Gemdale Properties and Investment (HKSE:00535) Beneish M-Score: -2.64 (As of Jun. 25, 2026)


HKSE:00535 Gemdale Properties and Investment Corp Ltd HKSE:00535
38 GF Score
Price HK$0.10
GF Value HK$0.15
Valuation Possible Value Trap
! 8 Warning Signs
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What is Gemdale Properties and Investment Beneish M-Score?

Gemdale Properties and Investment HKSE:00535 -6.67% 38 Beneish M-Score is -2.64 as of Jun. 25, 2026. GuruFocus rates HKSE:00535 with a GF Score™ of 38/100 and a GF Value™ of HK$0.15 (Possible Value Trap). The stock has 8 warning signs investors should review. Among 1,681 Real Estate companies, Gemdale Properties and Investment ranks better than 68.53% 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00535' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81   Med: -2.22   Max: -1.15
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Gemdale Properties and Investment was -1.15. The lowest was -2.81. And the median was -2.22.

Gemdale Properties and Investment Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Gemdale Properties and Investment'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.

Gemdale Properties and Investment Beneish M-Score Chart

Gemdale Properties and Investment 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 -1.52 -2.24 -2.28 -2.81 -2.64

Gemdale Properties and Investment 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 -2.28 0.00 -2.81 0.00 -2.64

Gemdale Properties and Investment Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Gemdale Properties and Investment'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.

Gemdale Properties and Investment Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Gemdale Properties and Investment's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Gemdale Properties and Investment's Beneish M-Score falls into.


HKSE:00535
38GF Score
Gemdale Properties and Investment Corp Ltd HKSE:00535
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Gemdale Properties and Investment 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 Gemdale Properties and Investment 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 * 1.3615+0.528 * 1.003+0.404 * 1.1115+0.892 * 0.6669+0.115 * 1.4099
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.312+4.679 * -0.055324-0.327 * 0.9209
=-2.64

* 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$11,572 Mil.
Revenue was HK$9,395 Mil.
Gross Profit was HK$1,723 Mil.
Total Current Assets was HK$27,147 Mil.
Total Assets was HK$69,252 Mil.
Property, Plant and Equipment(Net PPE) was HK$111 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$39 Mil.
Selling, General, & Admin. Expense(SGA) was HK$98 Mil.
Total Current Liabilities was HK$24,206 Mil.
Long-Term Debt & Capital Lease Obligation was HK$11,163 Mil.
Net Income was HK$-3,768 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$63 Mil.
 Total Receivables was HK$12,745 Mil.
Revenue was HK$14,089 Mil.
Gross Profit was HK$2,591 Mil.
Total Current Assets was HK$36,746 Mil.
Total Assets was HK$81,134 Mil.
Property, Plant and Equipment(Net PPE) was HK$122 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$72 Mil.
Selling, General, & Admin. Expense(SGA) was HK$112 Mil.
Total Current Liabilities was HK$33,469 Mil.
Long-Term Debt & Capital Lease Obligation was HK$11,527 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)
=(11572.223 / 9395.155) / (12745.495 / 14088.827)
=1.231722 / 0.904653
=1.3615

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)
=(2591.496 / 14088.827) / (1722.966 / 9395.155)
=0.18394 / 0.183389
=1.003

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 - (27146.836 + 110.843) / 69252.103) / (1 - (36745.954 + 122.361) / 81134.473)
=0.606399 / 0.54559
=1.1115

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
=9395.155 / 14088.827
=0.6669

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))
=(71.956 / (71.956 + 122.361)) / (39.482 / (39.482 + 110.843))
=0.370302 / 0.262644
=1.4099

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)
=(97.706 / 9395.155) / (111.685 / 14088.827)
=0.0104 / 0.007927
=1.312

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)
=((11163.176 + 24205.987) / 69252.103) / ((11526.896 + 33469.451) / 81134.473)
=0.510731 / 0.55459
=0.9209

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
=(-3768.412 - 0 - 62.904) / 69252.103
=-0.055324

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.

Gemdale Properties and Investment has a M-score of -2.64 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 -2.64 mean?
Gemdale Properties and Investment (HKSE:00535) has a Beneish M-Score of -2.64 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Gemdale Properties and Investment and its competitors. According to the industry distribution chart, Gemdale Properties and Investment ranks #529 out of 1681 companies in the Real Estate industry, placing it in the top 31.5%.
Is Gemdale Properties and Investment's Beneish M-Score too high?
Gemdale Properties and Investment's current Beneish M-Score is -2.64. Based on the distribution chart, Gemdale Properties and Investment ranks #529 out of 1681 companies in the Real Estate industry, which is above the industry midpoint. Overall, Gemdale Properties and Investment has a GF Score™ of 38/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Gemdale Properties and Investment's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Gemdale Properties and Investment ranks #529 out of 1681 companies for Beneish M-Score. This puts Gemdale Properties and Investment 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Gemdale Properties and Investment and its competitors. Gemdale Properties and Investment's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gemdale Properties and Investment stock overvalued right now?
Based on GuruFocus' analysis, Gemdale Properties and Investment (HKSE:00535) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.15, compared to a current price of HK$0.10 — trading 34.7% below its estimated fair value. The current Beneish M-Score is -2.64. Gemdale Properties and Investment's overall GF Score™ is 38/100 with 8 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 Gemdale Properties and Investment (HKSE:00535), the current Beneish M-Score is -2.64 as of Jun. 25, 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 Gemdale Properties and Investment (HKSE:00535) Overvalued in 2026?

Based on GuruFocus' analysis, Gemdale Properties and Investment stock appears to be undervalued. The current stock price of HK$0.10 is trading 34.7% below its estimated GF Value™ of HK$0.15. GuruFocus considers Gemdale Properties and Investment to be Possible Value Trap.

Key valuation signals for HKSE:00535:

  • Beneish M-Score: -2.64
  • GF Value™: HK$0.15 vs. price of HK$0.10 (34.7% below fair value)
  • GF Score™: 38/100 with 8 warning signs

No single metric tells the full story. See the HKSE:00535 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Gemdale Properties and Investment Business Description

Address 111 Leighton Road, 16th Floor, Lee Garden Six, Causeway Bay, Hong Kong, HKG
Gemdale Properties and Investment Corp Ltd is an investment holding company engaged in real estate development and asset management. The Company develops, sells, invests in, and manages diversified properties including residential properties, industrial parks, commercial offices, rental housing, and commercial properties, while providing integrated spaces and services to businesses and individuals in cities. It operates through the Property Development segment, the Property Investment and Management segment, and the Corporate Others segment, with the Property Development segment generating the majority of the Company's revenue through the development and sale of residential and commercial properties. The Company generates almost all of its revenue from Mainland China.
38GF Score

Get the complete analysis for HKSE:00535

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

HK$0.10
Price
HK$0.15
GF Value