products.
72GF Score
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