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Baan Rock Garden PCLBKK:BROCK 59 Altman Z2-Score is 23.44 as of Jul. 29, 2026, which is 36% below its 10-year median of 36.44. GuruFocus rates BKK:BROCK with a GF Score™ of 59/100 and a GF Value™ of ฿1.74 (Possible Value Trap). The stock has 1 warning sign investors should review. Among 1,756 Real Estate companies, Baan Rock Garden PCL ranks better than 96.75% on this metric.
Altman Z2-Score, also known as Z"-Score, is used to predict the likelihood that a non-manufacturing company (excluding property/financial company) will face bankruptcy within a two-year period.
Good Sign:
Baan Rock Garden PCL has a Altman Z2-Score of 23.44, indicating it is in Safe Zones. This implies the Altman Z2-Score is strong.
The zones of discrimination were as such:
When Altman Z2-Score <= 1.1, it is in Distress Zones.
When Altman Z2-Score >= 2.6, it is in Safe Zones.
When Altman Z2-Score is between 1.1 and 2.6, it is in Grey Zones.
The historical rank and industry rank for Baan Rock Garden PCL's Altman Z2-Score or its related term are showing as below:
BKK:BROCK'
s Altman Z2-Score Range Over the Past 10 Years
Min: 20.05 Med: 36.44 Max: 51.15
Current: 23.44
During the past 13 years, Baan Rock Garden PCL's highest Altman Z2-Score was 51.15. The lowest was 20.05. And the median was 36.44.
Baan Rock Garden PCL (BKK:BROCK) Altman Z2-Score Explanation
The original Z-Score model was based on publicly traded manufacturing companies while the Z2-Score, also known as Z"-score can be used for any type of company excluding property/financial companies. Both Z-Score and Z2-Score describes the financial health of a company, and its likelihood of financial distress.
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
Altman Z2-Score does not apply to financial companies.
Baan Rock Garden PCL Altman Z2-Score Related Terms
Baan Rock Garden PCL Altman Z2-Score Historical Data
* Premium members only.
The historical data trend for Baan Rock Garden PCL's Altman Z2-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.
Baan Rock Garden PCL Altman Z2-Score Competitor Comparison
For the Real Estate - Development subindustry, Baan Rock Garden PCL's Altman Z2-Score, along with its competitors' market caps and Altman Z2-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.
Baan Rock Garden PCL Altman Z2-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Baan Rock Garden PCL's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where Baan Rock Garden PCL's Altman Z2-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
Z2-Score, also known as Z"-Score is the Z-Score for non-manufacturing companies excluding property/financial companies.
Baan Rock Garden PCL's Altman Z2-Score for today is calculated with this formula:
Z
=
6.56
*
X1
+
3.26
*
X2
+
6.72
*
X3
+
1.05
*
X4_2
=
6.56
*
0.2316
+
3.26
*
0.1188
+
6.72
*
-0.0027
+
1.05
*
20.5289
=
23.44
* 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. GuruFocus does not calculate Altman Z2-Score when X4_2 value is 0.
Baan Rock Garden PCL (BKK:BROCK) has a Altman Z2-Score of 23.44 as of Jul. 29, 2026. Z2-Score is the Z-Score for non-manufacturing companies excluding property/financial companies, which measures a company's bankruptcy risk. View historical data on Baan Rock Garden PCL and its competitors. This is 36% below median its historical median of 36.44. Over the past decade, Baan Rock Garden PCL's Altman Z2-Score has ranged from 20.05 to 51.15. According to the industry distribution chart, Baan Rock Garden PCL ranks #57 out of 1756 companies in the Real Estate industry, placing it in the top 3.2%.
Is Baan Rock Garden PCL's Altman Z2-Score too high?
Baan Rock Garden PCL's current Altman Z2-Score of 23.44 is 36% below median its 10-year median of 36.44. Over the past 10 years, this metric has ranged from a low of 20.05 to a high of 51.15. The Real Estate industry median Altman Z2-Score is 3.01. Baan Rock Garden PCL's value of 23.44 is 678.7% above this industry median. Based on the distribution chart, Baan Rock Garden PCL ranks #57 out of 1756 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Baan Rock Garden PCL has a GF Score™ of 59/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Baan Rock Garden PCL's Altman Z2-Score compare to competitors?
According to the Real Estate industry distribution chart, Baan Rock Garden PCL ranks #57 out of 1756 companies for Altman Z2-Score. This places Baan Rock Garden PCL in the top 3% of its industry — outperforming the majority of peers. The industry median Altman Z2-Score is 3.01. Baan Rock Garden PCL's value of 23.44 is 678.7% above this benchmark. Historically, Baan Rock Garden PCL's own Altman Z2-Score has ranged from 20.05 to 51.15 over the past decade. While the company's 10-year median is 36.44 vs. the industry median of 3.01, Baan Rock Garden PCL has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z2-Score for a Real Estate company?
The median Altman Z2-Score among Real Estate companies is 3.01, based on 1,756 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z2-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z2-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Baan Rock Garden PCL's current Altman Z2-Score of 23.44 is 678.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z2-Score mean?
A high Altman Z2-Score can signal that a stock is expensive relative to its fundamentals. Z2-Score is the Z-Score for non-manufacturing companies excluding property/financial companies, which measures a company's bankruptcy risk. View historical data on Baan Rock Garden PCL and its competitors. For the Real Estate industry, the median Altman Z2-Score is 3.01 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Baan Rock Garden PCL's current Altman Z2-Score is 23.44, which is 36% below median its own 10-year median of 36.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Baan Rock Garden PCL stock overvalued right now?
Based on GuruFocus' analysis, Baan Rock Garden PCL (BKK:BROCK) is currently considered Possible Value Trap. The stock's GF Value™ is ฿1.74, compared to a current price of ฿1.21 — trading 30.5% below its estimated fair value. The current Altman Z2-Score is 23.44, which is 36% below median its 10-year median of 36.44 and 678.7% above the Real Estate industry median of 3.01. Baan Rock Garden PCL's overall GF Score™ is 59/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z2-Score calculated?
Altman Z2-Score is calculated from a company's financial statements. For Baan Rock Garden PCL (BKK:BROCK), the current Altman Z2-Score is 23.44 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.
Is Baan Rock Garden PCL (BKK:BROCK) Overvalued in 2026?
Based on GuruFocus' analysis, Baan Rock Garden PCL stock appears to be undervalued.
The current stock price of ฿1.21 is trading 30.5% below its estimated GF Value™ of ฿1.74.
GuruFocus considers Baan Rock Garden PCL to be Possible Value Trap.
Key valuation signals for BKK:BROCK:
Altman Z2-Score: 23.44 (36% below median its 10-year median of 36.44)
GF Value™: ฿1.74 vs. price of ฿1.21 (30.5% below fair value)
Industry Position: 678.7% above the Real Estate median (#57 of 1756)
No single metric tells the full story. See the BKK:BROCK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Baan Rock Garden PCL is involved in the real estate business. It is engaged in the development of single-attached houses, townhouses, and commercial buildings. The company mainly develops its real estate under the project title Baan Rock Garden in Bangkok and other provinces. Its project portfolio comprises Rock Garden House 3, Rock Garden House, Rock Garden Airport Phase 1, Baan Rock Garden Chalong Krung, and others. The company has a single reportable segment, which is the business of real estate development in the type of allotted house for sale, and its operation is in one geographical area, which is Thailand.
59GF Score
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