Public Financial Holdings (HKSE:00626) Beneish M-Score: -2.03 (As of Aug. 19, 2026)

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HKSE:00626 Public Financial Holdings Ltd HKSE:00626
58 GF Score
Price HK$1.55
GF Value HK$1.52
Valuation Fairly Valued
! 2 Warning Signs
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What is Public Financial Holdings Beneish M-Score?

Public Financial Holdings HKSE:00626 +7.64% 58 Beneish M-Score is -2.03 as of Aug. 19, 2026. GuruFocus rates HKSE:00626 with a GF Score™ of 58/100 and a GF Value™ of HK$1.52 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,392 Banks companies, Public Financial Holdings ranks worse than 90.37% 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 -2.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00626' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23   Med: -2.56   Max: -2.03
Current: -2.03

During the past 13 years, the highest Beneish M-Score of Public Financial Holdings was -2.03. The lowest was -3.23. And the median was -2.56.

HKSE:00626
58GF Score
Public Financial Holdings Ltd HKSE:00626
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Public 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 Public 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 * 0.9967+0.892 * 1.1511+0.115 * 1.125
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0194+4.679 * 0.058195-0.327 * 0.8939
=-2.03

* 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$1,364 Mil.
Gross Profit was HK$1,364 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$43,101 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,114 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$104 Mil.
Selling, General, & Admin. Expense(SGA) was HK$91 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,544 Mil.
Net Income was HK$80 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-2,429 Mil.
 Total Receivables was HK$0 Mil.
Revenue was HK$1,185 Mil.
Gross Profit was HK$1,185 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$42,844 Mil.
Property, Plant and Equipment(Net PPE) was HK$970 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$103 Mil.
Selling, General, & Admin. Expense(SGA) was HK$78 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,717 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 / 1363.731) / (0 / 1184.738)
=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)
=(1184.738 / 1184.738) / (1363.731 / 1363.731)
=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 + 1114.158) / 43101.451) / (1 - (0 + 970.418) / 42843.996)
=0.97415 / 0.97735
=0.9967

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
=1363.731 / 1184.738
=1.1511

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))
=(103.146 / (103.146 + 970.418)) / (104.032 / (104.032 + 1114.158))
=0.096078 / 0.085399
=1.125

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)
=(91.39 / 1363.731) / (77.887 / 1184.738)
=0.067015 / 0.065742
=1.0194

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)
=((1543.671 + 0) / 43101.451) / ((1716.503 + 0) / 42843.996)
=0.035815 / 0.040064
=0.8939

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
=(79.654 - 0 - -2428.632) / 43101.451
=0.058195

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.

Public Financial Holdings has a M-score of -2.03 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 -2.03 mean?
Public Financial Holdings (HKSE:00626) has a Beneish M-Score of -2.03 as of Aug. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Public Financial Holdings and its competitors. According to the industry distribution chart, Public Financial Holdings ranks #1258 out of 1392 companies in the Banks industry, placing it in the top 90.4%.
Is Public Financial Holdings' Beneish M-Score too high?
Public Financial Holdings' current Beneish M-Score is -2.03. Based on the distribution chart, Public Financial Holdings ranks #1258 out of 1392 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Public Financial Holdings has a GF Score™ of 58/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Public Financial Holdings' Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Public Financial Holdings ranks #1258 out of 1392 companies for Beneish M-Score. This places Public 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 Public Financial Holdings and its competitors. Public Financial Holdings's current Beneish M-Score is -2.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Public Financial Holdings stock overvalued right now?
Based on GuruFocus' analysis, Public Financial Holdings (HKSE:00626) is currently considered Fairly Valued. The stock's GF Value™ is HK$1.52, compared to a current price of HK$1.55 — trading 2% above its estimated fair value. The current Beneish M-Score is -2.03. Public Financial Holdings' overall GF Score™ is 58/100 with 2 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 Public Financial Holdings (HKSE:00626), the current Beneish M-Score is -2.03 as of Aug. 19, 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 Public Financial Holdings (HKSE:00626) Overvalued in 2026?

Based on GuruFocus' analysis, Public Financial Holdings stock appears to be overvalued. The current stock price of HK$1.55 is trading 2% above its estimated GF Value™ of HK$1.52. GuruFocus considers Public Financial Holdings to be Fairly Valued.

Key valuation signals for HKSE:00626:

  • Beneish M-Score: -2.03
  • GF Value™: HK$1.52 vs. price of HK$1.55 (2% above fair value)
  • GF Score™: 58/100 with 2 warning signs

No single metric tells the full story. See the HKSE:00626 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Public Financial Holdings Business Description

Address 120 Des Voeux Road Central, 2nd Floor, Public Bank Centre, Central, Hong Kong, HKG
Public Financial Holdings Ltd is principally engaged in the provision of a range of banking and financial services, stockbroking, the letting of investment properties, the provision of financing to purchasers of taxis and public light buses, the trading of taxi cabs and taxi licences, and the leasing of taxis. The company has three main segments: i) retail and commercial banking businesses; ii) wealth management services, stockbroking and securities management; and iii) other businesses. The majority of the company's revenue is derived from the Retail and Commercial Banking segment, which offers deposit accounts, lending, leasing, business and vehicle financing, foreign exchange, and cash and risk management services.
58GF Score

Get the complete analysis for HKSE:00626

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

HK$1.55
Price
HK$1.52
GF Value