Baguio Green Group (HKSE:01397) Beneish M-Score: -3.21 (As of Jun. 30, 2026)


HKSE:01397 Baguio Green Group Ltd HKSE:01397
51 GF Score
Price HK$0.91
GF Value HK$0.78
Valuation Modestly Overvalued
! 1 Warning Sign
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What is Baguio Green Group Beneish M-Score?

Baguio Green Group HKSE:01397 +1.11% 51 Beneish M-Score is -3.21 as of Jun. 30, 2026. GuruFocus rates HKSE:01397 with a GF Score™ of 51/100 and a GF Value™ of HK$0.78 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 227 Waste Management companies, Baguio Green Group ranks better than 85.9% 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 -3.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Baguio Green Group's Beneish M-Score or its related term are showing as below:

HKSE:01397' s Beneish M-Score Range Over the Past 10 Years
Min: -3.5   Med: -2.76   Max: -2.08
Current: -3.21

During the past 13 years, the highest Beneish M-Score of Baguio Green Group was -2.08. The lowest was -3.50. And the median was -2.76.

Baguio Green Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Baguio Green Group'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.

Baguio Green Group Beneish M-Score Chart

Baguio Green Group Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.06 -2.35 -2.52 -3.32 -3.21

Baguio Green Group Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 -2.52 0.00 -3.32 0.00 -3.21

HKSE:01397 vs WM, RSG, WCN: Beneish M-Score Comparison

For the Waste Management subindustry, Baguio Green Group'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.

Baguio Green Group Beneish M-Score vs Waste Management Industry

For the Waste Management industry and Industrials sector, Baguio Green Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Baguio Green Group's Beneish M-Score falls into.


HKSE:01397
51GF Score
Baguio Green Group Ltd HKSE:01397
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Baguio Green Group 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 Baguio Green Group 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 * 0.8865+0.528 * 0.7609+0.404 * 1.034+0.892 * 0.9314+0.115 * 1.0377
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1916+4.679 * -0.101475-0.327 * 0.8563
=-3.21

* 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$466 Mil.
Revenue was HK$2,425 Mil.
Gross Profit was HK$231 Mil.
Total Current Assets was HK$741 Mil.
Total Assets was HK$999 Mil.
Property, Plant and Equipment(Net PPE) was HK$204 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$73 Mil.
Selling, General, & Admin. Expense(SGA) was HK$135 Mil.
Total Current Liabilities was HK$457 Mil.
Long-Term Debt & Capital Lease Obligation was HK$24 Mil.
Net Income was HK$97 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$199 Mil.
 Total Receivables was HK$565 Mil.
Revenue was HK$2,603 Mil.
Gross Profit was HK$188 Mil.
Total Current Assets was HK$726 Mil.
Total Assets was HK$1,012 Mil.
Property, Plant and Equipment(Net PPE) was HK$232 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$87 Mil.
Selling, General, & Admin. Expense(SGA) was HK$122 Mil.
Total Current Liabilities was HK$543 Mil.
Long-Term Debt & Capital Lease Obligation was HK$26 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)
=(466.272 / 2424.634) / (564.683 / 2603.087)
=0.192306 / 0.216928
=0.8865

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)
=(188.365 / 2603.087) / (230.595 / 2424.634)
=0.072362 / 0.095105
=0.7609

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 - (740.58 + 204.022) / 999.432) / (1 - (725.541 + 232.343) / 1011.554)
=0.054861 / 0.053057
=1.034

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
=2424.634 / 2603.087
=0.9314

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))
=(87.154 / (87.154 + 232.343)) / (72.762 / (72.762 + 204.022))
=0.272785 / 0.262884
=1.0377

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)
=(134.912 / 2424.634) / (121.551 / 2603.087)
=0.055642 / 0.046695
=1.1916

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)
=((24.32 + 457.217) / 999.432) / ((26.138 + 543.044) / 1011.554)
=0.481811 / 0.562681
=0.8563

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
=(97.279 - 0 - 198.696) / 999.432
=-0.101475

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.

Baguio Green Group has a M-score of -3.21 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 -3.21 mean?
Baguio Green Group (HKSE:01397) has a Beneish M-Score of -3.21 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Baguio Green Group and its competitors. According to the industry distribution chart, Baguio Green Group ranks #32 out of 227 companies in the Waste Management industry, placing it in the top 14.1%.
Is Baguio Green Group's Beneish M-Score too high?
Baguio Green Group's current Beneish M-Score is -3.21. Based on the distribution chart, Baguio Green Group ranks #32 out of 227 companies in the Waste Management industry, which is in the top quartile — a strong position relative to peers. Overall, Baguio Green Group has a GF Score™ of 51/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Baguio Green Group's Beneish M-Score compare to WM and RSG?
According to the Waste Management industry distribution chart, Baguio Green Group ranks #32 out of 227 companies for Beneish M-Score. This places Baguio Green Group in the top 14% 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 Waste Management company?
A good Beneish M-Score depends on the Waste Management 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 Baguio Green Group and its competitors. Baguio Green Group's current Beneish M-Score is -3.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Baguio Green Group stock overvalued right now?
Based on GuruFocus' analysis, Baguio Green Group (HKSE:01397) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.78, compared to a current price of HK$0.91 — trading 16.7% above its estimated fair value. The current Beneish M-Score is -3.21. Baguio Green Group's overall GF Score™ is 51/100 with 1 warning sign 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 Baguio Green Group (HKSE:01397), the current Beneish M-Score is -3.21 as of Jun. 30, 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 Baguio Green Group (HKSE:01397) Overvalued in 2026?

Based on GuruFocus' analysis, Baguio Green Group stock appears to be overvalued. The current stock price of HK$0.91 is trading 16.7% above its estimated GF Value™ of HK$0.78. GuruFocus considers Baguio Green Group to be Modestly Overvalued.

Key valuation signals for HKSE:01397:

  • Beneish M-Score: -3.21
  • GF Value™: HK$0.78 vs. price of HK$0.91 (16.7% above fair value)
  • GF Score™: 51/100 with 1 warning sign

No single metric tells the full story. See the HKSE:01397 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Baguio Green Group Business Description

Address No. 93 King Lam Street, Unit A, 4th Floor, Dragon Industrial Building, Kowloon, Lai Chi Kok, Hong Kong, HKG
Baguio Green Group Ltd is an investment holding company. The company is engaged in the provision of environmental and related services and goods, offering a full range of environmental solutions covering sanitation and cleaning, resource recycling, waste management and collection, green technology, green products, landscaping, pest control, and ESG. Its businesses include Integrated Environmental Services, Resource Recycling and Remanufacturing, Green Technology, Green Products, and ESG. The Group has four reportable segments: Cleaning services business, which generates maximum revenue; Waste management and recycling business; Landscaping services business; and Pest management business. The Group operates in Hong Kong and Southeast Asia, with Hong Kong generating overall revenue.
51GF Score

Get the complete analysis for HKSE:01397

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

HK$0.91
Price
HK$0.78
GF Value