QTCG PCL (BKK:QTCG) Beneish M-Score: -3.27 (As of Jul. 27, 2026)

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What is QTCG PCL Beneish M-Score?

QTCG PCL BKK:QTCG Beneish M-Score is -3.27 as of Jul. 27, 2026. The stock has 6 warning signs investors should review. Among 1,697 Construction companies, QTCG PCL ranks better than 89.28% 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 -3.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:QTCG' s Beneish M-Score Range Over the Past 10 Years
Min: -8.28   Med: -3.46   Max: -2.76
Current: -3.27

During the past 4 years, the highest Beneish M-Score of QTCG PCL was -2.76. The lowest was -8.28. And the median was -3.46.

QTCG PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for QTCG 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.

QTCG PCL Beneish M-Score Chart

QTCG PCL Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 -2.76

QTCG PCL Quarterly Data
Dec22 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 0.00 -8.28 -3.64 -2.76 -3.27

BKK:QTCG vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, QTCG 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.

QTCG PCL Beneish M-Score vs Construction Industry

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

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


QTCG 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 QTCG 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 * 1.8411+0.528 * -1.1923+0.404 * 0.7218+0.892 * 0.6806+0.115 * 2.3195
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4292+4.679 * -0.018869-0.327 * 1.0092
=-3.27

* 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 ฿300.7 Mil.
Revenue was 21.922 + 61.026 + 87.938 + 74.306 = ฿245.2 Mil.
Gross Profit was -9.715 + 9.257 + 9.562 + 11.083 = ฿20.2 Mil.
Total Current Assets was ฿314.8 Mil.
Total Assets was ฿510.2 Mil.
Property, Plant and Equipment(Net PPE) was ฿49.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿6.2 Mil.
Selling, General, & Admin. Expense(SGA) was ฿65.9 Mil.
Total Current Liabilities was ฿400.3 Mil.
Long-Term Debt & Capital Lease Obligation was ฿3.5 Mil.
Net Income was -23.472 + -5.89 + -12.354 + 4.554 = ฿-37.2 Mil.
Non Operating Income was 0 + 6.839 + 1.747 + 8.121 = ฿16.7 Mil.
Cash Flow from Operations was -9.543 + -12.345 + -8.876 + -13.479 = ฿-44.2 Mil.
 Total Receivables was ฿240.0 Mil.
Revenue was 82.928 + 54.912 + 105.498 + 116.918 = ฿360.3 Mil.
Gross Profit was 2.906 + -14.047 + -12.59 + -11.634 = ฿-35.4 Mil.
Total Current Assets was ฿296.4 Mil.
Total Assets was ฿539.8 Mil.
Property, Plant and Equipment(Net PPE) was ฿29.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿10.2 Mil.
Selling, General, & Admin. Expense(SGA) was ฿67.8 Mil.
Total Current Liabilities was ฿414.0 Mil.
Long-Term Debt & Capital Lease Obligation was ฿9.3 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)
=(300.702 / 245.192) / (239.974 / 360.256)
=1.226394 / 0.666121
=1.8411

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)
=(-35.365 / 360.256) / (20.187 / 245.192)
=-0.098166 / 0.082331
=-1.1923

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 - (314.792 + 49.175) / 510.15) / (1 - (296.381 + 29.128) / 539.823)
=0.286549 / 0.397008
=0.7218

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
=245.192 / 360.256
=0.6806

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))
=(10.218 / (10.218 + 29.128)) / (6.2 / (6.2 + 49.175))
=0.259696 / 0.111964
=2.3195

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)
=(65.944 / 245.192) / (67.794 / 360.256)
=0.268948 / 0.188183
=1.4292

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)
=((3.477 + 400.256) / 510.15) / ((9.289 + 414.025) / 539.823)
=0.791401 / 0.784172
=1.0092

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
=(-37.162 - 16.707 - -44.243) / 510.15
=-0.018869

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.

QTCG PCL has a M-score of -3.27 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 -3.27 mean?
QTCG PCL (BKK:QTCG) has a Beneish M-Score of -3.27 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on QTCG PCL and its competitors. According to the industry distribution chart, QTCG PCL ranks #182 out of 1697 companies in the Construction industry, placing it in the top 10.7%.
Is QTCG PCL's Beneish M-Score too high?
QTCG PCL's current Beneish M-Score is -3.27. Based on the distribution chart, QTCG PCL ranks #182 out of 1697 companies in the Construction industry, which is in the top quartile — a strong position relative to peers.
How does QTCG PCL's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, QTCG PCL ranks #182 out of 1697 companies for Beneish M-Score. This places QTCG PCL in the top 11% of its industry — outperforming the majority of peers. 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 Construction company?
A good Beneish M-Score depends on the Construction 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 QTCG PCL and its competitors. QTCG PCL's current Beneish M-Score is -3.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is QTCG PCL stock overvalued right now?
QTCG PCL (BKK:QTCG) has a current Beneish M-Score of -3.27. The current Beneish M-Score is -3.27. 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 QTCG PCL (BKK:QTCG), the current Beneish M-Score is -3.27 as of Jul. 27, 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.

QTCG PCL Business Description

Address No. 42 Soi Ramkhamhaeng 187, Intersection 2, Minburi Subdistrict, Minburi District, Bangkok, THA, 10510
QTCG PCL is engaged in contracting and installation services for systems engineering. Its services consists of electrical communication systems, air conditioning and ventilation systems. Sanitary system and conducts business related to asset management from purchasing or receiving transfer of debtors from financial institutions, including primary insurance of debtors. The company as two segments Construction Segment and Asset Management Segment. Key revenue is generated from Construction Segment.