DKE Holding Co (HKSE:01770) Beneish M-Score: -1.57 (As of Sep. 11, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HKSE:01770 DKE Holding Co Ltd HKSE:01770
16 GF Score
Price HK$82.20
! 2 Warning Signs
View Full Analysis

What is DKE Holding Co Beneish M-Score?

DKE Holding Co HKSE:01770 +13.46% 16 Beneish M-Score is -1.57 as of Sep. 11, 2026. GuruFocus rates HKSE:01770 with a GF Score™ of 16/100. The stock has 2 warning signs investors should review. Among 2,404 Hardware companies, DKE Holding Co ranks worse than 85.82% 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.

Warning Sign:

Beneish M-Score -1.57 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:01770' s Beneish M-Score Range Over the Past 10 Years
Min: -1.57   Med: -1.57   Max: -1.57
Current: -1.57

During the past 3 years, the highest Beneish M-Score of DKE Holding Co was -1.57. The lowest was -1.57. And the median was -1.57.

DKE Holding Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for DKE Holding Co'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.

DKE Holding Co Beneish M-Score Chart

DKE Holding Co Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.57

DKE Holding Co Semi-Annual Data
Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -1.57

HKSE:01770 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, DKE Holding Co'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.

DKE Holding Co Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, DKE Holding Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where DKE Holding Co's Beneish M-Score falls into.


HKSE:01770
16GF Score
DKE Holding Co Ltd HKSE:01770
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

DKE Holding Co 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 DKE Holding Co 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 * 0.9497+0.528 * 0.9686+0.404 * 0.8948+0.892 * 1.5392+0.115 * 1.1136
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8114+4.679 * 0.124589-0.327 * 1.276
=-1.57

* 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$422 Mil.
Revenue was HK$1,892 Mil.
Gross Profit was HK$310 Mil.
Total Current Assets was HK$1,222 Mil.
Total Assets was HK$1,915 Mil.
Property, Plant and Equipment(Net PPE) was HK$604 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$42 Mil.
Selling, General, & Admin. Expense(SGA) was HK$45 Mil.
Total Current Liabilities was HK$816 Mil.
Long-Term Debt & Capital Lease Obligation was HK$108 Mil.
Net Income was HK$89 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-150 Mil.
 Total Receivables was HK$288 Mil.
Revenue was HK$1,229 Mil.
Gross Profit was HK$195 Mil.
Total Current Assets was HK$899 Mil.
Total Assets was HK$1,396 Mil.
Property, Plant and Equipment(Net PPE) was HK$424 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$33 Mil.
Selling, General, & Admin. Expense(SGA) was HK$36 Mil.
Total Current Liabilities was HK$426 Mil.
Long-Term Debt & Capital Lease Obligation was HK$102 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)
=(421.518 / 1892.373) / (288.368 / 1229.484)
=0.222746 / 0.234544
=0.9497

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)
=(194.775 / 1229.484) / (309.512 / 1892.373)
=0.15842 / 0.163558
=0.9686

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 - (1222.155 + 603.742) / 1915.306) / (1 - (899.144 + 423.705) / 1395.656)
=0.046681 / 0.052167
=0.8948

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
=1892.373 / 1229.484
=1.5392

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))
=(33.464 / (33.464 + 423.705)) / (42.478 / (42.478 + 603.742))
=0.073198 / 0.065733
=1.1136

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)
=(45.482 / 1892.373) / (36.417 / 1229.484)
=0.024034 / 0.02962
=0.8114

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)
=((108.361 + 815.938) / 1915.306) / ((101.588 + 426.24) / 1395.656)
=0.482586 / 0.378193
=1.276

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
=(88.923 - 0 - -149.704) / 1915.306
=0.124589

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.

DKE Holding Co has a M-score of -1.57 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.57 mean?
DKE Holding Co (HKSE:01770) has a Beneish M-Score of -1.57 as of Sep. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DKE Holding Co and its competitors. According to the industry distribution chart, DKE Holding Co ranks #2063 out of 2404 companies in the Hardware industry, placing it in the top 85.8%.
Is DKE Holding Co's Beneish M-Score too high?
DKE Holding Co's current Beneish M-Score is -1.57. Based on the distribution chart, DKE Holding Co ranks #2063 out of 2404 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, DKE Holding Co has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does DKE Holding Co's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, DKE Holding Co ranks #2063 out of 2404 companies for Beneish M-Score. This places DKE Holding Co 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 DKE Holding Co and its competitors. DKE Holding Co's current Beneish M-Score is -1.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DKE Holding Co stock overvalued right now?
DKE Holding Co (HKSE:01770) has a current Beneish M-Score of -1.57. The current Beneish M-Score is -1.57. DKE Holding Co's overall GF Score™ is 16/100 with 2 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 DKE Holding Co (HKSE:01770), the current Beneish M-Score is -1.57 as of Sep. 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.

DKE Holding Co Business Description

Address No. 1999 Xihan Road, Xitang Town, Jiashan County, Zhejiang, Jiaxing, CHN
DKE Holding Co Ltd is principally engaged in the research & development, design, production, and sales of electronic paper display modules. Its products are used across applications including smart retail, smart offices, smart education, smart logistics, smart transportation, e-readers, and other emerging applications. The company offers electronic paper display products, including full-color, large-size display products and flexible display products. Geographically, the majority of revenue is derived from the Chinese mainland.
16GF Score

Get the complete analysis for HKSE:01770

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

HK$82.20
Price