APWC (Asia Pacific Wire & Cable) Beneish M-Score: 0.00 (As of Jun. 26, 2026)


APWC Asia Pacific Wire & Cable Corp Ltd APWC
61 GF Score
Price $1.82
GF Value $1.67
Valuation Fairly Valued
! 5 Warning Signs
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What is Asia Pacific Wire & Cable Beneish M-Score?

Asia Pacific Wire & Cable APWC -7.97% 61 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates APWC with a GF Score™ of 61/100 and a GF Value™ of $1.67 (Fairly Valued). The stock has 5 warning signs investors should review. Among 2,926 Industrial Products companies, Asia Pacific Wire & Cable ranks worse than 34176.32% 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.

The historical rank and industry rank for Asia Pacific Wire & Cable's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Asia Pacific Wire & Cable was 1.47. The lowest was -3.21. And the median was -2.57.

Asia Pacific Wire & Cable Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Asia Pacific Wire & Cable'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.

Asia Pacific Wire & Cable Beneish M-Score Chart

Asia Pacific Wire & Cable Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.58 0.00 -2.43 -2.38 -2.22

Asia Pacific Wire & Cable Quarterly Data
Jun20 Sep20 Dec20 Jun21 Sep21 Dec21 Jun22 Sep22 Dec22 Jun23 Sep23 Dec23 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 -2.27 -2.67 -2.80 -2.22 0.00

APWC vs PPSI, CBAT, KRFG: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Asia Pacific Wire & Cable'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.

Asia Pacific Wire & Cable Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Asia Pacific Wire & Cable's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Asia Pacific Wire & Cable's Beneish M-Score falls into.


APWC
61GF Score
Asia Pacific Wire & Cable Corp Ltd APWC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Asia Pacific Wire & Cable 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 Asia Pacific Wire & Cable 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $123.3 Mil.
Revenue was 130.846 + 133.787 + 128.399 + 126.906 = $519.9 Mil.
Gross Profit was 10.674 + 11.026 + 11.128 + 8.608 = $41.4 Mil.
Total Current Assets was $356.7 Mil.
Total Assets was $426.7 Mil.
Property, Plant and Equipment(Net PPE) was $54.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $29.7 Mil.
Total Current Liabilities was $143.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1.2 Mil.
Net Income was 1.43 + 3.51 + 1.061 + 0.578 = $6.6 Mil.
Non Operating Income was 1.381 + 1.238 + 0.083 + 0.223 = $2.9 Mil.
Cash Flow from Operations was 1.571 + -1.878 + 11.585 + -15.454 = $-4.2 Mil.
 Total Receivables was $0.0 Mil.
Revenue was 100.587 + 136.109 + 122.233 + 113.933 = $472.9 Mil.
Gross Profit was 3.665 + 12.36 + 9.253 + 4.89 = $30.2 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $0.0 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $26.0 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 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)
=(123.269 / 519.938) / (0 / 472.862)
=0.237084 / 0
=

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)
=(30.168 / 472.862) / (41.436 / 519.938)
=0.063799 / 0.079694
=

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 - (356.743 + 54.13) / 426.741) / (1 - (0 + 0) / 0)
=0.037184 /
=

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
=519.938 / 472.862
=

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))
=(0 / (0 + 0)) / (0 / (0 + 54.13))
= / 0
=

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)
=(29.721 / 519.938) / (26.025 / 472.862)
=0.057163 / 0.055037
=

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)
=((1.231 + 143.599) / 426.741) / ((0 + 0) / 0)
=0.339386 /
=

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
=(6.579 - 2.925 - -4.176) / 426.741
=0.018348

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Asia Pacific Wire & Cable (APWC) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asia Pacific Wire & Cable and its competitors. According to the industry distribution chart, Asia Pacific Wire & Cable ranks #999999 out of 2926 companies in the Industrial Products industry.
Is Asia Pacific Wire & Cable's Beneish M-Score too high?
Asia Pacific Wire & Cable's current Beneish M-Score is 0.00. Based on the distribution chart, Asia Pacific Wire & Cable ranks #999999 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Asia Pacific Wire & Cable has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Asia Pacific Wire & Cable's Beneish M-Score compare to PPSI and CBAT?
According to the Industrial Products industry distribution chart, Asia Pacific Wire & Cable ranks #999999 out of 2926 companies for Beneish M-Score. This places Asia Pacific Wire & Cable 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 Industrial Products company?
A good Beneish M-Score depends on the Industrial 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 Asia Pacific Wire & Cable and its competitors. Asia Pacific Wire & Cable's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asia Pacific Wire & Cable stock overvalued right now?
Based on GuruFocus' analysis, Asia Pacific Wire & Cable (APWC) is currently considered Fairly Valued. The stock's GF Value™ is $1.67, compared to a current price of $1.82 — trading 9% above its estimated fair value. The current Beneish M-Score is 0.00. Asia Pacific Wire & Cable's overall GF Score™ is 61/100 with 5 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 Asia Pacific Wire & Cable (APWC), the current Beneish M-Score is 0.00 as of Jun. 26, 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 Asia Pacific Wire & Cable (APWC) Overvalued in 2026?

Based on GuruFocus' analysis, Asia Pacific Wire & Cable stock appears to be overvalued. The current stock price of $1.82 is trading 9% above its estimated GF Value™ of $1.67. GuruFocus considers Asia Pacific Wire & Cable to be Fairly Valued.

Key valuation signals for APWC:

  • Beneish M-Score: 0.00
  • GF Value™: $1.67 vs. price of $1.82 (9% above fair value)
  • GF Score™: 61/100 with 5 warning signs

No single metric tells the full story. See the APWC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Asia Pacific Wire & Cable Business Description

Address Dunhua South Road, 15th Floor, B, No. 77, Section 2, Taipei, TWN, 106
Asia Pacific Wire & Cable Corp Ltd is a holding company. It is principally engaged in the manufacture and distribution of enameled wire, power cable, and telecommunications products in Thailand, Singapore, Australia, the PRC, Hong Kong, and certain other markets in the Asia Pacific region. It also provides project engineering services in the supply, delivery, and installation of power cables (SDI). Some of the company's products are Bare wires, Power cables, Communication cables, Electronic wires & cables, and Enamelled wires. The company's geographical segments are North Asia, Thailand, and the rest of the World.
61GF Score

Get the complete analysis for APWC

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$1.82
Price
$1.67
GF Value