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T.C.J. Asia PCLBKK:TCJ -1.63%60 Beneish M-Score is -2.95 as of Jul. 24, 2026. GuruFocus rates BKK:TCJ with a GF Score™ of 60/100 and a GF Value™ of ฿2.89 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 205 Farm & Heavy Construction Machinery companies, T.C.J. Asia PCL ranks better than 83.9% 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 -2.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for T.C.J. Asia PCL's Beneish M-Score or its related term are showing as below:
BKK:TCJ'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.4 Med: -2.78 Max: -2.03
Current: -2.95
During the past 13 years, the highest Beneish M-Score of T.C.J. Asia PCL was -2.03. The lowest was -3.40. And the median was -2.78.
T.C.J. Asia PCL Beneish M-Score Related Terms
T.C.J. Asia PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for T.C.J. Asia 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.
BKK:TCJ vs CAT, DE, PCAR: Beneish M-Score Comparison
For the Farm & Heavy Construction Machinery subindustry, T.C.J. Asia 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.
T.C.J. Asia PCL Beneish M-Score vs Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, T.C.J. Asia PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where T.C.J. Asia PCL's Beneish M-Score falls into.
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 T.C.J. Asia 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 * 0.979
+
0.528 * 0.8196
+
0.404 * 0.8903
+
0.892 * 1.0541
+
0.115 * 1.0522
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8812
+
4.679 * -0.088623
-
0.327 * 0.9259
=
-2.95
* 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.
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.
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))
=
(109.846 / (109.846 + 1574.162))
/
(97.763 / (97.763 + 1479.248))
=
0.065229
/
0.061993
=
1.0522
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
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
=
(12.762 - 15.455
-
220.75)
/
2521.288
=
-0.088623
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.
T.C.J. Asia PCL has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
T.C.J. Asia PCL (BKK:TCJ) has a Beneish M-Score of -2.95 as of Jul. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on T.C.J. Asia PCL and its competitors. According to the industry distribution chart, T.C.J. Asia PCL ranks #33 out of 205 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 16.1%.
Is T.C.J. Asia PCL's Beneish M-Score too high?
T.C.J. Asia PCL's current Beneish M-Score is -2.95. Based on the distribution chart, T.C.J. Asia PCL ranks #33 out of 205 companies in the Farm & Heavy Construction Machinery industry, which is in the top quartile — a strong position relative to peers. Overall, T.C.J. Asia PCL has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does T.C.J. Asia PCL's Beneish M-Score compare to CAT and DE?
According to the Farm & Heavy Construction Machinery industry distribution chart, T.C.J. Asia PCL ranks #33 out of 205 companies for Beneish M-Score. This places T.C.J. Asia PCL in the top 16% 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 Farm & Heavy Construction Machinery company?
A good Beneish M-Score depends on the Farm & Heavy Construction Machinery 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 T.C.J. Asia PCL and its competitors. T.C.J. Asia PCL's current Beneish M-Score is -2.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is T.C.J. Asia PCL stock overvalued right now?
Based on GuruFocus' analysis, T.C.J. Asia PCL (BKK:TCJ) is currently considered Modestly Undervalued. The stock's GF Value™ is ฿2.89, compared to a current price of ฿2.42 — trading 16.3% below its estimated fair value. The current Beneish M-Score is -2.95. T.C.J. Asia PCL's overall GF Score™ is 60/100 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 T.C.J. Asia PCL (BKK:TCJ), the current Beneish M-Score is -2.95 as of Jul. 24, 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 T.C.J. Asia PCL (BKK:TCJ) Overvalued in 2026?
Based on GuruFocus' analysis, T.C.J. Asia PCL stock appears to be undervalued.
The current stock price of ฿2.42 is trading 16.3% below its estimated GF Value™ of ฿2.89.
GuruFocus considers T.C.J. Asia PCL to be Modestly Undervalued.
Key valuation signals for BKK:TCJ:
Beneish M-Score: -2.95
GF Value™: ฿2.89 vs. price of ฿2.42 (16.3% below fair value)
No single metric tells the full story. See the BKK:TCJ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
T.C.J. Asia PCL is engaged in the import business and distribution of machinery and lifting equipment for construction work, and loading and unloading services like tractors, wheel loaders, excavator and cranes and stainless-steel plate and construction contractor. The business segments of the company are Sales of cranes, road rollers and tractors and equipment, road rollers and tractors, and equipment, Rental and repair services of crane and trucks, Manufacturing and distribution of stainless steel pipes, Trading of stainless steel, Installation work, and Others. The group generates the majority of the revenue from the Manufacturing and distribution of stainless steel pipes segment and mainly operates in Thailand.
60GF Score
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