Plus Group Holdings (HKSE:02486) Beneish M-Score: -1.53 (As of Jun. 27, 2026)


HKSE:02486 Plus Group Holdings Inc HKSE:02486
81 GF Score
Price HK$3.57
GF Value HK$12.90
Valuation Possible Value Trap
! 3 Warning Signs
View Full Analysis

What is Plus Group Holdings Beneish M-Score?

Plus Group Holdings HKSE:02486 +8.18% 81 Beneish M-Score is -1.53 as of Jun. 27, 2026. GuruFocus rates HKSE:02486 with a GF Score™ of 81/100 and a GF Value™ of HK$12.90 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 989 Media - Diversified companies, Plus Group Holdings ranks worse than 86.25% 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 -1.53 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:02486' s Beneish M-Score Range Over the Past 10 Years
Min: -2.71   Med: -1.84   Max: -1.53
Current: -1.53

During the past 6 years, the highest Beneish M-Score of Plus Group Holdings was -1.53. The lowest was -2.71. And the median was -1.84.

Plus Group Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Plus Group 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.

Plus Group Holdings Beneish M-Score Chart

Plus Group Holdings Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.71 -1.88 -1.79 -1.53

Plus Group Holdings Semi-Annual Data
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 -1.88 0.00 -1.79 0.00 -1.53

HKSE:02486 vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, Plus Group 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.

Plus Group Holdings Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Plus Group Holdings's Beneish M-Score distribution charts can be found below:

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


HKSE:02486
81GF Score
Plus Group Holdings Inc HKSE:02486
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Plus Group 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 Plus Group 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 * 0.5052+0.528 * 1.3536+0.404 * 1.8729+0.892 * 2.0047+0.115 * 1.0318
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6625+4.679 * -0.032317-0.327 * 0.8123
=-1.53

* 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$568 Mil.
Revenue was HK$2,240 Mil.
Gross Profit was HK$197 Mil.
Total Current Assets was HK$773 Mil.
Total Assets was HK$789 Mil.
Property, Plant and Equipment(Net PPE) was HK$5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$154 Mil.
Total Current Liabilities was HK$257 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0 Mil.
Net Income was HK$25 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$50 Mil.
 Total Receivables was HK$561 Mil.
Revenue was HK$1,117 Mil.
Gross Profit was HK$133 Mil.
Total Current Assets was HK$844 Mil.
Total Assets was HK$855 Mil.
Property, Plant and Equipment(Net PPE) was HK$5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$116 Mil.
Total Current Liabilities was HK$341 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1 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)
=(568.32 / 2239.571) / (561.132 / 1117.17)
=0.253763 / 0.50228
=0.5052

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)
=(132.794 / 1117.17) / (196.669 / 2239.571)
=0.118866 / 0.087815
=1.3536

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 - (773.13 + 5.054) / 789.122) / (1 - (843.658 + 4.909) / 854.894)
=0.013861 / 0.007401
=1.8729

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
=2239.571 / 1117.17
=2.0047

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))
=(3.049 / (3.049 + 4.909)) / (2.985 / (2.985 + 5.054))
=0.383136 / 0.371315
=1.0318

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)
=(153.951 / 2239.571) / (115.913 / 1117.17)
=0.068741 / 0.103756
=0.6625

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)
=((0.309 + 256.704) / 789.122) / ((1.307 + 341.462) / 854.894)
=0.325695 / 0.400949
=0.8123

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
=(24.776 - 0 - 50.278) / 789.122
=-0.032317

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.

Plus Group Holdings has a M-score of -1.53 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 -1.53 mean?
Plus Group Holdings (HKSE:02486) has a Beneish M-Score of -1.53 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Plus Group Holdings and its competitors. According to the industry distribution chart, Plus Group Holdings ranks #853 out of 989 companies in the Media - Diversified industry, placing it in the top 86.2%.
Is Plus Group Holdings' Beneish M-Score too high?
Plus Group Holdings' current Beneish M-Score is -1.53. Based on the distribution chart, Plus Group Holdings ranks #853 out of 989 companies in the Media - Diversified industry, which is in the bottom quartile relative to peers. Overall, Plus Group Holdings has a GF Score™ of 81/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Plus Group Holdings' Beneish M-Score compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Plus Group Holdings ranks #853 out of 989 companies for Beneish M-Score. This places Plus Group 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 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 Plus Group Holdings and its competitors. Plus Group Holdings's current Beneish M-Score is -1.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Plus Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, Plus Group Holdings (HKSE:02486) is currently considered Possible Value Trap. The stock's GF Value™ is HK$12.90, compared to a current price of HK$3.57 — trading 72.3% below its estimated fair value. The current Beneish M-Score is -1.53. Plus Group Holdings' overall GF Score™ is 81/100 with 3 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 Plus Group Holdings (HKSE:02486), the current Beneish M-Score is -1.53 as of Jun. 27, 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 Plus Group Holdings (HKSE:02486) Overvalued in 2026?

Based on GuruFocus' analysis, Plus Group Holdings stock appears to be undervalued. The current stock price of HK$3.57 is trading 72.3% below its estimated GF Value™ of HK$12.90. GuruFocus considers Plus Group Holdings to be Possible Value Trap.

Key valuation signals for HKSE:02486:

  • Beneish M-Score: -1.53
  • GF Value™: HK$12.90 vs. price of HK$3.57 (72.3% below fair value)
  • GF Score™: 81/100 with 3 warning signs

No single metric tells the full story. See the HKSE:02486 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Plus Group Holdings Business Description

Address No. 80, Lane 689, Liquan Road, Unit 1501, T2 Office Building Gaoshang Lingyu, Putuo District, Shanghai, CHN
Plus Group Holdings Inc is an investment holding company and its subsidiaries are principally engaged in the customized marketing solution, tasks and marketers matching service, marketers assignment service and SaaS+ subscription and other services in the People's Republic of China. The company generates the majority of its revenue from the Customized marketing solution.
81GF Score

Get the complete analysis for HKSE:02486

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

HK$3.57
Price
HK$12.90
GF Value