Mexan (HKSE:00022) Beneish M-Score: 1.49 (As of Jul. 13, 2026)

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What is Mexan Beneish M-Score?

Mexan HKSE:00022 Beneish M-Score is 1.49 as of Jul. 13, 2026. The stock has 8 warning signs investors should review. Among 387 Building Materials companies, Mexan ranks worse than 98.97% 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 1.49 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:00022' s Beneish M-Score Range Over the Past 10 Years
Min: -3.76 Med: -2.35 Max: 4.27
Current: 1.49

During the past 13 years, the highest Beneish M-Score of Mexan was 4.27. The lowest was -3.76. And the median was -2.35.

Mexan Beneish M-Score Related Terms

Mexan Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mexan'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.

Mexan Beneish M-Score Chart

Mexan Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-1.98

4.27

-2.88

1.49

0.00

Mexan Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.88	0.00	1.49	0.00	0.00

HKSE:00022 vs CRH, VMC, MLM: Beneish M-Score Comparison

For the Building Materials subindustry, Mexan'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.

Mexan Beneish M-Score vs Building Materials Industry

For the Building Materials industry and Basic Materials sector, Mexan's Beneish M-Score distribution charts can be found below:

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

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Mexan 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 Mexan 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 * 6.8483

0.528 * 1.5165

0.404 * 0.6251

0.892 * 0.3667

0.115 * 0.0769

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.6637

4.679 * -0.111909

0.327 * 1.1605

1.49

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was HK$99.67 Mil.
Revenue was HK$37.59 Mil.
Gross Profit was HK$6.93 Mil.
Total Current Assets was HK$490.04 Mil.
Total Assets was HK$546.92 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.86 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$26.15 Mil.
Selling, General, & Admin. Expense(SGA) was HK$20.10 Mil.
Total Current Liabilities was HK$124.64 Mil.
Long-Term Debt & Capital Lease Obligation was HK$69.00 Mil.
Net Income was HK$-32.02 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$29.18 Mil.

Total Receivables was HK$39.68 Mil.
Revenue was HK$102.50 Mil.
Gross Profit was HK$28.65 Mil.
Total Current Assets was HK$92.90 Mil.
Total Assets was HK$555.23 Mil.
Property, Plant and Equipment(Net PPE) was HK$371.36 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$29.86 Mil.
Selling, General, & Admin. Expense(SGA) was HK$20.58 Mil.
Total Current Liabilities was HK$95.64 Mil.
Long-Term Debt & Capital Lease Obligation was HK$73.76 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)
	=	(99.667 / 37.592)	/	(39.683 / 102.501)
	=	2.651282	/	0.387147
	=	6.8483

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)
	=	(28.648 / 102.501)	/	(6.928 / 37.592)
	=	0.27949	/	0.184295
	=	1.5165

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 - (490.042 + 0.859) / 546.918)	/	(1 - (92.896 + 371.362) / 555.227)
	=	0.102423	/	0.163841
	=	0.6251

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
	=	37.592	/	102.501
	=	0.3667

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))
	=	(29.861 / (29.861 + 371.362))	/	(26.149 / (26.149 + 0.859))
	=	0.074425	/	0.968195
	=	0.0769

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)
	=	(20.101 / 37.592)	/	(20.576 / 102.501)
	=	0.534715	/	0.20074
	=	2.6637

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)
	=	((69 + 124.635) / 546.918)	/	((73.755 + 95.636) / 555.227)
	=	0.354048	/	0.305084
	=	1.1605

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
	=	(-32.021 - 0	-	29.184)	/	546.918
	=	-0.111909

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.

Mexan has a M-score of 1.49 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 1.49 mean?

Mexan (HKSE:00022) has a Beneish M-Score of 1.49 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mexan and its competitors. According to the industry distribution chart, Mexan ranks #383 out of 387 companies in the Building Materials industry, placing it in the top 99%.

Is Mexan's Beneish M-Score too high?

Mexan's current Beneish M-Score is 1.49. Based on the distribution chart, Mexan ranks #383 out of 387 companies in the Building Materials industry, which is in the bottom quartile relative to peers.

How does Mexan's Beneish M-Score compare to CRH and VMC?

According to the Building Materials industry distribution chart, Mexan ranks #383 out of 387 companies for Beneish M-Score. This places Mexan 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 Building Materials company?

A good Beneish M-Score depends on the Building Materials 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 Mexan and its competitors. Mexan's current Beneish M-Score is 1.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Mexan stock overvalued right now?

Based on GuruFocus' analysis, Mexan (HKSE:00022) is currently considered Possible Value Trap. The stock's GF Value™ is HK$4.03, compared to a current price of HK$1.80 — trading 55.3% below its estimated fair value. The current Beneish M-Score is 1.49. 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 Mexan (HKSE:00022), the current Beneish M-Score is 1.49 as of Jul. 13, 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.

Mexan Business Description

Industry Basic Materials Building Materials

Comparable Companies HKSE:08427 HKSE:01315 HKSE:00058 HKSE:06193 HKSE:01323 HKSE:02212 HKSE:01102 HKSE:01847 HKSE:00366 CRH XSWX:HOLN SHSE:600176 VMC XTER:HEI MLM BOM:532538 XSWX:AMRZ NSE:GRASIM MEX:CEMEXCPO JHX

Address No. 1 Tsing Yi Road, 7th Floor, Winland 800 Hotel, Hotel 2, Rambler Crest, Tsing Yi, New Territories, Hong Kong, HKG

Website http://www.mexanhk.com

Mexan Ltd is a Hong Kong-based company. It is involved in the lodging business sector. The principal activities of the group include property investment, hotel operation, and investment holding. The company has reportable segment such: Trading of building materials and fit-out construction service, including supply of furniture and building materials and provisions of the design and fit-out construction service. Geographically the company operates in Hong Kong and Macau.