Masstec Link PCL (BKK:MASTEC) Beneish M-Score: -2.43 (As of Jul. 29, 2026)

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BKK:MASTEC Masstec Link PCL BKK:MASTEC
17 GF Score
Price ฿2.06
! 7 Warning Signs
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What is Masstec Link PCL Beneish M-Score?

Masstec Link PCL BKK:MASTEC 17 Beneish M-Score is -2.43 as of Jul. 29, 2026. GuruFocus rates BKK:MASTEC with a GF Score™ of 17/100. The stock has 7 warning signs investors should review. Among 152 Industrial Distribution companies, Masstec Link PCL ranks worse than 66.45% 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:MASTEC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.43   Med: -2.43   Max: -2.43
Current: -2.43

During the past 3 years, the highest Beneish M-Score of Masstec Link PCL was -2.43. The lowest was -2.43. And the median was -2.43.

Masstec Link PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Masstec Link 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.

Masstec Link PCL Beneish M-Score Chart

Masstec Link PCL Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.43

Masstec Link PCL Semi-Annual Data
Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score 0.00 0.00 0.00 0.00 -2.43

BKK:MASTEC vs GWW, FAST, FERG: Beneish M-Score Comparison

For the Industrial Distribution subindustry, Masstec Link 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.

Masstec Link PCL Beneish M-Score vs Industrial Distribution Industry

For the Industrial Distribution industry and Industrials sector, Masstec Link PCL's Beneish M-Score distribution charts can be found below:

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


BKK:MASTEC
17GF Score
Masstec Link PCL BKK:MASTEC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Masstec Link 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 Masstec Link 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 * 0.9951+0.528 * 0.9973+0.404 * 0.9241+0.892 * 0.9179+0.115 * 0.9784
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1153+4.679 * 0.025532-0.327 * 0.8216
=-2.43

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ฿205.9 Mil.
Revenue was ฿859.0 Mil.
Gross Profit was ฿243.7 Mil.
Total Current Assets was ฿587.9 Mil.
Total Assets was ฿845.0 Mil.
Property, Plant and Equipment(Net PPE) was ฿176.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿13.7 Mil.
Selling, General, & Admin. Expense(SGA) was ฿195.1 Mil.
Total Current Liabilities was ฿408.7 Mil.
Long-Term Debt & Capital Lease Obligation was ฿17.6 Mil.
Net Income was ฿22.9 Mil.
Gross Profit was ฿-11.2 Mil.
Cash Flow from Operations was ฿12.5 Mil.
 Total Receivables was ฿225.4 Mil.
Revenue was ฿935.8 Mil.
Gross Profit was ฿264.8 Mil.
Total Current Assets was ฿511.1 Mil.
Total Assets was ฿772.9 Mil.
Property, Plant and Equipment(Net PPE) was ฿181.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿13.8 Mil.
Selling, General, & Admin. Expense(SGA) was ฿190.6 Mil.
Total Current Liabilities was ฿453.6 Mil.
Long-Term Debt & Capital Lease Obligation was ฿21.1 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)
=(205.892 / 859.02) / (225.401 / 935.82)
=0.239682 / 0.240859
=0.9951

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)
=(264.753 / 935.82) / (243.685 / 859.02)
=0.28291 / 0.283678
=0.9973

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 - (587.922 + 176.058) / 844.966) / (1 - (511.136 + 181.587) / 772.88)
=0.095845 / 0.103712
=0.9241

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
=859.02 / 935.82
=0.9179

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))
=(13.764 / (13.764 + 181.587)) / (13.663 / (13.663 + 176.058))
=0.070458 / 0.072016
=0.9784

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)
=(195.133 / 859.02) / (190.6 / 935.82)
=0.227158 / 0.203672
=1.1153

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)
=((17.59 + 408.725) / 844.966) / ((21.075 + 453.55) / 772.88)
=0.504535 / 0.614099
=0.8216

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
=(22.886 - -11.232 - 12.544) / 844.966
=0.025532

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.

Masstec Link PCL has a M-score of -2.43 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 -2.43 mean?
Masstec Link PCL (BKK:MASTEC) has a Beneish M-Score of -2.43 as of Jul. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Masstec Link PCL and its competitors. According to the industry distribution chart, Masstec Link PCL ranks #101 out of 152 companies in the Industrial Distribution industry, placing it in the top 66.4%.
Is Masstec Link PCL's Beneish M-Score too high?
Masstec Link PCL's current Beneish M-Score is -2.43. Based on the distribution chart, Masstec Link PCL ranks #101 out of 152 companies in the Industrial Distribution industry, which is below the industry midpoint. Overall, Masstec Link PCL has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Masstec Link PCL's Beneish M-Score compare to GWW and FAST?
According to the Industrial Distribution industry distribution chart, Masstec Link PCL ranks #101 out of 152 companies for Beneish M-Score. This places Masstec Link 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 an Industrial Distribution company?
A good Beneish M-Score depends on the Industrial Distribution 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 Masstec Link PCL and its competitors. Masstec Link PCL's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Masstec Link PCL stock overvalued right now?
Masstec Link PCL (BKK:MASTEC) has a current Beneish M-Score of -2.43. The current Beneish M-Score is -2.43. Masstec Link PCL's overall GF Score™ is 17/100 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 Masstec Link PCL (BKK:MASTEC), the current Beneish M-Score is -2.43 as of Jul. 29, 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.

Masstec Link PCL Business Description

Address No. 74 Nak Niwat 48 Alley, Nak Niwas Road, Lat Phrao Subdistrict, Lat Phrao District, Bangkok, THA, 10230
Masstec Link PCL imports and supplies engineering products. The segment information can be classified into two categories: Sales segment: This segment involves the distribution of equipment for air conditioning systems, sanitary systems, fire protection systems, refrigerant piping systems, air duct systems, swimming pool systems, water pumping systems, fire barrier systems, and electric vehicle charging; Service segment: This segment provides procurement, design, installation, and repair maintenance service related to air conditioning systems, sanitary systems, fire protection systems, water pumping systems, cooling tower systems, air duct systems, fire barrier systems, energy-saving products for water treatment systems, cooling systems, chilled water systems for commercial AC.
17GF Score

Get the complete analysis for BKK:MASTEC

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

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