Folangsi Co (HKSE:02499) Beneish M-Score: -3.00 (As of Jul. 13, 2026)


HKSE:02499 Folangsi Co Ltd HKSE:02499
37 GF Score
Price HK$5.87
! 10 Warning Signs
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What is Folangsi Co Beneish M-Score?

Folangsi Co HKSE:02499 -0.17% 37 Beneish M-Score is -3.00 as of Jul. 13, 2026. GuruFocus rates HKSE:02499 with a GF Score™ of 37/100. The stock has 10 warning signs investors should review. Among 205 Farm & Heavy Construction Machinery companies, Folangsi Co ranks better than 85.37% 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 -3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02499' s Beneish M-Score Range Over the Past 10 Years
Min: -4.16   Med: -2.99   Max: -2.68
Current: -3

During the past 6 years, the highest Beneish M-Score of Folangsi Co was -2.68. The lowest was -4.16. And the median was -2.99.

Folangsi Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Folangsi 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.

Folangsi Co Beneish M-Score Chart

Folangsi Co Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -4.16 -2.68 -2.97 -3.00

Folangsi Co Semi-Annual Data
Dec20 Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -2.68 0.00 -2.97 0.00 -3.00

HKSE:02499 vs CAT, DE, PCAR: Beneish M-Score Comparison

For the Farm & Heavy Construction Machinery subindustry, Folangsi 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.

Folangsi Co Beneish M-Score vs Farm & Heavy Construction Machinery Industry

For the Farm & Heavy Construction Machinery industry and Industrials sector, Folangsi Co's Beneish M-Score distribution charts can be found below:

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


HKSE:02499
37GF Score
Folangsi Co Ltd HKSE:02499
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Folangsi 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 Folangsi 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 * 0.9536+0.528 * 0.9608+0.404 * 1.0076+0.892 * 1.1233+0.115 * 1.0969
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0882+4.679 * -0.120864-0.327 * 1.014
=-3.00

* 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$542 Mil.
Revenue was HK$1,932 Mil.
Gross Profit was HK$579 Mil.
Total Current Assets was HK$959 Mil.
Total Assets was HK$4,543 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,336 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$470 Mil.
Selling, General, & Admin. Expense(SGA) was HK$321 Mil.
Total Current Liabilities was HK$1,527 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,609 Mil.
Net Income was HK$91 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$640 Mil.
 Total Receivables was HK$506 Mil.
Revenue was HK$1,720 Mil.
Gross Profit was HK$495 Mil.
Total Current Assets was HK$954 Mil.
Total Assets was HK$4,037 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,864 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$449 Mil.
Selling, General, & Admin. Expense(SGA) was HK$262 Mil.
Total Current Liabilities was HK$1,489 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,259 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)
=(541.671 / 1931.891) / (505.7 / 1719.878)
=0.280384 / 0.294032
=0.9536

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)
=(495.106 / 1719.878) / (578.856 / 1931.891)
=0.287873 / 0.299632
=0.9608

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 - (958.984 + 3335.889) / 4542.871) / (1 - (953.94 + 2864.448) / 4037.12)
=0.054591 / 0.05418
=1.0076

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
=1931.891 / 1719.878
=1.1233

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))
=(449.256 / (449.256 + 2864.448)) / (470.479 / (470.479 + 3335.889))
=0.135575 / 0.123603
=1.0969

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)
=(320.574 / 1931.891) / (262.263 / 1719.878)
=0.165938 / 0.152489
=1.0882

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)
=((1609.465 + 1527.016) / 4542.871) / ((1259.496 + 1489.309) / 4037.12)
=0.690418 / 0.680883
=1.014

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
=(90.822 - 0 - 639.891) / 4542.871
=-0.120864

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.

Folangsi Co has a M-score of -3.00 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 -3.00 mean?
Folangsi Co (HKSE:02499) has a Beneish M-Score of -3.00 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Folangsi Co and its competitors. According to the industry distribution chart, Folangsi Co ranks #30 out of 205 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 14.6%.
Is Folangsi Co's Beneish M-Score too high?
Folangsi Co's current Beneish M-Score is -3.00. Based on the distribution chart, Folangsi Co ranks #30 out of 205 companies in the Farm & Heavy Construction Machinery industry, which is in the top quartile — a strong position relative to peers. Overall, Folangsi Co has a GF Score™ of 37/100, reflecting its overall financial health beyond just this single metric.
How does Folangsi Co's Beneish M-Score compare to CAT and DE?
According to the Farm & Heavy Construction Machinery industry distribution chart, Folangsi Co ranks #30 out of 205 companies for Beneish M-Score. This places Folangsi Co in the top 15% of its industry — outperforming the majority of peers. 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 Farm & Heavy Construction Machinery company?
A good Beneish M-Score depends on the Farm & Heavy Construction Machinery 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 Folangsi Co and its competitors. Folangsi Co's current Beneish M-Score is -3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Folangsi Co stock overvalued right now?
Folangsi Co (HKSE:02499) has a current Beneish M-Score of -3.00. The current Beneish M-Score is -3.00. Folangsi Co's overall GF Score™ is 37/100 with 10 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 Folangsi Co (HKSE:02499), the current Beneish M-Score is -3.00 as of Jul. 13, 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.

Folangsi Co Business Description

Address No. 999, Yayun Avenue, Shiqi Town, Panyu District, Guangdong, Guangzhou, CHN, 511440
Folangsi Co Ltd is engaged in the provision of intralogistics equipment subscription services (including leases of equipment), provision of maintenance and repair services and sale of intralogistics equipment and parts. Its segments include Intralogistics equipment subscription services; Maintenance and repair services; and Sales of intralogistics equipment and parts. The company generates majority of its revenue from Intralogistics equipment subscription services, where it charges customers fees based on the duration used relevant intralogistics equipment.
37GF Score

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

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