Hing Lee (HK) Holdings (HKSE:00396) Beneish M-Score: 0.00 (As of Aug. 12, 2026)

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HKSE:00396 Hing Lee (HK) Holdings Ltd HKSE:00396
33 GF Score
Price HK$0.34
GF Value HK$0.06
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is Hing Lee (HK) Holdings Beneish M-Score?

Hing Lee (HK) Holdings HKSE:00396 +1.49% 33 Beneish M-Score is 0.00 as of Aug. 12, 2026. GuruFocus rates HKSE:00396 with a GF Score™ of 33/100 and a GF Value™ of HK$0.06 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 418 Furnishings, Fixtures & Appliances companies, Hing Lee (HK) Holdings ranks worse than 239234.21% 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.

The historical rank and industry rank for Hing Lee (HK) Holdings's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Hing Lee (HK) Holdings was -1.34. The lowest was -3.86. And the median was -2.54.

Hing Lee (HK) Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Hing Lee (HK) 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.

Hing Lee (HK) Holdings Beneish M-Score Chart

Hing Lee (HK) Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.77 -2.14 -3.68 -1.34 0.00

Hing Lee (HK) Holdings 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 -3.68 0.00 -1.34 0.00 0.00

HKSE:00396 vs SN, SGI, MHK: Beneish M-Score Comparison

For the Furnishings, Fixtures & Appliances subindustry, Hing Lee (HK) 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.

Hing Lee (HK) Holdings Beneish M-Score vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Hing Lee (HK) Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hing Lee (HK) Holdings's Beneish M-Score falls into.


HKSE:00396
33GF Score
Hing Lee (HK) Holdings Ltd HKSE:00396
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Hing Lee (HK) Holdings 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 Hing Lee (HK) 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was HK$18.53 Mil.
Revenue was HK$76.76 Mil.
Gross Profit was HK$9.72 Mil.
Total Current Assets was HK$56.75 Mil.
Total Assets was HK$61.70 Mil.
Property, Plant and Equipment(Net PPE) was HK$4.95 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3.58 Mil.
Selling, General, & Admin. Expense(SGA) was HK$10.08 Mil.
Total Current Liabilities was HK$15.54 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.91 Mil.
Net Income was HK$0.79 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$20.17 Mil.
 Total Receivables was HK$32.16 Mil.
Revenue was HK$113.87 Mil.
Gross Profit was HK$15.70 Mil.
Total Current Assets was HK$63.29 Mil.
Total Assets was HK$66.32 Mil.
Property, Plant and Equipment(Net PPE) was HK$3.03 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5.84 Mil.
Selling, General, & Admin. Expense(SGA) was HK$13.46 Mil.
Total Current Liabilities was HK$14.15 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)
=(18.525 / 76.757) / (32.164 / 113.869)
=0.241346 / 0.282465
=

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)
=(15.697 / 113.869) / (9.718 / 76.757)
=0.137851 / 0.126607
=

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 - (56.748 + 4.954) / 61.702) / (1 - (63.288 + 3.029) / 66.317)
=0 / 0
=

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
=76.757 / 113.869
=

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))
=(5.838 / (5.838 + 3.029)) / (3.576 / (3.576 + 4.954))
=0.658396 / 0.419226
=

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)
=(10.076 / 76.757) / (13.458 / 113.869)
=0.131271 / 0.118188
=

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)
=((0.914 + 15.535) / 61.702) / ((0 + 14.15) / 66.317)
=0.266588 / 0.213369
=

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
=(0.787 - 0 - 20.165) / 61.702
=-0.314058

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Hing Lee (HK) Holdings (HKSE:00396) has a Beneish M-Score of 0.00 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hing Lee (HK) Holdings and its competitors. According to the industry distribution chart, Hing Lee (HK) Holdings ranks #999999 out of 418 companies in the Furnishings, Fixtures & Appliances industry.
Is Hing Lee (HK) Holdings' Beneish M-Score too high?
Hing Lee (HK) Holdings' current Beneish M-Score is 0.00. Based on the distribution chart, Hing Lee (HK) Holdings ranks #999999 out of 418 companies in the Furnishings, Fixtures & Appliances industry, which is in the bottom quartile relative to peers. Overall, Hing Lee (HK) Holdings has a GF Score™ of 33/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hing Lee (HK) Holdings' Beneish M-Score compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, Hing Lee (HK) Holdings ranks #999999 out of 418 companies for Beneish M-Score. This places Hing Lee (HK) Holdings 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 Furnishings, Fixtures & Appliances company?
A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 Hing Lee (HK) Holdings and its competitors. Hing Lee (HK) Holdings's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hing Lee (HK) Holdings stock overvalued right now?
Based on GuruFocus' analysis, Hing Lee (HK) Holdings (HKSE:00396) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.06, compared to a current price of HK$0.34 — trading 466.7% above its estimated fair value. The current Beneish M-Score is 0.00. Hing Lee (HK) Holdings' overall GF Score™ is 33/100 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 Hing Lee (HK) Holdings (HKSE:00396), the current Beneish M-Score is 0.00 as of Aug. 12, 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 Hing Lee (HK) Holdings (HKSE:00396) Overvalued in 2026?

Based on GuruFocus' analysis, Hing Lee (HK) Holdings stock appears to be overvalued. The current stock price of HK$0.34 is trading 466.7% above its estimated GF Value™ of HK$0.06. GuruFocus considers Hing Lee (HK) Holdings to be Significantly Overvalued.

Key valuation signals for HKSE:00396:

  • Beneish M-Score: 0.00
  • GF Value™: HK$0.06 vs. price of HK$0.34 (466.7% above fair value)
  • GF Score™: 33/100 with 3 warning signs

No single metric tells the full story. See the HKSE:00396 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Hing Lee (HK) Holdings Business Description

Address 3 On Yiu Street, Unit 1101, 11th Floor, Delta House, Shatin, New Territories, Hong Kong, HKG
Hing Lee (HK) Holdings Ltd is an investment holding company. Through its subsidiaries, it is mainly engaged in furniture design and the integration of the manufacturing and wholesale furniture business. The Group owns Mogou, Johnston, Oriant, and other brands, providing a full range of residential furniture products, including mattress products for the bedroom, living room, dining room, and home office use. Additionally, the Group offers general business consultancy services; provides promotional services relating to layout design, fitting, and display of products; and engages in licensing of its own brands and product designs. Geographically, it generates maximum revenue from Asia (excluding the PRC), and the rest from the United States, Europe, the PRC, Australia, and Africa.
33GF Score

Get the complete analysis for HKSE:00396

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

HK$0.34
Price
HK$0.06
GF Value