Rimbaco Group Global (HKSE:01953) Beneish M-Score: -2.53 (As of Jul. 05, 2026)

What is Rimbaco Group Global Beneish M-Score?

Rimbaco Group Global HKSE:01953 +14.55% 48 Beneish M-Score is -2.53 as of Jul. 05, 2026. GuruFocus rates HKSE:01953 with a GF Score™ of 48/100 and a GF Value™ of HK$0.14 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,699 Construction companies, Rimbaco Group Global ranks better than 52.91% 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01953' s Beneish M-Score Range Over the Past 10 Years
Min: -2.53 Med: -1.97 Max: 0.45
Current: -2.53

During the past 9 years, the highest Beneish M-Score of Rimbaco Group Global was 0.45. The lowest was -2.53. And the median was -1.97.

Rimbaco Group Global Beneish M-Score Related Terms

Rimbaco Group Global Beneish M-Score Historical Data

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The historical data trend for Rimbaco Group Global'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.

Rimbaco Group Global Beneish M-Score Chart

Rimbaco Group Global Annual Data

Trend

Oct17

Oct18

Oct19

Oct20

Oct21

Oct22

Oct23

Oct24

Oct25

Beneish M-Score

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-1.85

0.45

-1.97

-0.62

-2.53

Rimbaco Group Global Semi-Annual Data
	Oct17	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23	Apr24	Oct24	Apr25	Oct25	Apr26
Beneish M-Score	Get a 7-Day Free Trial												0.00	-0.62	0.00	-2.53	0.00

HKSE:01953 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Rimbaco Group Global'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.

Rimbaco Group Global Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Rimbaco Group Global's Beneish M-Score distribution charts can be found below:

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

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48GF Score

Rimbaco Group Global Ltd HKSE:01953

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

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Rimbaco Group Global 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 Rimbaco Group Global 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 * 0.8701

0.528 * 0.2772

0.404 * 2.5214

0.892 * 0.9173

0.115 * 0.6291

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2772

4.679 * 0.000684

0.327 * 0.9997

-2.53

This Year (Oct25) TTM:

Last Year (Oct24) TTM:

Total Receivables was HK$258.0 Mil.
Revenue was HK$479.6 Mil.
Gross Profit was HK$24.2 Mil.
Total Current Assets was HK$372.7 Mil.
Total Assets was HK$444.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$32.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$17.7 Mil.
Total Current Liabilities was HK$212.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 Mil.
Net Income was HK$-2.7 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-3.0 Mil.

Total Receivables was HK$323.2 Mil.
Revenue was HK$522.8 Mil.
Gross Profit was HK$7.3 Mil.
Total Current Assets was HK$471.6 Mil.
Total Assets was HK$528.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$38.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$15.1 Mil.
Total Current Liabilities was HK$252.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.6 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)
	=	(257.998 / 479.6)	/	(323.238 / 522.827)
	=	0.537944	/	0.61825
	=	0.8701

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)
	=	(7.32 / 522.827)	/	(24.228 / 479.6)
	=	0.014001	/	0.050517
	=	0.2772

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 - (372.732 + 31.968) / 444.48)	/	(1 - (471.586 + 38.43) / 528.786)
	=	0.089498	/	0.035496
	=	2.5214

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
	=	479.6	/	522.827
	=	0.9173

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))
	=	(4.856 / (4.856 + 38.43))	/	(6.938 / (6.938 + 31.968))
	=	0.112184	/	0.178327
	=	0.6291

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)
	=	(17.683 / 479.6)	/	(15.093 / 522.827)
	=	0.03687	/	0.028868
	=	1.2772

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)
	=	((0 + 212.786) / 444.48)	/	((0.551 + 252.659) / 528.786)
	=	0.47873	/	0.478852
	=	0.9997

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
	=	(-2.67 - 0	-	-2.974)	/	444.48
	=	0.000684

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.

Rimbaco Group Global has a M-score of -2.53 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 -2.53 mean?

Rimbaco Group Global (HKSE:01953) has a Beneish M-Score of -2.53 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rimbaco Group Global and its competitors. According to the industry distribution chart, Rimbaco Group Global ranks #800 out of 1699 companies in the Construction industry, placing it in the top 47.1%.

Is Rimbaco Group Global's Beneish M-Score too high?

Rimbaco Group Global's current Beneish M-Score is -2.53. Based on the distribution chart, Rimbaco Group Global ranks #800 out of 1699 companies in the Construction industry, which is above the industry midpoint. Overall, Rimbaco Group Global has a GF Score™ of 48/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Rimbaco Group Global's Beneish M-Score compare to PWR and FIX?

According to the Construction industry distribution chart, Rimbaco Group Global ranks #800 out of 1699 companies for Beneish M-Score. This puts Rimbaco Group Global 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 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 Rimbaco Group Global and its competitors. Rimbaco Group Global's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Rimbaco Group Global stock overvalued right now?

Based on GuruFocus' analysis, Rimbaco Group Global (HKSE:01953) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.14, compared to a current price of HK$1.26 — trading 800% above its estimated fair value. The current Beneish M-Score is -2.53. Rimbaco Group Global's overall GF Score™ is 48/100 with 6 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 Rimbaco Group Global (HKSE:01953), the current Beneish M-Score is -2.53 as of Jul. 05, 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 Rimbaco Group Global (HKSE:01953) Overvalued in 2026?

Based on GuruFocus' analysis, Rimbaco Group Global stock appears to be overvalued. The current stock price of HK$1.26 is trading 800% above its estimated GF Value™ of HK$0.14. GuruFocus considers Rimbaco Group Global to be Significantly Overvalued.

Key valuation signals for HKSE:01953:

Beneish M-Score: -2.53
GF Value™: HK$0.14 vs. price of HK$1.26 (800% above fair value)
GF Score™: 48/100 with 6 warning signs

No single metric tells the full story. See the HKSE:01953 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Rimbaco Group Global Business Description

Industry Industrials Construction

Comparable Companies HKSE:01726 HKSE:00687 HKSE:01627 HKSE:01568 HKSE:01903 HKSE:01977 HKSE:01283 HKSE:09639 HKSE:08321 HKSE:02789 PWR XPAR:DG FIX NSE:LT XKRX:028260 XAMS:FER XTER:HOT XMAD:ACS EME MTZ

Address 9-03-01, Jalan Ahmad Nor, Pusat Perdagangan Nova, Jelutong, PNG, MYS, 11600

Website https://www.rimbaco.com.my

Rimbaco Group Global Ltd is mainly involved in the building construction industry in Malaysia. It is a Malaysia-based building construction contractor focusing on the provision of building construction services for factories, including low-rise processing facilities and manufacturing plants; institutional, commercial and residential buildings such as private hospitals, hotels, shopping malls, high-rise residential buildings and commercial or residential complex; and infrastructure works. Rimbaco also undertakes small-scale ancillary construction works, including but not limited to renovation works, repair works and electrical works.

48GF 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$1.26

Price

HK$0.14

GF Value

View HKSE:01953 Analysis

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