Shenzhen HQVT Technology Co (HKSE:01392) Beneish M-Score: -1.39 (As of Aug. 27, 2026)

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HKSE:01392 Shenzhen HQVT Technology Co Ltd HKSE:01392
17 GF Score
Price HK$25.54
! 4 Warning Signs
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What is Shenzhen HQVT Technology Co Beneish M-Score?

Shenzhen HQVT Technology Co HKSE:01392 -1.54% 17 Beneish M-Score is -1.39 as of Aug. 27, 2026. GuruFocus rates HKSE:01392 with a GF Score™ of 17/100. The stock has 4 warning signs investors should review. Among 2,640 Software companies, Shenzhen HQVT Technology Co ranks worse than 86.25% 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.

Warning Sign:

Beneish M-Score -1.39 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Shenzhen HQVT Technology Co's Beneish M-Score or its related term are showing as below:

HKSE:01392' s Beneish M-Score Range Over the Past 10 Years
Min: -1.39   Med: -1.39   Max: -1.39
Current: -1.39

During the past 3 years, the highest Beneish M-Score of Shenzhen HQVT Technology Co was -1.39. The lowest was -1.39. And the median was -1.39.

Shenzhen HQVT Technology Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shenzhen HQVT Technology Co'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.

Shenzhen HQVT Technology Co Beneish M-Score Chart

Shenzhen HQVT Technology Co Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.39

Shenzhen HQVT Technology Co Semi-Annual Data
Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -1.39

HKSE:01392 vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Shenzhen HQVT Technology Co'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.

Shenzhen HQVT Technology Co Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Shenzhen HQVT Technology Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shenzhen HQVT Technology Co's Beneish M-Score falls into.


HKSE:01392
17GF Score
Shenzhen HQVT Technology Co Ltd HKSE:01392
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shenzhen HQVT Technology Co 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 Shenzhen HQVT Technology Co 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 * 0.9884+0.528 * 0.8407+0.404 * 0.9702+0.892 * 1.3237+0.115 * 0.876
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2459+4.679 * 0.220017-0.327 * 1.185
=-1.39

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was HK$201.8 Mil.
Revenue was HK$738.5 Mil.
Gross Profit was HK$165.0 Mil.
Total Current Assets was HK$630.5 Mil.
Total Assets was HK$799.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$40.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$23.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$15.9 Mil.
Total Current Liabilities was HK$338.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$61.6 Mil.
Net Income was HK$32.4 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-143.5 Mil.
 Total Receivables was HK$154.2 Mil.
Revenue was HK$557.9 Mil.
Gross Profit was HK$104.8 Mil.
Total Current Assets was HK$322.7 Mil.
Total Assets was HK$432.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$38.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$18.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$9.6 Mil.
Total Current Liabilities was HK$174.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$8.4 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)
=(201.766 / 738.53) / (154.219 / 557.931)
=0.273199 / 0.276412
=0.9884

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)
=(104.812 / 557.931) / (165.037 / 738.53)
=0.187858 / 0.223467
=0.8407

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 - (630.495 + 40.592) / 799.702) / (1 - (322.677 + 38.263) / 432.666)
=0.160829 / 0.165777
=0.9702

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
=738.53 / 557.931
=1.3237

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))
=(18.416 / (18.416 + 38.263)) / (23.935 / (23.935 + 40.592))
=0.324918 / 0.37093
=0.876

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)
=(15.9 / 738.53) / (9.641 / 557.931)
=0.021529 / 0.01728
=1.2459

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)
=((61.575 + 337.999) / 799.702) / ((8.442 + 173.986) / 432.666)
=0.499654 / 0.421637
=1.185

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
=(32.428 - 0 - -143.52) / 799.702
=0.220017

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.

Shenzhen HQVT Technology Co has a M-score of -1.39 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.39 mean?
Shenzhen HQVT Technology Co (HKSE:01392) has a Beneish M-Score of -1.39 as of Aug. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shenzhen HQVT Technology Co and its competitors. According to the industry distribution chart, Shenzhen HQVT Technology Co ranks #2277 out of 2640 companies in the Software industry, placing it in the top 86.2%.
Is Shenzhen HQVT Technology Co's Beneish M-Score too high?
Shenzhen HQVT Technology Co's current Beneish M-Score is -1.39. Based on the distribution chart, Shenzhen HQVT Technology Co ranks #2277 out of 2640 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Shenzhen HQVT Technology Co has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Shenzhen HQVT Technology Co's Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Shenzhen HQVT Technology Co ranks #2277 out of 2640 companies for Beneish M-Score. This places Shenzhen HQVT Technology Co 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 Software company?
A good Beneish M-Score depends on the Software 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 Shenzhen HQVT Technology Co and its competitors. Shenzhen HQVT Technology Co's current Beneish M-Score is -1.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shenzhen HQVT Technology Co stock overvalued right now?
Shenzhen HQVT Technology Co (HKSE:01392) has a current Beneish M-Score of -1.39. The current Beneish M-Score is -1.39. Shenzhen HQVT Technology Co's overall GF Score™ is 17/100 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 Shenzhen HQVT Technology Co (HKSE:01392), the current Beneish M-Score is -1.39 as of Aug. 27, 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.

Shenzhen HQVT Technology Co Business Description

Address Xixiang Street, Bao’an District, 3rd Floor, Building 8, Taihua Wutong Industrial Park, Gushu Development Zone, Shenzhen, CHN
Shenzhen HQVT Technology Co Ltd operates as a multispectral AI technology enterprise in China. The company and its subsidiaries are principally engaged in Multispectral AI Modules, Multispectral AI Perception Terminals, and Multispectral AI Large Model Services. The majority of the company's revenue is derived from the Multispectral AI Large Model Services, which integrate multispectral data with domain-specific AI to support training, compression, and secure on-device deployment. It serves various industries, including electronic products, software and information technology services, IDC, intelligent driving systems, telecommunication operators, IoT, system integration, and construction. Geographically, it generates the maximum revenue from Mainland China.
17GF 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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