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Vanachai Group PCLBKK:VNG 68 Beneish M-Score is -2.42 as of Jul. 23, 2026. GuruFocus rates BKK:VNG with a GF Score™ of 68/100 and a GF Value™ of ฿2.66 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 272 Forest Products companies, Vanachai Group PCL ranks worse than 60.29% 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Vanachai Group PCL's Beneish M-Score or its related term are showing as below:
BKK:VNG'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.15 Med: -2.65 Max: -1.92
Current: -2.42
During the past 13 years, the highest Beneish M-Score of Vanachai Group PCL was -1.92. The lowest was -3.15. And the median was -2.65.
Vanachai Group PCL Beneish M-Score Related Terms
Vanachai Group PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Vanachai 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:VNG vs SSD, UFPI, BCC: Beneish M-Score Comparison
For the Lumber & Wood Production subindustry, Vanachai 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.
Vanachai Group PCL Beneish M-Score vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Vanachai Group PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vanachai 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 Vanachai 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 * 1.1092
+
0.528 * 2.1391
+
0.404 * 0.7041
+
0.892 * 0.7983
+
0.115 * 1.1393
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0351
+
4.679 * -0.066783
-
0.327 * 1.1221
=
-2.42
* 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))
=
(1081.153 / (1081.153 + 11689.666))
/
(1045.644 / (1045.644 + 13026.276))
=
0.084658
/
0.074307
=
1.1393
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
=
(-808.861 - 78.924
-
342.198)
/
18417.62
=
-0.066783
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.
Vanachai Group PCL has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
Vanachai Group PCL (BKK:VNG) has a Beneish M-Score of -2.42 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vanachai Group PCL and its competitors. According to the industry distribution chart, Vanachai Group PCL ranks #164 out of 272 companies in the Forest Products industry, placing it in the top 60.3%.
Is Vanachai Group PCL's Beneish M-Score too high?
Vanachai Group PCL's current Beneish M-Score is -2.42. Based on the distribution chart, Vanachai Group PCL ranks #164 out of 272 companies in the Forest Products industry, which is below the industry midpoint. Overall, Vanachai Group PCL has a GF Score™ of 68/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Vanachai Group PCL's Beneish M-Score compare to SSD and UFPI?
According to the Forest Products industry distribution chart, Vanachai Group PCL ranks #164 out of 272 companies for Beneish M-Score. This places Vanachai Group 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 a Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Vanachai Group PCL and its competitors. Vanachai Group PCL's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vanachai Group PCL stock overvalued right now?
Based on GuruFocus' analysis, Vanachai Group PCL (BKK:VNG) is currently considered Modestly Undervalued. The stock's GF Value™ is ฿2.66, compared to a current price of ฿2.16 — trading 18.8% below its estimated fair value. The current Beneish M-Score is -2.42. Vanachai Group PCL's overall GF Score™ is 68/100 with 7 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 Vanachai Group PCL (BKK:VNG), the current Beneish M-Score is -2.42 as of Jul. 23, 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 Vanachai Group PCL (BKK:VNG) Overvalued in 2026?
Based on GuruFocus' analysis, Vanachai Group PCL stock appears to be undervalued.
The current stock price of ฿2.16 is trading 18.8% below its estimated GF Value™ of ฿2.66.
GuruFocus considers Vanachai Group PCL to be Modestly Undervalued.
Key valuation signals for BKK:VNG:
Beneish M-Score: -2.42
GF Value™: ฿2.66 vs. price of ฿2.16 (18.8% below fair value)
No single metric tells the full story. See the BKK:VNG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Vanachai Group PCL is a Thailand-based company. The principal activities of the company and its subsidiaries involve the production and distribution of wood plates, MDF boards, Particle boards, Doorskin, and Malamine on wood plates. The company creates wood-based goods such as particleboards, medium-density fiberboards (MDF boards), Doorskin, and melamine laminated particleboards, which are distributed to both domestic and international markets. It also sells finished products that include melamine doors, door frames, resins, formaldehyde adhesives, and finished flooring. The company generates the vast majority of its revenue in Thailand.
68GF Score
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