Carabao Group PCLBKK:CBG -1.52%84 Beneish M-Score is -2.74 as of Jul. 08, 2026. GuruFocus rates BKK:CBG with a GF Score™ of 84/100 and a GF Value™ of ฿76.68 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 109 Beverages - Non-Alcoholic companies, Carabao Group PCL ranks better than 69.72% 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Carabao Group PCL's Beneish M-Score or its related term are showing as below:
BKK:CBG'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.58 Max: 0.28
Current: -2.74
During the past 13 years, the highest Beneish M-Score of Carabao Group PCL was 0.28. The lowest was -3.16. And the median was -2.58.
Carabao Group PCL Beneish M-Score Related Terms
Carabao Group PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Carabao Group 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.
BKK:CBG vs KO, PEP, MNST: Beneish M-Score Comparison
For the Beverages - Non-Alcoholic subindustry, Carabao Group 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.
Carabao Group PCL Beneish M-Score vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Carabao Group PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carabao Group 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 Carabao Group 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 * 1.1908
+
0.528 * 1.0499
+
0.404 * 0.4129
+
0.892 * 1.0317
+
0.115 * 1.0838
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.044
+
4.679 * -0.056598
-
0.327 * 0.9708
=
-2.74
* 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))
=
(809.681 / (809.681 + 12527.777))
/
(793.364 / (793.364 + 13371.154))
=
0.060707
/
0.056011
=
1.0838
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
=
(2170.142 - -362.427
-
3683.776)
/
20340.023
=
-0.056598
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.
Carabao Group PCL has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
Carabao Group PCL (BKK:CBG) has a Beneish M-Score of -2.74 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Carabao Group PCL and its competitors. According to the industry distribution chart, Carabao Group PCL ranks #33 out of 109 companies in the Beverages - Non-Alcoholic industry, placing it in the top 30.3%.
Is Carabao Group PCL's Beneish M-Score too high?
Carabao Group PCL's current Beneish M-Score is -2.74. Based on the distribution chart, Carabao Group PCL ranks #33 out of 109 companies in the Beverages - Non-Alcoholic industry, which is above the industry midpoint. Overall, Carabao Group PCL has a GF Score™ of 84/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carabao Group PCL's Beneish M-Score compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, Carabao Group PCL ranks #33 out of 109 companies for Beneish M-Score. This puts Carabao Group 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 Beverages - Non-Alcoholic company?
A good Beneish M-Score depends on the Beverages - Non-Alcoholic 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 Carabao Group PCL and its competitors. Carabao Group PCL's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carabao Group PCL stock overvalued right now?
Based on GuruFocus' analysis, Carabao Group PCL (BKK:CBG) is currently considered Significantly Undervalued. The stock's GF Value™ is ฿76.68, compared to a current price of ฿48.50 — trading 36.8% below its estimated fair value. The current Beneish M-Score is -2.74. Carabao Group PCL's overall GF Score™ is 84/100 with 3 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 Carabao Group PCL (BKK:CBG), the current Beneish M-Score is -2.74 as of Jul. 08, 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 Carabao Group PCL (BKK:CBG) Overvalued in 2026?
Based on GuruFocus' analysis, Carabao Group PCL stock appears to be undervalued.
The current stock price of ฿48.50 is trading 36.8% below its estimated GF Value™ of ฿76.68.
GuruFocus considers Carabao Group PCL to be Significantly Undervalued.
Key valuation signals for BKK:CBG:
Beneish M-Score: -2.74
GF Value™: ฿76.68 vs. price of ฿48.50 (36.8% below fair value)
No single metric tells the full story. See the BKK:CBG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Carabao Group PCL manufactures and distributes energy drinks, water, and coffee under different brand names through its subsidiaries. It operates in three reportable segments: Manufacture and distribution of drinks under Group's trademark, Distribution of OEM products under Group's trademark, and Distribution of other products. A majority of the company's revenue is generated from the Manufacture and distribution of drinks under Group's trademark segment, which manufactures and sells carbonated and non-carbonated energy drinks, coffee, sports drinks, and vitamin-C drinks through Carabao and Woody C plus brands. Geographically, the company generates maximum revenue from the domestic market, and the rest from overseas markets like the United Kingdom, and other regions.
84GF Score
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