Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Hightech Payment Systems's Beneish M-Score or its related term are showing as below:
CAS:HPS'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -2.27 Max: -1.87
Current: -2.88
During the past 13 years, the highest Beneish M-Score of Hightech Payment Systems was -1.87. The lowest was -2.88. And the median was -2.27.
* 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.
CAS:HPS vs MSFT, ORCL, PLTR: Beneish M-Score Comparison
For the Software - Infrastructure subindustry, Hightech Payment Systems'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.
Hightech Payment Systems Beneish M-Score vs Software Industry
For the Software industry and Technology sector, Hightech Payment Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hightech Payment Systems's Beneish M-Score falls into.
Hightech Payment Systems 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 Hightech Payment Systems 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 * 0.7167
+
0.528 * 0.9645
+
0.404 * 0.9751
+
0.892 * 1.2258
+
0.115 * 0.7067
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.06225
-
0.327 * 0.9512
=
-2.88
* 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))
=
(53.222 / (53.222 + 78.676))
/
(81.105 / (81.105 + 60.947))
=
0.403509
/
0.570953
=
0.7067
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
=
(105.778 - 0
-
238.698)
/
2135.254
=
-0.06225
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.
Hightech Payment Systems has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
Hightech Payment Systems (CAS:HPS) has a Beneish M-Score of -2.88 as of Aug. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hightech Payment Systems and its competitors. According to the industry distribution chart, Hightech Payment Systems ranks #743 out of 2634 companies in the Software industry, placing it in the top 28.2%.
Is Hightech Payment Systems' Beneish M-Score too high?
Hightech Payment Systems' current Beneish M-Score is -2.88. Based on the distribution chart, Hightech Payment Systems ranks #743 out of 2634 companies in the Software industry, which is above the industry midpoint. Overall, Hightech Payment Systems has a GF Score™ of 100/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Hightech Payment Systems' Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Hightech Payment Systems ranks #743 out of 2634 companies for Beneish M-Score. This puts Hightech Payment Systems 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 Software company?
A good Beneish M-Score depends on the Software 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 Hightech Payment Systems and its competitors. Hightech Payment Systems's current Beneish M-Score is -2.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hightech Payment Systems stock overvalued right now?
Based on GuruFocus' analysis, Hightech Payment Systems (CAS:HPS) is currently considered Modestly Undervalued. The stock's GF Value™ is MAD824.83, compared to a current price of MAD645.00 — trading 21.8% below its estimated fair value. The current Beneish M-Score is -2.88. Hightech Payment Systems' overall GF Score™ is 100/100 with 4 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 Hightech Payment Systems (CAS:HPS), the current Beneish M-Score is -2.88 as of Aug. 14, 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 Hightech Payment Systems (CAS:HPS) Overvalued in 2026?
Based on GuruFocus' analysis, Hightech Payment Systems stock appears to be undervalued.
The current stock price of MAD645.00 is trading 21.8% below its estimated GF Value™ of MAD824.83.
GuruFocus considers Hightech Payment Systems to be Modestly Undervalued.
Key valuation signals for CAS:HPS:
Beneish M-Score: -2.88
GF Value™: MAD824.83 vs. price of MAD645.00 (21.8% below fair value)
No single metric tells the full story. See the CAS:HPS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hightech Payment Systems SA is the group that provides solutions and services involving electronic payment. The company provides its clients with technology solutions that transcend the entire payments value chain, enabling them to innovate rapidly and bring new products to market with ease and efficiency using HPS' PowerCARD software. The PowerCARD suite is fully integrated with all international payment networks, and supports all back-office payments functions. The company's software and services are sold covering many geographical areas such as Europe, Americas, Africa and the Middle East and Asia. The group's majority revenue is generated from Africa.
100GF Score
Get the complete analysis for CAS:HPS
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
CAS:HPS has been successfully added to your 
