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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 -3.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Asia Commercial Holdings's Beneish M-Score or its related term are showing as below:
HKSE:00104'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.12 Med: -2.72 Max: -1.79
Current: -3.15
During the past 13 years, the highest Beneish M-Score of Asia Commercial Holdings was -1.79. The lowest was -4.12. And the median was -2.72.
Asia Commercial Holdings Beneish M-Score Related Terms
Asia Commercial Holdings Beneish M-Score Historical Data
* 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.
HKSE:00104 vs CASY, WSM, DKS: Beneish M-Score Comparison
For the Specialty Retail subindustry, Asia Commercial 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.
Asia Commercial Holdings Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Asia Commercial Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asia Commercial Holdings's Beneish M-Score falls into.
Asia Commercial 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 Asia Commercial 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 * 0.8236
+
0.528 * 1.0137
+
0.404 * 0.9862
+
0.892 * 1.0056
+
0.115 * 0.8173
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.017
+
4.679 * -0.110581
-
0.327 * 0.9115
=
-3.15
* 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))
=
(29.822 / (29.822 + 67.765))
/
(26.287 / (26.287 + 44.018))
=
0.305594
/
0.373899
=
0.8173
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
=
(24.465 - 0
-
103.307)
/
712.977
=
-0.110581
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.
Asia Commercial Holdings has a M-score of -3.15 suggests that the company is unlikely to be a manipulator.
Asia Commercial Holdings (HKSE:00104) has a Beneish M-Score of -3.15 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asia Commercial Holdings and its competitors. According to the industry distribution chart, Asia Commercial Holdings ranks #168 out of 1084 companies in the Retail - Cyclical industry, placing it in the top 15.5%.
Is Asia Commercial Holdings' Beneish M-Score too high?
Asia Commercial Holdings' current Beneish M-Score is -3.15. Based on the distribution chart, Asia Commercial Holdings ranks #168 out of 1084 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Asia Commercial Holdings has a GF Score™ of 45/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Asia Commercial Holdings' Beneish M-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Asia Commercial Holdings ranks #168 out of 1084 companies for Beneish M-Score. This places Asia Commercial Holdings in the top 16% 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Asia Commercial Holdings and its competitors. Asia Commercial Holdings's current Beneish M-Score is -3.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asia Commercial Holdings stock overvalued right now?
Based on GuruFocus' analysis, Asia Commercial Holdings (HKSE:00104) is currently considered Fairly Valued. The stock's GF Value™ is HK$0.22, compared to a current price of HK$0.24 — trading 10.5% above its estimated fair value. The current Beneish M-Score is -3.15. Asia Commercial Holdings' overall GF Score™ is 45/100 with 5 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 Asia Commercial Holdings (HKSE:00104), the current Beneish M-Score is -3.15 as of Jul. 21, 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 Asia Commercial Holdings (HKSE:00104) Overvalued in 2026?
Based on GuruFocus' analysis, Asia Commercial Holdings stock appears to be overvalued.
The current stock price of HK$0.24 is trading 10.5% above its estimated GF Value™ of HK$0.22.
GuruFocus considers Asia Commercial Holdings to be Fairly Valued.
Key valuation signals for HKSE:00104:
Beneish M-Score: -3.15
GF Value™: HK$0.22 vs. price of HK$0.24 (10.5% above fair value)
No single metric tells the full story. See the HKSE:00104 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Asia Commercial Holdings Ltd is an investment holding company. It operates business through two segments: Sale of Watches (Retail and Wholesale) and Properties Leasing. The company earns the majority of its revenue from sales of watches. Geographically, the group generates maximum revenue from Mainland China, followed by Hong Kong, Switzerland, and the United Kingdom.
45GF Score
Get the complete analysis for HKSE:00104
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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