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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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Golden Lime PCL's Beneish M-Score or its related term are showing as below:
BKK:SUTHA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.66 Med: -2.7 Max: -0.25
Current: -2.76
During the past 13 years, the highest Beneish M-Score of Golden Lime PCL was -0.25. The lowest was -3.66. And the median was -2.70.
Golden Lime PCL Beneish M-Score Related Terms
Golden Lime PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Golden Lime 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.
For the Chemicals subindustry, Golden Lime 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.
Golden Lime PCL Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Golden Lime PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Golden Lime 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 Golden Lime 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 * 1.0927
+
0.528 * 1.0515
+
0.404 * 0.9876
+
0.892 * 0.9951
+
0.115 * 1.022
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.2164
+
4.679 * -0.072762
-
0.327 * 1.0282
=
-2.76
* 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))
=
(124.928 / (124.928 + 823.206))
/
(127.801 / (127.801 + 863.517))
=
0.131762
/
0.12892
=
1.022
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
=
(-0.758 - -0.051
-
158.233)
/
2184.391
=
-0.072762
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.
Golden Lime PCL has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
Golden Lime PCL (BKK:SUTHA) has a Beneish M-Score of -2.76 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Golden Lime PCL and its competitors. According to the industry distribution chart, Golden Lime PCL ranks #420 out of 1525 companies in the Chemicals industry, placing it in the top 27.5%.
Is Golden Lime PCL's Beneish M-Score too high?
Golden Lime PCL's current Beneish M-Score is -2.76. Based on the distribution chart, Golden Lime PCL ranks #420 out of 1525 companies in the Chemicals industry, which is above the industry midpoint. Overall, Golden Lime PCL has a GF Score™ of 65/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Golden Lime PCL's Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, Golden Lime PCL ranks #420 out of 1525 companies for Beneish M-Score. This puts Golden Lime 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Golden Lime PCL and its competitors. Golden Lime PCL's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Golden Lime PCL stock overvalued right now?
Based on GuruFocus' analysis, Golden Lime PCL (BKK:SUTHA) is currently considered Modestly Overvalued. The stock's GF Value™ is ฿2.40, compared to a current price of ฿2.72 — trading 13.3% above its estimated fair value. The current Beneish M-Score is -2.76. Golden Lime PCL's overall GF Score™ is 65/100 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 Golden Lime PCL (BKK:SUTHA), the current Beneish M-Score is -2.76 as of Jul. 13, 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 Golden Lime PCL (BKK:SUTHA) Overvalued in 2026?
Based on GuruFocus' analysis, Golden Lime PCL stock appears to be overvalued.
The current stock price of ฿2.72 is trading 13.3% above its estimated GF Value™ of ฿2.40.
GuruFocus considers Golden Lime PCL to be Modestly Overvalued.
Key valuation signals for BKK:SUTHA:
Beneish M-Score: -2.76
GF Value™: ฿2.40 vs. price of ฿2.72 (13.3% above fair value)
No single metric tells the full story. See the BKK:SUTHA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Golden Lime PCL is a Thailand-based firm that is principally engaged in the manufacturing and distribution of chemical products and the supply, assembly, and installation of equipment. The company is organized into three business segments: The Limestone mining, and manufacture and distribution of industrial chemical products segment, from which the company generates its majority revenue; Engineering consulting services, and designs, supply, assembly, and installation of machinery and equipment segment; The marble mining, and production and distribution of marble products segment. Geographically, the company operates in Thailand and Foreign countries.
65GF Score
Get the complete analysis for BKK:SUTHA
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