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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 -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Associated International Hotels's Beneish M-Score or its related term are showing as below:
HKSE:00105'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.57 Med: -2.72 Max: 1.98
Current: -2.84
During the past 13 years, the highest Beneish M-Score of Associated International Hotels was 1.98. The lowest was -3.57. And the median was -2.72.
* 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.
Associated International Hotels Beneish M-Score Chart
HKSE:00105 vs CBRE, BEKE, JLL: Beneish M-Score Comparison
For the Real Estate Services subindustry, Associated International Hotels'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.
Associated International Hotels Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Associated International Hotels's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Associated International Hotels's Beneish M-Score falls into.
Associated International Hotels 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 Associated International Hotels 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 * 1.1226
+
0.528 * 1.011
+
0.404 * 0.9881
+
0.892 * 0.9706
+
0.115 * 0.9408
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0555
+
4.679 * -0.086459
-
0.327 * 1.0759
=
-2.84
* 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))
=
(4.323 / (4.323 + 44.462))
/
(4.3 / (4.3 + 41.354))
=
0.088613
/
0.094187
=
0.9408
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
=
(-474.427 - 0
-
133.087)
/
7026.59
=
-0.086459
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.
Associated International Hotels has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
Associated International Hotels (HKSE:00105) has a Beneish M-Score of -2.84 as of Sep. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Associated International Hotels and its competitors. According to the industry distribution chart, Associated International Hotels ranks #363 out of 1682 companies in the Real Estate industry, placing it in the top 21.6%.
Is Associated International Hotels' Beneish M-Score too high?
Associated International Hotels' current Beneish M-Score is -2.84. Based on the distribution chart, Associated International Hotels ranks #363 out of 1682 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Associated International Hotels has a GF Score™ of 63/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Associated International Hotels' Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Associated International Hotels ranks #363 out of 1682 companies for Beneish M-Score. This places Associated International Hotels in the top 22% 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Associated International Hotels and its competitors. Associated International Hotels's current Beneish M-Score is -2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Associated International Hotels stock overvalued right now?
Based on GuruFocus' analysis, Associated International Hotels (HKSE:00105) is currently considered Fairly Valued. The stock's GF Value™ is HK$5.18, compared to a current price of HK$5.20 — trading 0.4% above its estimated fair value. The current Beneish M-Score is -2.84. Associated International Hotels' overall GF Score™ is 63/100 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 Associated International Hotels (HKSE:00105), the current Beneish M-Score is -2.84 as of Sep. 08, 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 Associated International Hotels (HKSE:00105) Overvalued in 2026?
Based on GuruFocus' analysis, Associated International Hotels stock appears to be overvalued.
The current stock price of HK$5.20 is trading 0.4% above its estimated GF Value™ of HK$5.18.
GuruFocus considers Associated International Hotels to be Fairly Valued.
Key valuation signals for HKSE:00105:
Beneish M-Score: -2.84
GF Value™: HK$5.18 vs. price of HK$5.20 (0.4% above fair value)
No single metric tells the full story. See the HKSE:00105 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Associated International Hotels Ltd is a Hong-Kong investment holding company principally engaged in property-related businesses. Its only reportable segment is Property leasing. The company generates revenue from Interest income, Management fees, and Others. The properties under the company include iSQUARE, Good Luck Industrial Building as well as the offices in Euro Trade Centre in Hong Kong. Geographically, it derives revenue from Hong Kong.
63GF Score
Get the complete analysis for HKSE:00105
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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