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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 0.53 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Thelloy Development Group's Beneish M-Score or its related term are showing as below:
HKSE:01546'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.28 Med: -1.79 Max: 0.53
Current: 0.53
During the past 13 years, the highest Beneish M-Score of Thelloy Development Group was 0.53. The lowest was -4.28. And the median was -1.79.
* 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.
HKSE:01546 vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Thelloy Development 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.
Thelloy Development Group Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Thelloy Development Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thelloy Development Group's Beneish M-Score falls into.
Thelloy Development 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 Thelloy Development 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 * 1.0631
+
0.528 * 5.6711
+
0.404 * 0.7998
+
0.892 * 1.5511
+
0.115 * 0.8928
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.6419
+
4.679 * 0.031205
-
0.327 * 1.3633
=
0.53
* 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.
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.
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))
=
(7.641 / (7.641 + 97.461))
/
(8.091 / (8.091 + 91.268))
=
0.072701
/
0.081432
=
0.8928
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
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
=
(-51.358 - 0
-
-63.833)
/
399.782
=
0.031205
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.
Thelloy Development Group has a M-score of 0.53 signals that the company is likely to be a manipulator.
Thelloy Development Group (HKSE:01546) has a Beneish M-Score of 0.53 as of Aug. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thelloy Development Group and its competitors. According to the industry distribution chart, Thelloy Development Group ranks #1642 out of 1696 companies in the Construction industry, placing it in the top 96.8%.
Is Thelloy Development Group's Beneish M-Score too high?
Thelloy Development Group's current Beneish M-Score is 0.53. Based on the distribution chart, Thelloy Development Group ranks #1642 out of 1696 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Thelloy Development Group has a GF Score™ of 49/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Thelloy Development Group's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Thelloy Development Group ranks #1642 out of 1696 companies for Beneish M-Score. This places Thelloy Development Group 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Thelloy Development Group and its competitors. Thelloy Development Group's current Beneish M-Score is 0.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thelloy Development Group stock overvalued right now?
Based on GuruFocus' analysis, Thelloy Development Group (HKSE:01546) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.20, compared to a current price of HK$0.13 — trading 35.5% below its estimated fair value. The current Beneish M-Score is 0.53. Thelloy Development Group's overall GF Score™ is 49/100 with 7 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 Thelloy Development Group (HKSE:01546), the current Beneish M-Score is 0.53 as of Aug. 01, 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 Thelloy Development Group (HKSE:01546) Overvalued in 2026?
Based on GuruFocus' analysis, Thelloy Development Group stock appears to be undervalued.
The current stock price of HK$0.13 is trading 35.5% below its estimated GF Value™ of HK$0.20.
GuruFocus considers Thelloy Development Group to be Possible Value Trap.
Key valuation signals for HKSE:01546:
Beneish M-Score: 0.53
GF Value™: HK$0.20 vs. price of HK$0.13 (35.5% below fair value)
No single metric tells the full story. See the HKSE:01546 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thelloy Development Group Ltd along with its subsidiaries provides building construction services and repair, maintenance, alteration, and additional work services in Hong Kong. The company earns key revenue from building construction operations. Geographically the company caters its services only to the Hong Kong market. The company's services are majorly used by government, quasi-government organizations, institutions, schools, and private residential properties.
49GF Score
Get the complete analysis for HKSE:01546
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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