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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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Rojana Industrial Park PCL's Beneish M-Score or its related term are showing as below:
BKK:ROJNA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.87 Med: -2.57 Max: 4.1
Current: -2.57
During the past 13 years, the highest Beneish M-Score of Rojana Industrial Park PCL was 4.10. The lowest was -3.87. And the median was -2.57.
* 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:ROJNA vs CEG, VST, NRG: Beneish M-Score Comparison
For the Utilities - Independent Power Producers subindustry, Rojana Industrial Park 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.
Rojana Industrial Park PCL Beneish M-Score vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Rojana Industrial Park PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rojana Industrial Park PCL's Beneish M-Score falls into.
Rojana Industrial Park 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 Rojana Industrial Park 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 * 1.3875
+
0.528 * 1.1252
+
0.404 * 0.883
+
0.892 * 0.7539
+
0.115 * 1.0367
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.3035
+
4.679 * -0.044305
-
0.327 * 0.9748
=
-2.57
* 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))
=
(1728.7 / (1728.7 + 16804.873))
/
(1622.286 / (1622.286 + 16408.737))
=
0.093274
/
0.089972
=
1.0367
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
=
(2601.058 - 2077.496
-
2686.933)
/
48829.142
=
-0.044305
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.
Rojana Industrial Park PCL has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
Rojana Industrial Park PCL (BKK:ROJNA) has a Beneish M-Score of -2.57 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rojana Industrial Park PCL and its competitors. According to the industry distribution chart, Rojana Industrial Park PCL ranks #215 out of 395 companies in the Utilities - Independent Power Producers industry, placing it in the top 54.4%.
Is Rojana Industrial Park PCL's Beneish M-Score too high?
Rojana Industrial Park PCL's current Beneish M-Score is -2.57. Based on the distribution chart, Rojana Industrial Park PCL ranks #215 out of 395 companies in the Utilities - Independent Power Producers industry, which is below the industry midpoint. Overall, Rojana Industrial Park PCL has a GF Score™ of 68/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Rojana Industrial Park PCL's Beneish M-Score compare to CEG and VST?
According to the Utilities - Independent Power Producers industry distribution chart, Rojana Industrial Park PCL ranks #215 out of 395 companies for Beneish M-Score. This places Rojana Industrial Park 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 an Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Rojana Industrial Park PCL and its competitors. Rojana Industrial Park PCL's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rojana Industrial Park PCL stock overvalued right now?
Based on GuruFocus' analysis, Rojana Industrial Park PCL (BKK:ROJNA) is currently considered Significantly Overvalued. The stock's GF Value™ is ฿4.59, compared to a current price of ฿6.10 — trading 32.9% above its estimated fair value. The current Beneish M-Score is -2.57. Rojana Industrial Park PCL's overall GF Score™ is 68/100 with 9 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 Rojana Industrial Park PCL (BKK:ROJNA), the current Beneish M-Score is -2.57 as of Aug. 02, 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 Rojana Industrial Park PCL (BKK:ROJNA) Overvalued in 2026?
Based on GuruFocus' analysis, Rojana Industrial Park PCL stock appears to be overvalued.
The current stock price of ฿6.10 is trading 32.9% above its estimated GF Value™ of ฿4.59.
GuruFocus considers Rojana Industrial Park PCL to be Significantly Overvalued.
Key valuation signals for BKK:ROJNA:
Beneish M-Score: -2.57
GF Value™: ฿4.59 vs. price of ฿6.10 (32.9% above fair value)
No single metric tells the full story. See the BKK:ROJNA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Rojana Industrial Park PCL is engaged in the development of industrial estate at Ayutthaya, Rayong, and Chonburi Provinces. The segments of the company comprise Real estate development & related services, Electricity generating, Production & distribution of industrial water. The majority of revenue is derived from the sales of electricity business. Geographically it only operates in Thailand.
68GF Score
Get the complete analysis for BKK:ROJNA
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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