Quali-Smart Holdings (HKSE:01348) Beneish M-Score: -4.87 (As of Jul. 06, 2026)


HKSE:01348 Quali-Smart Holdings Ltd HKSE:01348
37 GF Score
Price HK$0.26
GF Value HK$0.01
Valuation Significantly Overvalued
! 4 Warning Signs
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What is Quali-Smart Holdings Beneish M-Score?

Quali-Smart Holdings HKSE:01348 -7.14% 37 Beneish M-Score is -4.87 as of Jul. 06, 2026. GuruFocus rates HKSE:01348 with a GF Score™ of 37/100 and a GF Value™ of HK$0.01 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 823 Travel & Leisure companies, Quali-Smart Holdings ranks better than 97.81% 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 -4.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Quali-Smart Holdings's Beneish M-Score or its related term are showing as below:

HKSE:01348' s Beneish M-Score Range Over the Past 10 Years
Min: -6.06   Med: -3.44   Max: 2.3
Current: -4.87

During the past 13 years, the highest Beneish M-Score of Quali-Smart Holdings was 2.30. The lowest was -6.06. And the median was -3.44.

Quali-Smart Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Quali-Smart 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.

Quali-Smart Holdings Beneish M-Score Chart

Quali-Smart 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 -2.85 -5.32 -6.06 -4.87 0.00

Quali-Smart 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 -6.06 0.00 -4.87 0.00 0.00

HKSE:01348 vs AS, HAS, LTH: Beneish M-Score Comparison

For the Leisure subindustry, Quali-Smart 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.

Quali-Smart Holdings Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Quali-Smart Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Quali-Smart Holdings's Beneish M-Score falls into.


HKSE:01348
37GF Score
Quali-Smart Holdings Ltd HKSE:01348
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Quali-Smart 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 Quali-Smart 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 * 0.5537+0.528 * 0.484+0.404 * 0.7574+0.892 * 0.4058+0.115 * 1.1114
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.1865+4.679 * -0.181101-0.327 * 1.1257
=-4.87

* 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$5.62 Mil.
Revenue was HK$71.93 Mil.
Gross Profit was HK$23.48 Mil.
Total Current Assets was HK$158.73 Mil.
Total Assets was HK$164.65 Mil.
Property, Plant and Equipment(Net PPE) was HK$5.52 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7.22 Mil.
Selling, General, & Admin. Expense(SGA) was HK$45.98 Mil.
Total Current Liabilities was HK$86.04 Mil.
Long-Term Debt & Capital Lease Obligation was HK$39.75 Mil.
Net Income was HK$-17.87 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$11.95 Mil.
 Total Receivables was HK$25.02 Mil.
Revenue was HK$177.26 Mil.
Gross Profit was HK$28.00 Mil.
Total Current Assets was HK$170.77 Mil.
Total Assets was HK$176.55 Mil.
Property, Plant and Equipment(Net PPE) was HK$5.21 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.87 Mil.
Selling, General, & Admin. Expense(SGA) was HK$51.82 Mil.
Total Current Liabilities was HK$82.68 Mil.
Long-Term Debt & Capital Lease Obligation was HK$37.14 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)
=(5.622 / 71.933) / (25.021 / 177.259)
=0.078156 / 0.141155
=0.5537

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)
=(28.004 / 177.259) / (23.479 / 71.933)
=0.157984 / 0.326401
=0.484

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 - (158.728 + 5.522) / 164.654) / (1 - (170.769 + 5.21) / 176.551)
=0.002454 / 0.00324
=0.7574

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
=71.933 / 177.259
=0.4058

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))
=(8.865 / (8.865 + 5.21)) / (7.222 / (7.222 + 5.522))
=0.62984 / 0.566698
=1.1114

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)
=(45.978 / 71.933) / (51.818 / 177.259)
=0.639178 / 0.292329
=2.1865

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)
=((39.75 + 86.037) / 164.654) / ((37.138 + 82.675) / 176.551)
=0.763947 / 0.678631
=1.1257

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
=(-17.872 - 0 - 11.947) / 164.654
=-0.181101

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.

Quali-Smart Holdings has a M-score of -4.87 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 -4.87 mean?
Quali-Smart Holdings (HKSE:01348) has a Beneish M-Score of -4.87 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Quali-Smart Holdings and its competitors. According to the industry distribution chart, Quali-Smart Holdings ranks #18 out of 823 companies in the Travel & Leisure industry, placing it in the top 2.2%.
Is Quali-Smart Holdings' Beneish M-Score too high?
Quali-Smart Holdings' current Beneish M-Score is -4.87. Based on the distribution chart, Quali-Smart Holdings ranks #18 out of 823 companies in the Travel & Leisure industry, which is in the top quartile — a strong position relative to peers. Overall, Quali-Smart Holdings has a GF Score™ of 37/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Quali-Smart Holdings' Beneish M-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Quali-Smart Holdings ranks #18 out of 823 companies for Beneish M-Score. This places Quali-Smart Holdings in the top 2% 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 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 Quali-Smart Holdings and its competitors. Quali-Smart Holdings's current Beneish M-Score is -4.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Quali-Smart Holdings stock overvalued right now?
Based on GuruFocus' analysis, Quali-Smart Holdings (HKSE:01348) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.01, compared to a current price of HK$0.26 — trading 2500% above its estimated fair value. The current Beneish M-Score is -4.87. Quali-Smart Holdings' overall GF Score™ is 37/100 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 Quali-Smart Holdings (HKSE:01348), the current Beneish M-Score is -4.87 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 Quali-Smart Holdings (HKSE:01348) Overvalued in 2026?

Based on GuruFocus' analysis, Quali-Smart Holdings stock appears to be overvalued. The current stock price of HK$0.26 is trading 2500% above its estimated GF Value™ of HK$0.01. GuruFocus considers Quali-Smart Holdings to be Significantly Overvalued.

Key valuation signals for HKSE:01348:

  • Beneish M-Score: -4.87
  • GF Value™: HK$0.01 vs. price of HK$0.26 (2500% above fair value)
  • GF Score™: 37/100 with 4 warning signs

No single metric tells the full story. See the HKSE:01348 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Quali-Smart Holdings Business Description

Address No. 3 Hoi Shing Road, Tsuen Wan, Workshop C, 19th Floor, TML Tower, New Territories, Hong Kong, HKG
Quali-Smart Holdings Ltd is an investment holding company. The company's operating segment includes the Manufacturing and sales of toys and Financial Services. It generates maximum revenue from the Manufacturing and sales of toys segment. The Financial Services segment includes securities brokerage, underwriting, securities margin financing, investment advisory, corporate finance, and asset management services. Geographically, it derives a majority of its revenue from North America which includes the United States of America and Canada, and also has a presence in the United Kingdom; France; PRC, and Taiwan; Central America, Caribbean, and Mexico; Australia, New Zealand, and Pacific Islands and other countries.
37GF Score

Get the complete analysis for HKSE:01348

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

HK$0.26
Price
HK$0.01
GF Value