Khoon Group (HKSE:00924) Beneish M-Score: -2.94 (As of Jul. 07, 2026)


HKSE:00924 Khoon Group Ltd HKSE:00924
58 GF Score
Price HK$0.13
GF Value HK$0.48
Valuation Significantly Undervalued
! 2 Warning Signs
View Full Analysis

What is Khoon Group Beneish M-Score?

Khoon Group HKSE:00924 58 Beneish M-Score is -2.94 as of Jul. 07, 2026. GuruFocus rates HKSE:00924 with a GF Score™ of 58/100 and a GF Value™ of HK$0.48 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,700 Construction companies, Khoon Group ranks better than 79.29% 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 -2.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00924' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94   Med: -1.77   Max: -0.07
Current: -2.94

During the past 10 years, the highest Beneish M-Score of Khoon Group was -0.07. The lowest was -2.94. And the median was -1.77.

Khoon Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Khoon Group'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.

Khoon Group Beneish M-Score Chart

Khoon Group Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.73 -1.84 -1.81 -2.23 -2.94

Khoon Group Semi-Annual Data
Jun16 Jun17 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.23 0.00 -2.94 0.00

HKSE:00924 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Khoon Group'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.

Khoon Group Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Khoon Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Khoon Group's Beneish M-Score falls into.


HKSE:00924
58GF Score
Khoon Group Ltd HKSE:00924
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Khoon Group 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 Khoon Group 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 * 0.7557+0.528 * 1.2789+0.404 * 1.1153+0.892 * 1.1835+0.115 * 0.6242
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1031+4.679 * -0.11813-0.327 * 0.9249
=-2.94

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was HK$225.4 Mil.
Revenue was HK$475.3 Mil.
Gross Profit was HK$31.5 Mil.
Total Current Assets was HK$289.2 Mil.
Total Assets was HK$293.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$4.1 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$33.3 Mil.
Total Current Liabilities was HK$83.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1.3 Mil.
Net Income was HK$-12.9 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$21.8 Mil.
 Total Receivables was HK$252.0 Mil.
Revenue was HK$401.6 Mil.
Gross Profit was HK$34.0 Mil.
Total Current Assets was HK$297.6 Mil.
Total Assets was HK$302.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$4.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.8 Mil.
Selling, General, & Admin. Expense(SGA) was HK$25.5 Mil.
Total Current Liabilities was HK$91.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2.1 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)
=(225.391 / 475.286) / (252.027 / 401.605)
=0.474222 / 0.627549
=0.7557

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)
=(34.038 / 401.605) / (31.498 / 475.286)
=0.084755 / 0.066272
=1.2789

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 - (289.232 + 4.07) / 293.896) / (1 - (297.637 + 4.732) / 302.918)
=0.002021 / 0.001812
=1.1153

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
=475.286 / 401.605
=1.1835

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))
=(1.814 / (1.814 + 4.732)) / (3.25 / (3.25 + 4.07))
=0.277116 / 0.443989
=0.6242

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)
=(33.31 / 475.286) / (25.515 / 401.605)
=0.070084 / 0.063533
=1.1031

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)
=((1.285 + 82.984) / 293.896) / ((2.051 + 91.857) / 302.918)
=0.286731 / 0.310011
=0.9249

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
=(-12.907 - 0 - 21.811) / 293.896
=-0.11813

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.

Khoon Group has a M-score of -2.94 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 -2.94 mean?
Khoon Group (HKSE:00924) has a Beneish M-Score of -2.94 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Khoon Group and its competitors. According to the industry distribution chart, Khoon Group ranks #352 out of 1700 companies in the Construction industry, placing it in the top 20.7%.
Is Khoon Group's Beneish M-Score too high?
Khoon Group's current Beneish M-Score is -2.94. Based on the distribution chart, Khoon Group ranks #352 out of 1700 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Khoon Group has a GF Score™ of 58/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Khoon Group's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Khoon Group ranks #352 out of 1700 companies for Beneish M-Score. This places Khoon Group in the top 21% of its industry — outperforming the majority of peers. 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Khoon Group and its competitors. Khoon Group's current Beneish M-Score is -2.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Khoon Group stock overvalued right now?
Based on GuruFocus' analysis, Khoon Group (HKSE:00924) is currently considered Significantly Undervalued. The stock's GF Value™ is HK$0.48, compared to a current price of HK$0.13 — trading 73.8% below its estimated fair value. The current Beneish M-Score is -2.94. Khoon Group's 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 Khoon Group (HKSE:00924), the current Beneish M-Score is -2.94 as of Jul. 07, 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 Khoon Group (HKSE:00924) Overvalued in 2026?

Based on GuruFocus' analysis, Khoon Group stock appears to be undervalued. The current stock price of HK$0.13 is trading 73.8% below its estimated GF Value™ of HK$0.48. GuruFocus considers Khoon Group to be Significantly Undervalued.

Key valuation signals for HKSE:00924:

  • Beneish M-Score: -2.94
  • GF Value™: HK$0.48 vs. price of HK$0.13 (73.8% below fair value)
  • GF Score™: 58/100 with 2 warning signs

No single metric tells the full story. See the HKSE:00924 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Khoon Group Business Description

Address Ang Mo Kio Avenue 5, Block 5000, No. 04-01 Techplace II, Singapore, SGP, 569870
Khoon Group Ltd is a mechanical and electrical service provider specializing in providing electrical engineering solutions. The electrical engineering services are widely required in new building developments, redevelopment, and upgrading projects, which involve residential, commercial, and industrial buildings. Under electrical engineering, the company provides services like customization and installation of transmission and distribution systems, lighting systems, air-conditioning and mechanical ventilation systems, underground cable piping systems, and others. Geographically, all of the company's revenue is derived from Singapore.
58GF Score

Get the complete analysis for HKSE:00924

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

HK$0.13
Price
HK$0.48
GF Value