CIMB Thai Bank (STU:BK6B) Beneish M-Score: -2.38 (As of Jul. 02, 2026)


STU:BK6B CIMB Thai Bank PLC STU:BK6B
13 GF Score
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GF Value €0.01
! 3 Warning Signs
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What is CIMB Thai Bank Beneish M-Score?

CIMB Thai Bank STU:BK6B 13 Beneish M-Score is -2.38 as of Jul. 02, 2026. GuruFocus rates STU:BK6B with a GF Score™ of 13/100 and a GF Value™ of €0.01. The stock has 3 warning signs investors should review.

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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:BK6B' s Beneish M-Score Range Over the Past 10 Years
Min: -4.11   Med: -2.47   Max: -1.74
Current: -2.38

During the past 13 years, the highest Beneish M-Score of CIMB Thai Bank was -1.74. The lowest was -4.11. And the median was -2.47.

STU:BK6B
13GF Score
CIMB Thai Bank PLC STU:BK6B
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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CIMB Thai Bank 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 CIMB Thai Bank 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 * 1.0352+0.528 * 1+0.404 * 1.0003+0.892 * 0.9376+0.115 * 0.9968
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0323+4.679 * 0.022935-0.327 * 0.9972
=-2.40

* 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 €1,764.0 Mil.
Revenue was 86.659 + 81.228 + 100.46 + 85.058 = €353.4 Mil.
Gross Profit was 86.659 + 81.228 + 100.46 + 85.058 = €353.4 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €14,547.1 Mil.
Property, Plant and Equipment(Net PPE) was €92.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €18.4 Mil.
Selling, General, & Admin. Expense(SGA) was €107.0 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €3,537.1 Mil.
Net Income was 16.145 + 11.547 + 21.797 + 4.643 = €54.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.0 Mil.
Cash Flow from Operations was 92.918 + -285.051 + 31.656 + -119.035 = €-279.5 Mil.
 Total Receivables was €1,817.4 Mil.
Revenue was 91.028 + 95.469 + 101.526 + 88.912 = €376.9 Mil.
Gross Profit was 91.028 + 95.469 + 101.526 + 88.912 = €376.9 Mil.
Total Current Assets was €0.0 Mil.
Total Assets was €14,594.4 Mil.
Property, Plant and Equipment(Net PPE) was €96.3 Mil.
Depreciation, Depletion and Amortization(DDA) was €19.2 Mil.
Selling, General, & Admin. Expense(SGA) was €110.5 Mil.
Total Current Liabilities was €0.0 Mil.
Long-Term Debt & Capital Lease Obligation was €3,558.7 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)
=(1763.95 / 353.405) / (1817.446 / 376.935)
=4.991299 / 4.821643
=1.0352

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)
=(376.935 / 376.935) / (353.405 / 353.405)
=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 + 92.282) / 14547.126) / (1 - (0 + 96.338) / 14594.447)
=0.993656 / 0.993399
=1.0003

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
=353.405 / 376.935
=0.9376

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))
=(19.15 / (19.15 + 96.338)) / (18.415 / (18.415 + 92.282))
=0.165818 / 0.166355
=0.9968

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)
=(106.994 / 353.405) / (110.547 / 376.935)
=0.302752 / 0.293279
=1.0323

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)
=((3537.069 + 0) / 14547.126) / ((3558.685 + 0) / 14594.447)
=0.243146 / 0.243838
=0.9972

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
=(54.132 - 0 - -279.512) / 14547.126
=0.022935

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.

CIMB Thai Bank has a M-score of -2.40 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 -2.38 mean?
CIMB Thai Bank (STU:BK6B) has a Beneish M-Score of -2.38 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CIMB Thai Bank and its competitors.
Is CIMB Thai Bank's Beneish M-Score too high?
CIMB Thai Bank's current Beneish M-Score is -2.38. Overall, CIMB Thai Bank has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does CIMB Thai Bank's Beneish M-Score compare to PNC and USB?
CIMB Thai Bank's Beneish M-Score of -2.38 can be compared against companies in the Banks 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 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 CIMB Thai Bank and its competitors. CIMB Thai Bank's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CIMB Thai Bank stock overvalued right now?
CIMB Thai Bank (STU:BK6B) has a current Beneish M-Score of -2.38. The stock's GF Value™ is €0.01, compared to a current price of €0.00 — trading 55% below its estimated fair value. The current Beneish M-Score is -2.38. CIMB Thai Bank's overall GF Score™ is 13/100 with 3 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 CIMB Thai Bank (STU:BK6B), the current Beneish M-Score is -2.38 as of Jul. 02, 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 CIMB Thai Bank (STU:BK6B) Overvalued in 2026?

Based on GuruFocus' analysis, CIMB Thai Bank stock appears to be undervalued. The current stock price of €0.00 is trading 55% below its estimated GF Value™ of €0.01.

Key valuation signals for STU:BK6B:

  • Beneish M-Score: -2.38
  • GF Value™: €0.01 vs. price of €0.00 (55% below fair value)
  • GF Score™: 13/100 with 3 warning signs

No single metric tells the full story. See the STU:BK6B stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CIMB Thai Bank Business Description

Address Langsuan Road, 44 Langsuan Building, Lumpini Subdistrict, Pathumwan District, Bangkok, THA, 10330
CIMB Thai Bank PLC is a financial service provider in Thailand. It provides consumer banking, commercial banking, investment banking, Islamic banking, asset management, and insurance products and services. Its segments are Retail banking and SMEs, Wholesale Banking, and Others. The company generates key revenue from the Retail banking and SMEs segment, which provides financial services to individuals and commercial customers. The products include consumer sales & distribution, retail financial services, commercial banking, and personal financing.
13GF Score

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

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