Zhidao International (Holdings) (HKSE:01220) Beneish M-Score: 0.00 (As of Jul. 07, 2026)


What is Zhidao International (Holdings) Beneish M-Score?

Zhidao International (Holdings) HKSE:01220 Beneish M-Score is 0.00 as of Jul. 07, 2026.

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 Zhidao International (Holdings)'s Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Zhidao International (Holdings) was 0.00. The lowest was 0.00. And the median was 0.00.

Zhidao International (Holdings) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Zhidao International (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.

Zhidao International (Holdings) Beneish M-Score Chart

Zhidao International (Holdings) Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.08 -1.73 -1.36 -1.78 -4.31

Zhidao International (Holdings) Semi-Annual Data
Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24
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 0.00 -1.78 0.00 -4.31 0.00

HKSE:01220 vs AA: Beneish M-Score Comparison

For the Aluminum subindustry, Zhidao International (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.

Zhidao International (Holdings) Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Zhidao International (Holdings)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Zhidao International (Holdings)'s Beneish M-Score falls into.


Zhidao International (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 Zhidao International (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 * 2.3686+0.528 * -0.9013+0.404 * 0.8075+0.892 * 0.346+0.115 * 1.0011
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.5926+4.679 * -0.23098-0.327 * 1.2104
=-4.31

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was HK$194.24 Mil.
Revenue was HK$84.56 Mil.
Gross Profit was HK$-9.72 Mil.
Total Current Assets was HK$266.78 Mil.
Total Assets was HK$308.47 Mil.
Property, Plant and Equipment(Net PPE) was HK$10.44 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.76 Mil.
Selling, General, & Admin. Expense(SGA) was HK$14.10 Mil.
Total Current Liabilities was HK$112.72 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2.90 Mil.
Net Income was HK$-85.46 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-14.21 Mil.
 Total Receivables was HK$236.98 Mil.
Revenue was HK$244.35 Mil.
Gross Profit was HK$25.31 Mil.
Total Current Assets was HK$344.63 Mil.
Total Assets was HK$409.22 Mil.
Property, Plant and Equipment(Net PPE) was HK$13.25 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.97 Mil.
Selling, General, & Admin. Expense(SGA) was HK$15.71 Mil.
Total Current Liabilities was HK$121.61 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5.10 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)
=(194.24 / 84.555) / (236.981 / 244.346)
=2.297203 / 0.969858
=2.3686

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)
=(25.307 / 244.346) / (-9.716 / 84.555)
=0.10357 / -0.114907
=-0.9013

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 - (266.776 + 10.443) / 308.472) / (1 - (344.625 + 13.251) / 409.219)
=0.101316 / 0.125466
=0.8075

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
=84.555 / 244.346
=0.346

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))
=(0.968 / (0.968 + 13.251)) / (0.762 / (0.762 + 10.443))
=0.068078 / 0.068005
=1.0011

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)
=(14.098 / 84.555) / (15.714 / 244.346)
=0.166732 / 0.06431
=2.5926

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)
=((2.898 + 112.715) / 308.472) / ((5.103 + 121.613) / 409.219)
=0.374793 / 0.309653
=1.2104

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
=(-85.461 - 0 - -14.21) / 308.472
=-0.23098

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.

Zhidao International (Holdings) has a M-score of -4.31 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 0.00 mean?
Zhidao International (Holdings) (HKSE:01220) has a Beneish M-Score of 0.00 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zhidao International (Holdings) and its competitors.
Is Zhidao International (Holdings)'s Beneish M-Score too high?
Zhidao International (Holdings)'s current Beneish M-Score is 0.00.
How does Zhidao International (Holdings)'s Beneish M-Score compare to AA?
Zhidao International (Holdings)'s Beneish M-Score of 0.00 can be compared against companies in the Metals & Mining 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 Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 Zhidao International (Holdings) and its competitors. Zhidao International (Holdings)'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 Zhidao International (Holdings) stock overvalued right now?
Zhidao International (Holdings) (HKSE:01220) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. 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 Zhidao International (Holdings) (HKSE:01220), the current Beneish M-Score is 0.00 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.

Zhidao International (Holdings) Business Description

Address 302-308 Hennessy Road, Room 2606, 26th Floor, C C Wu Building, Wan Chai, Hong Kong, HKG
Zhidao International (Holdings) Ltd trades and supplies aluminum products. Its segments include trading of aluminum products, construction projects, and money lending. The company generates maximum revenue from the construction projects segment. The construction projects segment includes a supply of aluminum products in construction projects and an extension to the provision of construction and engineering services. Geographically, it derives a majority of its revenue from Macau.