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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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Capital Estate's Beneish M-Score or its related term are showing as below:
HKSE:00193'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.67 Med: -1.65 Max: 2.53
Current: -2.38
During the past 13 years, the highest Beneish M-Score of Capital Estate was 2.53. The lowest was -3.67. And the median was -1.65.
The historical data trend for Capital Estate'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.
HKSE:00193 vs MAR, HLT, H: Beneish M-Score Comparison
For the Lodging subindustry, Capital Estate'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.
Capital Estate Beneish M-Score vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Capital Estate's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Capital Estate's Beneish M-Score falls into.
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 Capital Estate 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 * 0.9978
+
0.528 * 0.9414
+
0.404 * 0.9694
+
0.892 * 0.9467
+
0.115 * 0.7743
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1224
+
4.679 * 0.141691
-
0.327 * 2.2955
=
-2.38
* 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))
=
(11.206 / (11.206 + 235.966))
/
(14.88 / (14.88 + 239.234))
=
0.045337
/
0.058556
=
0.7743
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
=
(-13.895 - 0
-
-131.857)
/
832.531
=
0.141691
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.
Capital Estate has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
Capital Estate (HKSE:00193) has a Beneish M-Score of -2.38 as of Sep. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Capital Estate and its competitors. According to the industry distribution chart, Capital Estate ranks #558 out of 821 companies in the Travel & Leisure industry, placing it in the top 68%.
Is Capital Estate's Beneish M-Score too high?
Capital Estate's current Beneish M-Score is -2.38. Based on the distribution chart, Capital Estate ranks #558 out of 821 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Capital Estate has a GF Score™ of 38/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Capital Estate's Beneish M-Score compare to MAR and HLT?
According to the Travel & Leisure industry distribution chart, Capital Estate ranks #558 out of 821 companies for Beneish M-Score. This places Capital Estate in the lower 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Capital Estate and its competitors. Capital Estate's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Capital Estate stock overvalued right now?
Based on GuruFocus' analysis, Capital Estate (HKSE:00193) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.17, compared to a current price of HK$0.19 — trading 14.1% above its estimated fair value. The current Beneish M-Score is -2.38. Capital Estate's overall GF Score™ is 38/100 with 3 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 Capital Estate (HKSE:00193), the current Beneish M-Score is -2.38 as of Sep. 02, 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 Capital Estate (HKSE:00193) Overvalued in 2026?
Based on GuruFocus' analysis, Capital Estate stock appears to be overvalued.
The current stock price of HK$0.19 is trading 14.1% above its estimated GF Value™ of HK$0.17.
GuruFocus considers Capital Estate to be Modestly Overvalued.
Key valuation signals for HKSE:00193:
Beneish M-Score: -2.38
GF Value™: HK$0.17 vs. price of HK$0.19 (14.1% above fair value)
No single metric tells the full story. See the HKSE:00193 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Capital Estate Ltd is a Hong Kong-based investment holding company. The company operates through three segments: Hotel Operations, which is engaged in hotel businesses and the provision of related services; Financial Investment segment, which is involved in the trading of listed securities and other financial instruments; Property segment, which engages in leasing and sales of properties; and Consumer Finance, which involves the provision of consumer finance services. The majority of its revenue is derived from Consumer finance. Geographically, it generates maximum revenue from Mainland China.
38GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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