Dah Sing Financial Holdings (HKSE:00440) Beneish M-Score: -2.35 (As of Jul. 15, 2026)

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HKSE:00440 Dah Sing Financial Holdings Ltd HKSE:00440
80 GF Score
Price HK$41.70
GF Value HK$29.32
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Dah Sing Financial Holdings Beneish M-Score?

Dah Sing Financial Holdings HKSE:00440 +1.76% 80 Beneish M-Score is -2.35 as of Jul. 15, 2026. GuruFocus rates HKSE:00440 with a GF Score™ of 80/100 and a GF Value™ of HK$29.32 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,399 Banks companies, Dah Sing Financial Holdings ranks worse than 58.61% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dah Sing Financial Holdings's Beneish M-Score or its related term are showing as below:

HKSE:00440' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79   Med: -2.32   Max: -2.15
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Dah Sing Financial Holdings was -2.15. The lowest was -2.79. And the median was -2.32.

HKSE:00440
80GF Score
Dah Sing Financial Holdings Ltd HKSE:00440
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Dah Sing Financial 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 Dah Sing Financial 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 * 1+0.528 * 1+0.404 * 1.0001+0.892 * 1.1502+0.115 * 1.0206
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9199+4.679 * -0.002751-0.327 * 1.0113
=-2.35

* 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$0 Mil.
Revenue was HK$8,154 Mil.
Gross Profit was HK$8,154 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$270,380 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,871 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$379 Mil.
Selling, General, & Admin. Expense(SGA) was HK$103 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4,647 Mil.
Net Income was HK$2,057 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$2,801 Mil.
 Total Receivables was HK$0 Mil.
Revenue was HK$7,089 Mil.
Gross Profit was HK$7,089 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$266,523 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,860 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$387 Mil.
Selling, General, & Admin. Expense(SGA) was HK$97 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4,529 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)
=(0 / 8154.429) / (0 / 7089.43)
=0 / 0
=1

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)
=(7089.43 / 7089.43) / (8154.429 / 8154.429)
=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 - (0 + 2871.115) / 270379.977) / (1 - (0 + 2859.776) / 266523.315)
=0.989381 / 0.98927
=1.0001

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
=8154.429 / 7089.43
=1.1502

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))
=(386.724 / (386.724 + 2859.776)) / (379.369 / (379.369 + 2871.115))
=0.11912 / 0.116712
=1.0206

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)
=(102.85 / 8154.429) / (97.205 / 7089.43)
=0.012613 / 0.013711
=0.9199

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)
=((4646.636 + 0) / 270379.977) / ((4529.166 + 0) / 266523.315)
=0.017186 / 0.016994
=1.0113

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
=(2056.906 - 0 - 2800.717) / 270379.977
=-0.002751

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.

Dah Sing Financial Holdings has a M-score of -2.35 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 -2.35 mean?
Dah Sing Financial Holdings (HKSE:00440) has a Beneish M-Score of -2.35 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dah Sing Financial Holdings and its competitors. According to the industry distribution chart, Dah Sing Financial Holdings ranks #820 out of 1399 companies in the Banks industry, placing it in the top 58.6%.
Is Dah Sing Financial Holdings' Beneish M-Score too high?
Dah Sing Financial Holdings' current Beneish M-Score is -2.35. Based on the distribution chart, Dah Sing Financial Holdings ranks #820 out of 1399 companies in the Banks industry, which is below the industry midpoint. Overall, Dah Sing Financial Holdings has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Dah Sing Financial Holdings' Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Dah Sing Financial Holdings ranks #820 out of 1399 companies for Beneish M-Score. This places Dah Sing Financial 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Dah Sing Financial Holdings and its competitors. Dah Sing Financial Holdings's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dah Sing Financial Holdings stock overvalued right now?
Based on GuruFocus' analysis, Dah Sing Financial Holdings (HKSE:00440) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$29.32, compared to a current price of HK$41.70 — trading 42.2% above its estimated fair value. The current Beneish M-Score is -2.35. Dah Sing Financial Holdings' overall GF Score™ is 80/100 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 Dah Sing Financial Holdings (HKSE:00440), the current Beneish M-Score is -2.35 as of Jul. 15, 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 Dah Sing Financial Holdings (HKSE:00440) Overvalued in 2026?

Based on GuruFocus' analysis, Dah Sing Financial Holdings stock appears to be overvalued. The current stock price of HK$41.70 is trading 42.2% above its estimated GF Value™ of HK$29.32. GuruFocus considers Dah Sing Financial Holdings to be Significantly Overvalued.

Key valuation signals for HKSE:00440:

  • Beneish M-Score: -2.35
  • GF Value™: HK$29.32 vs. price of HK$41.70 (42.2% above fair value)
  • GF Score™: 80/100 with 4 warning signs

No single metric tells the full story. See the HKSE:00440 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Dah Sing Financial Holdings Business Description

Other Exchanges DSFGY:USA
Address 248 Queen\'s Road East, 26th Floor, Dah Sing Financial Centre, Hong Kong, HKG
Dah Sing Financial Holdings Ltd is an investment holding company. The group provides banking, insurance, financial and other related services in Hong Kong, Macau, and the People's Republic of China. It operates in six segments: Personal Banking, Corporate Banking, Treasury and Global Markets activities, Chinese Mainland and Macau Banking, Insurance and Investment Operations, and Others. The Personal Banking segment, which derives the maximum profit, deals in deposits from individual customers, the extension of residential mortgage lending, personal loans, insurance, and investment services.
80GF Score

Get the complete analysis for HKSE:00440

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

HK$41.70
Price
HK$29.32
GF Value