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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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nanyang Holdings's Beneish M-Score or its related term are showing as below:
HKSE:00212'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.64 Med: -2.15 Max: -1.86
Current: -2.39
During the past 13 years, the highest Beneish M-Score of Nanyang Holdings was -1.86. The lowest was -2.64. And the median was -2.15.
The historical data trend for Nanyang 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.
HKSE:00212 vs CBRE, BEKE, JLL: Beneish M-Score Comparison
For the Asset Management subindustry, Nanyang 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.
Nanyang Holdings Beneish M-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Nanyang Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nanyang Holdings'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 Nanyang 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 * 0.7123
+
0.528 * 0.9797
+
0.404 * 0.9607
+
0.892 * 1.2677
+
0.115 * 2.6875
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.7878
+
4.679 * -0.011626
-
0.327 * 1.1106
=
-2.39
* 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))
=
(3.543 / (3.543 + 0.508))
/
(3.13 / (3.13 + 6.488))
=
0.874599
/
0.325431
=
2.6875
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
=
(-49.98 - 0
-
4.632)
/
4697.349
=
-0.011626
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.
Nanyang Holdings has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
Nanyang Holdings (HKSE:00212) has a Beneish M-Score of -2.39 as of Aug. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nanyang Holdings and its competitors. According to the industry distribution chart, Nanyang Holdings ranks #399 out of 957 companies in the Asset Management industry, placing it in the top 41.7%.
Is Nanyang Holdings' Beneish M-Score too high?
Nanyang Holdings' current Beneish M-Score is -2.39. Based on the distribution chart, Nanyang Holdings ranks #399 out of 957 companies in the Asset Management industry, which is above the industry midpoint. Overall, Nanyang Holdings has a GF Score™ of 75/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nanyang Holdings' Beneish M-Score compare to CBRE and BEKE?
According to the Asset Management industry distribution chart, Nanyang Holdings ranks #399 out of 957 companies for Beneish M-Score. This puts Nanyang 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Nanyang Holdings and its competitors. Nanyang Holdings's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nanyang Holdings stock overvalued right now?
Based on GuruFocus' analysis, Nanyang Holdings (HKSE:00212) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$37.43, compared to a current price of HK$29.00 — trading 22.5% below its estimated fair value. The current Beneish M-Score is -2.39. Nanyang Holdings' overall GF Score™ is 75/100 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 Nanyang Holdings (HKSE:00212), the current Beneish M-Score is -2.39 as of Aug. 21, 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 Nanyang Holdings (HKSE:00212) Overvalued in 2026?
Based on GuruFocus' analysis, Nanyang Holdings stock appears to be undervalued.
The current stock price of HK$29.00 is trading 22.5% below its estimated GF Value™ of HK$37.43.
GuruFocus considers Nanyang Holdings to be Modestly Undervalued.
Key valuation signals for HKSE:00212:
Beneish M-Score: -2.39
GF Value™: HK$37.43 vs. price of HK$29.00 (22.5% below fair value)
No single metric tells the full story. See the HKSE:00212 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nanyang Holdings Ltd is an investment holding company engaged in property investment as well as the holding and trading of investments. The Company operates through two reportable segments: Real Estate, which involves the investment in and leasing of industrial and office premises; and Financial Investments, which generates the majority of revenue and comprises the holding and trading of investment securities. Geographically, the Company derives the majority of its revenue from Taiwan, followed by Hong Kong and other countries.
75GF Score
Get the complete analysis for HKSE:00212
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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