APT Electronics Co (HKSE:02551) Beneish M-Score: -2.48 (As of Aug. 20, 2026)

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HKSE:02551 APT Electronics Co Ltd HKSE:02551
17 GF Score
Price HK$1.58
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What is APT Electronics Co Beneish M-Score?

APT Electronics Co HKSE:02551 -0.63% 17 Beneish M-Score is -2.48 as of Aug. 20, 2026. GuruFocus rates HKSE:02551 with a GF Score™ of 17/100. The stock has 5 warning signs investors should review. Among 2,403 Hardware companies, APT Electronics Co ranks better than 56.01% 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02551' s Beneish M-Score Range Over the Past 10 Years
Min: -3.64   Med: -2.48   Max: -2.29
Current: -2.48

During the past 5 years, the highest Beneish M-Score of APT Electronics Co was -2.29. The lowest was -3.64. And the median was -2.48.

APT Electronics Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for APT Electronics 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.

APT Electronics Co Beneish M-Score Chart

APT Electronics Co Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.64 -2.29 -2.48

APT Electronics Co Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -3.64 0.00 -2.29 0.00 -2.48

HKSE:02551 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, APT Electronics 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.

APT Electronics Co Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, APT Electronics Co's Beneish M-Score distribution charts can be found below:

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


HKSE:02551
17GF Score
APT Electronics Co Ltd HKSE:02551
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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APT Electronics 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 APT Electronics 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 * 0.9584+0.528 * 1.0939+0.404 * 1.0281+0.892 * 0.9705+0.115 * 1.3325
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0347+4.679 * -0.014358-0.327 * 0.8807
=-2.48

* 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$1,117 Mil.
Revenue was HK$2,686 Mil.
Gross Profit was HK$446 Mil.
Total Current Assets was HK$2,054 Mil.
Total Assets was HK$3,408 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,259 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$146 Mil.
Selling, General, & Admin. Expense(SGA) was HK$246 Mil.
Total Current Liabilities was HK$1,615 Mil.
Long-Term Debt & Capital Lease Obligation was HK$116 Mil.
Net Income was HK$69 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$117 Mil.
 Total Receivables was HK$1,201 Mil.
Revenue was HK$2,767 Mil.
Gross Profit was HK$502 Mil.
Total Current Assets was HK$2,180 Mil.
Total Assets was HK$3,311 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,042 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$168 Mil.
Selling, General, & Admin. Expense(SGA) was HK$245 Mil.
Total Current Liabilities was HK$1,888 Mil.
Long-Term Debt & Capital Lease Obligation was HK$22 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)
=(1117.413 / 2685.739) / (1201.336 / 2767.474)
=0.416054 / 0.434091
=0.9584

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)
=(502.389 / 2767.474) / (445.71 / 2685.739)
=0.181533 / 0.165954
=1.0939

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 - (2053.515 + 1259.35) / 3407.901) / (1 - (2179.688 + 1041.887) / 3311.401)
=0.027887 / 0.027126
=1.0281

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
=2685.739 / 2767.474
=0.9705

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))
=(167.767 / (167.767 + 1041.887)) / (146.309 / (146.309 + 1259.35))
=0.13869 / 0.104086
=1.3325

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)
=(245.596 / 2685.739) / (244.584 / 2767.474)
=0.091444 / 0.088378
=1.0347

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)
=((116.343 + 1614.512) / 3407.901) / ((21.584 + 1888.088) / 3311.401)
=0.507895 / 0.576696
=0.8807

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
=(68.536 - 0 - 117.468) / 3407.901
=-0.014358

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.

APT Electronics Co has a M-score of -2.48 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 -2.48 mean?
APT Electronics Co (HKSE:02551) has a Beneish M-Score of -2.48 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on APT Electronics Co and its competitors. According to the industry distribution chart, APT Electronics Co ranks #1057 out of 2403 companies in the Hardware industry, placing it in the top 44%.
Is APT Electronics Co's Beneish M-Score too high?
APT Electronics Co's current Beneish M-Score is -2.48. Based on the distribution chart, APT Electronics Co ranks #1057 out of 2403 companies in the Hardware industry, which is above the industry midpoint. Overall, APT Electronics Co has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does APT Electronics Co's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, APT Electronics Co ranks #1057 out of 2403 companies for Beneish M-Score. This puts APT Electronics Co 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 APT Electronics Co and its competitors. APT Electronics Co's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is APT Electronics Co stock overvalued right now?
APT Electronics Co (HKSE:02551) has a current Beneish M-Score of -2.48. The current Beneish M-Score is -2.48. APT Electronics Co's overall GF Score™ is 17/100 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 APT Electronics Co (HKSE:02551), the current Beneish M-Score is -2.48 as of Aug. 20, 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.

APT Electronics Co Business Description

Address No. 33, Huanshi Road South, Nansha District, Guangdong Province, Guangzhou, CHN, 511458
APT Electronics Co Ltd provides intelligent vision products and system solutions encompassing intelligent automotive vision, high-end lighting and advance display. Leveraging industry insights and proactive approaches to technological innovation, the company houses a broad array of LED+ technologies that integrate LED technologies with integrated circuits (ICs), electronic control, software, sensors, optics and others. Its energy-efficient and rapidly evolving LED+ technologies further empower its intelligent vision products and systems, enabling the company to penetrate high-value, high-growth markets.
17GF 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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