Tradelink Electronic Commerce (HKSE:00536) Beneish M-Score: -2.49 (As of Jul. 12, 2026)

What is Tradelink Electronic Commerce Beneish M-Score?

Tradelink Electronic Commerce HKSE:00536 57 Beneish M-Score is -2.49 as of Jul. 12, 2026. GuruFocus rates HKSE:00536 with a GF Score™ of 57/100 and a GF Value™ of HK$0.88 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 2,631 Software companies, Tradelink Electronic Commerce ranks worse than 53.29% 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00536' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94 Med: -2.57 Max: -2.08
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Tradelink Electronic Commerce was -2.08. The lowest was -2.94. And the median was -2.57.

Tradelink Electronic Commerce Beneish M-Score Related Terms

Tradelink Electronic Commerce Beneish M-Score Historical Data

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The historical data trend for Tradelink Electronic Commerce'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.

Tradelink Electronic Commerce Beneish M-Score Chart

Tradelink Electronic Commerce Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.70

-2.94

-2.08

-2.76

-2.49

Tradelink Electronic Commerce 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															-2.08	0.00	-2.76	0.00	-2.49

HKSE:00536 vs UBER, SHOP, CRM: Beneish M-Score Comparison

For the Software - Application subindustry, Tradelink Electronic Commerce'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.

Tradelink Electronic Commerce Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Tradelink Electronic Commerce's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tradelink Electronic Commerce's Beneish M-Score falls into.

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57GF Score

Tradelink Electronic Commerce Ltd HKSE:00536

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Tradelink Electronic Commerce 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 Tradelink Electronic Commerce for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9236

0.528 * 0.9596

0.404 * 1.0012

0.892 * 1.0206

0.115 * 1.0358

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2213

4.679 * 0.02034

0.327 * 0.9836

-2.49

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was HK$34.8 Mil.
Revenue was HK$252.7 Mil.
Gross Profit was HK$123.1 Mil.
Total Current Assets was HK$498.2 Mil.
Total Assets was HK$538.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$24.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$10.3 Mil.
Total Current Liabilities was HK$150.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.2 Mil.
Net Income was HK$84.0 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$73.1 Mil.

Total Receivables was HK$37.0 Mil.
Revenue was HK$247.6 Mil.
Gross Profit was HK$115.7 Mil.
Total Current Assets was HK$494.7 Mil.
Total Assets was HK$536.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$25.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$8.2 Mil.
Total Current Liabilities was HK$152.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.4 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)
	=	(34.845 / 252.73)	/	(36.967 / 247.625)
	=	0.137874	/	0.149286
	=	0.9236

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)
	=	(115.694 / 247.625)	/	(123.05 / 252.73)
	=	0.467215	/	0.486883
	=	0.9596

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 - (498.243 + 24.455) / 538.648)	/	(1 - (494.698 + 25.583) / 536.137)
	=	0.029611	/	0.029575
	=	1.0012

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
	=	252.73	/	247.625
	=	1.0206

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))
	=	(9.348 / (9.348 + 25.583))	/	(8.519 / (8.519 + 24.455))
	=	0.267613	/	0.258355
	=	1.0358

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)
	=	(10.272 / 252.73)	/	(8.241 / 247.625)
	=	0.040644	/	0.03328
	=	1.2213

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)
	=	((0.231 + 150.924) / 538.648)	/	((0.392 + 152.571) / 536.137)
	=	0.280619	/	0.285306
	=	0.9836

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
	=	(84.026 - 0	-	73.07)	/	538.648
	=	0.02034

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.

Tradelink Electronic Commerce has a M-score of -2.49 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 -2.49 mean?

Tradelink Electronic Commerce (HKSE:00536) has a Beneish M-Score of -2.49 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tradelink Electronic Commerce and its competitors. According to the industry distribution chart, Tradelink Electronic Commerce ranks #1402 out of 2631 companies in the Software industry, placing it in the top 53.3%.

Is Tradelink Electronic Commerce's Beneish M-Score too high?

Tradelink Electronic Commerce's current Beneish M-Score is -2.49. Based on the distribution chart, Tradelink Electronic Commerce ranks #1402 out of 2631 companies in the Software industry, which is below the industry midpoint. Overall, Tradelink Electronic Commerce has a GF Score™ of 57/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Tradelink Electronic Commerce's Beneish M-Score compare to UBER and SHOP?

According to the Software industry distribution chart, Tradelink Electronic Commerce ranks #1402 out of 2631 companies for Beneish M-Score. This places Tradelink Electronic Commerce 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 Software company?

A good Beneish M-Score depends on the Software 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 Tradelink Electronic Commerce and its competitors. Tradelink Electronic Commerce's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Tradelink Electronic Commerce stock overvalued right now?

Based on GuruFocus' analysis, Tradelink Electronic Commerce (HKSE:00536) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.88, compared to a current price of HK$1.13 — trading 28.4% above its estimated fair value. The current Beneish M-Score is -2.49. Tradelink Electronic Commerce's overall GF Score™ is 57/100 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 Tradelink Electronic Commerce (HKSE:00536), the current Beneish M-Score is -2.49 as of Jul. 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 Tradelink Electronic Commerce (HKSE:00536) Overvalued in 2026?

Based on GuruFocus' analysis, Tradelink Electronic Commerce stock appears to be overvalued. The current stock price of HK$1.13 is trading 28.4% above its estimated GF Value™ of HK$0.88. GuruFocus considers Tradelink Electronic Commerce to be Modestly Overvalued.

Key valuation signals for HKSE:00536:

Beneish M-Score: -2.49
GF Value™: HK$0.88 vs. price of HK$1.13 (28.4% above fair value)
GF Score™: 57/100 with 8 warning signs

No single metric tells the full story. See the HKSE:00536 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tradelink Electronic Commerce Business Description

Industry Technology Software

Comparable Companies HKSE:01450 HKSE:00418 HKSE:06959 HKSE:02392 HKSE:01808 HKSE:01588 HKSE:08205 HKSE:08635 HKSE:09600 HKSE:08156 XTER:SAP UBER SHOP CRM CDNS NOW ADP SNOW DDOG ADBE

Other Exchanges T2E:Germany

Address 63 Wo Yi Hop Road, 11th Floor and 12th Floor, Tower B, Regent Centre, Kwai Chung, Hong Kong, HKG

Website https://www.tradelink.com.hk

Tradelink Electronic Commerce Ltd is mainly engaged in the provision of Government Electronic Trading Services (GETS) for processing certain official trade-related documents. It operates in the following segments: E-commerce, which accounts for the majority of revenue; Identity Management; and Other Services. The E-commerce segment is engaged in providing the group's Government Electronic Trading Services and supply chain solutions. The Identity Management segment provides security products, digital certificates, security solutions, and biometric-based authentication solutions for identity management. The Other Services segment comprises handling fees for the conversion of the paper form to electronic messages, income from the provision of technical support, and other project services.

57GF Score

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

HK$1.13

Price

HK$0.88

GF Value

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