Upbest Group (HKSE:00335) Beneish M-Score: -2.45 (As of Aug. 28, 2026)

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HKSE:00335 Upbest Group Ltd HKSE:00335
52 GF Score
Price HK$0.67
GF Value HK$0.50
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Upbest Group Beneish M-Score?

Upbest Group HKSE:00335 52 Beneish M-Score is -2.45 as of Aug. 28, 2026. GuruFocus rates HKSE:00335 with a GF Score™ of 52/100 and a GF Value™ of HK$0.50 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 701 Capital Markets companies, Upbest Group ranks better than 63.91% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00335' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93   Med: -2.5   Max: -1.22
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Upbest Group was -1.22. The lowest was -2.93. And the median was -2.50.

Upbest Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Upbest Group'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.

Upbest Group Beneish M-Score Chart

Upbest Group 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 -2.21 -2.72 -2.46 -2.89 -2.45

Upbest Group 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 -2.46 0.00 -2.89 0.00 -2.45

HKSE:00335 vs MS, GS, SCHW: Beneish M-Score Comparison

For the Capital Markets subindustry, Upbest Group'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.

Upbest Group Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Upbest Group's Beneish M-Score distribution charts can be found below:

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


HKSE:00335
52GF Score
Upbest Group Ltd HKSE:00335
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Upbest Group 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 Upbest Group 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 * 1.147+0.528 * 1+0.404 * 1.0143+0.892 * 0.8759+0.115 * 0.8871
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2629+4.679 * 0.007272-0.327 * 0.9129
=-2.45

* 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$544.18 Mil.
Revenue was HK$78.24 Mil.
Gross Profit was HK$78.24 Mil.
Total Current Assets was HK$879.35 Mil.
Total Assets was HK$3,200.68 Mil.
Property, Plant and Equipment(Net PPE) was HK$2.31 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.41 Mil.
Selling, General, & Admin. Expense(SGA) was HK$32.12 Mil.
Total Current Liabilities was HK$299.78 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 Mil.
Net Income was HK$89.80 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$66.53 Mil.
 Total Receivables was HK$541.67 Mil.
Revenue was HK$89.32 Mil.
Gross Profit was HK$89.32 Mil.
Total Current Assets was HK$904.44 Mil.
Total Assets was HK$3,172.47 Mil.
Property, Plant and Equipment(Net PPE) was HK$1.75 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.27 Mil.
Selling, General, & Admin. Expense(SGA) was HK$29.03 Mil.
Total Current Liabilities was HK$325.49 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 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)
=(544.179 / 78.239) / (541.67 / 89.324)
=6.955342 / 6.064104
=1.147

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)
=(89.324 / 89.324) / (78.239 / 78.239)
=1 / 1
=1

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 - (879.346 + 2.305) / 3200.682) / (1 - (904.442 + 1.75) / 3172.47)
=0.724543 / 0.714358
=1.0143

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
=78.239 / 89.324
=0.8759

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))
=(0.272 / (0.272 + 1.75)) / (0.412 / (0.412 + 2.305))
=0.13452 / 0.151638
=0.8871

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)
=(32.116 / 78.239) / (29.034 / 89.324)
=0.410486 / 0.325041
=1.2629

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 + 299.778) / 3200.682) / ((0 + 325.492) / 3172.47)
=0.093661 / 0.102599
=0.9129

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
=(89.8 - 0 - 66.526) / 3200.682
=0.007272

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.

Upbest Group has a M-score of -2.45 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 -2.45 mean?
Upbest Group (HKSE:00335) has a Beneish M-Score of -2.45 as of Aug. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Upbest Group and its competitors. According to the industry distribution chart, Upbest Group ranks #253 out of 701 companies in the Capital Markets industry, placing it in the top 36.1%.
Is Upbest Group's Beneish M-Score too high?
Upbest Group's current Beneish M-Score is -2.45. Based on the distribution chart, Upbest Group ranks #253 out of 701 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Upbest Group has a GF Score™ of 52/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Upbest Group's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Upbest Group ranks #253 out of 701 companies for Beneish M-Score. This puts Upbest Group 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 a Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Upbest Group and its competitors. Upbest Group's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Upbest Group stock overvalued right now?
Based on GuruFocus' analysis, Upbest Group (HKSE:00335) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.50, compared to a current price of HK$0.67 — trading 34% above its estimated fair value. The current Beneish M-Score is -2.45. Upbest Group's overall GF Score™ is 52/100 with 6 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 Upbest Group (HKSE:00335), the current Beneish M-Score is -2.45 as of Aug. 28, 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 Upbest Group (HKSE:00335) Overvalued in 2026?

Based on GuruFocus' analysis, Upbest Group stock appears to be overvalued. The current stock price of HK$0.67 is trading 34% above its estimated GF Value™ of HK$0.50. GuruFocus considers Upbest Group to be Significantly Overvalued.

Key valuation signals for HKSE:00335:

  • Beneish M-Score: -2.45
  • GF Value™: HK$0.50 vs. price of HK$0.67 (34% above fair value)
  • GF Score™: 52/100 with 6 warning signs

No single metric tells the full story. See the HKSE:00335 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Upbest Group Business Description

Address 300 Des Voeux Road Central, 2nd Floor, Wah Kit Commercial Centre, Hong Kong, HKG
Upbest Group Ltd is an investment holding company. Through its subsidiaries, it is engaged in securities broking, futures broking, securities margin financing, money lending, corporate finance advisory, assets management, precious metal trading, and property investment. The company's operating segment includes Broking, Financing, Corporate Finance, Assets Management, Properties Investment, and Precious Metal Trading. The maximum revenue for the company is generated from its Financing segment which represents its securities margin financing and money lending business. Geographically, the company derives its key revenue from Hong Kong and the rest from Macau and the People's Republic of China.
52GF Score

Get the complete analysis for HKSE:00335

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

HK$0.67
Price
HK$0.50
GF Value