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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Thai Union Group PCL's Beneish M-Score or its related term are showing as below:
FRA:THYG'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.46 Med: -2.78 Max: -2.14
Current: -2.3
During the past 13 years, the highest Beneish M-Score of Thai Union Group PCL was -2.14. The lowest was -3.46. And the median was -2.78.
Thai Union Group PCL Beneish M-Score Related Terms
Thai Union Group PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Thai Union Group 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 Union Group 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 Union Group PCL Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Thai Union Group PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thai Union Group 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 Union Group 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 * 1.2242
+
0.528 * 1.0059
+
0.404 * 0.9747
+
0.892 * 0.9948
+
0.115 * 1.02
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9996
+
4.679 * -0.005765
-
0.327 * 1.0465
=
-2.33
* 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))
=
(116.766 / (116.766 + 847.452))
/
(113.159 / (113.159 + 839.96))
=
0.121099
/
0.118725
=
1.02
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
=
(125.881 - 20.132
-
130.516)
/
4296.274
=
-0.005765
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 Union Group PCL has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
Thai Union Group PCL (FRA:THYG) has a Beneish M-Score of -2.30 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thai Union Group PCL and its competitors. According to the industry distribution chart, Thai Union Group PCL ranks #1225 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 66.3%.
Is Thai Union Group PCL's Beneish M-Score too high?
Thai Union Group PCL's current Beneish M-Score is -2.30. Based on the distribution chart, Thai Union Group PCL ranks #1225 out of 1849 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Thai Union Group PCL has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Thai Union Group PCL's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Thai Union Group PCL ranks #1225 out of 1849 companies for Beneish M-Score. This places Thai Union Group 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 Thai Union Group PCL and its competitors. Thai Union Group PCL's current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Union Group PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Union Group PCL (FRA:THYG) is currently considered Modestly Undervalued. The stock's GF Value™ is €0.37, compared to a current price of €0.29 — trading 22.7% below its estimated fair value. The current Beneish M-Score is -2.30. Thai Union Group PCL's overall GF Score™ is 77/100 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 Union Group PCL (FRA:THYG), the current Beneish M-Score is -2.30 as of Jun. 26, 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 Union Group PCL (FRA:THYG) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Union Group PCL stock appears to be undervalued.
The current stock price of €0.29 is trading 22.7% below its estimated GF Value™ of €0.37.
GuruFocus considers Thai Union Group PCL to be Modestly Undervalued.
Key valuation signals for FRA:THYG:
Beneish M-Score: -2.30
GF Value™: €0.37 vs. price of €0.29 (22.7% below fair value)
No single metric tells the full story. See the FRA:THYG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thai Union Group PCL is a seafood-based food products company. The company sells its products locally in Thailand, as well as in North America and Europe. The business categories are ambient seafood (tuna, salmon, sardine, mackerel); frozen and chilled seafood and related products (shrimp, lobster, salmon); and pet food and value-added. In North America, Thai Union's portfolio contains tuna, salmon, and sardines, sold in different varieties under the Chicken of the Sea and Genova brands. In Europe, the company offers seafood and fish products under brands such as John West, Petit Navire, Parmentier, King Oscar, Mareblum, and Rugen Fisch. In Asia-Pacific, the local brands are Century, Sealect, Fisho, Bellotta, and Marvo. Majority of revenue is from USA.
77GF Score
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