Begistics PCL (BKK:B) Beneish M-Score: -0.67 (As of Jun. 25, 2026)


What is Begistics PCL Beneish M-Score?

Begistics PCL BKK:B -25.00% Beneish M-Score is -0.67 as of Jun. 25, 2026. The stock has 4 warning signs investors should review. Among 966 Transportation companies, Begistics PCL ranks worse than 93.69% 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.

Warning Sign:

Beneish M-Score -0.67 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Begistics PCL's Beneish M-Score or its related term are showing as below:

BKK:B' s Beneish M-Score Range Over the Past 10 Years
Min: -3.86   Med: -1.53   Max: 12.99
Current: -0.67

During the past 13 years, the highest Beneish M-Score of Begistics PCL was 12.99. The lowest was -3.86. And the median was -1.53.

Begistics PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Begistics 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.

Begistics PCL Beneish M-Score Chart

Begistics PCL 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 -2.98 -2.05 -0.83 -1.77 -1.53

Begistics PCL Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 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 -1.54 -1.94 -1.99 -1.53 -0.67

BKK:B vs FDX, UPS, JBHT: Beneish M-Score Comparison

For the Integrated Freight & Logistics subindustry, Begistics 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.

Begistics PCL Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Begistics PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Begistics PCL's Beneish M-Score falls into.


Begistics 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 Begistics 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 * 0.5564+0.528 * 4.4872+0.404 * 0.9628+0.892 * 1.3276+0.115 * 0.8731
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6223+4.679 * 0.01446-0.327 * 1.0477
=-0.67

* 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 ฿1,253.9 Mil.
Revenue was 52.954 + 62.608 + 135.219 + 206.419 = ฿457.2 Mil.
Gross Profit was 10.3 + 6.809 + 9.907 + 10.684 = ฿37.7 Mil.
Total Current Assets was ฿1,771.3 Mil.
Total Assets was ฿5,627.8 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,544.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿106.6 Mil.
Selling, General, & Admin. Expense(SGA) was ฿128.4 Mil.
Total Current Liabilities was ฿385.4 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,413.1 Mil.
Net Income was 2.686 + -332.315 + -16.014 + -109.188 = ฿-454.8 Mil.
Non Operating Income was 23.882 + -439.693 + -7.779 + -97.513 = ฿-521.1 Mil.
Cash Flow from Operations was -30.514 + -2.494 + 15.175 + 2.728 = ฿-15.1 Mil.
 Total Receivables was ฿1,697.6 Mil.
Revenue was 96.212 + 81.44 + 75.798 + 90.926 = ฿344.4 Mil.
Gross Profit was 33.792 + 31.759 + 29.882 + 31.989 = ฿127.4 Mil.
Total Current Assets was ฿1,757.0 Mil.
Total Assets was ฿6,341.2 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,877.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿112.2 Mil.
Selling, General, & Admin. Expense(SGA) was ฿155.4 Mil.
Total Current Liabilities was ฿437.2 Mil.
Long-Term Debt & Capital Lease Obligation was ฿1,497.1 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)
=(1253.942 / 457.2) / (1697.615 / 344.376)
=2.742655 / 4.929539
=0.5564

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)
=(127.422 / 344.376) / (37.7 / 457.2)
=0.370008 / 0.082458
=4.4872

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 - (1771.262 + 1543.991) / 5627.834) / (1 - (1756.985 + 1877.863) / 6341.151)
=0.410918 / 0.426784
=0.9628

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
=457.2 / 344.376
=1.3276

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))
=(112.201 / (112.201 + 1877.863)) / (106.582 / (106.582 + 1543.991))
=0.056381 / 0.064573
=0.8731

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)
=(128.402 / 457.2) / (155.41 / 344.376)
=0.280844 / 0.45128
=0.6223

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)
=((1413.084 + 385.442) / 5627.834) / ((1497.109 + 437.191) / 6341.151)
=0.319577 / 0.305039
=1.0477

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
=(-454.831 - -521.103 - -15.105) / 5627.834
=0.01446

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.

Begistics PCL has a M-score of -0.67 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 -0.67 mean?
Begistics PCL (BKK:B) has a Beneish M-Score of -0.67 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Begistics PCL and its competitors. According to the industry distribution chart, Begistics PCL ranks #905 out of 966 companies in the Transportation industry, placing it in the top 93.7%.
Is Begistics PCL's Beneish M-Score too high?
Begistics PCL's current Beneish M-Score is -0.67. Based on the distribution chart, Begistics PCL ranks #905 out of 966 companies in the Transportation industry, which is in the bottom quartile relative to peers.
How does Begistics PCL's Beneish M-Score compare to FDX and UPS?
According to the Transportation industry distribution chart, Begistics PCL ranks #905 out of 966 companies for Beneish M-Score. This places Begistics 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Begistics PCL and its competitors. Begistics PCL's current Beneish M-Score is -0.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Begistics PCL stock overvalued right now?
Based on GuruFocus' analysis, Begistics PCL (BKK:B) is currently considered Modestly Undervalued. The stock's GF Value™ is ฿0.04, compared to a current price of ฿0.03 — trading 25% below its estimated fair value. The current Beneish M-Score is -0.67. 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 Begistics PCL (BKK:B), the current Beneish M-Score is -0.67 as of Jun. 25, 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.

Begistics PCL Business Description

Address Silom Road, 52 Thaniya Plaza, 28th Floor, Suriyawong, Bangrak, Bangkok, THA
Begistics PCL is a complete logistics service provider in Thailand. It operates a port in Bangpakong which includes a container depot, warehousing, a wharf, and other related services. Other services of the company include transportation, stevedoring, and truck dealerships.