TIH (SGX:T55) Beneish M-Score: -2.12 (As of Jun. 30, 2026)


SGX:T55 TIH Ltd SGX:T55
25 GF Score
Price S$0.21
GF Value S$0.40
Valuation Significantly Undervalued
View Full Analysis

What is TIH Beneish M-Score?

TIH SGX:T55 +2.50% 25 Beneish M-Score is -2.12 as of Jun. 30, 2026. GuruFocus rates SGX:T55 with a GF Score™ of 25/100 and a GF Value™ of S$0.40 (Significantly Undervalued). Among 951 Asset Management companies, TIH ranks worse than 55.21% 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SGX:T55' s Beneish M-Score Range Over the Past 10 Years
Min: -3.86   Med: -2.24   Max: 0.69
Current: -2.12

During the past 13 years, the highest Beneish M-Score of TIH was 0.69. The lowest was -3.86. And the median was -2.24.

SGX:T55
25GF Score
TIH Ltd SGX:T55
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TIH 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 TIH 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+0.528 * 1+0.404 * 0.998+0.892 * 1.577+0.115 * 1.7192
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5488+4.679 * 0.099912-0.327 * 3.3928
=-2.12

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was S$0.00 Mil.
Revenue was S$17.56 Mil.
Gross Profit was S$17.56 Mil.
Total Current Assets was S$0.00 Mil.
Total Assets was S$150.72 Mil.
Property, Plant and Equipment(Net PPE) was S$0.42 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.30 Mil.
Selling, General, & Admin. Expense(SGA) was S$7.66 Mil.
Total Current Liabilities was S$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.38 Mil.
Net Income was S$9.94 Mil.
Gross Profit was S$0.00 Mil.
Cash Flow from Operations was S$-5.12 Mil.
 Total Receivables was S$0.00 Mil.
Revenue was S$11.14 Mil.
Gross Profit was S$11.14 Mil.
Total Current Assets was S$0.00 Mil.
Total Assets was S$143.83 Mil.
Property, Plant and Equipment(Net PPE) was S$0.12 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.29 Mil.
Selling, General, & Admin. Expense(SGA) was S$8.86 Mil.
Total Current Liabilities was S$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.11 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)
=(0 / 17.562) / (0 / 11.136)
=0 / 0
=1

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)
=(11.136 / 11.136) / (17.562 / 17.562)
=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 + 0.421) / 150.723) / (1 - (0 + 0.115) / 143.83)
=0.997207 / 0.9992
=0.998

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
=17.562 / 11.136
=1.577

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))
=(0.289 / (0.289 + 0.115)) / (0.3 / (0.3 + 0.421))
=0.715347 / 0.416089
=1.7192

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)
=(7.664 / 17.562) / (8.855 / 11.136)
=0.436397 / 0.795169
=0.5488

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)
=((0.384 + 0) / 150.723) / ((0.108 + 0) / 143.83)
=0.002548 / 0.000751
=3.3928

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
=(9.939 - 0 - -5.12) / 150.723
=0.099912

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.

TIH has a M-score of -2.12 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 -2.12 mean?
TIH (SGX:T55) has a Beneish M-Score of -2.12 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TIH and its competitors. According to the industry distribution chart, TIH ranks #525 out of 951 companies in the Asset Management industry, placing it in the top 55.2%.
Is TIH's Beneish M-Score too high?
TIH's current Beneish M-Score is -2.12. Based on the distribution chart, TIH ranks #525 out of 951 companies in the Asset Management industry, which is below the industry midpoint. Overall, TIH has a GF Score™ of 25/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does TIH's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, TIH ranks #525 out of 951 companies for Beneish M-Score. This places TIH 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 TIH and its competitors. TIH's current Beneish M-Score is -2.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TIH stock overvalued right now?
Based on GuruFocus' analysis, TIH (SGX:T55) is currently considered Significantly Undervalued. The stock's GF Value™ is S$0.40, compared to a current price of S$0.21 — trading 48.8% below its estimated fair value. The current Beneish M-Score is -2.12. TIH's overall GF Score™ is 25/100. 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 TIH (SGX:T55), the current Beneish M-Score is -2.12 as of Jun. 30, 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 TIH (SGX:T55) Overvalued in 2026?

Based on GuruFocus' analysis, TIH stock appears to be undervalued. The current stock price of S$0.21 is trading 48.8% below its estimated GF Value™ of S$0.40. GuruFocus considers TIH to be Significantly Undervalued.

Key valuation signals for SGX:T55:

  • Beneish M-Score: -2.12
  • GF Value™: S$0.40 vs. price of S$0.21 (48.8% below fair value)
  • GF Score™: 25/100

No single metric tells the full story. See the SGX:T55 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

TIH Business Description

Address 137 Telok Ayer Street, No. 03-07, Singapore, SGP, 068602
TIH Ltd is a Singapore-based private equity fund company. It has invested in a wide variety of sectors, including Consumer & Industrial Products, Healthcare, Technology, Media & Telecommunications, Food, Manufacturing, and Chemicals, with a key focus on Asia. The company has two business segments: the Investment Business segment, which relates to the private equity business that invests for capital appreciation in growing private companies predominantly located in Asia, and the Fund Management segment, which provides fund management, consultancy, advisory, and related services. It generates the majority of its revenue from the Investment Business segment.
25GF Score

Get the complete analysis for SGX:T55

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

S$0.21
Price
S$0.40
GF Value