Cal-Comp Electronics (Thailand) PCL (BKK:CCET) Beneish M-Score: -2.14 (As of Aug. 21, 2026)

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BKK:CCET Cal-Comp Electronics (Thailand) PCL BKK:CCET
69 GF Score
Price ฿8.70
GF Value ฿4.83
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is Cal-Comp Electronics (Thailand) PCL Beneish M-Score?

Cal-Comp Electronics (Thailand) PCL BKK:CCET -3.87% 69 Beneish M-Score is -2.14 as of Aug. 21, 2026. GuruFocus rates BKK:CCET with a GF Score™ of 69/100 and a GF Value™ of ฿4.83 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 2,403 Hardware companies, Cal-Comp Electronics (Thailand) PCL ranks worse than 68.41% 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 -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Cal-Comp Electronics (Thailand) PCL's Beneish M-Score or its related term are showing as below:

BKK:CCET' s Beneish M-Score Range Over the Past 10 Years
Min: -3.44   Med: -2.54   Max: -1.79
Current: -2.14

During the past 13 years, the highest Beneish M-Score of Cal-Comp Electronics (Thailand) PCL was -1.79. The lowest was -3.44. And the median was -2.54.

Cal-Comp Electronics (Thailand) PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cal-Comp Electronics (Thailand) 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.

Cal-Comp Electronics (Thailand) PCL Beneish M-Score Chart

Cal-Comp Electronics (Thailand) 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 -2.28 -1.83 -3.16 -2.80 -2.56

Cal-Comp Electronics (Thailand) PCL Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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 -2.56 -2.72 -2.56 -2.56 -2.14

BKK:CCET vs DELL, ANET, SNDK: Beneish M-Score Comparison

For the Computer Hardware subindustry, Cal-Comp Electronics (Thailand) 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.

Cal-Comp Electronics (Thailand) PCL Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Cal-Comp Electronics (Thailand) PCL's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Cal-Comp Electronics (Thailand) PCL's Beneish M-Score falls into.


BKK:CCET
69GF Score
Cal-Comp Electronics (Thailand) PCL BKK:CCET
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Cal-Comp Electronics (Thailand) 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 Cal-Comp Electronics (Thailand) 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 * 1.3178+0.528 * 1.0578+0.404 * 0.8767+0.892 * 0.9389+0.115 * 1.1561
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9378+4.679 * 0.027684-0.327 * 1.1041
=-2.14

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was ฿32,457 Mil.
Revenue was 34816.338 + 29701.856 + 36266.456 + 36117.858 = ฿136,903 Mil.
Gross Profit was 1848.658 + 1498.574 + 1641.915 + 1837.835 = ฿6,827 Mil.
Total Current Assets was ฿72,007 Mil.
Total Assets was ฿94,304 Mil.
Property, Plant and Equipment(Net PPE) was ฿17,982 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿2,086 Mil.
Selling, General, & Admin. Expense(SGA) was ฿3,644 Mil.
Total Current Liabilities was ฿59,256 Mil.
Long-Term Debt & Capital Lease Obligation was ฿7,523 Mil.
Net Income was 711.318 + 502.214 + 425.997 + 531.363 = ฿2,171 Mil.
Non Operating Income was -22.973 + -33.896 + -50.082 + 2.266 = ฿-105 Mil.
Cash Flow from Operations was -2885.325 + 2707.645 + -769.537 + 612.058 = ฿-335 Mil.
 Total Receivables was ฿26,233 Mil.
Revenue was 31539.156 + 34711.874 + 40560.771 + 39002.584 = ฿145,814 Mil.
Gross Profit was 1768.367 + 1844.632 + 1906.52 + 2172.321 = ฿7,692 Mil.
Total Current Assets was ฿51,803 Mil.
Total Assets was ฿72,000 Mil.
Property, Plant and Equipment(Net PPE) was ฿16,439 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿2,245 Mil.
Selling, General, & Admin. Expense(SGA) was ฿4,138 Mil.
Total Current Liabilities was ฿34,198 Mil.
Long-Term Debt & Capital Lease Obligation was ฿11,981 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)
=(32456.816 / 136902.508) / (26233.484 / 145814.385)
=0.23708 / 0.17991
=1.3178

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)
=(7691.84 / 145814.385) / (6826.982 / 136902.508)
=0.052751 / 0.049867
=1.0578

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 - (72006.684 + 17982.168) / 94304.428) / (1 - (51802.785 + 16439.113) / 72000.279)
=0.045762 / 0.0522
=0.8767

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
=136902.508 / 145814.385
=0.9389

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))
=(2245.045 / (2245.045 + 16439.113)) / (2085.787 / (2085.787 + 17982.168))
=0.120158 / 0.103936
=1.1561

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)
=(3643.553 / 136902.508) / (4138.123 / 145814.385)
=0.026614 / 0.028379
=0.9378

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)
=((7523.287 + 59255.586) / 94304.428) / ((11981.432 + 34197.796) / 72000.279)
=0.70812 / 0.641376
=1.1041

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
=(2170.892 - -104.685 - -335.159) / 94304.428
=0.027684

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.

Cal-Comp Electronics (Thailand) PCL has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.14 mean?
Cal-Comp Electronics (Thailand) PCL (BKK:CCET) has a Beneish M-Score of -2.14 as of Aug. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cal-Comp Electronics (Thailand) PCL and its competitors. According to the industry distribution chart, Cal-Comp Electronics (Thailand) PCL ranks #1644 out of 2403 companies in the Hardware industry, placing it in the top 68.4%.
Is Cal-Comp Electronics (Thailand) PCL's Beneish M-Score too high?
Cal-Comp Electronics (Thailand) PCL's current Beneish M-Score is -2.14. Based on the distribution chart, Cal-Comp Electronics (Thailand) PCL ranks #1644 out of 2403 companies in the Hardware industry, which is below the industry midpoint. Overall, Cal-Comp Electronics (Thailand) PCL has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cal-Comp Electronics (Thailand) PCL's Beneish M-Score compare to DELL and ANET?
According to the Hardware industry distribution chart, Cal-Comp Electronics (Thailand) PCL ranks #1644 out of 2403 companies for Beneish M-Score. This places Cal-Comp Electronics (Thailand) 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Cal-Comp Electronics (Thailand) PCL and its competitors. Cal-Comp Electronics (Thailand) PCL's current Beneish M-Score is -2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cal-Comp Electronics (Thailand) PCL stock overvalued right now?
Based on GuruFocus' analysis, Cal-Comp Electronics (Thailand) PCL (BKK:CCET) is currently considered Significantly Overvalued. The stock's GF Value™ is ฿4.83, compared to a current price of ฿8.70 — trading 80.1% above its estimated fair value. The current Beneish M-Score is -2.14. Cal-Comp Electronics (Thailand) PCL's overall GF Score™ is 69/100 with 8 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 Cal-Comp Electronics (Thailand) PCL (BKK:CCET), the current Beneish M-Score is -2.14 as of Aug. 21, 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 Cal-Comp Electronics (Thailand) PCL (BKK:CCET) Overvalued in 2026?

Based on GuruFocus' analysis, Cal-Comp Electronics (Thailand) PCL stock appears to be overvalued. The current stock price of ฿8.70 is trading 80.1% above its estimated GF Value™ of ฿4.83. GuruFocus considers Cal-Comp Electronics (Thailand) PCL to be Significantly Overvalued.

Key valuation signals for BKK:CCET:

  • Beneish M-Score: -2.14
  • GF Value™: ฿4.83 vs. price of ฿8.70 (80.1% above fair value)
  • GF Score™: 69/100 with 8 warning signs

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

Cal-Comp Electronics (Thailand) PCL Business Description

Other Exchanges 9105:Taiwan
Address Rachadapisek Road, 191/54,191/57, 18th Floor, CTI Tower, Kwang Klongtoey, Khet Klongtoey, Bangkok, THA, 10110
Cal-Comp Electronics (Thailand) PCL is a Thailand-based company engaged in the manufacture of electronic products, such as computers and computer peripherals, telecommunication equipment, and automation equipment. The company has three reporting segments: Computer peripherals offer ink-jet printers, laser printers, multifunction printers, dot-matrix printers, external hard drives, and printed circuit board assemblies; Telecommunications products include set-top boxes and Bluetooth headsets, and the Service income segment. Computer peripherals generate the majority of the company's revenue. The company serves markets in Thailand, Brazil, China, and the Philippines, and the majority of its sales come from its customer base in Thailand.
69GF Score

Get the complete analysis for BKK:CCET

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

฿8.70
Price
฿4.83
GF Value