Marketingforce Management (HKSE:02556) Beneish M-Score: -1.05 (As of Aug. 18, 2026)

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HKSE:02556 Marketingforce Management Ltd HKSE:02556
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Price HK$47.10
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What is Marketingforce Management Beneish M-Score?

Marketingforce Management HKSE:02556 -15.97% 11 Beneish M-Score is -1.05 as of Aug. 18, 2026. GuruFocus rates HKSE:02556 with a GF Score™ of 11/100. The stock has 8 warning signs investors should review. Among 2,634 Software companies, Marketingforce Management ranks worse than 88.84% 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 -1.05 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:02556' s Beneish M-Score Range Over the Past 10 Years
Min: -3.97   Med: -3.68   Max: -1.05
Current: -1.05

During the past 5 years, the highest Beneish M-Score of Marketingforce Management was -1.05. The lowest was -3.97. And the median was -3.68.

Marketingforce Management Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Marketingforce Management'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.

Marketingforce Management Beneish M-Score Chart

Marketingforce Management Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.68 -3.97 -1.05

Marketingforce Management Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 -3.97 0.00 -1.05 0.00

HKSE:02556 vs QH, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Marketingforce Management'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.

Marketingforce Management Beneish M-Score vs Software Industry

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

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


HKSE:02556
11GF Score
Marketingforce Management Ltd HKSE:02556
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Marketingforce Management 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 Marketingforce Management 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 * 0.8438+0.528 * 1.2609+0.404 * 0.5953+0.892 * 1.8708+0.115 * 0.9373
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5607+4.679 * 0.146346-0.327 * 0.7904
=-1.05

* 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$2,973 Mil.
Revenue was HK$3,113 Mil.
Gross Profit was HK$1,308 Mil.
Total Current Assets was HK$5,662 Mil.
Total Assets was HK$5,777 Mil.
Property, Plant and Equipment(Net PPE) was HK$93 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$61 Mil.
Selling, General, & Admin. Expense(SGA) was HK$663 Mil.
Total Current Liabilities was HK$3,459 Mil.
Long-Term Debt & Capital Lease Obligation was HK$22 Mil.
Net Income was HK$98 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-747 Mil.
 Total Receivables was HK$1,883 Mil.
Revenue was HK$1,664 Mil.
Gross Profit was HK$882 Mil.
Total Current Assets was HK$3,108 Mil.
Total Assets was HK$3,259 Mil.
Property, Plant and Equipment(Net PPE) was HK$130 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$77 Mil.
Selling, General, & Admin. Expense(SGA) was HK$632 Mil.
Total Current Liabilities was HK$2,432 Mil.
Long-Term Debt & Capital Lease Obligation was HK$53 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)
=(2972.751 / 3113.141) / (1883.106 / 1664.059)
=0.954904 / 1.131634
=0.8438

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)
=(881.676 / 1664.059) / (1308.14 / 3113.141)
=0.529835 / 0.420199
=1.2609

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 - (5661.524 + 92.79) / 5776.931) / (1 - (3108.317 + 129.599) / 3259.35)
=0.003915 / 0.006576
=0.5953

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
=3113.141 / 1664.059
=1.8708

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))
=(76.905 / (76.905 + 129.599)) / (61.175 / (61.175 + 92.79))
=0.372414 / 0.397331
=0.9373

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)
=(663.299 / 3113.141) / (632.304 / 1664.059)
=0.213064 / 0.379977
=0.5607

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)
=((22.057 + 3459.148) / 5776.931) / ((52.777 + 2432.285) / 3259.35)
=0.602605 / 0.762441
=0.7904

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
=(98.258 - 0 - -747.172) / 5776.931
=0.146346

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.

Marketingforce Management has a M-score of -1.05 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 -1.05 mean?
Marketingforce Management (HKSE:02556) has a Beneish M-Score of -1.05 as of Aug. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Marketingforce Management and its competitors. According to the industry distribution chart, Marketingforce Management ranks #2340 out of 2634 companies in the Software industry, placing it in the top 88.8%.
Is Marketingforce Management's Beneish M-Score too high?
Marketingforce Management's current Beneish M-Score is -1.05. Based on the distribution chart, Marketingforce Management ranks #2340 out of 2634 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Marketingforce Management has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Marketingforce Management's Beneish M-Score compare to QH and SHOP?
According to the Software industry distribution chart, Marketingforce Management ranks #2340 out of 2634 companies for Beneish M-Score. This places Marketingforce Management 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 Marketingforce Management and its competitors. Marketingforce Management's current Beneish M-Score is -1.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Marketingforce Management stock overvalued right now?
Marketingforce Management (HKSE:02556) has a current Beneish M-Score of -1.05. The current Beneish M-Score is -1.05. Marketingforce Management's overall GF Score™ is 11/100 with 8 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 Marketingforce Management (HKSE:02556), the current Beneish M-Score is -1.05 as of Aug. 18, 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.

Marketingforce Management Business Description

Address No. 1 Lane 1401, Jiangchang Road, Trueland Center, Building 8, Shanghai Big Data Industrial Park, Jingan District, Shanghai, CHN
Marketingforce Management Ltd is engaged in marketing and sales SaaS solution provider in China. It delivers marketing and sales SaaS solutions through the Marketing Force platform to enterprises. The company offers cloud-based SaaS products to enterprises to enable effective and efficient marketing and sales management, and also offers two signature SaaS products, T Cloud and True Client, which combine a series of functional modules respectively to address the pain points faced by enterprises in marketing and sales activities. The group is engaged in two segments: AI+ SaaS business and Precision marketing. Key revenue is generated from the AI+SaaS business.
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