Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Ares AsiaHKSE:00645 36 Beneish M-Score is 0.00 as of Jul. 20, 2026. GuruFocus rates HKSE:00645 with a GF Score™ of 36/100. The stock has 7 warning signs investors should review. Among 120 Other Energy Sources companies, Ares Asia ranks worse than 833332.5% 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.
The historical rank and industry rank for Ares Asia's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Ares Asia was -1.33. The lowest was -6.32. And the median was -2.79.
Ares Asia Beneish M-Score Related Terms
Ares Asia Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Ares Asia'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.
For the Thermal Coal subindustry, Ares Asia'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.
Ares Asia Beneish M-Score vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Ares Asia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ares Asia's Beneish M-Score falls into.
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 Ares Asia 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 *
+
0.528 *
+
0.404 *
+
0.892 *
+
0.115 *
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 *
+
4.679 *
-
0.327 *
=
* 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.
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.
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))
=
(0.055 / (0.055 + 0.25))
/
(1.034 / (1.034 + 1.741))
=
0.180328
/
0.372613
=
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
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
=
(-18.336 - 0
-
-31.907)
/
39.867
=
0.340407
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.
Ares Asia (HKSE:00645) has a Beneish M-Score of 0.00 as of Jul. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ares Asia and its competitors. According to the industry distribution chart, Ares Asia ranks #999999 out of 120 companies in the Other Energy Sources industry.
Is Ares Asia's Beneish M-Score too high?
Ares Asia's current Beneish M-Score is 0.00. Based on the distribution chart, Ares Asia ranks #999999 out of 120 companies in the Other Energy Sources industry, which is in the bottom quartile relative to peers. Overall, Ares Asia has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.
How does Ares Asia's Beneish M-Score compare to competitors?
According to the Other Energy Sources industry distribution chart, Ares Asia ranks #999999 out of 120 companies for Beneish M-Score. This places Ares Asia 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 an Other Energy Sources company?
A good Beneish M-Score depends on the Other Energy Sources 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 Ares Asia and its competitors. Ares Asia's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ares Asia stock overvalued right now?
Ares Asia (HKSE:00645) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Ares Asia's overall GF Score™ is 36/100 with 7 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 Ares Asia (HKSE:00645), the current Beneish M-Score is 0.00 as of Jul. 20, 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.
Ares Asia Ltd is an investment holding company. The group is principally engaged in the business of coal trading, entailing the selling of coal purchased from various countries to Mainland China and other commodities trading, which encompasses supply chain management and risk management service. Its business falls under the primary segment of Coal and other trading. Geographically, the group has a business presence in Mainland China, Hong Kong, and other countries, of which maximum revenue is derived from Mainland China.
36GF Score
Get the complete analysis for HKSE:00645
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
HKSE:00645 has been successfully added to your 
