Pinestone Capital (HKSE:00804) Beneish M-Score: 0.00 (As of Aug. 14, 2026)

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HKSE:00804 Pinestone Capital Ltd HKSE:00804
52 GF Score
Price HK$13.50
GF Value HK$2.23
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Pinestone Capital Beneish M-Score?

Pinestone Capital HKSE:00804 +10.02% 52 Beneish M-Score is 0.00 as of Aug. 14, 2026. GuruFocus rates HKSE:00804 with a GF Score™ of 52/100 and a GF Value™ of HK$2.23 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 705 Capital Markets companies, Pinestone Capital ranks worse than 141843.83% 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.

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

During the past 12 years, the highest Beneish M-Score of Pinestone Capital was -1.30. The lowest was -7.56. And the median was -2.88.

HKSE:00804
52GF Score
Pinestone Capital Ltd HKSE:00804
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Pinestone Capital 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 Pinestone Capital 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was HK$0.00 Mil.
Revenue was HK$27.57 Mil.
Gross Profit was HK$27.57 Mil.
Total Current Assets was HK$0.00 Mil.
Total Assets was HK$208.86 Mil.
Property, Plant and Equipment(Net PPE) was HK$1.73 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.36 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.00 Mil.
Total Current Liabilities was HK$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1.86 Mil.
Net Income was HK$-17.34 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-45.59 Mil.
 Total Receivables was HK$0.00 Mil.
Revenue was HK$25.08 Mil.
Gross Profit was HK$25.08 Mil.
Total Current Assets was HK$0.00 Mil.
Total Assets was HK$154.87 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.62 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.00 Mil.
Total Current Liabilities was HK$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 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 / 27.572) / (0 / 25.08)
=0 / 0
=

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)
=(25.08 / 25.08) / (27.572 / 27.572)
=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 + 1.726) / 208.862) / (1 - (0 + 0.012) / 154.872)
=0.991736 / 0.999923
=

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
=27.572 / 25.08
=

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))
=(0.619 / (0.619 + 0.012)) / (0.355 / (0.355 + 1.726))
=0.980983 / 0.170591
=

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)
=(0 / 27.572) / (0 / 25.08)
=0 / 0
=

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)
=((1.858 + 0) / 208.862) / ((0 + 0) / 154.872)
=0.008896 / 0
=

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
=(-17.338 - 0 - -45.589) / 208.862
=0.135262

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Pinestone Capital (HKSE:00804) has a Beneish M-Score of 0.00 as of Aug. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pinestone Capital and its competitors. According to the industry distribution chart, Pinestone Capital ranks #999999 out of 705 companies in the Capital Markets industry.
Is Pinestone Capital's Beneish M-Score too high?
Pinestone Capital's current Beneish M-Score is 0.00. Based on the distribution chart, Pinestone Capital ranks #999999 out of 705 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Pinestone Capital has a GF Score™ of 52/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Pinestone Capital's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Pinestone Capital ranks #999999 out of 705 companies for Beneish M-Score. This places Pinestone Capital 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Pinestone Capital and its competitors. Pinestone Capital'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 Pinestone Capital stock overvalued right now?
Based on GuruFocus' analysis, Pinestone Capital (HKSE:00804) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$2.23, compared to a current price of HK$13.50 — trading 505.4% above its estimated fair value. The current Beneish M-Score is 0.00. Pinestone Capital's overall GF Score™ is 52/100 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 Pinestone Capital (HKSE:00804), the current Beneish M-Score is 0.00 as of Aug. 14, 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 Pinestone Capital (HKSE:00804) Overvalued in 2026?

Based on GuruFocus' analysis, Pinestone Capital stock appears to be overvalued. The current stock price of HK$13.50 is trading 505.4% above its estimated GF Value™ of HK$2.23. GuruFocus considers Pinestone Capital to be Significantly Overvalued.

Key valuation signals for HKSE:00804:

  • Beneish M-Score: 0.00
  • GF Value™: HK$2.23 vs. price of HK$13.50 (505.4% above fair value)
  • GF Score™: 52/100 with 4 warning signs

No single metric tells the full story. See the HKSE:00804 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Pinestone Capital Business Description

Address 88 Connaught Road Central, Room 1608, 16th Floor, Nan Fung Tower, Central, Hong Kong, HKG
Pinestone Capital Ltd is an investment holding company principally engaged in the provision of financial services in Hong Kong. The group provides securities brokerage, placing and underwriting services, and securities-backed financing services for individual and corporate clients through its subsidiaries. The group derives its revenue mainly from interest income from financing services, commission income from brokerage services, and placing and underwriting income.
52GF Score

Get the complete analysis for HKSE:00804

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

HK$13.50
Price
HK$2.23
GF Value