Travel Expert (Asia) Enterprises (HKSE:01235) Beneish M-Score: -2.45 (As of Jul. 06, 2026)


HKSE:01235 Travel Expert (Asia) Enterprises Ltd HKSE:01235
44 GF Score
Price HK$0.19
GF Value HK$0.40
Valuation Significantly Undervalued
! 8 Warning Signs
View Full Analysis

What is Travel Expert (Asia) Enterprises Beneish M-Score?

Travel Expert (Asia) Enterprises HKSE:01235 44 Beneish M-Score is -2.45 as of Jul. 06, 2026. GuruFocus rates HKSE:01235 with a GF Score™ of 44/100 and a GF Value™ of HK$0.40 (Significantly Undervalued). The stock has 8 warning signs investors should review. Among 823 Travel & Leisure companies, Travel Expert (Asia) Enterprises ranks worse than 64.88% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Travel Expert (Asia) Enterprises's Beneish M-Score or its related term are showing as below:

HKSE:01235' s Beneish M-Score Range Over the Past 10 Years
Min: -2.49   Med: -1.49   Max: 7.93
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Travel Expert (Asia) Enterprises was 7.93. The lowest was -2.49. And the median was -1.49.

Travel Expert (Asia) Enterprises Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Travel Expert (Asia) Enterprises'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.

Travel Expert (Asia) Enterprises Beneish M-Score Chart

Travel Expert (Asia) Enterprises 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 -1.81 -1.16 -0.42 -2.45 0.00

Travel Expert (Asia) Enterprises 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 -0.42 0.00 -2.45 0.00 0.00

HKSE:01235 vs BKNG, ABNB, RCL: Beneish M-Score Comparison

For the Travel Services subindustry, Travel Expert (Asia) Enterprises'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.

Travel Expert (Asia) Enterprises Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Travel Expert (Asia) Enterprises's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Travel Expert (Asia) Enterprises's Beneish M-Score falls into.


HKSE:01235
44GF Score
Travel Expert (Asia) Enterprises Ltd HKSE:01235
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Travel Expert (Asia) Enterprises 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 Travel Expert (Asia) Enterprises 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 * 0.7975+0.528 * 1.2823+0.404 * 1.0419+0.892 * 1.6249+0.115 * 0.7349
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7992+4.679 * -0.103747-0.327 * 1.0897
=-2.45

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was HK$30.9 Mil.
Revenue was HK$255.2 Mil.
Gross Profit was HK$86.0 Mil.
Total Current Assets was HK$141.8 Mil.
Total Assets was HK$161.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$12.2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$79.3 Mil.
Total Current Liabilities was HK$92.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3.7 Mil.
Net Income was HK$3.4 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$20.2 Mil.
 Total Receivables was HK$23.9 Mil.
Revenue was HK$157.1 Mil.
Gross Profit was HK$67.9 Mil.
Total Current Assets was HK$130.0 Mil.
Total Assets was HK$153.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$16.1 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$61.1 Mil.
Total Current Liabilities was HK$75.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$8.0 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)
=(30.933 / 255.244) / (23.872 / 157.085)
=0.12119 / 0.151969
=0.7975

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)
=(67.868 / 157.085) / (85.997 / 255.244)
=0.432046 / 0.336921
=1.2823

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 - (141.787 + 12.236) / 161.855) / (1 - (130.013 + 16.096) / 153.225)
=0.048389 / 0.046442
=1.0419

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
=255.244 / 157.085
=1.6249

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))
=(7.262 / (7.262 + 16.096)) / (8.972 / (8.972 + 12.236))
=0.3109 / 0.423048
=0.7349

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)
=(79.341 / 255.244) / (61.096 / 157.085)
=0.310844 / 0.388936
=0.7992

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)
=((3.66 + 92.755) / 161.855) / ((8.005 + 75.754) / 153.225)
=0.595687 / 0.546641
=1.0897

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
=(3.374 - 0 - 20.166) / 161.855
=-0.103747

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.

Travel Expert (Asia) Enterprises has a M-score of -2.45 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 -2.45 mean?
Travel Expert (Asia) Enterprises (HKSE:01235) has a Beneish M-Score of -2.45 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Travel Expert (Asia) Enterprises and its competitors. According to the industry distribution chart, Travel Expert (Asia) Enterprises ranks #534 out of 823 companies in the Travel & Leisure industry, placing it in the top 64.9%.
Is Travel Expert (Asia) Enterprises' Beneish M-Score too high?
Travel Expert (Asia) Enterprises' current Beneish M-Score is -2.45. Based on the distribution chart, Travel Expert (Asia) Enterprises ranks #534 out of 823 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Travel Expert (Asia) Enterprises has a GF Score™ of 44/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Travel Expert (Asia) Enterprises' Beneish M-Score compare to BKNG and ABNB?
According to the Travel & Leisure industry distribution chart, Travel Expert (Asia) Enterprises ranks #534 out of 823 companies for Beneish M-Score. This places Travel Expert (Asia) Enterprises in the lower 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Travel Expert (Asia) Enterprises and its competitors. Travel Expert (Asia) Enterprises's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Travel Expert (Asia) Enterprises stock overvalued right now?
Based on GuruFocus' analysis, Travel Expert (Asia) Enterprises (HKSE:01235) is currently considered Significantly Undervalued. The stock's GF Value™ is HK$0.40, compared to a current price of HK$0.19 — trading 53% below its estimated fair value. The current Beneish M-Score is -2.45. Travel Expert (Asia) Enterprises' overall GF Score™ is 44/100 with 8 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 Travel Expert (Asia) Enterprises (HKSE:01235), the current Beneish M-Score is -2.45 as of Jul. 06, 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 Travel Expert (Asia) Enterprises (HKSE:01235) Overvalued in 2026?

Based on GuruFocus' analysis, Travel Expert (Asia) Enterprises stock appears to be undervalued. The current stock price of HK$0.19 is trading 53% below its estimated GF Value™ of HK$0.40. GuruFocus considers Travel Expert (Asia) Enterprises to be Significantly Undervalued.

Key valuation signals for HKSE:01235:

  • Beneish M-Score: -2.45
  • GF Value™: HK$0.40 vs. price of HK$0.19 (53% below fair value)
  • GF Score™: 44/100 with 8 warning signs

No single metric tells the full story. See the HKSE:01235 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Travel Expert (Asia) Enterprises Business Description

Address No. 160 Gloucester Road, 5th Floor, Overseas Trust Bank Building, Wanchai, Hong Kong, HKG
Travel Expert (Asia) Enterprises Ltd is an investment holding company. It is engaged in the provision of services relating to sales of travel-related products, sales of package tours, food and beverage, and investment in treasury activities. It derives the majority of its revenue from the Sales of package tours. Geographically, it operates from Hong Kong and the PRC. The group generates the majority of its revenue from Hong Kong.
44GF Score

Get the complete analysis for HKSE:01235

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

HK$0.19
Price
HK$0.40
GF Value