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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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Aapico Hitech PCL's Beneish M-Score or its related term are showing as below:
BKK:AH-R'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.38 Med: -2.73 Max: -1.89
Current: -2.85
During the past 13 years, the highest Beneish M-Score of Aapico Hitech PCL was -1.89. The lowest was -3.38. And the median was -2.73.
The historical data trend for Aapico Hitech 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 Auto Parts subindustry, Aapico Hitech 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.
Aapico Hitech PCL Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Aapico Hitech PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aapico Hitech 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 Aapico Hitech 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 * 1.0083
+
0.528 * 0.949
+
0.404 * 0.9759
+
0.892 * 0.9812
+
0.115 * 1.0719
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0538
+
4.679 * -0.071529
-
0.327 * 0.9706
=
-2.85
* 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))
=
(1264.507 / (1264.507 + 8716.294))
/
(1216.35 / (1216.35 + 9074.271))
=
0.126694
/
0.1182
=
1.0719
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
=
(826.917 - 664.927
-
1911.956)
/
24465.271
=
-0.071529
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.
Aapico Hitech PCL has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
Aapico Hitech PCL (BKK:AH-R) has a Beneish M-Score of -2.85 as of Aug. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aapico Hitech PCL and its competitors. According to the industry distribution chart, Aapico Hitech PCL ranks #290 out of 1284 companies in the Vehicles & Parts industry, placing it in the top 22.6%.
Is Aapico Hitech PCL's Beneish M-Score too high?
Aapico Hitech PCL's current Beneish M-Score is -2.85. Based on the distribution chart, Aapico Hitech PCL ranks #290 out of 1284 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, Aapico Hitech PCL has a GF Score™ of 84/100, reflecting its overall financial health beyond just this single metric.
How does Aapico Hitech PCL's Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Aapico Hitech PCL ranks #290 out of 1284 companies for Beneish M-Score. This places Aapico Hitech PCL in the top 23% 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Aapico Hitech PCL and its competitors. Aapico Hitech PCL's current Beneish M-Score is -2.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aapico Hitech PCL stock overvalued right now?
Aapico Hitech PCL (BKK:AH-R) has a current Beneish M-Score of -2.85. The stock's GF Value™ is ฿15.12, compared to a current price of ฿15.66 — trading 3.6% above its estimated fair value. The current Beneish M-Score is -2.85. Aapico Hitech PCL's overall GF Score™ is 84/100 with 5 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 Aapico Hitech PCL (BKK:AH-R), the current Beneish M-Score is -2.85 as of Aug. 29, 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 Aapico Hitech PCL (BKK:AH-R) Overvalued in 2026?
Based on GuruFocus' analysis, Aapico Hitech PCL stock appears to be overvalued.
The current stock price of ฿15.66 is trading 3.6% above its estimated GF Value™ of ฿15.12.
Key valuation signals for BKK:AH-R:
Beneish M-Score: -2.85
GF Value™: ฿15.12 vs. price of ฿15.66 (3.6% above fair value)
No single metric tells the full story. See the BKK:AH-R stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Aapico Hitech PCL is a manufacturing company. The business activity of the firm is organized into business units based on their products and services and has three reported segments which are the Manufacture of auto parts; Sales of automobiles and the provision of automobile repair service; and Others. It manufactures products such as Jigs, Stamping dies, and Original equipment manufacturing auto parts, including Floor parts, Cross members, Pillars, Brackets, Clips, and Fuel tanks. Geographically the firm has its presence in the region of Thailand, China, Malaysia, and Portugal from which it derives the majority of its revenue from Thailand. The majority of its revenue is derived from the Manufacture of automobile assembly tools and parts segment.
84GF Score
Get the complete analysis for BKK:AH-R
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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