South China Holdings Co (HKSE:00413) Beneish M-Score: -2.58 (As of Jun. 29, 2026)


What is South China Holdings Co Beneish M-Score?

South China Holdings Co HKSE:00413 +4.00% Beneish M-Score is -2.58 as of Jun. 29, 2026. The stock has 3 warning signs investors should review. Among 824 Travel & Leisure companies, South China Holdings Co ranks worse than 55.22% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00413' s Beneish M-Score Range Over the Past 10 Years
Min: -3   Med: -2.45   Max: -1.87
Current: -2.58

During the past 13 years, the highest Beneish M-Score of South China Holdings Co was -1.87. The lowest was -3.00. And the median was -2.45.

South China Holdings Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for South China 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.

South China Holdings Co Beneish M-Score Chart

South China Holdings Co 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 -2.26 -3.00 -2.55 -2.52 -2.58

South China Holdings Co 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 -2.55 0.00 -2.52 0.00 -2.58

HKSE:00413 vs AS, HAS, LTH: Beneish M-Score Comparison

For the Leisure subindustry, South China 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.

South China Holdings Co Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, South China Holdings Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where South China Holdings Co's Beneish M-Score falls into.


South China 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 South China 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 * 1.5351+0.528 * 2.0091+0.404 * 0.9971+0.892 * 0.6742+0.115 * 0.8538
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.0784+4.679 * -0.131884-0.327 * 1.0422
=-2.58

* 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$1,644 Mil.
Revenue was HK$2,179 Mil.
Gross Profit was HK$160 Mil.
Total Current Assets was HK$2,876 Mil.
Total Assets was HK$11,547 Mil.
Property, Plant and Equipment(Net PPE) was HK$360 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$102 Mil.
Selling, General, & Admin. Expense(SGA) was HK$497 Mil.
Total Current Liabilities was HK$4,405 Mil.
Long-Term Debt & Capital Lease Obligation was HK$493 Mil.
Net Income was HK$-1,448 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$75 Mil.
 Total Receivables was HK$1,589 Mil.
Revenue was HK$3,232 Mil.
Gross Profit was HK$476 Mil.
Total Current Assets was HK$3,176 Mil.
Total Assets was HK$12,966 Mil.
Property, Plant and Equipment(Net PPE) was HK$431 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$100 Mil.
Selling, General, & Admin. Expense(SGA) was HK$354 Mil.
Total Current Liabilities was HK$3,414 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,863 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)
=(1644.492 / 2178.718) / (1588.916 / 3231.529)
=0.754798 / 0.491692
=1.5351

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)
=(475.843 / 3231.529) / (159.683 / 2178.718)
=0.14725 / 0.073292
=2.0091

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 - (2875.813 + 360.384) / 11547.102) / (1 - (3175.772 + 430.834) / 12965.968)
=0.719739 / 0.721841
=0.9971

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
=2178.718 / 3231.529
=0.6742

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))
=(99.76 / (99.76 + 430.834)) / (101.775 / (101.775 + 360.384))
=0.188016 / 0.220216
=0.8538

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)
=(496.732 / 2178.718) / (354.478 / 3231.529)
=0.227993 / 0.109694
=2.0784

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)
=((493.312 + 4405.029) / 11547.102) / ((1863.343 + 3414.216) / 12965.968)
=0.424205 / 0.407032
=1.0422

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
=(-1447.769 - 0 - 75.107) / 11547.102
=-0.131884

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.

South China Holdings Co has a M-score of -2.58 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 -2.58 mean?
South China Holdings Co (HKSE:00413) has a Beneish M-Score of -2.58 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on South China Holdings Co and its competitors. According to the industry distribution chart, South China Holdings Co ranks #455 out of 824 companies in the Travel & Leisure industry, placing it in the top 55.2%.
Is South China Holdings Co's Beneish M-Score too high?
South China Holdings Co's current Beneish M-Score is -2.58. Based on the distribution chart, South China Holdings Co ranks #455 out of 824 companies in the Travel & Leisure industry, which is below the industry midpoint.
How does South China Holdings Co's Beneish M-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, South China Holdings Co ranks #455 out of 824 companies for Beneish M-Score. This places South China Holdings Co 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 South China Holdings Co and its competitors. South China Holdings Co's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is South China Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, South China Holdings Co (HKSE:00413) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.03, compared to a current price of HK$0.03 — trading 13.3% below its estimated fair value. The current Beneish M-Score is -2.58. 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 South China Holdings Co (HKSE:00413), the current Beneish M-Score is -2.58 as of Jun. 29, 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.

South China Holdings Co Business Description

Address 1 Garden Road, 28th Floor, Bank of China Tower, Central, Hong Kong, HKG
South China Holdings Co Ltd is a trading and manufacturing company. The company operates its business through four segments, namely Trading and Manufacturing, Property investment and development, Agriculture and forestry, and the Others segment. Its business activities include trading and manufacturing toys, footwear, and leather products, as well as cultivating fruit trees and rearing livestock and aquatic products. It is also engaged in developing properties and investment holding with management functions. The majority of the company's revenues are derived from the Trading and Manufacturing segment. Its geographical segments are the United States of America, Europe, the PRC, including Hong Kong, Japan, and Others. It derives maximum revenue from the USA.