Alucon PCL (BKK:ALUCON-R) Beneish M-Score: -2.35 (As of Jun. 25, 2026)

What is Alucon PCL Beneish M-Score?

Alucon PCL BKK:ALUCON-R 64 Beneish M-Score is -2.35 as of Jun. 25, 2026. GuruFocus rates BKK:ALUCON-R with a GF Score™ of 64/100 and a GF Value™ of ฿150.89. The stock has 6 warning signs investors should review. Among 685 Metals & Mining companies, Alucon PCL ranks better than 53.58% on this metric.

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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:ALUCON-R' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48 Med: -2.65 Max: 1.88
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Alucon PCL was 1.88. The lowest was -3.48. And the median was -2.65.

Alucon PCL Beneish M-Score Related Terms

Alucon PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Alucon 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.

Alucon PCL Beneish M-Score Chart

Alucon PCL Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.97

-2.27

-3.48

-2.69

-2.03

Alucon PCL Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.33	-2.07	-2.04	-2.03	-2.35

BKK:ALUCON-R vs AA, CENX, CSTM: Beneish M-Score Comparison

For the Aluminum subindustry, Alucon 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.

Alucon PCL Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Alucon PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Alucon PCL's Beneish M-Score falls into.

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64GF Score

Alucon PCL BKK:ALUCON-R

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Alucon 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 Alucon PCL for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0919

0.528 * 0.9424

0.404 * 0.8947

0.892 * 1.0594

0.115 * 1.0119

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9485

4.679 * 0.022187

0.327 * 1.1456

-2.35

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ฿1,428 Mil.
Revenue was 1816.974 + 1603.887 + 1710.92 + 1802.09 = ฿6,934 Mil.
Gross Profit was 354.787 + 260.434 + 255.928 + 277.724 = ฿1,149 Mil.
Total Current Assets was ฿7,371 Mil.
Total Assets was ฿9,076 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,645 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿282 Mil.
Selling, General, & Admin. Expense(SGA) was ฿265 Mil.
Total Current Liabilities was ฿858 Mil.
Long-Term Debt & Capital Lease Obligation was ฿0 Mil.
Net Income was 336.245 + 177.277 + 206.434 + 355.396 = ฿1,075 Mil.
Non Operating Income was 59.827 + 190.015 + 4.624 + -20.526 = ฿234 Mil.
Cash Flow from Operations was 436.202 + 133.876 + 120.954 + -50.989 = ฿640 Mil.

Total Receivables was ฿1,235 Mil.
Revenue was 1792.214 + 1540.652 + 1675.294 + 1537.002 = ฿6,545 Mil.
Gross Profit was 301.945 + 199.71 + 253.758 + 266.638 = ฿1,022 Mil.
Total Current Assets was ฿6,429 Mil.
Total Assets was ฿8,404 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,911 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿332 Mil.
Selling, General, & Admin. Expense(SGA) was ฿264 Mil.
Total Current Liabilities was ฿694 Mil.
Long-Term Debt & Capital Lease Obligation was ฿0 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)
	=	(1428.189 / 6933.871)	/	(1234.671 / 6545.162)
	=	0.205973	/	0.188639
	=	1.0919

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)
	=	(1022.051 / 6545.162)	/	(1148.873 / 6933.871)
	=	0.156154	/	0.16569
	=	0.9424

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 - (7370.519 + 1644.503) / 9076.004)	/	(1 - (6429.003 + 1911.399) / 8403.513)
	=	0.006719	/	0.00751
	=	0.8947

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
	=	6933.871	/	6545.162
	=	1.0594

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))
	=	(332.486 / (332.486 + 1911.399))	/	(282.123 / (282.123 + 1644.503))
	=	0.148174	/	0.146434
	=	1.0119

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)
	=	(265.068 / 6933.871)	/	(263.806 / 6545.162)
	=	0.038228	/	0.040305
	=	0.9485

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 + 858.23) / 9076.004)	/	((0 + 693.647) / 8403.513)
	=	0.09456	/	0.082543
	=	1.1456

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
	=	(1075.352 - 233.94	-	640.043)	/	9076.004
	=	0.022187

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.

Alucon PCL has a M-score of -2.35 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 -2.35 mean?

Alucon PCL (BKK:ALUCON-R) has a Beneish M-Score of -2.35 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Alucon PCL and its competitors. According to the industry distribution chart, Alucon PCL ranks #318 out of 685 companies in the Metals & Mining industry, placing it in the top 46.4%.

Is Alucon PCL's Beneish M-Score too high?

Alucon PCL's current Beneish M-Score is -2.35. Based on the distribution chart, Alucon PCL ranks #318 out of 685 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, Alucon PCL has a GF Score™ of 64/100, reflecting its overall financial health beyond just this single metric.

How does Alucon PCL's Beneish M-Score compare to AA and CENX?

According to the Metals & Mining industry distribution chart, Alucon PCL ranks #318 out of 685 companies for Beneish M-Score. This puts Alucon PCL in the upper 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 Metals & Mining company?

A good Beneish M-Score depends on the Metals & Mining 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 Alucon PCL and its competitors. Alucon PCL's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Alucon PCL stock overvalued right now?

Alucon PCL (BKK:ALUCON-R) has a current Beneish M-Score of -2.35. The stock's GF Value™ is ฿150.89, compared to a current price of ฿179.50 — trading 19% above its estimated fair value. The current Beneish M-Score is -2.35. Alucon PCL's overall GF Score™ is 64/100 with 6 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 Alucon PCL (BKK:ALUCON-R), the current Beneish M-Score is -2.35 as of Jun. 25, 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 Alucon PCL (BKK:ALUCON-R) Overvalued in 2026?

Based on GuruFocus' analysis, Alucon PCL stock appears to be overvalued. The current stock price of ฿179.50 is trading 19% above its estimated GF Value™ of ฿150.89.

Key valuation signals for BKK:ALUCON-R:

Beneish M-Score: -2.35
GF Value™: ฿150.89 vs. price of ฿179.50 (19% above fair value)
GF Score™: 64/100 with 6 warning signs

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

Alucon PCL Business Description

Industry Basic Materials Metals & Mining

Comparable Companies BKK:VARO SZSE:002379 HKSE:01378 SHSE:601600 NSE:HINDALCO OSL:NHY AA XKLS:8869 SZSE:000807 SZSE:002532 SZSE:000933 SHSE:600219 BOM:532234 CENX HKSE:02788 CSTM SHSE:600595 TSE:5741 SHSE:603876 SHSE:601677

Other Exchanges ALUCON:Thailand

Address 500 Moo 1, Sukhumvit 72 Road, Soi Sirikam, North Samrong, Muang, Samut Prakarn, THA, 10270

Website https://www.alucon.th.com

Alucon PCL is a Thailand-based company engaged in producing and distributing aluminium containers such as Aluminium Collapsible Tubes, Aluminium Monobloc Aerosol Cans, Aluminium Rigid Wall Containers, Aluminium Bottles, Technical Impact Extrusions, Aluminium Slugs, Aluminium Coils, Aluminium Pellets, strips, plates, etc. The company has two segments namely, the Can and tube segment and the Slug segment and it has a business presence in Thailand, Asia Pacific, America and other countries.

64GF Score

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

฿179.50

Price

฿150.89

GF Value

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