Wang On Properties (HKSE:01243) Beneish M-Score: -6.79 (As of Aug. 06, 2026)

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What is Wang On Properties Beneish M-Score?

Wang On Properties HKSE:01243 Beneish M-Score is -6.79 as of Aug. 06, 2026. The stock has 4 warning signs investors should review. Among 1,682 Real Estate companies, Wang On Properties ranks better than 98.87% 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 -6.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01243' s Beneish M-Score Range Over the Past 10 Years
Min: -6.79   Med: 4.08   Max: 484.43
Current: -6.79

During the past 13 years, the highest Beneish M-Score of Wang On Properties was 484.43. The lowest was -6.79. And the median was 4.08.

Wang On Properties Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Wang On Properties'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.

Wang On Properties Beneish M-Score Chart

Wang On Properties 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 7.35 42.49 2.11 -0.70 -6.79

Wang On Properties 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 2.11 0.00 -0.70 0.00 -6.79

Wang On Properties Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Wang On Properties'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.

Wang On Properties Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Wang On Properties's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Wang On Properties's Beneish M-Score falls into.


Wang On Properties 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 Wang On Properties 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 * 0.1661+0.528 * -3.0398+0.404 * 1.1199+0.892 * 1.1133+0.115 * 0.801
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7842+4.679 * -0.329456-0.327 * 1.1072
=-6.79

* 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$46 Mil.
Revenue was HK$1,397 Mil.
Gross Profit was HK$-51 Mil.
Total Current Assets was HK$2,152 Mil.
Total Assets was HK$5,572 Mil.
Property, Plant and Equipment(Net PPE) was HK$77 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$16 Mil.
Selling, General, & Admin. Expense(SGA) was HK$312 Mil.
Total Current Liabilities was HK$1,363 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,887 Mil.
Net Income was HK$-914 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$921 Mil.
 Total Receivables was HK$247 Mil.
Revenue was HK$1,255 Mil.
Gross Profit was HK$139 Mil.
Total Current Assets was HK$3,279 Mil.
Total Assets was HK$7,271 Mil.
Property, Plant and Equipment(Net PPE) was HK$96 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$15 Mil.
Selling, General, & Admin. Expense(SGA) was HK$358 Mil.
Total Current Liabilities was HK$1,021 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,809 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)
=(45.734 / 1396.754) / (247.336 / 1254.591)
=0.032743 / 0.197145
=0.1661

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)
=(139.231 / 1254.591) / (-50.993 / 1396.754)
=0.110977 / -0.036508
=-3.0398

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 - (2151.663 + 77.449) / 5572.136) / (1 - (3279.364 + 96.205) / 7270.541)
=0.599954 / 0.53572
=1.1199

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
=1396.754 / 1254.591
=1.1133

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))
=(15.429 / (15.429 + 96.205)) / (16.15 / (16.15 + 77.449))
=0.138211 / 0.172545
=0.801

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)
=(312.197 / 1396.754) / (357.585 / 1254.591)
=0.223516 / 0.285021
=0.7842

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)
=((1887.002 + 1362.609) / 5572.136) / ((2808.732 + 1020.754) / 7270.541)
=0.583189 / 0.526713
=1.1072

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
=(-914.293 - 0 - 921.478) / 5572.136
=-0.329456

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.

Wang On Properties has a M-score of -6.79 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 -6.79 mean?
Wang On Properties (HKSE:01243) has a Beneish M-Score of -6.79 as of Aug. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Wang On Properties and its competitors. According to the industry distribution chart, Wang On Properties ranks #19 out of 1682 companies in the Real Estate industry, placing it in the top 1.1%.
Is Wang On Properties' Beneish M-Score too high?
Wang On Properties' current Beneish M-Score is -6.79. Based on the distribution chart, Wang On Properties ranks #19 out of 1682 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers.
How does Wang On Properties' Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Wang On Properties ranks #19 out of 1682 companies for Beneish M-Score. This places Wang On Properties in the top 1% 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Wang On Properties and its competitors. Wang On Properties's current Beneish M-Score is -6.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Wang On Properties stock overvalued right now?
Based on GuruFocus' analysis, Wang On Properties (HKSE:01243) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.04, compared to a current price of HK$0.03 — trading 17.5% below its estimated fair value. The current Beneish M-Score is -6.79. 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 Wang On Properties (HKSE:01243), the current Beneish M-Score is -6.79 as of Aug. 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.

Wang On Properties Business Description

Address 39 Wang Kwong Road, Suite 3201, 32nd Floor, Skyline Tower, Kowloon Bay, Kowloon, Hong Kong, HKG
Wang On Properties Ltd is engaged in property development and property investment in Hong Kong. The company's business segments are Property development and trading, Asset management segment, and Property investment. The Property development segment, which is the key revenue-driving segment, engages in the development of properties whereas the Property Investment segment engages in the investment in commercial and industrial premises for rental or for sale. The Asset Management segment earns fee income for managing assets on behalf of the group's capital partners via investment vehicles. The company operates its business in Hong Kong. It derives maximum revenue from Property development and trading.