Thai Polycons PCL (BKK:TPOLY) Beneish M-Score: -2.93 (As of Jul. 09, 2026)


What is Thai Polycons PCL Beneish M-Score?

Thai Polycons PCL BKK:TPOLY Beneish M-Score is -2.93 as of Jul. 09, 2026. The stock has 4 warning signs investors should review. Among 1,700 Construction companies, Thai Polycons PCL ranks better than 79.06% 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 -2.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:TPOLY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21   Med: -2.79   Max: -1.63
Current: -2.93

During the past 13 years, the highest Beneish M-Score of Thai Polycons PCL was -1.63. The lowest was -3.21. And the median was -2.79.

Thai Polycons PCL Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Thai Polycons 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.

Thai Polycons PCL Beneish M-Score Chart

Thai Polycons 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 -2.08 -2.00 -2.83 -2.99 -2.77

Thai Polycons 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 -2.95 -2.85 -2.61 -2.77 -2.93

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

For the Engineering & Construction subindustry, Thai Polycons 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.

Thai Polycons PCL Beneish M-Score vs Construction Industry

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

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


Thai Polycons 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 Thai Polycons 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 * 0.7737+0.528 * 1.5923+0.404 * 0.9754+0.892 * 0.9839+0.115 * 0.9453
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9821+4.679 * -0.111848-0.327 * 1.0237
=-2.93

* 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 ฿1,790 Mil.
Revenue was 761.876 + 804.454 + 815.202 + 817.613 = ฿3,199 Mil.
Gross Profit was 166.006 + 171.267 + 131.33 + 82.72 = ฿551 Mil.
Total Current Assets was ฿2,008 Mil.
Total Assets was ฿8,317 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,688 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿280 Mil.
Selling, General, & Admin. Expense(SGA) was ฿390 Mil.
Total Current Liabilities was ฿3,237 Mil.
Long-Term Debt & Capital Lease Obligation was ฿2,419 Mil.
Net Income was -79.353 + -89.61 + -115.905 + -142.211 = ฿-427 Mil.
Non Operating Income was -23.668 + 4.218 + -323.469 + -11.164 = ฿-354 Mil.
Cash Flow from Operations was 204.18 + 349.138 + 86.204 + 217.77 = ฿857 Mil.
 Total Receivables was ฿2,352 Mil.
Revenue was 888.177 + 781.437 + 806.762 + 775.1 = ฿3,251 Mil.
Gross Profit was 237.428 + 169.874 + 250.378 + 234.543 = ฿892 Mil.
Total Current Assets was ฿2,650 Mil.
Total Assets was ฿9,664 Mil.
Property, Plant and Equipment(Net PPE) was ฿3,891 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿278 Mil.
Selling, General, & Admin. Expense(SGA) was ฿403 Mil.
Total Current Liabilities was ฿4,106 Mil.
Long-Term Debt & Capital Lease Obligation was ฿2,313 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)
=(1790.159 / 3199.145) / (2351.749 / 3251.476)
=0.559574 / 0.723287
=0.7737

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)
=(892.223 / 3251.476) / (551.323 / 3199.145)
=0.274406 / 0.172334
=1.5923

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 - (2008.034 + 3688.118) / 8317.427) / (1 - (2650.485 + 3890.842) / 9663.715)
=0.315155 / 0.323104
=0.9754

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
=3199.145 / 3251.476
=0.9839

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))
=(277.75 / (277.75 + 3890.842)) / (279.67 / (279.67 + 3688.118))
=0.066629 / 0.070485
=0.9453

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)
=(389.543 / 3199.145) / (403.139 / 3251.476)
=0.121765 / 0.123986
=0.9821

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)
=((2419.139 + 3236.922) / 8317.427) / ((2313.422 + 4105.821) / 9663.715)
=0.680025 / 0.664262
=1.0237

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
=(-427.079 - -354.083 - 857.292) / 8317.427
=-0.111848

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.

Thai Polycons PCL has a M-score of -2.93 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 -2.93 mean?
Thai Polycons PCL (BKK:TPOLY) has a Beneish M-Score of -2.93 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thai Polycons PCL and its competitors. According to the industry distribution chart, Thai Polycons PCL ranks #356 out of 1700 companies in the Construction industry, placing it in the top 20.9%.
Is Thai Polycons PCL's Beneish M-Score too high?
Thai Polycons PCL's current Beneish M-Score is -2.93. Based on the distribution chart, Thai Polycons PCL ranks #356 out of 1700 companies in the Construction industry, which is in the top quartile — a strong position relative to peers.
How does Thai Polycons PCL's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Thai Polycons PCL ranks #356 out of 1700 companies for Beneish M-Score. This places Thai Polycons PCL in the top 21% 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 Thai Polycons PCL and its competitors. Thai Polycons PCL's current Beneish M-Score is -2.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Polycons PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Polycons PCL (BKK:TPOLY) is currently considered Possible Value Trap. The stock's GF Value™ is ฿0.44, compared to a current price of ฿0.10 — trading 77.3% below its estimated fair value. The current Beneish M-Score is -2.93. 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 Thai Polycons PCL (BKK:TPOLY), the current Beneish M-Score is -2.93 as of Jul. 09, 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.

Thai Polycons PCL Business Description

Address Prasertmanukit Road, 2, 4 Prasertmanukit Soi 29 Yeak 8, Chaorakhebua, Ladprao, Ladprao, Bangkok, THA, 10230
Thai Polycons PCL is engaged in construction contractor business. The company's segments include Construction contractor; Electricity current selling; Sale of biogas; Real estate Selling; and Sales and service. The majority of the revenue is derived from Construction contractor segment.