Palasino Holdings (HKSE:02536) Beneish M-Score: -2.89 (As of Aug. 13, 2026)

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HKSE:02536 Palasino Holdings Ltd HKSE:02536
43 GF Score
Price HK$0.84
! 4 Warning Signs
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What is Palasino Holdings Beneish M-Score?

Palasino Holdings HKSE:02536 43 Beneish M-Score is -2.89 as of Aug. 13, 2026. GuruFocus rates HKSE:02536 with a GF Score™ of 43/100. The stock has 4 warning signs investors should review. Among 815 Travel & Leisure companies, Palasino Holdings ranks better than 71.29% 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02536' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23   Med: -2.66   Max: -1
Current: -2.89

During the past 6 years, the highest Beneish M-Score of Palasino Holdings was -1.00. The lowest was -3.23. And the median was -2.66.

Palasino Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Palasino 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.

Palasino Holdings Beneish M-Score Chart

Palasino Holdings Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -1.00 -3.23 -2.43 -2.89

Palasino Holdings Semi-Annual Data
Mar21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.23 0.00 -2.43 0.00 -2.89

HKSE:02536 vs LVS, MGM, WYNN: Beneish M-Score Comparison

For the Resorts & Casinos subindustry, Palasino 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.

Palasino Holdings Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Palasino Holdings's Beneish M-Score distribution charts can be found below:

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


HKSE:02536
43GF Score
Palasino Holdings Ltd HKSE:02536
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Palasino 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 Palasino 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 * 0.6856+0.528 * 1.023+0.404 * 1.0104+0.892 * 1.0756+0.115 * 0.9732
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.04504-0.327 * 0.9848
=-2.89

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was HK$12.8 Mil.
Revenue was HK$611.1 Mil.
Gross Profit was HK$211.4 Mil.
Total Current Assets was HK$287.6 Mil.
Total Assets was HK$782.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$449.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$29.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.0 Mil.
Total Current Liabilities was HK$101.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$104.0 Mil.
Net Income was HK$13.8 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$49.1 Mil.
 Total Receivables was HK$17.4 Mil.
Revenue was HK$568.1 Mil.
Gross Profit was HK$201.1 Mil.
Total Current Assets was HK$316.6 Mil.
Total Assets was HK$760.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$400.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$25.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.0 Mil.
Total Current Liabilities was HK$91.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$111.5 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)
=(12.809 / 611.119) / (17.368 / 568.144)
=0.02096 / 0.03057
=0.6856

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)
=(201.083 / 568.144) / (211.424 / 611.119)
=0.35393 / 0.345962
=1.023

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 - (287.608 + 449.599) / 782.801) / (1 - (316.58 + 400.401) / 760.839)
=0.058245 / 0.057644
=1.0104

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
=611.119 / 568.144
=1.0756

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))
=(25.61 / (25.61 + 400.401)) / (29.602 / (29.602 + 449.599))
=0.060116 / 0.061774
=0.9732

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)
=(0 / 611.119) / (0 / 568.144)
=0 / 0
=1

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)
=((104.028 + 101.639) / 782.801) / ((111.52 + 91.468) / 760.839)
=0.262732 / 0.266795
=0.9848

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
=(13.82 - 0 - 49.077) / 782.801
=-0.04504

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.

Palasino Holdings has a M-score of -2.89 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 -2.89 mean?
Palasino Holdings (HKSE:02536) has a Beneish M-Score of -2.89 as of Aug. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Palasino Holdings and its competitors. According to the industry distribution chart, Palasino Holdings ranks #234 out of 815 companies in the Travel & Leisure industry, placing it in the top 28.7%.
Is Palasino Holdings' Beneish M-Score too high?
Palasino Holdings' current Beneish M-Score is -2.89. Based on the distribution chart, Palasino Holdings ranks #234 out of 815 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Palasino Holdings has a GF Score™ of 43/100, reflecting its overall financial health beyond just this single metric.
How does Palasino Holdings' Beneish M-Score compare to LVS and MGM?
According to the Travel & Leisure industry distribution chart, Palasino Holdings ranks #234 out of 815 companies for Beneish M-Score. This puts Palasino Holdings in the upper 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Palasino Holdings and its competitors. Palasino Holdings's current Beneish M-Score is -2.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Palasino Holdings stock overvalued right now?
Palasino Holdings (HKSE:02536) has a current Beneish M-Score of -2.89. The current Beneish M-Score is -2.89. Palasino Holdings' overall GF Score™ is 43/100 with 4 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 Palasino Holdings (HKSE:02536), the current Beneish M-Score is -2.89 as of Aug. 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.

Palasino Holdings Business Description

Address 121 Des Voeux Road Central, 16th Floor, Far East Consortium Building, Hong Kong, HKG
Palasino Holdings Ltd is an entertainment, gaming, and leisure group comprising one integrated land-based casino and resort and two full-service land-based casinos operating in the Czech Republic, offering slot machines and table games, and three hotels in Germany and one hotel in Austria that offer accommodation, catering, conference, and leisure services. It operates into two reportable segments: Gaming operations comprising the operation of casinos; and Hotel, catering and leasing operations segment, which includes the operation of hotels, catering, and related services. Maximum revenue is generated from its Gaming operations segment. Geographically, the group generates maximum revenue from the Czech Republic.
43GF Score

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

HK$0.84
Price