ArtGo Holdings (HKSE:03313) Beneish M-Score: -2.80 (As of Jul. 07, 2026)


What is ArtGo Holdings Beneish M-Score?

ArtGo Holdings HKSE:03313 Beneish M-Score is -2.80 as of Jul. 07, 2026. The stock has 4 warning signs investors should review. Among 1,700 Construction companies, ArtGo Holdings ranks better than 73.18% 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 -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:03313' s Beneish M-Score Range Over the Past 10 Years
Min: -4.44   Med: -3.49   Max: 12.74
Current: -2.8

During the past 13 years, the highest Beneish M-Score of ArtGo Holdings was 12.74. The lowest was -4.44. And the median was -3.49.

ArtGo Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ArtGo 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.

ArtGo Holdings Beneish M-Score Chart

ArtGo Holdings 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 -3.79 -1.57 -4.44 -3.84 -2.80

ArtGo Holdings Semi-Annual Data
Jun16 Dec16 Jun17 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 Premium Member Only Premium Member Only -4.44 0.00 -3.84 0.00 -2.80

HKSE:03313 vs TT, JCI, CARR: Beneish M-Score Comparison

For the Building Products & Equipment subindustry, ArtGo 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.

ArtGo Holdings Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, ArtGo Holdings's Beneish M-Score distribution charts can be found below:

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


ArtGo 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 ArtGo 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 * 0.806+0.528 * 0.9458+0.404 * 1.0217+0.892 * 1.0659+0.115 * 1.2033
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9303+4.679 * -0.041257-0.327 * 1.0604
=-2.80

* 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$67.94 Mil.
Revenue was HK$81.48 Mil.
Gross Profit was HK$13.49 Mil.
Total Current Assets was HK$185.08 Mil.
Total Assets was HK$1,038.35 Mil.
Property, Plant and Equipment(Net PPE) was HK$790.45 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$25.63 Mil.
Selling, General, & Admin. Expense(SGA) was HK$49.01 Mil.
Total Current Liabilities was HK$173.59 Mil.
Long-Term Debt & Capital Lease Obligation was HK$227.68 Mil.
Net Income was HK$-90.41 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-47.58 Mil.
 Total Receivables was HK$79.08 Mil.
Revenue was HK$76.44 Mil.
Gross Profit was HK$11.97 Mil.
Total Current Assets was HK$201.73 Mil.
Total Assets was HK$1,067.28 Mil.
Property, Plant and Equipment(Net PPE) was HK$802.34 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$31.51 Mil.
Selling, General, & Admin. Expense(SGA) was HK$49.42 Mil.
Total Current Liabilities was HK$174.65 Mil.
Long-Term Debt & Capital Lease Obligation was HK$214.30 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)
=(67.944 / 81.482) / (79.081 / 76.441)
=0.833853 / 1.034536
=0.806

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)
=(11.972 / 76.441) / (13.493 / 81.482)
=0.156618 / 0.165595
=0.9458

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 - (185.078 + 790.445) / 1038.351) / (1 - (201.73 + 802.344) / 1067.283)
=0.060507 / 0.059224
=1.0217

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
=81.482 / 76.441
=1.0659

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))
=(31.506 / (31.506 + 802.344)) / (25.625 / (25.625 + 790.445))
=0.037784 / 0.0314
=1.2033

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)
=(49.008 / 81.482) / (49.423 / 76.441)
=0.601458 / 0.646551
=0.9303

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)
=((227.682 + 173.59) / 1038.351) / ((214.303 + 174.652) / 1067.283)
=0.386451 / 0.364435
=1.0604

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
=(-90.414 - 0 - -47.575) / 1038.351
=-0.041257

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.

ArtGo Holdings has a M-score of -2.80 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 -2.80 mean?
ArtGo Holdings (HKSE:03313) has a Beneish M-Score of -2.80 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ArtGo Holdings and its competitors. According to the industry distribution chart, ArtGo Holdings ranks #456 out of 1700 companies in the Construction industry, placing it in the top 26.8%.
Is ArtGo Holdings' Beneish M-Score too high?
ArtGo Holdings' current Beneish M-Score is -2.80. Based on the distribution chart, ArtGo Holdings ranks #456 out of 1700 companies in the Construction industry, which is above the industry midpoint.
How does ArtGo Holdings' Beneish M-Score compare to TT and JCI?
According to the Construction industry distribution chart, ArtGo Holdings ranks #456 out of 1700 companies for Beneish M-Score. This puts ArtGo 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 Construction company?
A good Beneish M-Score depends on the Construction 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 ArtGo Holdings and its competitors. ArtGo Holdings's current Beneish M-Score is -2.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ArtGo Holdings stock overvalued right now?
Based on GuruFocus' analysis, ArtGo Holdings (HKSE:03313) is currently considered Possible Value Trap. The stock's GF Value™ is HK$1.00, compared to a current price of HK$0.07 — trading 93.3% below its estimated fair value. The current Beneish M-Score is -2.80. 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 ArtGo Holdings (HKSE:03313), the current Beneish M-Score is -2.80 as of Jul. 07, 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.

ArtGo Holdings Business Description

Address No. 728 Yan\'an West Road, Room I, 13th Floor, Changning District, Shanghai, CHN
ArtGo Holdings Ltd principally engaged in the business of production and sales of calcium carbonate products, mining, processing and sale of marble stones and warehousing and logistics. It operates in two reportable segments: the marble products segment produces marble stone products and calcium carbonate products mainly by further processing or trading; and the other segment includes the provision of warehousing and logistics services. The majority of its revenue is generated from the Marble products segment. The company's projects includes Engineering projects, and Space application. The company's products includes Material, Finish Surface, Bathroom products, Crafts, and Lines. Geographically, the group generates all of its revenue from its customers in the People's Republic of China.