Zengame Technology Holding (HKSE:02660) Beneish M-Score: -2.06 (As of Jul. 03, 2026)


HKSE:02660 Zengame Technology Holding Ltd HKSE:02660
78 GF Score
Price HK$2.18
GF Value HK$2.43
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Zengame Technology Holding Beneish M-Score?

Zengame Technology Holding HKSE:02660 +0.93% 78 Beneish M-Score is -2.06 as of Jul. 03, 2026. GuruFocus rates HKSE:02660 with a GF Score™ of 78/100 and a GF Value™ of HK$2.43 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 531 Interactive Media companies, Zengame Technology Holding ranks worse than 76.65% 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 -2.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02660' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14   Med: -1.92   Max: -0.09
Current: -2.06

During the past 10 years, the highest Beneish M-Score of Zengame Technology Holding was -0.09. The lowest was -3.14. And the median was -1.92.

Zengame Technology Holding Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Zengame Technology Holding'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.

Zengame Technology Holding Beneish M-Score Chart

Zengame Technology Holding Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.29 -0.09 -2.45 -2.79 -2.06

Zengame Technology Holding Semi-Annual Data
Dec16 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.45 0.00 -2.79 0.00 -2.06

HKSE:02660 vs NTES, EA, TTWO: Beneish M-Score Comparison

For the Electronic Gaming & Multimedia subindustry, Zengame Technology Holding'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.

Zengame Technology Holding Beneish M-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Zengame Technology Holding's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Zengame Technology Holding's Beneish M-Score falls into.


HKSE:02660
78GF Score
Zengame Technology Holding Ltd HKSE:02660
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Zengame Technology Holding 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 Zengame Technology Holding 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 * 1.3547+0.528 * 1.0904+0.404 * 0.6755+0.892 * 0.9647+0.115 * 0.9381
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1497+4.679 * 0.037106-0.327 * 0.7834
=-2.06

* 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$145 Mil.
Revenue was HK$1,707 Mil.
Gross Profit was HK$868 Mil.
Total Current Assets was HK$2,743 Mil.
Total Assets was HK$3,138 Mil.
Property, Plant and Equipment(Net PPE) was HK$51 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$14 Mil.
Selling, General, & Admin. Expense(SGA) was HK$296 Mil.
Total Current Liabilities was HK$230 Mil.
Long-Term Debt & Capital Lease Obligation was HK$14 Mil.
Net Income was HK$384 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$268 Mil.
 Total Receivables was HK$111 Mil.
Revenue was HK$1,770 Mil.
Gross Profit was HK$981 Mil.
Total Current Assets was HK$2,520 Mil.
Total Assets was HK$3,074 Mil.
Property, Plant and Equipment(Net PPE) was HK$55 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$14 Mil.
Selling, General, & Admin. Expense(SGA) was HK$267 Mil.
Total Current Liabilities was HK$285 Mil.
Long-Term Debt & Capital Lease Obligation was HK$19 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)
=(145.208 / 1707.461) / (111.108 / 1769.909)
=0.085043 / 0.062776
=1.3547

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)
=(980.795 / 1769.909) / (867.765 / 1707.461)
=0.55415 / 0.50822
=1.0904

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 - (2742.608 + 50.535) / 3137.582) / (1 - (2520.069 + 54.665) / 3074.391)
=0.109778 / 0.162522
=0.6755

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
=1707.461 / 1769.909
=0.9647

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))
=(13.973 / (13.973 + 54.665)) / (14.005 / (14.005 + 50.535))
=0.203575 / 0.216997
=0.9381

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)
=(296.001 / 1707.461) / (266.882 / 1769.909)
=0.173357 / 0.150789
=1.1497

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)
=((14.065 + 229.659) / 3137.582) / ((19.459 + 285.366) / 3074.391)
=0.077679 / 0.09915
=0.7834

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
=(384.209 - 0 - 267.785) / 3137.582
=0.037106

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.

Zengame Technology Holding has a M-score of -2.06 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 -2.06 mean?
Zengame Technology Holding (HKSE:02660) has a Beneish M-Score of -2.06 as of Jul. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zengame Technology Holding and its competitors. According to the industry distribution chart, Zengame Technology Holding ranks #407 out of 531 companies in the Interactive Media industry, placing it in the top 76.6%.
Is Zengame Technology Holding's Beneish M-Score too high?
Zengame Technology Holding's current Beneish M-Score is -2.06. Based on the distribution chart, Zengame Technology Holding ranks #407 out of 531 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, Zengame Technology Holding has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Zengame Technology Holding's Beneish M-Score compare to NTES and EA?
According to the Interactive Media industry distribution chart, Zengame Technology Holding ranks #407 out of 531 companies for Beneish M-Score. This places Zengame Technology Holding 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 an Interactive Media company?
A good Beneish M-Score depends on the Interactive Media 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 Zengame Technology Holding and its competitors. Zengame Technology Holding's current Beneish M-Score is -2.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zengame Technology Holding stock overvalued right now?
Based on GuruFocus' analysis, Zengame Technology Holding (HKSE:02660) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$2.43, compared to a current price of HK$2.18 — trading 10.3% below its estimated fair value. The current Beneish M-Score is -2.06. Zengame Technology Holding's overall GF Score™ is 78/100 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 Zengame Technology Holding (HKSE:02660), the current Beneish M-Score is -2.06 as of Jul. 03, 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.

Is Zengame Technology Holding (HKSE:02660) Overvalued in 2026?

Based on GuruFocus' analysis, Zengame Technology Holding stock appears to be undervalued. The current stock price of HK$2.18 is trading 10.3% below its estimated GF Value™ of HK$2.43. GuruFocus considers Zengame Technology Holding to be Modestly Undervalued.

Key valuation signals for HKSE:02660:

  • Beneish M-Score: -2.06
  • GF Value™: HK$2.43 vs. price of HK$2.18 (10.3% below fair value)
  • GF Score™: 78/100 with 4 warning signs

No single metric tells the full story. See the HKSE:02660 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Zengame Technology Holding Business Description

Address Keji South 12 Road, Rooms 1304-06, Changhong Science and Technology Mansion, Science and Technology Park, Nanshan District, Shenzhen, CHN, 518057
Zengame Technology Holding Ltd is a mobile game developer. The company operates self-developed and third-party-developed games. The company's games include card games, board games, other casual games, and hardcore games, including Fight the Landlord, Sichuan Mahjong, Hunan Run Fast, Tiantian Love Chinese Chess, Happy Mengmengxiao and Kuaishou Fishing. It is also engaged in the investment business.
78GF Score

Get the complete analysis for HKSE:02660

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

HK$2.18
Price
HK$2.43
GF Value