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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Exotic Food PCL's Beneish M-Score or its related term are showing as below:
BKK:XO'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.47 Max: -1.01
Current: -2.43
During the past 13 years, the highest Beneish M-Score of Exotic Food PCL was -1.01. The lowest was -3.45. And the median was -2.47.
Exotic Food PCL Beneish M-Score Related Terms
Exotic Food PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Exotic Food 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, Exotic Food 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.
Exotic Food PCL Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Exotic Food PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Exotic Food 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 Exotic Food 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 * 1.2739
+
0.528 * 1.0579
+
0.404 * 1.0021
+
0.892 * 0.9696
+
0.115 * 0.8089
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0876
+
4.679 * -0.040304
-
0.327 * 0.928
=
-2.43
* 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))
=
(63.119 / (63.119 + 1036.149))
/
(80.041 / (80.041 + 1047.586))
=
0.057419
/
0.070982
=
0.8089
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
=
(522.153 - -7.077
-
617.524)
/
2190.675
=
-0.040304
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.
Exotic Food PCL has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
Exotic Food PCL (BKK:XO) has a Beneish M-Score of -2.43 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Exotic Food PCL and its competitors. According to the industry distribution chart, Exotic Food PCL ranks #1073 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 58%.
Is Exotic Food PCL's Beneish M-Score too high?
Exotic Food PCL's current Beneish M-Score is -2.43. Based on the distribution chart, Exotic Food PCL ranks #1073 out of 1849 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Exotic Food PCL has a GF Score™ of 91/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Exotic Food PCL's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Exotic Food PCL ranks #1073 out of 1849 companies for Beneish M-Score. This places Exotic Food 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 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 Exotic Food PCL and its competitors. Exotic Food PCL's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Exotic Food PCL stock overvalued right now?
Based on GuruFocus' analysis, Exotic Food PCL (BKK:XO) is currently considered Fairly Valued. The stock's GF Value™ is ฿17.57, compared to a current price of ฿18.20 — trading 3.6% above its estimated fair value. The current Beneish M-Score is -2.43. Exotic Food PCL's overall GF Score™ is 91/100 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 Exotic Food PCL (BKK:XO), the current Beneish M-Score is -2.43 as of Jun. 28, 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 Exotic Food PCL (BKK:XO) Overvalued in 2026?
Based on GuruFocus' analysis, Exotic Food PCL stock appears to be overvalued.
The current stock price of ฿18.20 is trading 3.6% above its estimated GF Value™ of ฿17.57.
GuruFocus considers Exotic Food PCL to be Fairly Valued.
Key valuation signals for BKK:XO:
Beneish M-Score: -2.43
GF Value™: ฿17.57 vs. price of ฿18.20 (3.6% above fair value)
No single metric tells the full story. See the BKK:XO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Exotic Food PCL manufactures and exports seasoning and dipping sauces, fruit juice, canned products, and products made from fruit and vegetables. The company operates in both local and overseas markets. It offers seasoning products, which include dipping sauces, chilli sauces, and other seasoning products; food ingredient products, which include coconut milk and curry paste products; and beverages, among others. The company's reportable segments are: Seasoning and dipping sauces, which generate maximum revenue, Cooking paste, and Others. Geographically, it generates maximum revenue from Europe, followed by America, and other regions.
91GF Score
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