International Business Settlement Holdings (HKSE:00147) Beneish M-Score: -2.59 (As of Aug. 11, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

What is International Business Settlement Holdings Beneish M-Score?

International Business Settlement Holdings HKSE:00147 +1.89% Beneish M-Score is -2.59 as of Aug. 11, 2026. The stock has 3 warning signs investors should review. Among 1,679 Real Estate companies, International Business Settlement Holdings ranks better than 64.32% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00147' s Beneish M-Score Range Over the Past 10 Years
Min: -10.16   Med: -2.58   Max: 5.1
Current: -2.59

During the past 13 years, the highest Beneish M-Score of International Business Settlement Holdings was 5.10. The lowest was -10.16. And the median was -2.58.

International Business Settlement Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for International Business Settlement 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.

International Business Settlement Holdings Beneish M-Score Chart

International Business Settlement 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 0.59 0.01 5.10 -5.02 -2.59

International Business Settlement 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 5.10 0.00 -5.02 0.00 -2.59

International Business Settlement Holdings Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, International Business Settlement 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.

International Business Settlement Holdings Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, International Business Settlement Holdings's Beneish M-Score distribution charts can be found below:

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


International Business Settlement 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 International Business Settlement 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 * 0.9983+0.528 * 0.9412+0.404 * 0.7159+0.892 * 1.1614+0.115 * 1.9029
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.032+4.679 * -0.015546-0.327 * 0.8699
=-2.59

* 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$34.9 Mil.
Revenue was HK$216.2 Mil.
Gross Profit was HK$-38.5 Mil.
Total Current Assets was HK$1,577.5 Mil.
Total Assets was HK$1,936.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$179.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$44.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$52.7 Mil.
Total Current Liabilities was HK$860.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$638.7 Mil.
Net Income was HK$-295.1 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-265.0 Mil.
 Total Receivables was HK$30.1 Mil.
Revenue was HK$186.2 Mil.
Gross Profit was HK$-31.2 Mil.
Total Current Assets was HK$1,167.7 Mil.
Total Assets was HK$1,545.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$178.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$108.7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$22.3 Mil.
Total Current Liabilities was HK$1,375.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.5 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)
=(34.913 / 216.242) / (30.112 / 186.195)
=0.161453 / 0.161723
=0.9983

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)
=(-31.231 / 186.195) / (-38.536 / 216.242)
=-0.167733 / -0.178208
=0.9412

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 - (1577.526 + 179.739) / 1935.983) / (1 - (1167.711 + 178.737) / 1545.77)
=0.092314 / 0.128947
=0.7159

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
=216.242 / 186.195
=1.1614

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))
=(108.674 / (108.674 + 178.737)) / (44.57 / (44.57 + 179.739))
=0.378114 / 0.198699
=1.9029

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)
=(52.717 / 216.242) / (22.338 / 186.195)
=0.243787 / 0.119971
=2.032

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)
=((638.703 + 860.828) / 1935.983) / ((0.486 + 1375.889) / 1545.77)
=0.774558 / 0.890414
=0.8699

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
=(-295.089 - 0 - -264.993) / 1935.983
=-0.015546

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.

International Business Settlement Holdings has a M-score of -2.59 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 -2.59 mean?
International Business Settlement Holdings (HKSE:00147) has a Beneish M-Score of -2.59 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on International Business Settlement Holdings and its competitors. According to the industry distribution chart, International Business Settlement Holdings ranks #599 out of 1679 companies in the Real Estate industry, placing it in the top 35.7%.
Is International Business Settlement Holdings' Beneish M-Score too high?
International Business Settlement Holdings' current Beneish M-Score is -2.59. Based on the distribution chart, International Business Settlement Holdings ranks #599 out of 1679 companies in the Real Estate industry, which is above the industry midpoint.
How does International Business Settlement Holdings' Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, International Business Settlement Holdings ranks #599 out of 1679 companies for Beneish M-Score. This puts International Business Settlement Holdings in the upper 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 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 International Business Settlement Holdings and its competitors. International Business Settlement Holdings's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is International Business Settlement Holdings stock overvalued right now?
Based on GuruFocus' analysis, International Business Settlement Holdings (HKSE:00147) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.06, compared to a current price of HK$0.05 — trading 10% below its estimated fair value. The current Beneish M-Score is -2.59. 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 International Business Settlement Holdings (HKSE:00147), the current Beneish M-Score is -2.59 as of Aug. 11, 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.

International Business Settlement Holdings Business Description

Address 255-257 Gloucester Road, Unit 3103, 31st Floor, Sino Plaza, Causeway Bay, Hong Kong, HKG
International Business Settlement Holdings Ltd is an investment holding company. The company's operating segments include Property development; Hotel business; Leasing and trading of computer equipment business and Financing business. It generates maximum revenue from the Property development segment which includes developing and selling commercial and residential properties, and car parking spaces including undertaking primary land development activities, in the PRC. Geographically, it derives a majority of its revenue from Hong Kong.