TMBThanachart Bank PCL (FRA:TMLF) Beneish M-Score: -2.80 (As of Jun. 26, 2026)


FRA:TMLF TMBThanachart Bank PCL FRA:TMLF
52 GF Score
Price €0.05
GF Value €0.04
Valuation Modestly Overvalued
! 8 Warning Signs
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What is TMBThanachart Bank PCL Beneish M-Score?

TMBThanachart Bank PCL FRA:TMLF 52 Beneish M-Score is -2.80 as of Jun. 26, 2026. GuruFocus rates FRA:TMLF with a GF Score™ of 52/100 and a GF Value™ of €0.04 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 1,396 Banks companies, TMBThanachart Bank PCL ranks better than 88.9% 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.

Good Sign:

Beneish M-Score -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:TMLF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.46   Med: -2.46   Max: -0.08
Current: -2.8

During the past 13 years, the highest Beneish M-Score of TMBThanachart Bank PCL was -0.08. The lowest was -3.46. And the median was -2.46.

FRA:TMLF
52GF Score
TMBThanachart Bank PCL FRA:TMLF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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TMBThanachart Bank 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 TMBThanachart Bank 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 * 0.9491+0.528 * 1+0.404 * 0.9999+0.892 * 0.9475+0.115 * 0.9101
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0691+4.679 * -0.047899-0.327 * 0.994
=-2.82

* 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 €12,172 Mil.
Revenue was 446.626 + 632.59 + 432.899 + 434.277 = €1,946 Mil.
Gross Profit was 446.626 + 632.59 + 432.899 + 434.277 = €1,946 Mil.
Total Current Assets was €0 Mil.
Total Assets was €45,115 Mil.
Property, Plant and Equipment(Net PPE) was €402 Mil.
Depreciation, Depletion and Amortization(DDA) was €124 Mil.
Selling, General, & Admin. Expense(SGA) was €600 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €3,011 Mil.
Net Income was 138.608 + 141.726 + 141.246 + 133.156 = €555 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 17.221 + 881.218 + 1199.405 + 617.877 = €2,716 Mil.
 Total Receivables was €13,536 Mil.
Revenue was 451.583 + 699.364 + 465.27 + 438.114 = €2,054 Mil.
Gross Profit was 451.583 + 699.364 + 465.27 + 438.114 = €2,054 Mil.
Total Current Assets was €0 Mil.
Total Assets was €46,965 Mil.
Property, Plant and Equipment(Net PPE) was €416 Mil.
Depreciation, Depletion and Amortization(DDA) was €114 Mil.
Selling, General, & Admin. Expense(SGA) was €592 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €3,153 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)
=(12172.127 / 1946.392) / (13535.754 / 2054.331)
=6.253687 / 6.588887
=0.9491

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)
=(2054.331 / 2054.331) / (1946.392 / 1946.392)
=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 + 401.618) / 45115.047) / (1 - (0 + 415.72) / 46965.49)
=0.991098 / 0.991148
=0.9999

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
=1946.392 / 2054.331
=0.9475

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))
=(113.565 / (113.565 + 415.72)) / (123.888 / (123.888 + 401.618))
=0.214563 / 0.23575
=0.9101

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)
=(600.171 / 1946.392) / (592.491 / 2054.331)
=0.308351 / 0.288411
=1.0691

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)
=((3010.978 + 0) / 45115.047) / ((3153.472 + 0) / 46965.49)
=0.06674 / 0.067144
=0.994

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
=(554.736 - 0 - 2715.721) / 45115.047
=-0.047899

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.

TMBThanachart Bank PCL has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.80 mean?
TMBThanachart Bank PCL (FRA:TMLF) has a Beneish M-Score of -2.80 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TMBThanachart Bank PCL and its competitors. According to the industry distribution chart, TMBThanachart Bank PCL ranks #155 out of 1396 companies in the Banks industry, placing it in the top 11.1%.
Is TMBThanachart Bank PCL's Beneish M-Score too high?
TMBThanachart Bank PCL's current Beneish M-Score is -2.80. Based on the distribution chart, TMBThanachart Bank PCL ranks #155 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, TMBThanachart Bank PCL has a GF Score™ of 52/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does TMBThanachart Bank PCL's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, TMBThanachart Bank PCL ranks #155 out of 1396 companies for Beneish M-Score. This places TMBThanachart Bank PCL in the top 11% 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 Banks company?
A good Beneish M-Score depends on the Banks 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 TMBThanachart Bank PCL and its competitors. TMBThanachart Bank PCL's current Beneish M-Score is -2.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TMBThanachart Bank PCL stock overvalued right now?
Based on GuruFocus' analysis, TMBThanachart Bank PCL (FRA:TMLF) is currently considered Modestly Overvalued. The stock's GF Value™ is €0.04, compared to a current price of €0.05 — trading 25% above its estimated fair value. The current Beneish M-Score is -2.80. TMBThanachart Bank PCL's overall GF Score™ is 52/100 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 TMBThanachart Bank PCL (FRA:TMLF), the current Beneish M-Score is -2.80 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 TMBThanachart Bank PCL (FRA:TMLF) Overvalued in 2026?

Based on GuruFocus' analysis, TMBThanachart Bank PCL stock appears to be overvalued. The current stock price of €0.05 is trading 25% above its estimated GF Value™ of €0.04. GuruFocus considers TMBThanachart Bank PCL to be Modestly Overvalued.

Key valuation signals for FRA:TMLF:

  • Beneish M-Score: -2.80
  • GF Value™: €0.04 vs. price of €0.05 (25% above fair value)
  • GF Score™: 52/100 with 8 warning signs

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

TMBThanachart Bank PCL Business Description

Other Exchanges TTB-F:ThailandTTB:Thailand
Address 3000 Phahonyothin Road, Khwang Chomphon, Khet Chatuchak, Bangkok, THA, 10900
TMBThanachart Bank PCL is a Thailand-based company that is principally engaged in banking. The company operates in two reportable segments retail and commercial banking. Retail banking provides customers with services such as deposits, loans, and credit cards. Commercial banking provides lending, deposit, and management services to wholesale, small, and midsize businesses. The company has maximum revenue from Retail Banking. The company's business operations are concentrated in Thailand.
52GF Score

Get the complete analysis for FRA:TMLF

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

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