Hong Kong Shanghai Alliance Holdings (HKSE:01001) Beneish M-Score: -2.68 (As of Sep. 07, 2026)

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HKSE:01001 Hong Kong Shanghai Alliance Holdings Ltd HKSE:01001
45 GF Score
Price HK$0.39
GF Value HK$0.30
Valuation Modestly Overvalued
! 4 Warning Signs
View Full Analysis

What is Hong Kong Shanghai Alliance Holdings Beneish M-Score?

Hong Kong Shanghai Alliance Holdings HKSE:01001 45 Beneish M-Score is -2.68 as of Sep. 07, 2026. GuruFocus rates HKSE:01001 with a GF Score™ of 45/100 and a GF Value™ of HK$0.30 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 591 Steel companies, Hong Kong Shanghai Alliance Holdings ranks better than 62.44% 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Hong Kong Shanghai Alliance Holdings's Beneish M-Score or its related term are showing as below:

HKSE:01001' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09   Med: -2.54   Max: -1.83
Current: -2.68

During the past 13 years, the highest Beneish M-Score of Hong Kong Shanghai Alliance Holdings was -1.83. The lowest was -3.09. And the median was -2.54.

Hong Kong Shanghai Alliance Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Hong Kong Shanghai Alliance Holdings'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.

Hong Kong Shanghai Alliance Holdings Beneish M-Score Chart

Hong Kong Shanghai Alliance Holdings Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.13 -2.53 -2.96 -2.83 -2.68

Hong Kong Shanghai Alliance Holdings Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
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 Premium Member Only Premium Member Only -2.96 0.00 -2.83 0.00 -2.68

HKSE:01001 vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Hong Kong Shanghai Alliance Holdings'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.

Hong Kong Shanghai Alliance Holdings Beneish M-Score vs Steel Industry

For the Steel industry and Basic Materials sector, Hong Kong Shanghai Alliance Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hong Kong Shanghai Alliance Holdings's Beneish M-Score falls into.


HKSE:01001
45GF Score
Hong Kong Shanghai Alliance Holdings Ltd HKSE:01001
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Hong Kong Shanghai Alliance 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 Hong Kong Shanghai Alliance 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 * 1.0982+0.528 * 0.9814+0.404 * 1.0659+0.892 * 1.0059+0.115 * 1.0908
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0589+4.679 * -0.076055-0.327 * 0.876
=-2.68

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was HK$428 Mil.
Revenue was HK$2,124 Mil.
Gross Profit was HK$356 Mil.
Total Current Assets was HK$816 Mil.
Total Assets was HK$2,544 Mil.
Property, Plant and Equipment(Net PPE) was HK$34 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$17 Mil.
Selling, General, & Admin. Expense(SGA) was HK$176 Mil.
Total Current Liabilities was HK$891 Mil.
Long-Term Debt & Capital Lease Obligation was HK$305 Mil.
Net Income was HK$107 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$300 Mil.
 Total Receivables was HK$388 Mil.
Revenue was HK$2,112 Mil.
Gross Profit was HK$347 Mil.
Total Current Assets was HK$910 Mil.
Total Assets was HK$2,555 Mil.
Property, Plant and Equipment(Net PPE) was HK$49 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$28 Mil.
Selling, General, & Admin. Expense(SGA) was HK$165 Mil.
Total Current Liabilities was HK$1,054 Mil.
Long-Term Debt & Capital Lease Obligation was HK$318 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)
=(428.475 / 2124.294) / (387.87 / 2111.804)
=0.201702 / 0.183668
=1.0982

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)
=(347.166 / 2111.804) / (355.829 / 2124.294)
=0.164393 / 0.167505
=0.9814

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 - (815.767 + 34.141) / 2543.517) / (1 - (910.42 + 48.707) / 2555.378)
=0.665853 / 0.624663
=1.0659

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
=2124.294 / 2111.804
=1.0059

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))
=(27.96 / (27.96 + 48.707)) / (17.147 / (17.147 + 34.141))
=0.364694 / 0.334328
=1.0908

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)
=(175.909 / 2124.294) / (165.14 / 2111.804)
=0.082808 / 0.078199
=1.0589

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)
=((304.68 + 891.315) / 2543.517) / ((317.89 + 1053.742) / 2555.378)
=0.470213 / 0.536763
=0.876

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
=(106.874 - 0 - 300.322) / 2543.517
=-0.076055

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.

Hong Kong Shanghai Alliance Holdings has a M-score of -2.68 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 -2.68 mean?
Hong Kong Shanghai Alliance Holdings (HKSE:01001) has a Beneish M-Score of -2.68 as of Sep. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hong Kong Shanghai Alliance Holdings and its competitors. According to the industry distribution chart, Hong Kong Shanghai Alliance Holdings ranks #222 out of 591 companies in the Steel industry, placing it in the top 37.6%.
Is Hong Kong Shanghai Alliance Holdings' Beneish M-Score too high?
Hong Kong Shanghai Alliance Holdings' current Beneish M-Score is -2.68. Based on the distribution chart, Hong Kong Shanghai Alliance Holdings ranks #222 out of 591 companies in the Steel industry, which is above the industry midpoint. Overall, Hong Kong Shanghai Alliance Holdings has a GF Score™ of 45/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hong Kong Shanghai Alliance Holdings' Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Hong Kong Shanghai Alliance Holdings ranks #222 out of 591 companies for Beneish M-Score. This puts Hong Kong Shanghai Alliance Holdings 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Hong Kong Shanghai Alliance Holdings and its competitors. Hong Kong Shanghai Alliance Holdings's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hong Kong Shanghai Alliance Holdings stock overvalued right now?
Based on GuruFocus' analysis, Hong Kong Shanghai Alliance Holdings (HKSE:01001) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.30, compared to a current price of HK$0.39 — trading 28.3% above its estimated fair value. The current Beneish M-Score is -2.68. Hong Kong Shanghai Alliance Holdings' overall GF Score™ is 45/100 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 Hong Kong Shanghai Alliance Holdings (HKSE:01001), the current Beneish M-Score is -2.68 as of Sep. 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 Hong Kong Shanghai Alliance Holdings (HKSE:01001) Overvalued in 2026?

Based on GuruFocus' analysis, Hong Kong Shanghai Alliance Holdings stock appears to be overvalued. The current stock price of HK$0.39 is trading 28.3% above its estimated GF Value™ of HK$0.30. GuruFocus considers Hong Kong Shanghai Alliance Holdings to be Modestly Overvalued.

Key valuation signals for HKSE:01001:

  • Beneish M-Score: -2.68
  • GF Value™: HK$0.30 vs. price of HK$0.39 (28.3% above fair value)
  • GF Score™: 45/100 with 4 warning signs

No single metric tells the full story. See the HKSE:01001 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Hong Kong Shanghai Alliance Holdings Business Description

Address 41 Lockhart Road, East Town Building, Rooms 1103-05, 11th Floor, Wanchai, Hong Kong, HKG
Hong Kong Shanghai Alliance Holdings Ltd is an investment holding company. The company along with its subsidiaries is engaged in the distribution and processing of construction materials such as steel products; trading of sanitary wares and kitchen cabinets; and property investment and fund management businesses. The company's segment includes: Steel distribution and Processing Business; Building Products Distribution Business; and Property Investment and Fund Management Business. The company generates maximum revenue from the Steels Distribution and Processing Business segment. Geographically the group has its presence in Hong Kong and Mainland China, of which the key revenue is generated from Hong Kong.
45GF Score

Get the complete analysis for HKSE:01001

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

HK$0.39
Price
HK$0.30
GF Value