GULRF (Guoco Group) Beneish M-Score: -2.31 (As of Jun. 25, 2026)

What is Guoco Group Beneish M-Score?

Guoco Group GULRF -6.10% 77 Beneish M-Score is -2.31 as of Jun. 25, 2026. GuruFocus rates GULRF with a GF Score™ of 77/100 and a GF Value™ of $9.51. The stock has 3 warning signs investors should review. Among 538 Conglomerates companies, Guoco Group ranks worse than 67.29% 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GULRF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17 Med: -2.53 Max: -0.66
Current: -2.31

During the past 13 years, the highest Beneish M-Score of Guoco Group was -0.66. The lowest was -3.17. And the median was -2.53.

Guoco Group Beneish M-Score Related Terms

Guoco Group Beneish M-Score Historical Data

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The historical data trend for Guoco Group'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.

Guoco Group Beneish M-Score Chart

Guoco Group Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-0.87

-2.80

-2.71

-0.66

-2.31

Guoco Group Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-0.66	0.00	-2.31	0.00

GULRF vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Guoco Group'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.

Guoco Group Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Guoco Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Guoco Group's Beneish M-Score falls into.

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77GF Score

Guoco Group Ltd GULRF

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

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Guoco Group 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 Guoco Group 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 * 1.1743

0.528 * 1.0372

0.404 * 1.02

0.892 * 1.0794

0.115 * 1.0746

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0105

4.679 * -0.023757

0.327 * 0.9804

-2.32

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was $1,008 Mil.
Revenue was $3,114 Mil.
Gross Profit was $1,112 Mil.
Total Current Assets was $6,222 Mil.
Total Assets was $18,670 Mil.
Property, Plant and Equipment(Net PPE) was $2,519 Mil.
Depreciation, Depletion and Amortization(DDA) was $130 Mil.
Selling, General, & Admin. Expense(SGA) was $635 Mil.
Total Current Liabilities was $2,319 Mil.
Long-Term Debt & Capital Lease Obligation was $4,830 Mil.
Net Income was $513 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $957 Mil.

Total Receivables was $795 Mil.
Revenue was $2,885 Mil.
Gross Profit was $1,068 Mil.
Total Current Assets was $6,044 Mil.
Total Assets was $17,351 Mil.
Property, Plant and Equipment(Net PPE) was $2,260 Mil.
Depreciation, Depletion and Amortization(DDA) was $126 Mil.
Selling, General, & Admin. Expense(SGA) was $582 Mil.
Total Current Liabilities was $2,815 Mil.
Long-Term Debt & Capital Lease Obligation was $3,961 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)
	=	(1007.7 / 3113.839)	/	(794.993 / 2884.686)
	=	0.32362	/	0.275591
	=	1.1743

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)
	=	(1068.407 / 2884.686)	/	(1111.881 / 3113.839)
	=	0.370372	/	0.357077
	=	1.0372

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 - (6222.363 + 2519.097) / 18670.386)	/	(1 - (6043.908 + 2260.497) / 17350.79)
	=	0.531801	/	0.521382
	=	1.02

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
	=	3113.839	/	2884.686
	=	1.0794

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))
	=	(126.293 / (126.293 + 2260.497))	/	(130.467 / (130.467 + 2519.097))
	=	0.052913	/	0.049241
	=	1.0746

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)
	=	(635.103 / 3113.839)	/	(582.253 / 2884.686)
	=	0.203961	/	0.201843
	=	1.0105

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)
	=	((4829.789 + 2318.672) / 18670.386)	/	((3961.099 + 2814.814) / 17350.79)
	=	0.382877	/	0.390525
	=	0.9804

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
	=	(513.472 - 0	-	957.03)	/	18670.386
	=	-0.023757

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.

Guoco Group has a M-score of -2.32 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 -2.31 mean?

Guoco Group (GULRF) has a Beneish M-Score of -2.31 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Guoco Group and its competitors. According to the industry distribution chart, Guoco Group ranks #362 out of 538 companies in the Conglomerates industry, placing it in the top 67.3%.

Is Guoco Group's Beneish M-Score too high?

Guoco Group's current Beneish M-Score is -2.31. Based on the distribution chart, Guoco Group ranks #362 out of 538 companies in the Conglomerates industry, which is below the industry midpoint. Overall, Guoco Group has a GF Score™ of 77/100, reflecting its overall financial health beyond just this single metric.

How does Guoco Group's Beneish M-Score compare to HON and MMM?

According to the Conglomerates industry distribution chart, Guoco Group ranks #362 out of 538 companies for Beneish M-Score. This places Guoco Group in the lower 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 Conglomerates company?

A good Beneish M-Score depends on the Conglomerates 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 Guoco Group and its competitors. Guoco Group's current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Guoco Group stock overvalued right now?

Guoco Group (GULRF) has a current Beneish M-Score of -2.31. The stock's GF Value™ is $9.51, compared to a current price of $8.34 — trading 12.3% below its estimated fair value. The current Beneish M-Score is -2.31. Guoco Group's overall GF Score™ is 77/100 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 Guoco Group (GULRF), the current Beneish M-Score is -2.31 as of Jun. 25, 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 Guoco Group (GULRF) Overvalued in 2026?

Based on GuruFocus' analysis, Guoco Group stock appears to be undervalued. The current stock price of $8.34 is trading 12.3% below its estimated GF Value™ of $9.51.

Key valuation signals for GULRF:

Beneish M-Score: -2.31
GF Value™: $9.51 vs. price of $8.34 (12.3% below fair value)
GF Score™: 77/100 with 3 warning signs

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

Guoco Group Business Description

Industry Industrials Conglomerates

Comparable Companies HKSE:00363 HKSE:00656 HKSE:00392 HKSE:00861 HKSE:00882 HKSE:00798 HKSE:03389 HKSE:00025 HKSE:02327 HKSE:02098 ADX:IHC HON TSE:6501 TSE:8058 TSE:8031 TSE:8001 MMM TSE:8002 TSE:8053 TSE:5803

Other Exchanges 00053:Hong Kong GUO:Germany

Address 99 Queen\'s Road Central, 50th Floor, The Center, Hong Kong, HKG

Website https://www.guoco.com

Guoco Group Ltd is engaged in investment holding and management. The company operates in four main segments: principal investment, property development and investment, hospitality and leisure, and financial services. It generates additional revenue from oil and gas production. The principal investment segment covers direct and equity investments, as well as treasury operations. The property development and investment segment develops residential and commercial properties in Hong Kong, China, and other locations. The main revenue driver, the hospitality and leisure segment, owns, leases, and manages hotels and operates gaming businesses in the UK and Spain. The financial services segment includes commercial, consumer, and investment banking, as well as insurance services.

77GF Score

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

$8.34

Price

$9.51

GF Value

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