HKD (AMTD Digital) Beneish M-Score: 8.40 (As of Jun. 26, 2026)


HKD AMTD Digital Inc HKD
64 GF Score
Price $1.56
GF Value $4.76
Valuation Possible Value Trap
! 8 Warning Signs
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What is AMTD Digital Beneish M-Score?

AMTD Digital HKD -0.32% 64 Beneish M-Score is 8.40 as of Jun. 26, 2026. GuruFocus rates HKD with a GF Score™ of 64/100 and a GF Value™ of $4.76 (Possible Value Trap). The stock has 8 warning signs investors should review. Among 2,634 Software companies, AMTD Digital ranks worse than 97.68% 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.

Warning Sign:

Beneish M-Score 8.4 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76   Med: -1.76   Max: 8.4
Current: 8.4

During the past 7 years, the highest Beneish M-Score of AMTD Digital was 8.40. The lowest was -2.76. And the median was -1.76.

AMTD Digital Beneish M-Score Historical Data

* Premium members only.

The historical data trend for AMTD Digital'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.

AMTD Digital Beneish M-Score Chart

AMTD Digital Annual Data
Trend Apr19 Apr20 Apr21 Apr22 Apr23 Oct24 Oct25
Beneish M-Score
Get a 7-Day Free Trial -1.76 -2.55 6.22 -2.76 8.40

AMTD Digital Semi-Annual Data
Apr19 Apr20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Oct24 Apr25 Oct25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 6.22 0.00 -2.76 0.00 8.40

HKD vs CRNC, PUBM, RBBN: Beneish M-Score Comparison

For the Software - Application subindustry, AMTD Digital'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.

AMTD Digital Beneish M-Score vs Software Industry

For the Software industry and Technology sector, AMTD Digital's Beneish M-Score distribution charts can be found below:

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


HKD
64GF Score
AMTD Digital Inc HKD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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AMTD Digital 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 AMTD Digital 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 * 11.3414+0.528 * 0.9817+0.404 * 1.2466+0.892 * 2.5179+0.115 * 0.6423
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0267+4.679 * -0.039633-0.327 * 0.5372
=8.40

* 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.

This Year (Oct25) TTM:Last Year (Oct24) TTM:
Total Receivables was $265.18 Mil.
Revenue was $59.04 Mil.
Gross Profit was $38.77 Mil.
Total Current Assets was $321.38 Mil.
Total Assets was $955.36 Mil.
Property, Plant and Equipment(Net PPE) was $293.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.49 Mil.
Selling, General, & Admin. Expense(SGA) was $16.41 Mil.
Total Current Liabilities was $166.97 Mil.
Long-Term Debt & Capital Lease Obligation was $176.82 Mil.
Net Income was $54.71 Mil.
Gross Profit was $78.18 Mil.
Cash Flow from Operations was $14.39 Mil.
 Total Receivables was $9.29 Mil.
Revenue was $23.45 Mil.
Gross Profit was $15.12 Mil.
Total Current Assets was $84.55 Mil.
Total Assets was $502.93 Mil.
Property, Plant and Equipment(Net PPE) was $274.45 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.64 Mil.
Selling, General, & Admin. Expense(SGA) was $6.35 Mil.
Total Current Liabilities was $162.64 Mil.
Long-Term Debt & Capital Lease Obligation was $174.22 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)
=(265.176 / 59.04) / (9.286 / 23.448)
=4.491463 / 0.396025
=11.3414

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)
=(15.117 / 23.448) / (38.773 / 59.04)
=0.644703 / 0.656724
=0.9817

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 - (321.381 + 293.14) / 955.364) / (1 - (84.552 + 274.448) / 502.931)
=0.356768 / 0.286184
=1.2466

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
=59.04 / 23.448
=2.5179

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))
=(5.642 / (5.642 + 274.448)) / (9.491 / (9.491 + 293.14))
=0.020144 / 0.031362
=0.6423

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)
=(16.408 / 59.04) / (6.347 / 23.448)
=0.277913 / 0.270684
=1.0267

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)
=((176.818 + 166.966) / 955.364) / ((174.224 + 162.643) / 502.931)
=0.359846 / 0.669808
=0.5372

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
=(54.705 - 78.181 - 14.388) / 955.364
=-0.039633

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.

AMTD Digital has a M-score of 8.40 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 8.40 mean?
AMTD Digital (HKD) has a Beneish M-Score of 8.40 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AMTD Digital and its competitors. According to the industry distribution chart, AMTD Digital ranks #2573 out of 2634 companies in the Software industry, placing it in the top 97.7%.
Is AMTD Digital's Beneish M-Score too high?
AMTD Digital's current Beneish M-Score is 8.40. Based on the distribution chart, AMTD Digital ranks #2573 out of 2634 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, AMTD Digital has a GF Score™ of 64/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does AMTD Digital's Beneish M-Score compare to CRNC and PUBM?
According to the Software industry distribution chart, AMTD Digital ranks #2573 out of 2634 companies for Beneish M-Score. This places AMTD Digital 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 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 AMTD Digital and its competitors. AMTD Digital's current Beneish M-Score is 8.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AMTD Digital stock overvalued right now?
Based on GuruFocus' analysis, AMTD Digital (HKD) is currently considered Possible Value Trap. The stock's GF Value™ is $4.76, compared to a current price of $1.56 — trading 67.3% below its estimated fair value. The current Beneish M-Score is 8.40. AMTD Digital's overall GF Score™ is 64/100 with 8 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 AMTD Digital (HKD), the current Beneish M-Score is 8.40 as of Jun. 26, 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 AMTD Digital (HKD) Overvalued in 2026?

Based on GuruFocus' analysis, AMTD Digital stock appears to be undervalued. The current stock price of $1.56 is trading 67.3% below its estimated GF Value™ of $4.76. GuruFocus considers AMTD Digital to be Possible Value Trap.

Key valuation signals for HKD:

  • Beneish M-Score: 8.40
  • GF Value™: $4.76 vs. price of $1.56 (67.3% below fair value)
  • GF Score™: 64/100 with 8 warning signs

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

AMTD Digital Business Description

Address 66 rue Jean-Jacques Rousseau, Paris, FRA, 75001
AMTD Digital Inc along with its subsidiaries, is mainly involved in the provision of digital solutions services. Its reportable segments are digital solutions services segment; hotel operations, hospitality and VIP services segment; media and entertainment services segment; and Strategic investments. The company generates maximum revenue from Digital solutions services segment, which provides its institutional and corporate clients with exclusive, paid access to enhance their investor communication, investor relations and corporate communication to potentially maximize their valuation, as well as providing digital solution services. Geographically, the company generates revenue from China, Hong Kong, Europe, Americas and Southeast Asia.
64GF Score

Get the complete analysis for HKD

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

$1.56
Price
$4.76
GF Value