Fulum Group Holdings (HKSE:01443) Beneish M-Score: -4.18 (As of Jul. 21, 2026)

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What is Fulum Group Holdings Beneish M-Score?

Fulum Group Holdings HKSE:01443 +2.27% Beneish M-Score is -4.18 as of Jul. 21, 2026. The stock has 4 warning signs investors should review. Among 354 Restaurants companies, Fulum Group Holdings ranks better than 94.92% 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 -4.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01443' s Beneish M-Score Range Over the Past 10 Years
Min: -6.22   Med: -3.48   Max: 11
Current: -4.18

During the past 13 years, the highest Beneish M-Score of Fulum Group Holdings was 11.00. The lowest was -6.22. And the median was -3.48.

Fulum Group Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fulum Group 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.

Fulum Group Holdings Beneish M-Score Chart

Fulum Group 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 -3.93 -3.66 -3.30 -4.18 0.00

Fulum Group 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 -3.30 0.00 -4.18 0.00 0.00

HKSE:01443 vs MCD, SBUX, YUM: Beneish M-Score Comparison

For the Restaurants subindustry, Fulum Group 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.

Fulum Group Holdings Beneish M-Score vs Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Fulum Group Holdings's Beneish M-Score distribution charts can be found below:

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


Fulum Group 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 Fulum Group 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 * 1.2012+0.528 * 1.0392+0.404 * 1.1998+0.892 * 0.9244+0.115 * 0.7969
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.402917-0.327 * 1.0351
=-4.18

* 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$146 Mil.
Revenue was HK$1,702 Mil.
Gross Profit was HK$621 Mil.
Total Current Assets was HK$289 Mil.
Total Assets was HK$1,014 Mil.
Property, Plant and Equipment(Net PPE) was HK$634 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$343 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0 Mil.
Total Current Liabilities was HK$747 Mil.
Long-Term Debt & Capital Lease Obligation was HK$136 Mil.
Net Income was HK$-66 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$342 Mil.
 Total Receivables was HK$131 Mil.
Revenue was HK$1,841 Mil.
Gross Profit was HK$698 Mil.
Total Current Assets was HK$330 Mil.
Total Assets was HK$1,274 Mil.
Property, Plant and Equipment(Net PPE) was HK$850 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$330 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0 Mil.
Total Current Liabilities was HK$737 Mil.
Long-Term Debt & Capital Lease Obligation was HK$336 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)
=(145.765 / 1702.059) / (131.273 / 1841.212)
=0.08564 / 0.071297
=1.2012

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)
=(698.32 / 1841.212) / (621.164 / 1702.059)
=0.379272 / 0.364949
=1.0392

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 - (289.229 + 634.128) / 1013.723) / (1 - (329.516 + 850.257) / 1274.465)
=0.089143 / 0.074299
=1.1998

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
=1702.059 / 1841.212
=0.9244

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))
=(329.811 / (329.811 + 850.257)) / (342.561 / (342.561 + 634.128))
=0.279485 / 0.350737
=0.7969

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)
=(0 / 1702.059) / (0 / 1841.212)
=0 / 0
=1

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)
=((136.417 + 746.51) / 1013.723) / ((335.577 + 736.809) / 1274.465)
=0.870975 / 0.84144
=1.0351

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
=(-66.371 - 0 - 342.075) / 1013.723
=-0.402917

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.

Fulum Group Holdings has a M-score of -4.18 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 -4.18 mean?
Fulum Group Holdings (HKSE:01443) has a Beneish M-Score of -4.18 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fulum Group Holdings and its competitors. According to the industry distribution chart, Fulum Group Holdings ranks #18 out of 354 companies in the Restaurants industry, placing it in the top 5.1%.
Is Fulum Group Holdings' Beneish M-Score too high?
Fulum Group Holdings' current Beneish M-Score is -4.18. Based on the distribution chart, Fulum Group Holdings ranks #18 out of 354 companies in the Restaurants industry, which is in the top quartile — a strong position relative to peers.
How does Fulum Group Holdings' Beneish M-Score compare to MCD and SBUX?
According to the Restaurants industry distribution chart, Fulum Group Holdings ranks #18 out of 354 companies for Beneish M-Score. This places Fulum Group Holdings in the top 5% 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 Restaurants company?
A good Beneish M-Score depends on the Restaurants 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 Fulum Group Holdings and its competitors. Fulum Group Holdings's current Beneish M-Score is -4.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fulum Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, Fulum Group Holdings (HKSE:01443) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.14, compared to a current price of HK$0.05 — trading 67.9% below its estimated fair value. The current Beneish M-Score is -4.18. 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 Fulum Group Holdings (HKSE:01443), the current Beneish M-Score is -4.18 as of Jul. 21, 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.

Fulum Group Holdings Business Description

Address 38 Wai Yip Street, 26th Floor, Capital Tower, Kowloon Bay, Hong Kong, HKG
Fulum Group Holdings Ltd is an investment holding company. The company is principally engaged in restaurant operations in Hong Kong and Mainland China. It is also involved in the production, sale, and distribution of food products related to restaurant operations. Geographically, the company generates revenue from Hong Kong and PRC, it derives a majority of its revenue from Hong Kong.