FSE Lifestyle Services (HKSE:00331) Beneish M-Score: -2.20 (As of Jun. 30, 2026)


HKSE:00331 FSE Lifestyle Services Ltd HKSE:00331
79 GF Score
Price HK$5.11
GF Value HK$6.83
Valuation Modestly Undervalued
! 3 Warning Signs
View Full Analysis

What is FSE Lifestyle Services Beneish M-Score?

FSE Lifestyle Services HKSE:00331 -2.11% 79 Beneish M-Score is -2.20 as of Jun. 30, 2026. GuruFocus rates HKSE:00331 with a GF Score™ of 79/100 and a GF Value™ of HK$6.83 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,700 Construction companies, FSE Lifestyle Services ranks worse than 69.06% 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 -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for FSE Lifestyle Services's Beneish M-Score or its related term are showing as below:

HKSE:00331' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79   Med: -2.21   Max: -1.81
Current: -2.2

During the past 13 years, the highest Beneish M-Score of FSE Lifestyle Services was -1.81. The lowest was -2.79. And the median was -2.21.

FSE Lifestyle Services Beneish M-Score Historical Data

* Premium members only.

The historical data trend for FSE Lifestyle Services'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.

FSE Lifestyle Services Beneish M-Score Chart

FSE Lifestyle Services 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 -2.21 -2.10 -2.24 -1.95 -2.20

FSE Lifestyle Services 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 -1.95 0.00 -2.20 0.00

HKSE:00331 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, FSE Lifestyle Services'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.

FSE Lifestyle Services Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, FSE Lifestyle Services's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where FSE Lifestyle Services's Beneish M-Score falls into.


HKSE:00331
79GF Score
FSE Lifestyle Services Ltd HKSE:00331
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

FSE Lifestyle Services 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 FSE Lifestyle Services 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 * 1.0984+0.528 * 0.9711+0.404 * 1.2352+0.892 * 0.9659+0.115 * 1.1319
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1077+4.679 * 0.027728-0.327 * 0.9518
=-2.20

* 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$3,211 Mil.
Revenue was HK$8,160 Mil.
Gross Profit was HK$1,054 Mil.
Total Current Assets was HK$3,962 Mil.
Total Assets was HK$4,373 Mil.
Property, Plant and Equipment(Net PPE) was HK$155 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$82 Mil.
Selling, General, & Admin. Expense(SGA) was HK$522 Mil.
Total Current Liabilities was HK$2,665 Mil.
Long-Term Debt & Capital Lease Obligation was HK$370 Mil.
Net Income was HK$453 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$332 Mil.
 Total Receivables was HK$3,026 Mil.
Revenue was HK$8,448 Mil.
Gross Profit was HK$1,059 Mil.
Total Current Assets was HK$3,645 Mil.
Total Assets was HK$3,950 Mil.
Property, Plant and Equipment(Net PPE) was HK$117 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$75 Mil.
Selling, General, & Admin. Expense(SGA) was HK$488 Mil.
Total Current Liabilities was HK$2,871 Mil.
Long-Term Debt & Capital Lease Obligation was HK$10 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)
=(3210.702 / 8159.887) / (3026.235 / 8447.943)
=0.393474 / 0.358222
=1.0984

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)
=(1059.214 / 8447.943) / (1053.514 / 8159.887)
=0.125381 / 0.129109
=0.9711

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 - (3961.747 + 154.923) / 4372.644) / (1 - (3645.101 + 117.387) / 3949.672)
=0.05854 / 0.047392
=1.2352

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
=8159.887 / 8447.943
=0.9659

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))
=(75.351 / (75.351 + 117.387)) / (81.744 / (81.744 + 154.923))
=0.39095 / 0.345397
=1.1319

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)
=(521.787 / 8159.887) / (487.675 / 8447.943)
=0.063945 / 0.057727
=1.1077

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)
=((370.464 + 2665.377) / 4372.644) / ((10.027 + 2871.117) / 3949.672)
=0.69428 / 0.729464
=0.9518

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
=(453.214 - 0 - 331.968) / 4372.644
=0.027728

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.

FSE Lifestyle Services has a M-score of -2.20 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 -2.20 mean?
FSE Lifestyle Services (HKSE:00331) has a Beneish M-Score of -2.20 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on FSE Lifestyle Services and its competitors. According to the industry distribution chart, FSE Lifestyle Services ranks #1174 out of 1700 companies in the Construction industry, placing it in the top 69.1%.
Is FSE Lifestyle Services' Beneish M-Score too high?
FSE Lifestyle Services' current Beneish M-Score is -2.20. Based on the distribution chart, FSE Lifestyle Services ranks #1174 out of 1700 companies in the Construction industry, which is below the industry midpoint. Overall, FSE Lifestyle Services has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does FSE Lifestyle Services' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, FSE Lifestyle Services ranks #1174 out of 1700 companies for Beneish M-Score. This places FSE Lifestyle Services 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 Construction company?
A good Beneish M-Score depends on the Construction 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 FSE Lifestyle Services and its competitors. FSE Lifestyle Services's current Beneish M-Score is -2.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is FSE Lifestyle Services stock overvalued right now?
Based on GuruFocus' analysis, FSE Lifestyle Services (HKSE:00331) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$6.83, compared to a current price of HK$5.11 — trading 25.2% below its estimated fair value. The current Beneish M-Score is -2.20. FSE Lifestyle Services' overall GF Score™ is 79/100 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 FSE Lifestyle Services (HKSE:00331), the current Beneish M-Score is -2.20 as of Jun. 30, 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 FSE Lifestyle Services (HKSE:00331) Overvalued in 2026?

Based on GuruFocus' analysis, FSE Lifestyle Services stock appears to be undervalued. The current stock price of HK$5.11 is trading 25.2% below its estimated GF Value™ of HK$6.83. GuruFocus considers FSE Lifestyle Services to be Modestly Undervalued.

Key valuation signals for HKSE:00331:

  • Beneish M-Score: -2.20
  • GF Value™: HK$6.83 vs. price of HK$5.11 (25.2% below fair value)
  • GF Score™: 79/100 with 3 warning signs

No single metric tells the full story. See the HKSE:00331 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

FSE Lifestyle Services Business Description

Address Units 801-810, No. 8 Wang Hoi Road, 8th Floor, Chevalier Commercial Centre, Kowloon Bay, Kowloon, Hong Kong, HKG
FSE Lifestyle Services Ltd is an investment holding company operating mainly in Hong Kong, Mainland China, and Macau. Along with its subsidiaries, the company provides services through three key segments: property and facility management, city essential services, and electrical and mechanical engineering services. The property and facility management segment offers building management, property agency, car park management, and security services. City essential services include cleaning, pest control, waste disposal, recycling, environmental solutions, insurance, and event services. The electrical and mechanical segment focuses on engineering and consultancy related to installations. The majority of revenue is generated from the Property & facility management services segment.
79GF Score

Get the complete analysis for HKSE:00331

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

HK$5.11
Price
HK$6.83
GF Value