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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 -4.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Technovator International's Beneish M-Score or its related term are showing as below:
HKSE:01206'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.61 Med: -2.32 Max: -1.98
Current: -4.61
During the past 13 years, the highest Beneish M-Score of Technovator International was -1.98. The lowest was -4.61. And the median was -2.32.
* 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.
HKSE:01206 vs TT, JCI, CARR: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, Technovator International'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.
Technovator International Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Technovator International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Technovator International's Beneish M-Score falls into.
Technovator International 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 Technovator International 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 * 1.0122
+
0.528 * -1.7137
+
0.404 * 1.2348
+
0.892 * 0.8414
+
0.115 * 1.1065
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.6201
+
4.679 * -0.116107
-
0.327 * 1.0643
=
-4.61
* 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))
=
(131.768 / (131.768 + 64.817))
/
(139.873 / (139.873 + 91.038))
=
0.670285
/
0.605744
=
1.1065
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
=
(-545.552 - 0
-
78.065)
/
5371.041
=
-0.116107
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.
Technovator International has a M-score of -4.61 suggests that the company is unlikely to be a manipulator.
Technovator International (HKSE:01206) has a Beneish M-Score of -4.61 as of Aug. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Technovator International and its competitors. According to the industry distribution chart, Technovator International ranks #51 out of 1706 companies in the Construction industry, placing it in the top 3%.
Is Technovator International's Beneish M-Score too high?
Technovator International's current Beneish M-Score is -4.61. Based on the distribution chart, Technovator International ranks #51 out of 1706 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Technovator International has a GF Score™ of 36/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Technovator International's Beneish M-Score compare to TT and JCI?
According to the Construction industry distribution chart, Technovator International ranks #51 out of 1706 companies for Beneish M-Score. This places Technovator International in the top 3% 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 Technovator International and its competitors. Technovator International's current Beneish M-Score is -4.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Technovator International stock overvalued right now?
Based on GuruFocus' analysis, Technovator International (HKSE:01206) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.26, compared to a current price of HK$0.20 — trading 21.5% below its estimated fair value. The current Beneish M-Score is -4.61. Technovator International's overall GF Score™ is 36/100 with 5 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 Technovator International (HKSE:01206), the current Beneish M-Score is -4.61 as of Aug. 21, 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 Technovator International (HKSE:01206) Overvalued in 2026?
Based on GuruFocus' analysis, Technovator International stock appears to be undervalued.
The current stock price of HK$0.20 is trading 21.5% below its estimated GF Value™ of HK$0.26.
GuruFocus considers Technovator International to be Modestly Undervalued.
Key valuation signals for HKSE:01206:
Beneish M-Score: -4.61
GF Value™: HK$0.26 vs. price of HK$0.20 (21.5% below fair value)
No single metric tells the full story. See the HKSE:01206 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Technovator International Ltd is a provider of integrated building automation and energy management systems. It is structured into three business units: Smart transportation business, Smart building and complex business, and Smart energy business. STB comprises a series of proprietary software and hardware products and systems for rail transit. SBB provides integrated intelligence solutions and efficiency management services. SEB comprised a series of technologies such as regional energy planning, integrated utilization of industrial waste heat recovery technology, and heat pump technology. It also offers control security systems for multi-level remote surveillance. The company derives the majority of the revenue from Smart buildings and complexes.
36GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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