FSM Holdings (HKSE:01721) Beneish M-Score: -2.92 (As of Jul. 12, 2026)

What is FSM Holdings Beneish M-Score?

FSM Holdings HKSE:01721 44 Beneish M-Score is -2.92 as of Jul. 12, 2026. GuruFocus rates HKSE:01721 with a GF Score™ of 44/100 and a GF Value™ of HK$0.37. The stock has 4 warning signs investors should review.

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 -2.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01721' s Beneish M-Score Range Over the Past 10 Years
Min: -3.56 Med: -2.66 Max: 6.57
Current: -2.92

During the past 10 years, the highest Beneish M-Score of FSM Holdings was 6.57. The lowest was -3.56. And the median was -2.66.

FSM Holdings Beneish M-Score Related Terms

FSM Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for FSM 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.

FSM Holdings Beneish M-Score Chart

FSM Holdings Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.56

-1.82

-2.99

-2.76

-2.92

FSM Holdings Semi-Annual Data
	Dec15	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25
Beneish M-Score	Get a 7-Day Free Trial														0.00	-2.76	0.00	-2.92	0.00

HKSE:01721 vs ATI, CRS, MLI: Beneish M-Score Comparison

For the Metal Fabrication subindustry, FSM 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.

FSM Holdings Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, FSM Holdings's Beneish M-Score distribution charts can be found below:

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

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44GF Score

FSM Holdings Ltd HKSE:01721

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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FSM 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 FSM Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.122

0.528 * 0.9207

0.404 * 0.2462

0.892 * 0.9088

0.115 * 1.0922

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2434

4.679 * -0.012312

0.327 * 1.1046

-2.92

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was HK$15.96 Mil.
Revenue was HK$85.63 Mil.
Gross Profit was HK$34.38 Mil.
Total Current Assets was HK$237.70 Mil.
Total Assets was HK$298.72 Mil.
Property, Plant and Equipment(Net PPE) was HK$60.90 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.18 Mil.
Selling, General, & Admin. Expense(SGA) was HK$41.53 Mil.
Total Current Liabilities was HK$32.98 Mil.
Long-Term Debt & Capital Lease Obligation was HK$86.89 Mil.
Net Income was HK$-19.61 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-15.93 Mil.

Total Receivables was HK$15.65 Mil.
Revenue was HK$94.22 Mil.
Gross Profit was HK$34.83 Mil.
Total Current Assets was HK$256.70 Mil.
Total Assets was HK$323.54 Mil.
Property, Plant and Equipment(Net PPE) was HK$66.33 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$11.08 Mil.
Selling, General, & Admin. Expense(SGA) was HK$36.75 Mil.
Total Current Liabilities was HK$35.79 Mil.
Long-Term Debt & Capital Lease Obligation was HK$81.75 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)
	=	(15.962 / 85.632)	/	(15.654 / 94.221)
	=	0.186402	/	0.166141
	=	1.122

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)
	=	(34.825 / 94.221)	/	(34.377 / 85.632)
	=	0.36961	/	0.40145
	=	0.9207

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 - (237.703 + 60.902) / 298.721)	/	(1 - (256.696 + 66.331) / 323.537)
	=	0.000388	/	0.001576
	=	0.2462

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
	=	85.632	/	94.221
	=	0.9088

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))
	=	(11.075 / (11.075 + 66.331))	/	(9.181 / (9.181 + 60.902))
	=	0.143077	/	0.131002
	=	1.0922

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)
	=	(41.526 / 85.632)	/	(36.748 / 94.221)
	=	0.484936	/	0.390019
	=	1.2434

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)
	=	((86.887 + 32.978) / 298.721)	/	((81.745 + 35.786) / 323.537)
	=	0.401261	/	0.363269
	=	1.1046

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
	=	(-19.612 - 0	-	-15.934)	/	298.721
	=	-0.012312

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.

FSM Holdings has a M-score of -2.92 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 -2.92 mean?

FSM Holdings (HKSE:01721) has a Beneish M-Score of -2.92 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on FSM Holdings and its competitors.

Is FSM Holdings' Beneish M-Score too high?

FSM Holdings' current Beneish M-Score is -2.92. Overall, FSM Holdings has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.

How does FSM Holdings' Beneish M-Score compare to ATI and CRS?

FSM Holdings' Beneish M-Score of -2.92 can be compared against companies in the Industrial Products 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 an Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 FSM Holdings and its competitors. FSM Holdings's current Beneish M-Score is -2.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is FSM Holdings stock overvalued right now?

FSM Holdings (HKSE:01721) has a current Beneish M-Score of -2.92. The stock's GF Value™ is HK$0.37, compared to a current price of HK$0.14 — trading 62.2% below its estimated fair value. The current Beneish M-Score is -2.92. FSM Holdings' overall GF Score™ is 44/100 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 FSM Holdings (HKSE:01721), the current Beneish M-Score is -2.92 as of Jul. 12, 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 FSM Holdings (HKSE:01721) Overvalued in 2026?

Based on GuruFocus' analysis, FSM Holdings stock appears to be undervalued. The current stock price of HK$0.14 is trading 62.2% below its estimated GF Value™ of HK$0.37.

Key valuation signals for HKSE:01721:

Beneish M-Score: -2.92
GF Value™: HK$0.37 vs. price of HK$0.14 (62.2% below fair value)
GF Score™: 44/100 with 4 warning signs

No single metric tells the full story. See the HKSE:01721 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

FSM Holdings Business Description

Industry Industrials Industrial Products

Comparable Companies HKSE:01891 HKSE:08027 HKSE:08133 HKSE:00822 ATI CRS MLI XTER:NDA CMC SHSE:688409 SZSE:000039 SHSE:603308 SZSE:300953 SZSE:300748 SHSE:688122 XBRU:VIO ESAB SHSE:601399 GPGI TPE:2474

Address 68 Kimberley Road, Unit 813, 8th Floor, Tsim Sha Tsui, Kowloon, Hong Kong, HKG

Website https://www.fsmtech.com

FSM Holdings Ltd is an investment holding company engaged in manufacturing sheet metal fabrication with a focus on precision engineering, precision machining service and provision of posttreatment processes; and online business in developing, distributing and operating online mobile games. The group has two business segments, namely the manufacturing business and the online business. Under the manufacturing business segment, it engages in sheet metal fabrication with a focus on precision engineering and precision machining services with production facilities based in Singapore and Malaysia. The group has established a dedicated development team in the online business segment, concentrating on crafting mobile games for all audience.

44GF Score

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

HK$0.14

Price

HK$0.37

GF Value

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