Emperor International Holdings (HKSE:00163) Beneish M-Score: -2.56 (As of Sep. 16, 2026)

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HKSE:00163 Emperor International Holdings Ltd HKSE:00163
36 GF Score
Price HK$0.12
GF Value HK$0.31
Valuation Possible Value Trap
! 6 Warning Signs
View Full Analysis

What is Emperor International Holdings Beneish M-Score?

Emperor International Holdings HKSE:00163 36 Beneish M-Score is -2.56 as of Sep. 16, 2026. GuruFocus rates HKSE:00163 with a GF Score™ of 36/100 and a GF Value™ of HK$0.31 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 1,676 Real Estate companies, Emperor International Holdings ranks better than 62.41% 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00163' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12   Med: -2.4   Max: -1.54
Current: -2.56

During the past 13 years, the highest Beneish M-Score of Emperor International Holdings was -1.54. The lowest was -3.12. And the median was -2.40.

Emperor International Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Emperor 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.

Emperor International Holdings Beneish M-Score Chart

Emperor 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 -2.14 -2.78 -1.94 -2.02 -2.53

Emperor 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 -1.93 -2.19 -2.02 -0.52 -2.53

HKSE:00163 vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Emperor 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.

Emperor International Holdings Beneish M-Score vs Real Estate Industry

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

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


HKSE:00163
36GF Score
Emperor International Holdings Ltd HKSE:00163
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Emperor 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 Emperor 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 * 0.9304+0.528 * 1.0046+0.404 * 0.9446+0.892 * 1.3938+0.115 * 0.9037
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.002+4.679 * -0.119648-0.327 * 1.045
=-2.80

* 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$1,018 Mil.
Revenue was HK$1,980 Mil.
Gross Profit was HK$718 Mil.
Total Current Assets was HK$6,957 Mil.
Total Assets was HK$34,708 Mil.
Property, Plant and Equipment(Net PPE) was HK$291 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$24 Mil.
Selling, General, & Admin. Expense(SGA) was HK$391 Mil.
Total Current Liabilities was HK$5,490 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12,846 Mil.
Net Income was HK$-2,520 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,633 Mil.
 Total Receivables was HK$785 Mil.
Revenue was HK$1,421 Mil.
Gross Profit was HK$517 Mil.
Total Current Assets was HK$5,738 Mil.
Total Assets was HK$37,385 Mil.
Property, Plant and Equipment(Net PPE) was HK$332 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$25 Mil.
Selling, General, & Admin. Expense(SGA) was HK$280 Mil.
Total Current Liabilities was HK$18,820 Mil.
Long-Term Debt & Capital Lease Obligation was HK$80 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)
=(1017.654 / 1980.164) / (784.741 / 1420.687)
=0.513924 / 0.552367
=0.9304

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)
=(517.317 / 1420.687) / (717.761 / 1980.164)
=0.364132 / 0.362476
=1.0046

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 - (6956.848 + 290.731) / 34708.381) / (1 - (5738.391 + 332.271) / 37385.204)
=0.791186 / 0.837619
=0.9446

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
=1980.164 / 1420.687
=1.3938

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))
=(25.064 / (25.064 + 332.271)) / (24.464 / (24.464 + 290.731))
=0.070141 / 0.077615
=0.9037

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)
=(391.364 / 1980.164) / (280.239 / 1420.687)
=0.197642 / 0.197256
=1.002

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)
=((12846.249 + 5490.189) / 34708.381) / ((79.91 + 18820.063) / 37385.204)
=0.5283 / 0.505547
=1.045

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
=(-2519.513 - 0 - 1633.265) / 34708.381
=-0.119648

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.

Emperor International Holdings has a M-score of -2.80 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 -2.56 mean?
Emperor International Holdings (HKSE:00163) has a Beneish M-Score of -2.56 as of Sep. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Emperor International Holdings and its competitors. According to the industry distribution chart, Emperor International Holdings ranks #630 out of 1676 companies in the Real Estate industry, placing it in the top 37.6%.
Is Emperor International Holdings' Beneish M-Score too high?
Emperor International Holdings' current Beneish M-Score is -2.56. Based on the distribution chart, Emperor International Holdings ranks #630 out of 1676 companies in the Real Estate industry, which is above the industry midpoint. Overall, Emperor International Holdings has a GF Score™ of 36/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Emperor International Holdings' Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Emperor International Holdings ranks #630 out of 1676 companies for Beneish M-Score. This puts Emperor International 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 Emperor International Holdings and its competitors. Emperor International Holdings's current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Emperor International Holdings stock overvalued right now?
Based on GuruFocus' analysis, Emperor International Holdings (HKSE:00163) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.31, compared to a current price of HK$0.12 — trading 61.6% below its estimated fair value. The current Beneish M-Score is -2.56. Emperor International Holdings' overall GF Score™ is 36/100 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 Emperor International Holdings (HKSE:00163), the current Beneish M-Score is -2.56 as of Sep. 16, 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 Emperor International Holdings (HKSE:00163) Overvalued in 2026?

Based on GuruFocus' analysis, Emperor International Holdings stock appears to be undervalued. The current stock price of HK$0.12 is trading 61.6% below its estimated GF Value™ of HK$0.31. GuruFocus considers Emperor International Holdings to be Possible Value Trap.

Key valuation signals for HKSE:00163:

  • Beneish M-Score: -2.56
  • GF Value™: HK$0.31 vs. price of HK$0.12 (61.6% below fair value)
  • GF Score™: 36/100 with 6 warning signs

No single metric tells the full story. See the HKSE:00163 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Emperor International Holdings Business Description

Other Exchanges EM3A:Germany
Address 288 Hennessy Road, 28th Floor, Emperor Group Centre, Wanchai, Hong Kong, HKG
Emperor International Holdings Ltd operates in property sales, property rentals, and hotel businesses with properties in Hong Kong, Macau, and other international locations. The group's segments are; Lease of properties, Properties development. The Lease of properties segment consists of completed investment properties held for rental purposes. The Properties development segment consists of property development and redevelopment for sale. Maximum revenue is derived from its Lease of properties segment. Geographically, a majority of the company's revenue is generated from Hong Kong followed by the People's Republic of China, Macau, and the United Kingdom.
36GF Score

Get the complete analysis for HKSE:00163

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

HK$0.12
Price
HK$0.31
GF Value