EverChina Int'l Holdings Co (HKSE:00202) Beneish M-Score: -3.15 (As of Aug. 24, 2026)

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What is EverChina Int'l Holdings Co Beneish M-Score?

EverChina Int'l Holdings Co HKSE:00202 +6.12% Beneish M-Score is -3.15 as of Aug. 24, 2026. The stock has 3 warning signs investors should review. Among 526 Conglomerates companies, EverChina Int'l Holdings Co ranks better than 89.16% 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 -3.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for EverChina Int'l Holdings Co's Beneish M-Score or its related term are showing as below:

HKSE:00202' s Beneish M-Score Range Over the Past 10 Years
Min: -3.76   Med: -3.21   Max: -1.81
Current: -3.15

During the past 13 years, the highest Beneish M-Score of EverChina Int'l Holdings Co was -1.81. The lowest was -3.76. And the median was -3.21.

EverChina Int'l Holdings Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for EverChina Int'l Holdings Co'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.

EverChina Int'l Holdings Co Beneish M-Score Chart

EverChina Int'l Holdings Co 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 -3.56 -3.44 -3.76 -1.81 -3.15

EverChina Int'l Holdings Co 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 -3.76 0.00 -1.81 0.00 -3.15

HKSE:00202 vs MMM, HON: Beneish M-Score Comparison

For the Conglomerates subindustry, EverChina Int'l Holdings Co'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.

EverChina Int'l Holdings Co Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, EverChina Int'l Holdings Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where EverChina Int'l Holdings Co's Beneish M-Score falls into.


EverChina Int'l Holdings Co 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 EverChina Int'l Holdings Co 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 * 0.0212+0.528 * 0.9343+0.404 * 1.2842+0.892 * 1.177+0.115 * 1.1142
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.92+4.679 * -0.022605-0.327 * 0.794
=-3.15

* 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$0.3 Mil.
Revenue was HK$127.3 Mil.
Gross Profit was HK$60.8 Mil.
Total Current Assets was HK$167.4 Mil.
Total Assets was HK$1,326.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$420.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$35.9 Mil.
Total Current Liabilities was HK$317.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.2 Mil.
Net Income was HK$-67.0 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-37.0 Mil.
 Total Receivables was HK$10.2 Mil.
Revenue was HK$108.2 Mil.
Gross Profit was HK$48.3 Mil.
Total Current Assets was HK$431.5 Mil.
Total Assets was HK$1,611.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$481.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$33.2 Mil.
Total Current Liabilities was HK$485.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 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)
=(0.254 / 127.329) / (10.196 / 108.181)
=0.001995 / 0.094249
=0.0212

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)
=(48.259 / 108.181) / (60.793 / 127.329)
=0.446095 / 0.477448
=0.9343

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 - (167.362 + 420.656) / 1326.084) / (1 - (431.489 + 481.554) / 1611.494)
=0.556576 / 0.433418
=1.2842

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
=127.329 / 108.181
=1.177

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))
=(8.601 / (8.601 + 481.554)) / (6.731 / (6.731 + 420.656))
=0.017548 / 0.015749
=1.1142

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)
=(35.909 / 127.329) / (33.161 / 108.181)
=0.282017 / 0.306533
=0.92

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)
=((0.214 + 316.987) / 1326.084) / ((0 + 485.459) / 1611.494)
=0.239201 / 0.301248
=0.794

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
=(-67.006 - 0 - -37.03) / 1326.084
=-0.022605

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.

EverChina Int'l Holdings Co has a M-score of -3.15 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 -3.15 mean?
EverChina Int'l Holdings Co (HKSE:00202) has a Beneish M-Score of -3.15 as of Aug. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on EverChina Int'l Holdings Co and its competitors. According to the industry distribution chart, EverChina Int'l Holdings Co ranks #57 out of 526 companies in the Conglomerates industry, placing it in the top 10.8%.
Is EverChina Int'l Holdings Co's Beneish M-Score too high?
EverChina Int'l Holdings Co's current Beneish M-Score is -3.15. Based on the distribution chart, EverChina Int'l Holdings Co ranks #57 out of 526 companies in the Conglomerates industry, which is in the top quartile — a strong position relative to peers.
How does EverChina Int'l Holdings Co's Beneish M-Score compare to MMM and HON?
According to the Conglomerates industry distribution chart, EverChina Int'l Holdings Co ranks #57 out of 526 companies for Beneish M-Score. This places EverChina Int'l Holdings Co in the top 11% 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 EverChina Int'l Holdings Co and its competitors. EverChina Int'l Holdings Co's current Beneish M-Score is -3.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EverChina Int'l Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, EverChina Int'l Holdings Co (HKSE:00202) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.13, compared to a current price of HK$0.05 — trading 60% below its estimated fair value. The current Beneish M-Score is -3.15. 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 EverChina Int'l Holdings Co (HKSE:00202), the current Beneish M-Score is -3.15 as of Aug. 24, 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.

EverChina Int'l Holdings Co Business Description

Other Exchanges ICHA:Germany
Address 151 Gloucester Road, Capital Centre, Unit 1506, 15th Floor, Wanchai, Hong Kong, HKG
EverChina Int'l Holdings Co Ltd is a Hong Kong-based investment holding company. The company's operating segment include Property investment operation, and Agricultural operation. Property investment operation segment is engaged in the leasing of rental property in PRC and Hong Kong. Agricultural operation segment is engaged in the agricultural farming, cattle raising and sales of cattle, soybean, corn, and rice in the Plurinational State of Bolivia. It generates maximum revenue from the Agricultural operation segment. Geographically, it derives a majority of revenue from Bolivia.