Chevalier International Holdings (HKSE:00025) Beneish M-Score: -2.75 (As of Sep. 10, 2026)

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HKSE:00025 Chevalier International Holdings Ltd HKSE:00025
67 GF Score
Price HK$4.78
GF Value HK$4.31
Valuation Modestly Overvalued
! 8 Warning Signs
View Full Analysis

What is Chevalier International Holdings Beneish M-Score?

Chevalier International Holdings HKSE:00025 67 Beneish M-Score is -2.75 as of Sep. 10, 2026. GuruFocus rates HKSE:00025 with a GF Score™ of 67/100 and a GF Value™ of HK$4.31 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 520 Conglomerates companies, Chevalier International Holdings ranks better than 75.38% 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00025' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75   Med: -2.25   Max: -1.72
Current: -2.75

During the past 13 years, the highest Beneish M-Score of Chevalier International Holdings was -1.72. The lowest was -2.75. And the median was -2.25.

Chevalier International Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Chevalier International 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.

Chevalier International Holdings Beneish M-Score Chart

Chevalier International Holdings Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.23 -2.38 -2.26 -2.08 -2.75

Chevalier International Holdings 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.26 0.00 -2.08 0.00 -2.75

HKSE:00025 vs MMM, HON: Beneish M-Score Comparison

For the Conglomerates subindustry, Chevalier International 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.

Chevalier International Holdings Beneish M-Score vs Conglomerates Industry

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

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


HKSE:00025
67GF Score
Chevalier International Holdings Ltd HKSE:00025
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Chevalier International Holdings 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 Chevalier International 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 * 1.0056+0.528 * 0.6241+0.404 * 0.9813+0.892 * 0.8873+0.115 * 0.9959
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0542+4.679 * 0.000565-0.327 * 0.8883
=-2.75

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was HK$2,264 Mil.
Revenue was HK$8,221 Mil.
Gross Profit was HK$908 Mil.
Total Current Assets was HK$7,677 Mil.
Total Assets was HK$19,164 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,422 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$187 Mil.
Selling, General, & Admin. Expense(SGA) was HK$526 Mil.
Total Current Liabilities was HK$6,752 Mil.
Long-Term Debt & Capital Lease Obligation was HK$623 Mil.
Net Income was HK$418 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$407 Mil.
 Total Receivables was HK$2,538 Mil.
Revenue was HK$9,265 Mil.
Gross Profit was HK$639 Mil.
Total Current Assets was HK$7,860 Mil.
Total Assets was HK$20,150 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,577 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$198 Mil.
Selling, General, & Admin. Expense(SGA) was HK$562 Mil.
Total Current Liabilities was HK$5,566 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,163 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)
=(2264.368 / 8221.273) / (2537.616 / 9265.045)
=0.275428 / 0.273891
=1.0056

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)
=(638.992 / 9265.045) / (908.468 / 8221.273)
=0.068968 / 0.110502
=0.6241

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 - (7676.746 + 2422.085) / 19164.234) / (1 - (7859.767 + 2576.936) / 20149.525)
=0.473038 / 0.482037
=0.9813

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
=8221.273 / 9265.045
=0.8873

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))
=(198.164 / (198.164 + 2576.936)) / (187.079 / (187.079 + 2422.085))
=0.071408 / 0.071701
=0.9959

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)
=(525.793 / 8221.273) / (562.076 / 9265.045)
=0.063955 / 0.060666
=1.0542

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)
=((622.975 + 6751.692) / 19164.234) / ((3162.918 + 5565.617) / 20149.525)
=0.384814 / 0.433188
=0.8883

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
=(417.922 - 0 - 407.09) / 19164.234
=0.000565

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.

Chevalier International Holdings has a M-score of -2.75 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 -2.75 mean?
Chevalier International Holdings (HKSE:00025) has a Beneish M-Score of -2.75 as of Sep. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chevalier International Holdings and its competitors. According to the industry distribution chart, Chevalier International Holdings ranks #128 out of 520 companies in the Conglomerates industry, placing it in the top 24.6%.
Is Chevalier International Holdings' Beneish M-Score too high?
Chevalier International Holdings' current Beneish M-Score is -2.75. Based on the distribution chart, Chevalier International Holdings ranks #128 out of 520 companies in the Conglomerates industry, which is in the top quartile — a strong position relative to peers. Overall, Chevalier International Holdings has a GF Score™ of 67/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Chevalier International Holdings' Beneish M-Score compare to MMM and HON?
According to the Conglomerates industry distribution chart, Chevalier International Holdings ranks #128 out of 520 companies for Beneish M-Score. This places Chevalier International Holdings in the top 25% 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 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 Chevalier International Holdings and its competitors. Chevalier International Holdings's current Beneish M-Score is -2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chevalier International Holdings stock overvalued right now?
Based on GuruFocus' analysis, Chevalier International Holdings (HKSE:00025) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$4.31, compared to a current price of HK$4.78 — trading 10.9% above its estimated fair value. The current Beneish M-Score is -2.75. Chevalier International Holdings' overall GF Score™ is 67/100 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 Chevalier International Holdings (HKSE:00025), the current Beneish M-Score is -2.75 as of Sep. 10, 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 Chevalier International Holdings (HKSE:00025) Overvalued in 2026?

Based on GuruFocus' analysis, Chevalier International Holdings stock appears to be overvalued. The current stock price of HK$4.78 is trading 10.9% above its estimated GF Value™ of HK$4.31. GuruFocus considers Chevalier International Holdings to be Modestly Overvalued.

Key valuation signals for HKSE:00025:

  • Beneish M-Score: -2.75
  • GF Value™: HK$4.31 vs. price of HK$4.78 (10.9% above fair value)
  • GF Score™: 67/100 with 8 warning signs

No single metric tells the full story. See the HKSE:00025 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Chevalier International Holdings Business Description

Address 8 Wang Hoi Road, 22nd Floor, Chevalier Commercial Centre, Kowloon Bay, Hong Kong, HKG
Chevalier International Holdings Ltd is an investment holding company, that mainly operates through six segments: Construction and Engineering, Property Investment, Property Development and Operations, Healthcare investment, Car Dealership, Insurance and investment and Other segments. It earns the majority of its revenue from the Construction and Engineering segment. The Construction and Engineering segment provide Construction and engineering work for aluminum window and curtain walls, building construction, building supplies, electrical and mechanical and environmental engineering, lift and escalator and pipe technology. Geographically, it operates in Mainland China, Hong Kong, USA, United Kingdom, Singapore, Canada, Macau, Thailand and Australia.
67GF Score

Get the complete analysis for HKSE:00025

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

HK$4.78
Price
HK$4.31
GF Value