Cloud Factory Technology Holdings (HKSE:02512) Beneish M-Score: -2.34 (As of Jul. 13, 2026)


HKSE:02512 Cloud Factory Technology Holdings Ltd HKSE:02512
15 GF Score
Price HK$2.90
! 5 Warning Signs
View Full Analysis

What is Cloud Factory Technology Holdings Beneish M-Score?

Cloud Factory Technology Holdings HKSE:02512 15 Beneish M-Score is -2.34 as of Jul. 13, 2026. GuruFocus rates HKSE:02512 with a GF Score™ of 15/100. The stock has 5 warning signs investors should review. Among 2,631 Software companies, Cloud Factory Technology Holdings ranks worse than 62.64% 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 -2.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02512' s Beneish M-Score Range Over the Past 10 Years
Min: -2.34   Med: -1   Max: 10.56
Current: -2.34

During the past 5 years, the highest Beneish M-Score of Cloud Factory Technology Holdings was 10.56. The lowest was -2.34. And the median was -1.00.

Cloud Factory Technology Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cloud Factory Technology 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.

Cloud Factory Technology Holdings Beneish M-Score Chart

Cloud Factory Technology Holdings Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 10.56 -1.00 -2.34

Cloud Factory Technology Holdings Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 10.56 0.00 -1.00 0.00 -2.34

HKSE:02512 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, Cloud Factory Technology 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.

Cloud Factory Technology Holdings Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Cloud Factory Technology Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Cloud Factory Technology Holdings's Beneish M-Score falls into.


HKSE:02512
15GF Score
Cloud Factory Technology Holdings Ltd HKSE:02512
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Cloud Factory Technology 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 Cloud Factory Technology 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 * 0.9419+0.528 * 1.2446+0.404 * 0.3719+0.892 * 1.3796+0.115 * 1.531
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6306+4.679 * -0.022582-0.327 * 1.1063
=-2.34

* 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$451 Mil.
Revenue was HK$1,042 Mil.
Gross Profit was HK$106 Mil.
Total Current Assets was HK$1,398 Mil.
Total Assets was HK$1,528 Mil.
Property, Plant and Equipment(Net PPE) was HK$95 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$12 Mil.
Selling, General, & Admin. Expense(SGA) was HK$48 Mil.
Total Current Liabilities was HK$927 Mil.
Long-Term Debt & Capital Lease Obligation was HK$11 Mil.
Net Income was HK$13 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$47 Mil.
 Total Receivables was HK$347 Mil.
Revenue was HK$756 Mil.
Gross Profit was HK$96 Mil.
Total Current Assets was HK$878 Mil.
Total Assets was HK$973 Mil.
Property, Plant and Equipment(Net PPE) was HK$35 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$55 Mil.
Total Current Liabilities was HK$540 Mil.
Long-Term Debt & Capital Lease Obligation was HK$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)
=(451.152 / 1042.305) / (347.179 / 755.516)
=0.432841 / 0.459526
=0.9419

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)
=(95.687 / 755.516) / (106.069 / 1042.305)
=0.126651 / 0.101764
=1.2446

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 - (1397.59 + 95.271) / 1527.765) / (1 - (877.826 + 35.487) / 973.083)
=0.022846 / 0.061423
=0.3719

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
=1042.305 / 755.516
=1.3796

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))
=(7.024 / (7.024 + 35.487)) / (11.526 / (11.526 + 95.271))
=0.165228 / 0.107924
=1.531

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)
=(48.201 / 1042.305) / (55.403 / 755.516)
=0.046245 / 0.073331
=0.6306

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)
=((10.623 + 926.812) / 1527.765) / ((0.01 + 539.684) / 973.083)
=0.613599 / 0.554623
=1.1063

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
=(12.758 - 0 - 47.258) / 1527.765
=-0.022582

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.

Cloud Factory Technology Holdings has a M-score of -2.34 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 -2.34 mean?
Cloud Factory Technology Holdings (HKSE:02512) has a Beneish M-Score of -2.34 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cloud Factory Technology Holdings and its competitors. According to the industry distribution chart, Cloud Factory Technology Holdings ranks #1648 out of 2631 companies in the Software industry, placing it in the top 62.6%.
Is Cloud Factory Technology Holdings' Beneish M-Score too high?
Cloud Factory Technology Holdings' current Beneish M-Score is -2.34. Based on the distribution chart, Cloud Factory Technology Holdings ranks #1648 out of 2631 companies in the Software industry, which is below the industry midpoint. Overall, Cloud Factory Technology Holdings has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Cloud Factory Technology Holdings' Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, Cloud Factory Technology Holdings ranks #1648 out of 2631 companies for Beneish M-Score. This places Cloud Factory Technology 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 Software company?
A good Beneish M-Score depends on the Software 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 Cloud Factory Technology Holdings and its competitors. Cloud Factory Technology Holdings's current Beneish M-Score is -2.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cloud Factory Technology Holdings stock overvalued right now?
Cloud Factory Technology Holdings (HKSE:02512) has a current Beneish M-Score of -2.34. The current Beneish M-Score is -2.34. Cloud Factory Technology Holdings' overall GF Score™ is 15/100 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 Cloud Factory Technology Holdings (HKSE:02512), the current Beneish M-Score is -2.34 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.

Cloud Factory Technology Holdings Business Description

Address 228 Linghu Avenue, 2-601, Tian An Intelligence Park, Xinwu District, Jiangsu, Wuxi, CHN
Cloud Factory Technology Holdings Ltd is engaged in the provision of IDC Solution Services, Edge Computing Services, and Intelligent Computing, which form key components of cloud services. The Group generated revenue from four operating segments: (i) IDC Solution Services; (ii) Edge Computing Services; (iii) Intelligent Computing, and (iv) Other Services. The majority of its revenue is generated from the revenue from the IDC Solution Services.
15GF Score

Get the complete analysis for HKSE:02512

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

HK$2.90
Price