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Major Development PCLBKK:MJD 39 Altman Z-Score is 0.45 as of Jul. 15, 2026, which is 50% below its 10-year median of 0.90. GuruFocus rates BKK:MJD with a GF Score™ of 39/100 and a GF Value™ of ฿1.03 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 1,734 Real Estate companies, Major Development PCL ranks worse than 81.14% on this metric.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Warning Sign:
Altman Z-score of 0.45 is in distress zone. This implies bankruptcy possibility in the next two years.
Major Development PCL has a Altman Z-Score of 0.45, indicating it is in Distress Zones. This implies bankrupcy possibility in the next two years.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Major Development PCL's Altman Z-Score or its related term are showing as below:
BKK:MJD'
s Altman Z-Score Range Over the Past 10 Years
Min: -0.2 Med: 0.9 Max: 1.24
Current: 0.45
During the past 13 years, Major Development PCL's highest Altman Z-Score was 1.24. The lowest was -0.20. And the median was 0.90.
Major Development PCL (BKK:MJD) Altman Z-Score Explanation
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.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Altman Z-Score does not apply to financial companies.
Major Development PCL Altman Z-Score Related Terms
Major Development PCL Altman Z-Score Historical Data
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The historical data trend for Major Development PCL's Altman Z-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.
Major Development PCL Altman Z-Score Competitor Comparison
For the Real Estate - Development subindustry, Major Development PCL's Altman Z-Score, along with its competitors' market caps and Altman Z-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.
Major Development PCL Altman Z-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Major Development PCL's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Major Development PCL's Altman Z-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.
* 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 Z-Score when X4 or X5 value is 0.
Major Development PCL (BKK:MJD) has a Altman Z-Score of 0.45 as of Jul. 15, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Major Development PCL and its competitors. This is 50% below median its historical median of 0.90. According to the industry distribution chart, Major Development PCL ranks #1407 out of 1734 companies in the Real Estate industry, placing it in the top 81.1%.
Is Major Development PCL's Altman Z-Score too high?
Major Development PCL's current Altman Z-Score of 0.45 is 50% below median its 10-year median of 0.90. The Real Estate industry median Altman Z-Score is 1.31. Major Development PCL's value of 0.45 is 65.6% below this industry median. Based on the distribution chart, Major Development PCL ranks #1407 out of 1734 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Major Development PCL has a GF Score™ of 39/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Major Development PCL's Altman Z-Score compare to competitors?
According to the Real Estate industry distribution chart, Major Development PCL ranks #1407 out of 1734 companies for Altman Z-Score. This places Major Development PCL in the lower half of its industry. The industry median Altman Z-Score is 1.31. Major Development PCL's value of 0.45 is 65.6% below this benchmark. While the company's 10-year median is 0.90 vs. the industry median of 1.31, Major Development PCL has consistently been below 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 Z-Score for a Real Estate company?
The median Altman Z-Score among Real Estate companies is 1.31, based on 1,734 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Major Development PCL's current Altman Z-Score of 0.45 is 65.6% below 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 Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on Major Development PCL and its competitors. For the Real Estate industry, the median Altman Z-Score is 1.31 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Major Development PCL's current Altman Z-Score is 0.45, which is 50% below median its own 10-year median of 0.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Major Development PCL stock overvalued right now?
Based on GuruFocus' analysis, Major Development PCL (BKK:MJD) is currently considered Possible Value Trap. The stock's GF Value™ is ฿1.03, compared to a current price of ฿0.32 — trading 68.9% below its estimated fair value. The current Altman Z-Score is 0.45, which is 50% below median its 10-year median of 0.90 and 65.6% below the Real Estate industry median of 1.31. Major Development PCL's overall GF Score™ is 39/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Major Development PCL (BKK:MJD), the current Altman Z-Score is 0.45 as of Jul. 15, 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 Major Development PCL (BKK:MJD) Overvalued in 2026?
Based on GuruFocus' analysis, Major Development PCL stock appears to be undervalued.
The current stock price of ฿0.32 is trading 68.9% below its estimated GF Value™ of ฿1.03.
GuruFocus considers Major Development PCL to be Possible Value Trap.
Key valuation signals for BKK:MJD:
Altman Z-Score: 0.45 (50% below median its 10-year median of 0.90)
GF Value™: ฿1.03 vs. price of ฿0.32 (68.9% below fair value)
Industry Position: 65.6% below the Real Estate median (#1407 of 1734)
No single metric tells the full story. See the BKK:MJD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Major Development PCL is a Thailand-based real estate company. The operating segments of the group are the Property development business segment, the Hotel business segment, and the Rental and service business segment. It derives prime revenue from the Property development business segment, which engages in the development of land and houses and residential condominium units for sale. The group mainly operates in Thailand.
39GF Score
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