THNUY (Thanachart Capital PCL) Beneish M-Score: -2.75 (As of Jun. 27, 2026)


THNUY Thanachart Capital PCL THNUY
64 GF Score
Price $9.85
GF Value $8.05
! 7 Warning Signs
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What is Thanachart Capital PCL Beneish M-Score?

Thanachart Capital PCL THNUY 64 Beneish M-Score is -2.75 as of Jun. 27, 2026. GuruFocus rates THNUY with a GF Score™ of 64/100 and a GF Value™ of $8.05. The stock has 7 warning signs investors should review. Among 483 Credit Services companies, Thanachart Capital PCL ranks better than 80.12% 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

THNUY' s Beneish M-Score Range Over the Past 10 Years
Min: -5.27   Med: -2.47   Max: 64.82
Current: -2.75

During the past 13 years, the highest Beneish M-Score of Thanachart Capital PCL was 64.82. The lowest was -5.27. And the median was -2.47.

THNUY
64GF Score
Thanachart Capital PCL THNUY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Thanachart Capital 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 Thanachart Capital 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 * 0.7228+0.528 * 1+0.404 * 1.001+0.892 * 1.1361+0.115 * 1.0102
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9303+4.679 * -0.028181-0.327 * 0.89
=-2.70

* 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 $1,269.2 Mil.
Revenue was 124.395 + 127.316 + 130.019 + 135.625 = $517.4 Mil.
Gross Profit was 124.395 + 127.316 + 130.019 + 135.625 = $517.4 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $4,889.7 Mil.
Property, Plant and Equipment(Net PPE) was $10.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.8 Mil.
Selling, General, & Admin. Expense(SGA) was $369.7 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,639.9 Mil.
Net Income was 65.811 + 59.995 + 65.024 + 63.45 = $254.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 213.76 + 19.992 + 106.054 + 52.27 = $392.1 Mil.
 Total Receivables was $1,545.6 Mil.
Revenue was 117.43 + 109.175 + 116.726 + 112.03 = $455.4 Mil.
Gross Profit was 117.43 + 109.175 + 116.726 + 112.03 = $455.4 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $4,720.1 Mil.
Property, Plant and Equipment(Net PPE) was $14.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.7 Mil.
Selling, General, & Admin. Expense(SGA) was $349.8 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,778.7 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)
=(1269.245 / 517.355) / (1545.598 / 455.361)
=2.453335 / 3.394226
=0.7228

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)
=(455.361 / 455.361) / (517.355 / 517.355)
=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 + 10.653) / 4889.707) / (1 - (0 + 14.891) / 4720.094)
=0.997821 / 0.996845
=1.001

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
=517.355 / 455.361
=1.1361

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))
=(6.739 / (6.739 + 14.891)) / (4.751 / (4.751 + 10.653))
=0.311558 / 0.308426
=1.0102

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)
=(369.748 / 517.355) / (349.835 / 455.361)
=0.714689 / 0.768259
=0.9303

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)
=((1639.943 + 0) / 4889.707) / ((1778.663 + 0) / 4720.094)
=0.335387 / 0.376828
=0.89

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
=(254.28 - 0 - 392.076) / 4889.707
=-0.028181

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.

Thanachart Capital PCL has a M-score of -2.70 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 -2.75 mean?
Thanachart Capital PCL (THNUY) has a Beneish M-Score of -2.75 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thanachart Capital PCL and its competitors. According to the industry distribution chart, Thanachart Capital PCL ranks #96 out of 483 companies in the Credit Services industry, placing it in the top 19.9%.
Is Thanachart Capital PCL's Beneish M-Score too high?
Thanachart Capital PCL's current Beneish M-Score is -2.75. Based on the distribution chart, Thanachart Capital PCL ranks #96 out of 483 companies in the Credit Services industry, which is in the top quartile — a strong position relative to peers. Overall, Thanachart Capital PCL has a GF Score™ of 64/100, reflecting its overall financial health beyond just this single metric.
How does Thanachart Capital PCL's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Thanachart Capital PCL ranks #96 out of 483 companies for Beneish M-Score. This places Thanachart Capital PCL in the top 20% 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 Thanachart Capital PCL and its competitors. Thanachart Capital PCL's current Beneish M-Score is -2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thanachart Capital PCL stock overvalued right now?
Thanachart Capital PCL (THNUY) has a current Beneish M-Score of -2.75. The stock's GF Value™ is $8.05, compared to a current price of $9.85 — trading 22.4% above its estimated fair value. The current Beneish M-Score is -2.75. Thanachart Capital PCL's overall GF Score™ is 64/100 with 7 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 Thanachart Capital PCL (THNUY), the current Beneish M-Score is -2.75 as of Jun. 27, 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 Thanachart Capital PCL (THNUY) Overvalued in 2026?

Based on GuruFocus' analysis, Thanachart Capital PCL stock appears to be overvalued. The current stock price of $9.85 is trading 22.4% above its estimated GF Value™ of $8.05.

Key valuation signals for THNUY:

  • Beneish M-Score: -2.75
  • GF Value™: $8.05 vs. price of $9.85 (22.4% above fair value)
  • GF Score™: 64/100 with 7 warning signs

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

Thanachart Capital PCL Business Description

Other Exchanges TCAP:ThailandNFPH:Germany
Address Phayathai Road, 444, 16-17th Floor, MBK Tower, Wangmai, Pathumwan, Bangkok, THA, 10330
Thanachart Capital PCL is an investment holding company domiciled in Thailand. Through its subsidiaries, it operates in different reportable operating business segments such as; non-performing assets management business, securities business, asset management business, leasing and hire purchase business, non-life insurance business, life insurance business, and others. The majority of the company's revenue is generated from its Leasing and Hire purchase business which provides auto hire purchase and financial lease services with a focus on the auto market for new and used cars markets for passenger cars as well as vehicles for commercial purposes, such as pick-ups, taxis, truck tractors and lorries, etc.
64GF Score

Get the complete analysis for THNUY

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

$9.85
Price
$8.05
GF Value