Allianz Ayudhya Capital (BKK:AYUD-F) Beneish M-Score: -1.33 (As of Jul. 06, 2026)


BKK:AYUD-F Allianz Ayudhya Capital PLC BKK:AYUD-F
82 GF Score
Price ฿14.60
GF Value ฿18.68
! 5 Warning Signs
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What is Allianz Ayudhya Capital Beneish M-Score?

Allianz Ayudhya Capital BKK:AYUD-F 82 Beneish M-Score is -1.33 as of Jul. 06, 2026. GuruFocus rates BKK:AYUD-F with a GF Score™ of 82/100 and a GF Value™ of ฿18.68. The stock has 5 warning signs investors should review. Among 400 Insurance companies, Allianz Ayudhya Capital ranks worse than 92% 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.

Warning Sign:

Beneish M-Score -1.33 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BKK:AYUD-F' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34   Med: -2.01   Max: -1.33
Current: -1.33

During the past 13 years, the highest Beneish M-Score of Allianz Ayudhya Capital was -1.33. The lowest was -3.34. And the median was -2.01.

BKK:AYUD-F
82GF Score
Allianz Ayudhya Capital PLC BKK:AYUD-F
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Allianz Ayudhya Capital 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 Allianz Ayudhya Capital 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+0.528 * 1+0.404 * 1.002+0.892 * 1.4133+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8121+4.679 * 0.142418-0.327 * 0.7548
=-1.33

* 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 ฿0 Mil.
Revenue was 2180.774 + 5743.334 + 3064.26 + 2504.249 = ฿13,493 Mil.
Gross Profit was 2180.774 + 5743.334 + 3064.26 + 2504.249 = ฿13,493 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿23,345 Mil.
Property, Plant and Equipment(Net PPE) was ฿158 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿270 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿124 Mil.
Net Income was 884.973 + 382.038 + 717.575 + 787.57 = ฿2,772 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ฿0 Mil.
Cash Flow from Operations was 384.034 + -589.369 + -731.872 + 384.58 = ฿-553 Mil.
 Total Receivables was ฿0 Mil.
Revenue was 2217.358 + 2725.727 + 2408.118 + 2195.929 = ฿9,547 Mil.
Gross Profit was 2217.358 + 2725.727 + 2408.118 + 2195.929 = ฿9,547 Mil.
Total Current Assets was ฿0 Mil.
Total Assets was ฿21,466 Mil.
Property, Plant and Equipment(Net PPE) was ฿188 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿0 Mil.
Selling, General, & Admin. Expense(SGA) was ฿235 Mil.
Total Current Liabilities was ฿0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿152 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)
=(0 / 13492.617) / (0 / 9547.132)
=0 / 0
=1

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)
=(9547.132 / 9547.132) / (13492.617 / 13492.617)
=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 + 157.58) / 23345.296) / (1 - (0 + 188.246) / 21465.754)
=0.99325 / 0.99123
=1.002

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
=13492.617 / 9547.132
=1.4133

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))
=(0 / (0 + 188.246)) / (0 / (0 + 157.58))
=0 / 0
=1

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)
=(269.79 / 13492.617) / (235.062 / 9547.132)
=0.019995 / 0.024621
=0.8121

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)
=((124.463 + 0) / 23345.296) / ((151.609 + 0) / 21465.754)
=0.005331 / 0.007063
=0.7548

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
=(2772.156 - 0 - -552.627) / 23345.296
=0.142418

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.

Allianz Ayudhya Capital has a M-score of -1.33 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.33 mean?
Allianz Ayudhya Capital (BKK:AYUD-F) has a Beneish M-Score of -1.33 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Allianz Ayudhya Capital and its competitors. According to the industry distribution chart, Allianz Ayudhya Capital ranks #368 out of 400 companies in the Insurance industry, placing it in the top 92%.
Is Allianz Ayudhya Capital's Beneish M-Score too high?
Allianz Ayudhya Capital's current Beneish M-Score is -1.33. Based on the distribution chart, Allianz Ayudhya Capital ranks #368 out of 400 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Allianz Ayudhya Capital has a GF Score™ of 82/100, reflecting its overall financial health beyond just this single metric.
How does Allianz Ayudhya Capital's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Allianz Ayudhya Capital ranks #368 out of 400 companies for Beneish M-Score. This places Allianz Ayudhya Capital 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 an Insurance company?
A good Beneish M-Score depends on the Insurance 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 Allianz Ayudhya Capital and its competitors. Allianz Ayudhya Capital's current Beneish M-Score is -1.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Allianz Ayudhya Capital stock overvalued right now?
Allianz Ayudhya Capital (BKK:AYUD-F) has a current Beneish M-Score of -1.33. The stock's GF Value™ is ฿18.68, compared to a current price of ฿14.60 — trading 21.8% below its estimated fair value. The current Beneish M-Score is -1.33. Allianz Ayudhya Capital's overall GF Score™ is 82/100 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 Allianz Ayudhya Capital (BKK:AYUD-F), the current Beneish M-Score is -1.33 as of Jul. 06, 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 Allianz Ayudhya Capital (BKK:AYUD-F) Overvalued in 2026?

Based on GuruFocus' analysis, Allianz Ayudhya Capital stock appears to be undervalued. The current stock price of ฿14.60 is trading 21.8% below its estimated GF Value™ of ฿18.68.

Key valuation signals for BKK:AYUD-F:

  • Beneish M-Score: -1.33
  • GF Value™: ฿18.68 vs. price of ฿14.60 (21.8% below fair value)
  • GF Score™: 82/100 with 5 warning signs

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

Allianz Ayudhya Capital Business Description

Other Exchanges AYUD:Thailand
Address 898 Ploenchit Road, Ploenchit Tower, 7th Floor, Lumpini, Pathumwan, Bangkok, THA, 10330
Allianz Ayudhya Capital PLC is an investment holding company. The company is engaged in providing individual insurance such as motor insurance, personal accidents insurance, travel accidents insurance, fire insurance, cancer insurance and others. It is involved in non-life insurance business covering for loss or damage of insured properties, such as constructions, commercial and residential buildings, factories, and merchandise, marine and transportation insurance. The company is operating in three principal business segments Non-life insurance business generating the key revenue, Service business and Investment business, which are only organized and managed in a single geographic area, namely in Thailand.
82GF Score

Get the complete analysis for BKK:AYUD-F

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

฿14.60
Price
฿18.68
GF Value