diff --git a/flang/lib/Optimizer/Analysis/AliasAnalysis.cpp b/flang/lib/Optimizer/Analysis/AliasAnalysis.cpp
index 90072eea323be..ea2064e32a44d 100644
--- a/flang/lib/Optimizer/Analysis/AliasAnalysis.cpp
+++ b/flang/lib/Optimizer/Analysis/AliasAnalysis.cpp
@@ -106,7 +106,7 @@ AliasResult AliasAnalysis::alias(Value lhs, Value rhs) {
   // Though nothing is known about them, they would only alias with targets or
   // pointers
   bool directSourceToNonTargetOrPointer = false;
-  if (lhsSrc.u != rhsSrc.u) {
+  if (lhsSrc.u != rhsSrc.u || lhsSrc.kind != rhsSrc.kind) {
     if ((lhsSrc.kind == SourceKind::Direct && !rhsSrc.isTargetOrPointer()) ||
         (rhsSrc.kind == SourceKind::Direct && !lhsSrc.isTargetOrPointer()))
       directSourceToNonTargetOrPointer = true;
diff --git a/flang/test/Analysis/AliasAnalysis/alias-analysis-8.fir b/flang/test/Analysis/AliasAnalysis/alias-analysis-8.fir
new file mode 100644
index 0000000000000..a04c9523f472a
--- /dev/null
+++ b/flang/test/Analysis/AliasAnalysis/alias-analysis-8.fir
@@ -0,0 +1,40 @@
+// RUN: fir-opt %s -pass-pipeline='builtin.module(func.func(test-fir-alias-analysis))' 2>&1 | FileCheck %s
+
+// Exercise that a box reference does not alias with the address loaded from the box
+// module mm
+//   real, allocatable :: arr(:)
+// contains
+// subroutine sub
+//   arr(1) = ubound(arr, 1)
+// end subroutine
+// end module
+
+// CHECK: box#0 <-> boxaddr#0: NoAlias
+
+fir.global @_QMmmEarr : !fir.box<!fir.heap<!fir.array<?xf32>>> {
+  %c0 = arith.constant 0 : index
+  %0 = fir.zero_bits !fir.heap<!fir.array<?xf32>>
+  %1 = fir.shape %c0 : (index) -> !fir.shape<1>
+  %2 = fir.embox %0(%1) : (!fir.heap<!fir.array<?xf32>>, !fir.shape<1>) -> !fir.box<!fir.heap<!fir.array<?xf32>>>
+  fir.has_value %2 : !fir.box<!fir.heap<!fir.array<?xf32>>>
+}
+func.func @_QMmmPsub() {
+  %c1 = arith.constant 1 : index
+  %c1_i64 = arith.constant 1 : i64
+  %c0 = arith.constant 0 : index
+  %0 = fir.address_of(@_QMmmEarr) : !fir.ref<!fir.box<!fir.heap<!fir.array<?xf32>>>>
+  %1 = fir.declare %0 {fortran_attrs = #fir.var_attrs<allocatable>, uniq_name = "_QMmmEarr", test.ptr = "box"} : (!fir.ref<!fir.box<!fir.heap<!fir.array<?xf32>>>>) -> !fir.ref<!fir.box<!fir.heap<!fir.array<?xf32>>>>
+  %2 = fir.load %1 : !fir.ref<!fir.box<!fir.heap<!fir.array<?xf32>>>>
+  %3:3 = fir.box_dims %2, %c0 : (!fir.box<!fir.heap<!fir.array<?xf32>>>, index) -> (index, index, index)
+  %4 = fir.convert %3#1 : (index) -> i64
+  %5 = fir.convert %3#0 : (index) -> i64
+  %6 = arith.addi %4, %5 : i64
+  %7 = arith.subi %6, %c1_i64 : i64
+  %8 = fir.convert %7 : (i64) -> i32
+  %9 = fir.convert %8 : (i32) -> f32
+  %10 = fir.box_addr %2 {test.ptr = "boxaddr"} : (!fir.box<!fir.heap<!fir.array<?xf32>>>) -> !fir.heap<!fir.array<?xf32>>
+  %11 = fir.shape_shift %3#0, %3#1 : (index, index) -> !fir.shapeshift<1>
+  %12 = fir.array_coor %10(%11) %c1 : (!fir.heap<!fir.array<?xf32>>, !fir.shapeshift<1>, index) -> !fir.ref<f32>
+  fir.store %9 to %12 : !fir.ref<f32>
+  return
+}