KRP Development Holdings (HKSE:02421) Beneish M-Score: -0.10 (As of Jun. 30, 2026)


HKSE:02421 KRP Development Holdings Ltd HKSE:02421
53 GF Score
Price HK$0.60
GF Value HK$0.33
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is KRP Development Holdings Beneish M-Score?

KRP Development Holdings HKSE:02421 53 Beneish M-Score is -0.10 as of Jun. 30, 2026. GuruFocus rates HKSE:02421 with a GF Score™ of 53/100 and a GF Value™ of HK$0.33 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,684 Real Estate companies, KRP Development Holdings ranks worse than 90.08% 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 -0.1 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:02421' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06   Med: -1.55   Max: 18.02
Current: -0.1

During the past 7 years, the highest Beneish M-Score of KRP Development Holdings was 18.02. The lowest was -3.06. And the median was -1.55.

KRP Development Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for KRP Development 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.

KRP Development Holdings Beneish M-Score Chart

KRP Development Holdings Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial -3.06 -3.00 18.02 -0.10 0.00

KRP Development Holdings Semi-Annual Data
Mar20 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 18.02 0.00 -0.10 0.00 0.00

KRP Development Holdings Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, KRP Development 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.

KRP Development Holdings Beneish M-Score vs Real Estate Industry

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

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


HKSE:02421
53GF Score
KRP Development Holdings Ltd HKSE:02421
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

KRP Development 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 KRP Development Holdings 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 * 1.1393+0.528 * 1.0979+0.404 * 1.0357+0.892 * 0.7904+0.115 * 20.888
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1175+4.679 * 0.018802-0.327 * 0.9368
=-0.10

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was HK$5.6 Mil.
Revenue was HK$194.8 Mil.
Gross Profit was HK$114.0 Mil.
Total Current Assets was HK$1,158.0 Mil.
Total Assets was HK$1,451.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$46.8 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$45.5 Mil.
Total Current Liabilities was HK$508.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 Mil.
Net Income was HK$21.7 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-5.6 Mil.
 Total Receivables was HK$6.2 Mil.
Revenue was HK$246.5 Mil.
Gross Profit was HK$158.3 Mil.
Total Current Assets was HK$1,258.3 Mil.
Total Assets was HK$1,507.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$1.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$51.5 Mil.
Total Current Liabilities was HK$563.3 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 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)
=(5.557 / 194.803) / (6.171 / 246.457)
=0.028526 / 0.025039
=1.1393

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)
=(158.3 / 246.457) / (113.965 / 194.803)
=0.642303 / 0.585027
=1.0979

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 - (1158.022 + 46.773) / 1451.743) / (1 - (1258.311 + 1.639) / 1507.55)
=0.170104 / 0.16424
=1.0357

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
=194.803 / 246.457
=0.7904

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))
=(1.126 / (1.126 + 1.639)) / (0.93 / (0.93 + 46.773))
=0.407233 / 0.019496
=20.888

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)
=(45.51 / 194.803) / (51.525 / 246.457)
=0.233621 / 0.209063
=1.1175

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 + 508.131) / 1451.743) / ((0.01 + 563.256) / 1507.55)
=0.350014 / 0.37363
=0.9368

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
=(21.666 - 0 - -5.63) / 1451.743
=0.018802

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.

KRP Development Holdings has a M-score of -0.10 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 -0.10 mean?
KRP Development Holdings (HKSE:02421) has a Beneish M-Score of -0.10 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on KRP Development Holdings and its competitors. According to the industry distribution chart, KRP Development Holdings ranks #1517 out of 1684 companies in the Real Estate industry, placing it in the top 90.1%.
Is KRP Development Holdings' Beneish M-Score too high?
KRP Development Holdings' current Beneish M-Score is -0.10. Based on the distribution chart, KRP Development Holdings ranks #1517 out of 1684 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, KRP Development Holdings has a GF Score™ of 53/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does KRP Development Holdings' Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, KRP Development Holdings ranks #1517 out of 1684 companies for Beneish M-Score. This places KRP Development Holdings 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 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 KRP Development Holdings and its competitors. KRP Development Holdings's current Beneish M-Score is -0.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is KRP Development Holdings stock overvalued right now?
Based on GuruFocus' analysis, KRP Development Holdings (HKSE:02421) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.33, compared to a current price of HK$0.60 — trading 81.8% above its estimated fair value. The current Beneish M-Score is -0.10. KRP Development Holdings' overall GF Score™ is 53/100 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 KRP Development Holdings (HKSE:02421), the current Beneish M-Score is -0.10 as of Jun. 30, 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 KRP Development Holdings (HKSE:02421) Overvalued in 2026?

Based on GuruFocus' analysis, KRP Development Holdings stock appears to be overvalued. The current stock price of HK$0.60 is trading 81.8% above its estimated GF Value™ of HK$0.33. GuruFocus considers KRP Development Holdings to be Significantly Overvalued.

Key valuation signals for HKSE:02421:

  • Beneish M-Score: -0.10
  • GF Value™: HK$0.33 vs. price of HK$0.60 (81.8% above fair value)
  • GF Score™: 53/100 with 6 warning signs

No single metric tells the full story. See the HKSE:02421 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

KRP Development Holdings Business Description

Address 611-619 Castle Peak Road, Block C, 9th Floor, Southeast Industrial Building, Tsuen Wan, New Territories, Hong Kong, HKG
KRP Development Holdings Ltd is a boutique residential property developer. The firm is principally engaged in the development and sales of residential properties in Dongguan, Huizhou, and Foshan. It has developed two product series for homebuyers, namely, the Villas series, targeting middle-income and move-up homebuyers, and Mansion, targeting first-time homebuyers and retirees.
53GF Score

Get the complete analysis for HKSE:02421

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

HK$0.60
Price
HK$0.33
GF Value