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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 -1.74 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for ZO Future Group's Beneish M-Score or its related term are showing as below:
HKSE:02309'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.22 Med: -1.91 Max: 1.7
Current: -1.74
During the past 13 years, the highest Beneish M-Score of ZO Future Group was 1.70. The lowest was -3.22. And the median was -1.91.
The historical data trend for ZO Future 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.
HKSE:02309 vs NFLX, DIS, WBD: Beneish M-Score Comparison
For the Entertainment subindustry, ZO Future 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.
ZO Future Group Beneish M-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, ZO Future Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ZO Future Group's Beneish M-Score falls into.
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 ZO Future 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 * 1.0013
+
0.528 * 1
+
0.404 * 0.8701
+
0.892 * 1.6392
+
0.115 * 1.2782
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0612
+
4.679 * 0.071732
-
0.327 * 1.4239
=
-1.74
* 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))
=
(85.953 / (85.953 + 243.154))
/
(123.466 / (123.466 + 480.785))
=
0.26117
/
0.204329
=
1.2782
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
=
(-313.961 - 0
-
-456.436)
/
1986.202
=
0.071732
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.
ZO Future Group has a M-score of -1.74 signals that the company is likely to be a manipulator.
ZO Future Group (HKSE:02309) has a Beneish M-Score of -1.74 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ZO Future Group and its competitors. According to the industry distribution chart, ZO Future Group ranks #811 out of 969 companies in the Media - Diversified industry, placing it in the top 83.7%.
Is ZO Future Group's Beneish M-Score too high?
ZO Future Group's current Beneish M-Score is -1.74. Based on the distribution chart, ZO Future Group ranks #811 out of 969 companies in the Media - Diversified industry, which is in the bottom quartile relative to peers. Overall, ZO Future Group has a GF Score™ of 65/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does ZO Future Group's Beneish M-Score compare to NFLX and DIS?
According to the Media - Diversified industry distribution chart, ZO Future Group ranks #811 out of 969 companies for Beneish M-Score. This places ZO Future 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 ZO Future Group and its competitors. ZO Future Group's current Beneish M-Score is -1.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ZO Future Group stock overvalued right now?
Based on GuruFocus' analysis, ZO Future Group (HKSE:02309) is currently considered Possible Value Trap. The stock's GF Value™ is HK$4.14, compared to a current price of HK$1.88 — trading 54.6% below its estimated fair value. The current Beneish M-Score is -1.74. ZO Future Group's overall GF Score™ is 65/100 with 5 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 ZO Future Group (HKSE:02309), the current Beneish M-Score is -1.74 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.
Is ZO Future Group (HKSE:02309) Overvalued in 2026?
Based on GuruFocus' analysis, ZO Future Group stock appears to be undervalued.
The current stock price of HK$1.88 is trading 54.6% below its estimated GF Value™ of HK$4.14.
GuruFocus considers ZO Future Group to be Possible Value Trap.
Key valuation signals for HKSE:02309:
Beneish M-Score: -1.74
GF Value™: HK$4.14 vs. price of HK$1.88 (54.6% below fair value)
No single metric tells the full story. See the HKSE:02309 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ZO Future Group is an investment holding company principally engaged in the operation of the football club in the United Kingdom. The activity of the company includes offering season and match day tickets, television broadcasting, and local media businesses. Its segments are the operation of a professional football club; new energy automobiles and related business; Investment in properties; and healthcare business. The company's activity functions in the United Kingdom and it generates revenue through corporate hospitality income, merchandising income, sponsorship income, and conference income. The company generates the majority of its revenue from the operation of a professional football club in the UK.
65GF Score
Get the complete analysis for HKSE:02309
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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