Winfull Group Holdings (HKSE:00183) Beneish M-Score: -3.06 (As of Aug. 20, 2026)

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HKSE:00183 Winfull Group Holdings Ltd HKSE:00183
32 GF Score
Price HK$0.14
GF Value HK$0.34
Valuation Possible Value Trap
! 4 Warning Signs
View Full Analysis

What is Winfull Group Holdings Beneish M-Score?

Winfull Group Holdings HKSE:00183 -5.41% 32 Beneish M-Score is -3.06 as of Aug. 20, 2026. GuruFocus rates HKSE:00183 with a GF Score™ of 32/100 and a GF Value™ of HK$0.34 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 1,677 Real Estate companies, Winfull Group Holdings ranks better than 85.51% 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 -3.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00183' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28   Med: -1.64   Max: 65.62
Current: -3.06

During the past 13 years, the highest Beneish M-Score of Winfull Group Holdings was 65.62. The lowest was -3.28. And the median was -1.64.

Winfull Group Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Winfull Group 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.

Winfull Group Holdings Beneish M-Score Chart

Winfull Group Holdings Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.19 -3.28 -2.63 -0.60 -3.06

Winfull Group Holdings Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 0.00 -0.60 0.00 -3.06 0.00

HKSE:00183 vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Winfull Group 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.

Winfull Group Holdings Beneish M-Score vs Real Estate Industry

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

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


HKSE:00183
32GF Score
Winfull Group Holdings Ltd HKSE:00183
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Winfull Group 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 Winfull Group 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 * 0.4903+0.528 * 1.0862+0.404 * 1.0435+0.892 * 1.0804+0.115 * 1.0644
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0485+4.679 * -0.044951-0.327 * 1.0971
=-3.06

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was HK$12.63 Mil.
Revenue was HK$44.42 Mil.
Gross Profit was HK$28.88 Mil.
Total Current Assets was HK$386.25 Mil.
Total Assets was HK$1,685.09 Mil.
Property, Plant and Equipment(Net PPE) was HK$99.02 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3.94 Mil.
Selling, General, & Admin. Expense(SGA) was HK$4.06 Mil.
Total Current Liabilities was HK$350.91 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 Mil.
Net Income was HK$-66.56 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$9.19 Mil.
 Total Receivables was HK$23.84 Mil.
Revenue was HK$41.12 Mil.
Gross Profit was HK$29.03 Mil.
Total Current Assets was HK$446.04 Mil.
Total Assets was HK$1,717.07 Mil.
Property, Plant and Equipment(Net PPE) was HK$99.39 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4.22 Mil.
Selling, General, & Admin. Expense(SGA) was HK$3.58 Mil.
Total Current Liabilities was HK$325.44 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.47 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)
=(12.626 / 44.423) / (23.835 / 41.118)
=0.284222 / 0.579673
=0.4903

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)
=(29.032 / 41.118) / (28.877 / 44.423)
=0.706065 / 0.650046
=1.0862

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 - (386.252 + 99.019) / 1685.093) / (1 - (446.037 + 99.389) / 1717.068)
=0.712021 / 0.68235
=1.0435

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
=44.423 / 41.118
=1.0804

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))
=(4.219 / (4.219 + 99.389)) / (3.939 / (3.939 + 99.019))
=0.040721 / 0.038258
=1.0644

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)
=(4.06 / 44.423) / (3.584 / 41.118)
=0.091394 / 0.087164
=1.0485

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)
=((0 + 350.907) / 1685.093) / ((0.47 + 325.437) / 1717.068)
=0.208242 / 0.189804
=1.0971

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
=(-66.562 - 0 - 9.185) / 1685.093
=-0.044951

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.

Winfull Group Holdings has a M-score of -3.06 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 -3.06 mean?
Winfull Group Holdings (HKSE:00183) has a Beneish M-Score of -3.06 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Winfull Group Holdings and its competitors. According to the industry distribution chart, Winfull Group Holdings ranks #243 out of 1677 companies in the Real Estate industry, placing it in the top 14.5%.
Is Winfull Group Holdings' Beneish M-Score too high?
Winfull Group Holdings' current Beneish M-Score is -3.06. Based on the distribution chart, Winfull Group Holdings ranks #243 out of 1677 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Winfull Group Holdings has a GF Score™ of 32/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Winfull Group Holdings' Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Winfull Group Holdings ranks #243 out of 1677 companies for Beneish M-Score. This places Winfull Group Holdings in the top 15% 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 Winfull Group Holdings and its competitors. Winfull Group Holdings's current Beneish M-Score is -3.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Winfull Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, Winfull Group Holdings (HKSE:00183) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.34, compared to a current price of HK$0.14 — trading 58.8% below its estimated fair value. The current Beneish M-Score is -3.06. Winfull Group Holdings' overall GF Score™ is 32/100 with 4 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 Winfull Group Holdings (HKSE:00183), the current Beneish M-Score is -3.06 as of Aug. 20, 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 Winfull Group Holdings (HKSE:00183) Overvalued in 2026?

Based on GuruFocus' analysis, Winfull Group Holdings stock appears to be undervalued. The current stock price of HK$0.14 is trading 58.8% below its estimated GF Value™ of HK$0.34. GuruFocus considers Winfull Group Holdings to be Possible Value Trap.

Key valuation signals for HKSE:00183:

  • Beneish M-Score: -3.06
  • GF Value™: HK$0.34 vs. price of HK$0.14 (58.8% below fair value)
  • GF Score™: 32/100 with 4 warning signs

No single metric tells the full story. See the HKSE:00183 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Winfull Group Holdings Business Description

Address 9 Queen's Road Central, Unit A, 6th Floor, Hong Kong, HKG
Winfull Group Holdings Ltd is mainly engaged in investment, trading, and development of properties as well as securities investment and trading. It is involved in a property development project in the United Kingdom and holds multiple investment properties, including commercial, industrial, and residential assets across Hong Kong, the UK, and Japan. The Group also owns trading properties located in Hong Kong. Its business is organized into four reportable segments: property development, property investment and trading, securities investment and trading, and loan financing, which provides money-lending services. The majority of its revenue comes from the property investment and trading segment, mainly generated in Hong Kong.
32GF Score

Get the complete analysis for HKSE:00183

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

HK$0.14
Price
HK$0.34
GF Value