Rego Interactive Co (HKSE:02422) Beneish M-Score: -1.09 (As of Jul. 24, 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:02422 Rego Interactive Co Ltd HKSE:02422
60 GF Score
Price HK$2.04
GF Value HK$0.88
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is Rego Interactive Co Beneish M-Score?

Rego Interactive Co HKSE:02422 -1.92% 60 Beneish M-Score is -1.09 as of Jul. 24, 2026. GuruFocus rates HKSE:02422 with a GF Score™ of 60/100 and a GF Value™ of HK$0.88 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 973 Media - Diversified companies, Rego Interactive Co ranks worse than 89.93% 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 -1.09 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:02422' s Beneish M-Score Range Over the Past 10 Years
Min: -1.98   Med: -1.48   Max: -1.09
Current: -1.09

During the past 7 years, the highest Beneish M-Score of Rego Interactive Co was -1.09. The lowest was -1.98. And the median was -1.48.

Rego Interactive Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Rego Interactive 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.

Rego Interactive Co Beneish M-Score Chart

Rego Interactive Co Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -1.48 -1.54 -1.25 -1.98 -1.09

Rego Interactive Co Semi-Annual Data
Dec19 Dec20 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only -1.25 0.00 -1.98 0.00 -1.09

HKSE:02422 vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, Rego Interactive 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.

Rego Interactive Co Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Rego Interactive Co's Beneish M-Score distribution charts can be found below:

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


HKSE:02422
60GF Score
Rego Interactive Co Ltd HKSE:02422
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Rego Interactive 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 Rego Interactive 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 * 0.3147+0.528 * 3.0331+0.404 * 1.0904+0.892 * 2.1299+0.115 * 0.66
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4715+4.679 * -0.011314-0.327 * 1.2832
=-1.09

* 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$125.8 Mil.
Revenue was HK$556.3 Mil.
Gross Profit was HK$49.3 Mil.
Total Current Assets was HK$454.5 Mil.
Total Assets was HK$529.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$27.1 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$60.9 Mil.
Total Current Liabilities was HK$218.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.1 Mil.
Net Income was HK$-80.9 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-74.9 Mil.
 Total Receivables was HK$187.6 Mil.
Revenue was HK$261.2 Mil.
Gross Profit was HK$70.3 Mil.
Total Current Assets was HK$483.9 Mil.
Total Assets was HK$567.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$36.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$60.6 Mil.
Total Current Liabilities was HK$177.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5.6 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)
=(125.751 / 556.333) / (187.6 / 261.202)
=0.226035 / 0.718218
=0.3147

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)
=(70.261 / 261.202) / (49.339 / 556.333)
=0.268991 / 0.088686
=3.0331

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 - (454.503 + 27.119) / 529.536) / (1 - (483.912 + 36.904) / 567.947)
=0.090483 / 0.082985
=1.0904

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
=556.333 / 261.202
=2.1299

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))
=(6.939 / (6.939 + 36.904)) / (8.555 / (8.555 + 27.119))
=0.158269 / 0.239811
=0.66

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)
=(60.857 / 556.333) / (60.6 / 261.202)
=0.10939 / 0.232004
=0.4715

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)
=((0.092 + 218.633) / 529.536) / ((5.6 + 177.21) / 567.947)
=0.41305 / 0.321879
=1.2832

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
=(-80.88 - 0 - -74.889) / 529.536
=-0.011314

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.

Rego Interactive Co has a M-score of -1.09 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 -1.09 mean?
Rego Interactive Co (HKSE:02422) has a Beneish M-Score of -1.09 as of Jul. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rego Interactive Co and its competitors. According to the industry distribution chart, Rego Interactive Co ranks #875 out of 973 companies in the Media - Diversified industry, placing it in the top 89.9%.
Is Rego Interactive Co's Beneish M-Score too high?
Rego Interactive Co's current Beneish M-Score is -1.09. Based on the distribution chart, Rego Interactive Co ranks #875 out of 973 companies in the Media - Diversified industry, which is in the bottom quartile relative to peers. Overall, Rego Interactive Co has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Rego Interactive Co's Beneish M-Score compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Rego Interactive Co ranks #875 out of 973 companies for Beneish M-Score. This places Rego Interactive 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 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 Rego Interactive Co and its competitors. Rego Interactive Co's current Beneish M-Score is -1.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rego Interactive Co stock overvalued right now?
Based on GuruFocus' analysis, Rego Interactive Co (HKSE:02422) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.88, compared to a current price of HK$2.04 — trading 131.8% above its estimated fair value. The current Beneish M-Score is -1.09. Rego Interactive Co's overall GF Score™ is 60/100 with 8 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 Rego Interactive Co (HKSE:02422), the current Beneish M-Score is -1.09 as of Jul. 24, 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 Rego Interactive Co (HKSE:02422) Overvalued in 2026?

Based on GuruFocus' analysis, Rego Interactive Co stock appears to be overvalued. The current stock price of HK$2.04 is trading 131.8% above its estimated GF Value™ of HK$0.88. GuruFocus considers Rego Interactive Co to be Significantly Overvalued.

Key valuation signals for HKSE:02422:

  • Beneish M-Score: -1.09
  • GF Value™: HK$0.88 vs. price of HK$2.04 (131.8% above fair value)
  • GF Score™: 60/100 with 8 warning signs

No single metric tells the full story. See the HKSE:02422 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Rego Interactive Co Business Description

Address No. 77 Yinxi Road, Yinhu Street, 19th Floor, Runge Interactive Headquarters Building, Fuyang District, Hangzhou, CHN, 311400
Rego Interactive Co Ltd is engaged in providing marketing and promotion services and IT solutions services in the PRC. The group has two reporting segments namely provision of corporate digitalization solutions services and provision of industry digitalization solutions services. The Corporate digitalization solutions services mainly comprise the Groups traditional marketing and promotion services, advertisement placement services, advertisement distribution services, virtual goods sourcing and delivery services, tangible goods sourcing and delivery services and software development and maintenance services. The Industry digitalization solutions services mainly comprise the groups solutions on lottery related software systems and equipment.
60GF Score

Get the complete analysis for HKSE:02422

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

HK$2.04
Price
HK$0.88
GF Value