Sino Harbour Holdings Group (HKSE:01663) Beneish M-Score: -2.49 (As of Aug. 11, 2026)

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What is Sino Harbour Holdings Group Beneish M-Score?

Sino Harbour Holdings Group HKSE:01663 +1.96% Beneish M-Score is -2.49 as of Aug. 11, 2026. The stock has 6 warning signs investors should review. Among 1,679 Real Estate companies, Sino Harbour Holdings Group ranks better than 57.89% 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01663' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11   Med: -1.15   Max: 14.19
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Sino Harbour Holdings Group was 14.19. The lowest was -3.11. And the median was -1.15.

Sino Harbour Holdings Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sino Harbour Holdings 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.

Sino Harbour Holdings Group Beneish M-Score Chart

Sino Harbour Holdings Group 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 0.20 14.19 -0.55 -3.11 -2.49

Sino Harbour Holdings Group 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 -0.55 0.00 -3.11 0.00 -2.49

HKSE:01663 vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Sino Harbour Holdings 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.

Sino Harbour Holdings Group Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Sino Harbour Holdings Group's Beneish M-Score distribution charts can be found below:

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


Sino Harbour Holdings 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 Sino Harbour Holdings 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 * 1.0901+0.528 * 1.231+0.404 * 1.052+0.892 * 0.8694+0.115 * 0.9249
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.84+4.679 * -0.035951-0.327 * 0.9132
=-2.49

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was HK$71.8 Mil.
Revenue was HK$490.3 Mil.
Gross Profit was HK$154.8 Mil.
Total Current Assets was HK$2,058.6 Mil.
Total Assets was HK$3,616.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$35.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$16.8 Mil.
Selling, General, & Admin. Expense(SGA) was HK$65.0 Mil.
Total Current Liabilities was HK$907.3 Mil.
Long-Term Debt & Capital Lease Obligation was HK$571.5 Mil.
Net Income was HK$-143.8 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-13.8 Mil.
 Total Receivables was HK$75.7 Mil.
Revenue was HK$563.9 Mil.
Gross Profit was HK$219.1 Mil.
Total Current Assets was HK$2,345.8 Mil.
Total Assets was HK$4,002.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$54.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$23.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$89.1 Mil.
Total Current Liabilities was HK$1,329.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$462.8 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)
=(71.76 / 490.293) / (75.715 / 563.949)
=0.146361 / 0.134259
=1.0901

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)
=(219.12 / 563.949) / (154.751 / 490.293)
=0.388546 / 0.31563
=1.231

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 - (2058.57 + 35.428) / 3616.618) / (1 - (2345.759 + 54.744) / 4002.23)
=0.421007 / 0.400209
=1.052

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
=490.293 / 563.949
=0.8694

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))
=(23.169 / (23.169 + 54.744)) / (16.788 / (16.788 + 35.428))
=0.29737 / 0.321511
=0.9249

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)
=(65.039 / 490.293) / (89.061 / 563.949)
=0.132653 / 0.157924
=0.84

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)
=((571.525 + 907.284) / 3616.618) / ((462.763 + 1329.239) / 4002.23)
=0.408893 / 0.447751
=0.9132

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
=(-143.849 - 0 - -13.827) / 3616.618
=-0.035951

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.

Sino Harbour Holdings Group has a M-score of -2.49 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 -2.49 mean?
Sino Harbour Holdings Group (HKSE:01663) has a Beneish M-Score of -2.49 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sino Harbour Holdings Group and its competitors. According to the industry distribution chart, Sino Harbour Holdings Group ranks #707 out of 1679 companies in the Real Estate industry, placing it in the top 42.1%.
Is Sino Harbour Holdings Group's Beneish M-Score too high?
Sino Harbour Holdings Group's current Beneish M-Score is -2.49. Based on the distribution chart, Sino Harbour Holdings Group ranks #707 out of 1679 companies in the Real Estate industry, which is above the industry midpoint.
How does Sino Harbour Holdings Group's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Sino Harbour Holdings Group ranks #707 out of 1679 companies for Beneish M-Score. This puts Sino Harbour Holdings Group in the upper 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Sino Harbour Holdings Group and its competitors. Sino Harbour Holdings Group's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sino Harbour Holdings Group stock overvalued right now?
Based on GuruFocus' analysis, Sino Harbour Holdings Group (HKSE:01663) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.09, compared to a current price of HK$0.05 — trading 42.2% below its estimated fair value. The current Beneish M-Score is -2.49. 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 Sino Harbour Holdings Group (HKSE:01663), the current Beneish M-Score is -2.49 as of Aug. 11, 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.

Sino Harbour Holdings Group Business Description

Address Levels 25 and 26, No. 1568 Honggu Avenue, Nanchang Honggu Kaixuan, Sino Harbour Kaixuan Center, Honggu Tan Central District, Jiangxi Province, Nanchang, CHN
Sino Harbour Holdings Group Ltd is an investment holding company. The company is principally engaged in property development in the second and third tier cities in China. Geographically, it derives revenue from PRC. The company derives revenue from the delivery of residential properties, commercial properties, and car parking spaces. The company's business segment includes namely; property development, which is engaged in the sale and leasing of self-constructed properties, and Others, which includes investment and operation in CMC process and medical service sector.