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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 -1.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Alpha Divisions PCL's Beneish M-Score or its related term are showing as below:
BKK:ALPHAX'
s Beneish M-Score Range Over the Past 10 Years
Min: -13.42 Med: -2.04 Max: 26.4
Current: -1.9
During the past 13 years, the highest Beneish M-Score of Alpha Divisions PCL was 26.40. The lowest was -13.42. And the median was -2.04.
Alpha Divisions PCL Beneish M-Score Related Terms
Alpha Divisions PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Alpha Divisions 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 Real Estate - Development subindustry, Alpha Divisions 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.
Alpha Divisions PCL Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Alpha Divisions PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alpha Divisions 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 Alpha Divisions 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 * 0.9196
+
0.528 * 0.9302
+
0.404 * 0.9388
+
0.892 * 1.716
+
0.115 * 1.192
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.6021
+
4.679 * -0.007081
-
0.327 * 0.9326
=
-1.90
* 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))
=
(62.179 / (62.179 + 63.133))
/
(85.189 / (85.189 + 119.458))
=
0.496194
/
0.416273
=
1.192
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
=
(263.74 - 153.731
-
153.976)
/
6208.722
=
-0.007081
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.
Alpha Divisions PCL has a M-score of -1.90 suggests that the company is unlikely to be a manipulator.
Alpha Divisions PCL (BKK:ALPHAX) has a Beneish M-Score of -1.90 as of Jul. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Alpha Divisions PCL and its competitors. According to the industry distribution chart, Alpha Divisions PCL ranks #1184 out of 1682 companies in the Real Estate industry, placing it in the top 70.4%.
Is Alpha Divisions PCL's Beneish M-Score too high?
Alpha Divisions PCL's current Beneish M-Score is -1.90. Based on the distribution chart, Alpha Divisions PCL ranks #1184 out of 1682 companies in the Real Estate industry, which is below the industry midpoint. Overall, Alpha Divisions PCL has a GF Score™ of 26/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Alpha Divisions PCL's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Alpha Divisions PCL ranks #1184 out of 1682 companies for Beneish M-Score. This places Alpha Divisions PCL 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 a Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Alpha Divisions PCL and its competitors. Alpha Divisions PCL's current Beneish M-Score is -1.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alpha Divisions PCL stock overvalued right now?
Based on GuruFocus' analysis, Alpha Divisions PCL (BKK:ALPHAX) is currently considered Possible Value Trap. The stock's GF Value™ is ฿0.60, compared to a current price of ฿0.25 — trading 58.3% below its estimated fair value. The current Beneish M-Score is -1.90. Alpha Divisions PCL's overall GF Score™ is 26/100 with 2 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 Alpha Divisions PCL (BKK:ALPHAX), the current Beneish M-Score is -1.90 as of Jul. 19, 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 Alpha Divisions PCL (BKK:ALPHAX) Overvalued in 2026?
Based on GuruFocus' analysis, Alpha Divisions PCL stock appears to be undervalued.
The current stock price of ฿0.25 is trading 58.3% below its estimated GF Value™ of ฿0.60.
GuruFocus considers Alpha Divisions PCL to be Possible Value Trap.
Key valuation signals for BKK:ALPHAX:
Beneish M-Score: -1.90
GF Value™: ฿0.60 vs. price of ฿0.25 (58.3% below fair value)
No single metric tells the full story. See the BKK:ALPHAX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Alpha Divisions PCL and its subsidiary (the Group) is engaged in 2 principal businesses as follows:- Energy business is a producer, distributor, agent for selling electricity from solar energy, wind, water, or others, and other business includes motorcycles, cars, gold, agricultural equipment hire purchase business, and microfinance business in the Lao People's Democratic Republic (Lao PDR). The majority of its revenue is generated from the Energy business. The Group operates the business carried out in the geographic area in domestic and foreign markets.
26GF Score
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