Workpoint Entertainment PCL (BKK:WORK) Beneish M-Score: -2.60 (As of Jun. 26, 2026)

What is Workpoint Entertainment PCL Beneish M-Score?

Workpoint Entertainment PCL BKK:WORK +0.58% 70 Beneish M-Score is -2.60 as of Jun. 26, 2026. GuruFocus rates BKK:WORK with a GF Score™ of 70/100 and a GF Value™ of ฿7.10 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 989 Media - Diversified companies, Workpoint Entertainment PCL ranks better than 51.26% 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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BKK:WORK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.74 Med: -2.85 Max: -2.05
Current: -2.6

During the past 13 years, the highest Beneish M-Score of Workpoint Entertainment PCL was -2.05. The lowest was -3.74. And the median was -2.85.

Workpoint Entertainment PCL Beneish M-Score Related Terms

Workpoint Entertainment PCL Beneish M-Score Historical Data

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The historical data trend for Workpoint Entertainment 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.

Workpoint Entertainment PCL Beneish M-Score Chart

Workpoint Entertainment PCL Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.06

-2.37

-2.66

-2.82

-2.87

Workpoint Entertainment 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															-2.73	-2.64	-2.60	-2.87	-2.60

BKK:WORK vs NFLX, DIS, WBD: Beneish M-Score Comparison

For the Entertainment subindustry, Workpoint Entertainment 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.

Workpoint Entertainment PCL Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Workpoint Entertainment PCL's Beneish M-Score distribution charts can be found below:

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

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70GF Score

Workpoint Entertainment PCL BKK:WORK

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Workpoint Entertainment 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 Workpoint Entertainment PCL for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.3108

0.528 * 0.5855

0.404 * 0.9071

0.892 * 0.8416

0.115 * 1.5135

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0519

4.679 * -0.027932

0.327 * 0.7717

-2.60

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ฿327 Mil.
Revenue was 361.279 + 562.65 + 478.312 + 526.865 = ฿1,929 Mil.
Gross Profit was 84.279 + 146.706 + 150.529 + 147.176 = ฿529 Mil.
Total Current Assets was ฿2,664 Mil.
Total Assets was ฿4,749 Mil.
Property, Plant and Equipment(Net PPE) was ฿977 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿252 Mil.
Selling, General, & Admin. Expense(SGA) was ฿626 Mil.
Total Current Liabilities was ฿313 Mil.
Long-Term Debt & Capital Lease Obligation was ฿135 Mil.
Net Income was -39.868 + -53.061 + 34.578 + 20.712 = ฿-38 Mil.
Non Operating Income was -14.676 + -19.588 + 11.749 + 17.888 = ฿-5 Mil.
Cash Flow from Operations was 1.285 + 101.426 + -6.128 + 3.042 = ฿100 Mil.

Total Receivables was ฿296 Mil.
Revenue was 509.443 + 728.755 + 509.323 + 544.684 = ฿2,292 Mil.
Gross Profit was 105.612 + -1.698 + 108.456 + 155.431 = ฿368 Mil.
Total Current Assets was ฿2,623 Mil.
Total Assets was ฿4,942 Mil.
Property, Plant and Equipment(Net PPE) was ฿1,048 Mil.
Depreciation, Depletion and Amortization(DDA) was ฿471 Mil.
Selling, General, & Admin. Expense(SGA) was ฿708 Mil.
Total Current Liabilities was ฿464 Mil.
Long-Term Debt & Capital Lease Obligation was ฿140 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)
	=	(326.926 / 1929.106)	/	(296.363 / 2292.205)
	=	0.16947	/	0.129292
	=	1.3108

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)
	=	(367.801 / 2292.205)	/	(528.69 / 1929.106)
	=	0.160457	/	0.27406
	=	0.5855

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 - (2663.578 + 976.759) / 4748.615)	/	(1 - (2622.891 + 1047.623) / 4941.984)
	=	0.23339	/	0.257279
	=	0.9071

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
	=	1929.106	/	2292.205
	=	0.8416

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))
	=	(471.29 / (471.29 + 1047.623))	/	(251.874 / (251.874 + 976.759))
	=	0.310281	/	0.205003
	=	1.5135

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)
	=	(626.445 / 1929.106)	/	(707.652 / 2292.205)
	=	0.324733	/	0.308721
	=	1.0519

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)
	=	((134.613 + 313.455) / 4748.615)	/	((140.189 + 464.104) / 4941.984)
	=	0.094358	/	0.122277
	=	0.7717

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
	=	(-37.639 - -4.627	-	99.625)	/	4748.615
	=	-0.027932

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.

Workpoint Entertainment PCL has a M-score of -2.60 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 -2.60 mean?

Workpoint Entertainment PCL (BKK:WORK) has a Beneish M-Score of -2.60 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Workpoint Entertainment PCL and its competitors. According to the industry distribution chart, Workpoint Entertainment PCL ranks #482 out of 989 companies in the Media - Diversified industry, placing it in the top 48.7%.

Is Workpoint Entertainment PCL's Beneish M-Score too high?

Workpoint Entertainment PCL's current Beneish M-Score is -2.60. Based on the distribution chart, Workpoint Entertainment PCL ranks #482 out of 989 companies in the Media - Diversified industry, which is above the industry midpoint. Overall, Workpoint Entertainment PCL has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Workpoint Entertainment PCL's Beneish M-Score compare to NFLX and DIS?

According to the Media - Diversified industry distribution chart, Workpoint Entertainment PCL ranks #482 out of 989 companies for Beneish M-Score. This puts Workpoint Entertainment PCL in the upper 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 Media - Diversified company?

A good Beneish M-Score depends on the Media - Diversified 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 Workpoint Entertainment PCL and its competitors. Workpoint Entertainment PCL's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Workpoint Entertainment PCL stock overvalued right now?

Based on GuruFocus' analysis, Workpoint Entertainment PCL (BKK:WORK) is currently considered Significantly Undervalued. The stock's GF Value™ is ฿7.10, compared to a current price of ฿3.44 — trading 51.5% below its estimated fair value. The current Beneish M-Score is -2.60. Workpoint Entertainment PCL's overall GF Score™ is 70/100 with 3 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 Workpoint Entertainment PCL (BKK:WORK), the current Beneish M-Score is -2.60 as of Jun. 26, 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 Workpoint Entertainment PCL (BKK:WORK) Overvalued in 2026?

Based on GuruFocus' analysis, Workpoint Entertainment PCL stock appears to be undervalued. The current stock price of ฿3.44 is trading 51.5% below its estimated GF Value™ of ฿7.10. GuruFocus considers Workpoint Entertainment PCL to be Significantly Undervalued.

Key valuation signals for BKK:WORK:

Beneish M-Score: -2.60
GF Value™: ฿7.10 vs. price of ฿3.44 (51.5% below fair value)
GF Score™: 70/100 with 3 warning signs

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

Workpoint Entertainment PCL Business Description

Industry Communication Services Media - Diversified

Comparable Companies BKK:ZAA BKK:MGI BKK:MATCH BKK:MONO BKK:GRAMMY BKK:RS BKK:TVT BKK:YGG BKK:MAJOR BKK:ONEE NFLX DIS WBD XAMS:UMG LYV FOXA FWONA ROKU XPAR:BOL WMG

Address 99 Moo 2, Tambon Bang Poon, Amphoe Muang Pathum Thani, Pathum thani, THA, 12000

Website https://www.workpoint.co.th

Workpoint Entertainment PCL is a broadcast television company. The activities of the Group are digital television broadcasting and the production of television programs, animation and computer graphics, movies, concerts and plays, event marketing and sale of goods and services related to the businesses. The company has five segments which are Business of television programs, Business of movies, Business of concerts and plays, Business of event marketing and Business of sale of goods and rendering of other services. It derives majority of revenue from Business of television programs segment.

70GF Score

Get the complete analysis for BKK:WORK

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

฿3.44

Price

฿7.10

GF Value

View BKK:WORK Analysis

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