Aeon Credit Service (Asia) Co (HKSE:00900) Beneish M-Score: -2.19 (As of Jul. 30, 2026)

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HKSE:00900 Aeon Credit Service (Asia) Co Ltd HKSE:00900
77 GF Score
Price HK$8.76
GF Value HK$7.87
Valuation Modestly Overvalued
! 7 Warning Signs
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What is Aeon Credit Service (Asia) Co Beneish M-Score?

Aeon Credit Service (Asia) Co HKSE:00900 -1.02% 77 Beneish M-Score is -2.19 as of Jul. 30, 2026. GuruFocus rates HKSE:00900 with a GF Score™ of 77/100 and a GF Value™ of HK$7.87 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 488 Credit Services companies, Aeon Credit Service (Asia) Co ranks better than 50.61% 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 -2.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Aeon Credit Service (Asia) Co's Beneish M-Score or its related term are showing as below:

HKSE:00900' s Beneish M-Score Range Over the Past 10 Years
Min: -2.39   Med: -2.23   Max: 0.92
Current: -2.19

During the past 13 years, the highest Beneish M-Score of Aeon Credit Service (Asia) Co was 0.92. The lowest was -2.39. And the median was -2.23.

HKSE:00900
77GF Score
Aeon Credit Service (Asia) Co Ltd HKSE:00900
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Aeon Credit Service (Asia) Co 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 Aeon Credit Service (Asia) Co 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 * 1.0091+0.892 * 1.0534+0.115 * 0.8535
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9736+4.679 * 0.05255-0.327 * 0.9805
=-2.19

* 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 (May26) TTM:Last Year (May25) TTM:
Total Receivables was HK$0 Mil.
Revenue was 451.419 + 451.047 + 432.933 + 432.532 = HK$1,768 Mil.
Gross Profit was 451.419 + 451.047 + 432.933 + 432.532 = HK$1,768 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$8,384 Mil.
Property, Plant and Equipment(Net PPE) was HK$220 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$105 Mil.
Selling, General, & Admin. Expense(SGA) was HK$343 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,322 Mil.
Net Income was 135.977 + 115.496 + 119.103 + 124.275 = HK$495 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 191.257 + -70.037 + -16.529 + -50.447 = HK$54 Mil.
 Total Receivables was HK$0 Mil.
Revenue was 414.8 + 446.146 + 413.664 + 403.622 = HK$1,678 Mil.
Gross Profit was 414.8 + 446.146 + 413.664 + 403.622 = HK$1,678 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$7,917 Mil.
Property, Plant and Equipment(Net PPE) was HK$278 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$105 Mil.
Selling, General, & Admin. Expense(SGA) was HK$334 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,199 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 / 1767.931) / (0 / 1678.232)
=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)
=(1678.232 / 1678.232) / (1767.931 / 1767.931)
=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 + 220.275) / 8384.479) / (1 - (0 + 277.583) / 7917.463)
=0.973728 / 0.96494
=1.0091

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
=1767.931 / 1678.232
=1.0534

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))
=(105.363 / (105.363 + 277.583)) / (104.782 / (104.782 + 220.275))
=0.275138 / 0.32235
=0.8535

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)
=(342.68 / 1767.931) / (334.103 / 1678.232)
=0.193831 / 0.19908
=0.9736

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)
=((3322.006 + 0) / 8384.479) / ((3199.249 + 0) / 7917.463)
=0.396209 / 0.404075
=0.9805

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
=(494.851 - 0 - 54.244) / 8384.479
=0.05255

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.

Aeon Credit Service (Asia) Co has a M-score of -2.19 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 -2.19 mean?
Aeon Credit Service (Asia) Co (HKSE:00900) has a Beneish M-Score of -2.19 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aeon Credit Service (Asia) Co and its competitors. According to the industry distribution chart, Aeon Credit Service (Asia) Co ranks #241 out of 488 companies in the Credit Services industry, placing it in the top 49.4%.
Is Aeon Credit Service (Asia) Co's Beneish M-Score too high?
Aeon Credit Service (Asia) Co's current Beneish M-Score is -2.19. Based on the distribution chart, Aeon Credit Service (Asia) Co ranks #241 out of 488 companies in the Credit Services industry, which is above the industry midpoint. Overall, Aeon Credit Service (Asia) Co has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Aeon Credit Service (Asia) Co's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Aeon Credit Service (Asia) Co ranks #241 out of 488 companies for Beneish M-Score. This puts Aeon Credit Service (Asia) Co 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 Aeon Credit Service (Asia) Co and its competitors. Aeon Credit Service (Asia) Co's current Beneish M-Score is -2.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aeon Credit Service (Asia) Co stock overvalued right now?
Based on GuruFocus' analysis, Aeon Credit Service (Asia) Co (HKSE:00900) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$7.87, compared to a current price of HK$8.76 — trading 11.3% above its estimated fair value. The current Beneish M-Score is -2.19. Aeon Credit Service (Asia) Co's overall GF Score™ is 77/100 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 Aeon Credit Service (Asia) Co (HKSE:00900), the current Beneish M-Score is -2.19 as of Jul. 30, 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 Aeon Credit Service (Asia) Co (HKSE:00900) Overvalued in 2026?

Based on GuruFocus' analysis, Aeon Credit Service (Asia) Co stock appears to be overvalued. The current stock price of HK$8.76 is trading 11.3% above its estimated GF Value™ of HK$7.87. GuruFocus considers Aeon Credit Service (Asia) Co to be Modestly Overvalued.

Key valuation signals for HKSE:00900:

  • Beneish M-Score: -2.19
  • GF Value™: HK$7.87 vs. price of HK$8.76 (11.3% above fair value)
  • GF Score™: 77/100 with 7 warning signs

No single metric tells the full story. See the HKSE:00900 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Aeon Credit Service (Asia) Co Business Description

Address 132 Nathan Road, 20th Floor, Mira Place Tower A, Tsimshatsui, Kowloon, Hong Kong, HKG
Aeon Credit Service (Asia) Co Ltd is engaged in the consumer finance business, which includes the issuance of credit cards and the provision of personal loan financing, card payment processing services, insurance intermediary business and microfinance business. The Group is principally engaged in the provision of financial services, which includes the issuance of credit cards and the provision of personal loan financing, payment processing services, insurance intermediary business, and microfinance business. The Group operates across three primary segments: credit cards, personal loans, and insurance intermediary services. The company generates majority of revenue from Credit cards. The company has presence in Hong Kong, Chinese Mainland.
77GF Score

Get the complete analysis for HKSE:00900

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

HK$8.76
Price
HK$7.87
GF Value