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 -3.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Natural Cool Holdings's Beneish M-Score or its related term are showing as below:
HAM:N7E'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.16 Med: -2.78 Max: -1.44
Current: -3.24
During the past 13 years, the highest Beneish M-Score of Natural Cool Holdings was -1.44. The lowest was -4.16. And the median was -2.78.
Natural Cool Holdings Beneish M-Score Related Terms
Natural Cool Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Natural Cool Holdings'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.
HAM:N7E vs TT, JCI, CARR: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, Natural Cool Holdings'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.
Natural Cool Holdings Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Natural Cool Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Natural Cool Holdings's Beneish M-Score falls into.
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 Natural Cool Holdings 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 * 0.8681
+
0.528 * 0.9787
+
0.404 * 0.7112
+
0.892 * 0.9939
+
0.115 * 1.2647
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8923
+
4.679 * -0.129542
-
0.327 * 1.0134
=
-3.30
* 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))
=
(3.324 / (3.324 + 24.528))
/
(2.393 / (2.393 + 22.965))
=
0.119345
/
0.094369
=
1.2647
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
=
(1.077 - 0
-
8.235)
/
55.256
=
-0.129542
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.
Natural Cool Holdings has a M-score of -3.30 suggests that the company is unlikely to be a manipulator.
Natural Cool Holdings (HAM:N7E) has a Beneish M-Score of -3.24 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Natural Cool Holdings and its competitors. According to the industry distribution chart, Natural Cool Holdings ranks #197 out of 1704 companies in the Construction industry, placing it in the top 11.6%.
Is Natural Cool Holdings' Beneish M-Score too high?
Natural Cool Holdings' current Beneish M-Score is -3.24. Based on the distribution chart, Natural Cool Holdings ranks #197 out of 1704 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Natural Cool Holdings has a GF Score™ of 51/100, reflecting its overall financial health beyond just this single metric.
How does Natural Cool Holdings' Beneish M-Score compare to TT and JCI?
According to the Construction industry distribution chart, Natural Cool Holdings ranks #197 out of 1704 companies for Beneish M-Score. This places Natural Cool Holdings in the top 12% of its industry — outperforming the majority of peers. 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Natural Cool Holdings and its competitors. Natural Cool Holdings's current Beneish M-Score is -3.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Natural Cool Holdings stock overvalued right now?
Natural Cool Holdings (HAM:N7E) has a current Beneish M-Score of -3.24. The stock's GF Value™ is €0.02, compared to a current price of €0.03 — trading 60% above its estimated fair value. The current Beneish M-Score is -3.24. Natural Cool Holdings' overall GF Score™ is 51/100 with 6 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 Natural Cool Holdings (HAM:N7E), the current Beneish M-Score is -3.24 as of Jun. 27, 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 Natural Cool Holdings (HAM:N7E) Overvalued in 2026?
Based on GuruFocus' analysis, Natural Cool Holdings stock appears to be overvalued.
The current stock price of €0.03 is trading 60% above its estimated GF Value™ of €0.02.
Key valuation signals for HAM:N7E:
Beneish M-Score: -3.24
GF Value™: €0.02 vs. price of €0.03 (60% above fair value)
No single metric tells the full story. See the HAM:N7E stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Natural Cool Holdings Ltd is a Singapore-based investment holding company. The company has four operating segment namely, Aircon and Engineering, Paint and Coatings, Food and Beverages, and Technology. The company generates the majority of its revenue from the Aircon and Engineering segment, which is engaged in trading air-conditioning units and spare parts, installation services for commercial air-conditioning systems and mechanical ventilation, plumbing and sanitary works, and maintenance services. The paint and Coatings segment is into manufacturing and distribution of paints and chemicals. The food and Beverages segment is the operator of restaurants, manufacture, and wholesale of F&B products. The technology segment provides installation of building automated systems.
51GF Score
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