Ingress Industrial (Thailand) PCL (BKK:INGRS) Beneish M-Score: -3.06 (As of Jul. 27, 2026)

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What is Ingress Industrial (Thailand) PCL Beneish M-Score?

Ingress Industrial (Thailand) PCL BKK:INGRS +12.50% Beneish M-Score is -3.06 as of Jul. 27, 2026. The stock has 5 warning signs investors should review. Among 1,271 Vehicles & Parts companies, Ingress Industrial (Thailand) PCL ranks better than 87.65% 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 -3.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Ingress Industrial (Thailand) PCL's Beneish M-Score or its related term are showing as below:

BKK:INGRS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.85   Med: -2.75   Max: -1.24
Current: -3.06

During the past 11 years, the highest Beneish M-Score of Ingress Industrial (Thailand) PCL was -1.24. The lowest was -3.85. And the median was -2.75.

Ingress Industrial (Thailand) PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ingress Industrial (Thailand) 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.

Ingress Industrial (Thailand) PCL Beneish M-Score Chart

Ingress Industrial (Thailand) PCL Annual Data
Trend Jan16 Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24 Jan25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.57 -2.80 -1.24 -3.40 -2.70

Ingress Industrial (Thailand) PCL Quarterly Data
Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.48 -2.70 -2.23 -2.90 -3.06

BKK:INGRS vs ORLY, AZO, GPC: Beneish M-Score Comparison

For the Auto Parts subindustry, Ingress Industrial (Thailand) 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.

Ingress Industrial (Thailand) PCL Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Ingress Industrial (Thailand) PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Ingress Industrial (Thailand) PCL's Beneish M-Score falls into.


Ingress Industrial (Thailand) 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 Ingress Industrial (Thailand) 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 * 0.9929+0.528 * 0.7954+0.404 * 1.0365+0.892 * 0.989+0.115 * 1.1065
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0335+4.679 * -0.103245-0.327 * 0.9716
=-3.06

* 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 (Oct25) TTM:Last Year (Oct24) TTM:
Total Receivables was ฿1,265 Mil.
Revenue was 1755.122 + 1828.704 + 1694.268 + 1779.712 = ฿7,058 Mil.
Gross Profit was 292.146 + 322.643 + 247.174 + 269.334 = ฿1,131 Mil.
Total Current Assets was ฿2,321 Mil.
Total Assets was ฿6,691 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,695 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿467 Mil.
Selling, General, & Admin. Expense(SGA) was ฿846 Mil.
Total Current Liabilities was ฿2,888 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,652 Mil.
Net Income was -253.162 + 94.959 + -64.091 + -3.244 = ฿-226 Mil.
Non Operating Income was -26.506 + 29.846 + -72.455 + 1.605 = ฿-68 Mil.
Cash Flow from Operations was -15.586 + 408.947 + -25.89 + 165.269 = ฿533 Mil.
 Total Receivables was ฿1,288 Mil.
Revenue was 1787.948 + 1790.214 + 1739.046 + 1818.867 = ฿7,136 Mil.
Gross Profit was 261.161 + 254.748 + 242.897 + 150.974 = ฿910 Mil.
Total Current Assets was ฿2,376 Mil.
Total Assets was ฿6,775 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,741 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿530 Mil.
Selling, General, & Admin. Expense(SGA) was ฿828 Mil.
Total Current Liabilities was ฿3,088 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,644 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)
=(1264.718 / 7057.806) / (1287.885 / 7136.075)
=0.179194 / 0.180475
=0.9929

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)
=(909.78 / 7136.075) / (1131.297 / 7057.806)
=0.12749 / 0.16029
=0.7954

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 - (2321.354 + 3695.128) / 6690.546) / (1 - (2375.531 + 3740.823) / 6774.876)
=0.100749 / 0.097201
=1.0365

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
=7057.806 / 7136.075
=0.989

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))
=(530.188 / (530.188 + 3740.823)) / (466.94 / (466.94 + 3695.128))
=0.124136 / 0.112189
=1.1065

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)
=(846.053 / 7057.806) / (827.673 / 7136.075)
=0.119875 / 0.115984
=1.0335

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)
=((1652.46 + 2888.314) / 6690.546) / ((1644.268 + 3088.076) / 6774.876)
=0.678685 / 0.698514
=0.9716

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
=(-225.538 - -67.51 - 532.74) / 6690.546
=-0.103245

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.

Ingress Industrial (Thailand) PCL has a M-score of -3.06 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 -3.06 mean?
Ingress Industrial (Thailand) PCL (BKK:INGRS) has a Beneish M-Score of -3.06 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ingress Industrial (Thailand) PCL and its competitors. According to the industry distribution chart, Ingress Industrial (Thailand) PCL ranks #157 out of 1271 companies in the Vehicles & Parts industry, placing it in the top 12.4%.
Is Ingress Industrial (Thailand) PCL's Beneish M-Score too high?
Ingress Industrial (Thailand) PCL's current Beneish M-Score is -3.06. Based on the distribution chart, Ingress Industrial (Thailand) PCL ranks #157 out of 1271 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers.
How does Ingress Industrial (Thailand) PCL's Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Ingress Industrial (Thailand) PCL ranks #157 out of 1271 companies for Beneish M-Score. This places Ingress Industrial (Thailand) PCL in the top 12% 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 Ingress Industrial (Thailand) PCL and its competitors. Ingress Industrial (Thailand) PCL's current Beneish M-Score is -3.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ingress Industrial (Thailand) PCL stock overvalued right now?
Based on GuruFocus' analysis, Ingress Industrial (Thailand) PCL (BKK:INGRS) is currently considered Possible Value Trap. The stock's GF Value™ is ฿0.45, compared to a current price of ฿0.09 — trading 80% below its estimated fair value. The current Beneish M-Score is -3.06. 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 Ingress Industrial (Thailand) PCL (BKK:INGRS), the current Beneish M-Score is -3.06 as of Jul. 27, 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.

Ingress Industrial (Thailand) PCL Business Description

Address Ramkhamhaeng Road, 9/141, 14th Floor, Unit A, UM Tower Building, Suanluang, Bangkok, THA, 10250
Ingress Industrial (Thailand) PCL is engaged in investment holdings. It manufactures and distributes automotive components. The company derives the majority of its revenues from Malaysia. Its products include Roll forming products; Stamping Products; and Tool making and automation solutions. Its operations are carried on in Thailand, Malaysia, Indonesia, and India.