Keep (HKSE:03650) Beneish M-Score: -1.42 (As of Aug. 26, 2026)

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HKSE:03650 Keep Inc HKSE:03650
71 GF Score
Price HK$1.69
GF Value HK$5.19
Valuation Possible Value Trap
! 4 Warning Signs
View Full Analysis

What is Keep Beneish M-Score?

Keep HKSE:03650 -2.31% 71 Beneish M-Score is -1.42 as of Aug. 26, 2026. GuruFocus rates HKSE:03650 with a GF Score™ of 71/100 and a GF Value™ of HK$5.19 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 819 Travel & Leisure companies, Keep ranks worse than 89.5% 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 -1.42 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:03650' s Beneish M-Score Range Over the Past 10 Years
Min: -5.21   Med: -1.42   Max: 0.15
Current: -1.42

During the past 7 years, the highest Beneish M-Score of Keep was 0.15. The lowest was -5.21. And the median was -1.42.

Keep Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Keep'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.

Keep Beneish M-Score Chart

Keep Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -5.21 -1.12 0.15 -2.54 -1.42

Keep Semi-Annual Data
Dec19 Dec20 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 0.15 0.00 -2.54 0.00 -1.42

HKSE:03650 vs AS, HAS, LTH: Beneish M-Score Comparison

For the Leisure subindustry, Keep'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.

Keep Beneish M-Score vs Travel & Leisure Industry

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

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


HKSE:03650
71GF Score
Keep Inc HKSE:03650
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Keep 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 Keep 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 * 1.1872+0.528 * 0.8959+0.404 * 3.7801+0.892 * 0.8201+0.115 * 0.9104
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7562+4.679 * -0.021766-0.327 * 0.8389
=-1.42

* 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$213 Mil.
Revenue was HK$1,809 Mil.
Gross Profit was HK$944 Mil.
Total Current Assets was HK$1,482 Mil.
Total Assets was HK$1,965 Mil.
Property, Plant and Equipment(Net PPE) was HK$32 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$30 Mil.
Selling, General, & Admin. Expense(SGA) was HK$656 Mil.
Total Current Liabilities was HK$467 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4 Mil.
Net Income was HK$-79 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-37 Mil.
 Total Receivables was HK$219 Mil.
Revenue was HK$2,205 Mil.
Gross Profit was HK$1,031 Mil.
Total Current Assets was HK$1,853 Mil.
Total Assets was HK$2,035 Mil.
Property, Plant and Equipment(Net PPE) was HK$58 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$45 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,058 Mil.
Total Current Liabilities was HK$563 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)
=(213.3 / 1808.73) / (219.077 / 2205.484)
=0.117928 / 0.099333
=1.1872

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)
=(1030.765 / 2205.484) / (943.574 / 1808.73)
=0.467365 / 0.521678
=0.8959

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 - (1481.818 + 31.898) / 1965.282) / (1 - (1853.409 + 57.68) / 2034.772)
=0.229772 / 0.060785
=3.7801

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
=1808.73 / 2205.484
=0.8201

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))
=(44.966 / (44.966 + 57.68)) / (29.587 / (29.587 + 31.898))
=0.438069 / 0.481207
=0.9104

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)
=(656.244 / 1808.73) / (1058.176 / 2205.484)
=0.36282 / 0.479793
=0.7562

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)
=((3.707 + 467.224) / 1965.282) / ((18.644 + 562.555) / 2034.772)
=0.239625 / 0.285633
=0.8389

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
=(-79.304 - 0 - -36.527) / 1965.282
=-0.021766

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.

Keep has a M-score of -1.42 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 -1.42 mean?
Keep (HKSE:03650) has a Beneish M-Score of -1.42 as of Aug. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Keep and its competitors. According to the industry distribution chart, Keep ranks #733 out of 819 companies in the Travel & Leisure industry, placing it in the top 89.5%.
Is Keep's Beneish M-Score too high?
Keep's current Beneish M-Score is -1.42. Based on the distribution chart, Keep ranks #733 out of 819 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, Keep has a GF Score™ of 71/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Keep's Beneish M-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Keep ranks #733 out of 819 companies for Beneish M-Score. This places Keep 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 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 Keep and its competitors. Keep's current Beneish M-Score is -1.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Keep stock overvalued right now?
Based on GuruFocus' analysis, Keep (HKSE:03650) is currently considered Possible Value Trap. The stock's GF Value™ is HK$5.19, compared to a current price of HK$1.69 — trading 67.4% below its estimated fair value. The current Beneish M-Score is -1.42. Keep's overall GF Score™ is 71/100 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 Keep (HKSE:03650), the current Beneish M-Score is -1.42 as of Aug. 26, 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 Keep (HKSE:03650) Overvalued in 2026?

Based on GuruFocus' analysis, Keep stock appears to be undervalued. The current stock price of HK$1.69 is trading 67.4% below its estimated GF Value™ of HK$5.19. GuruFocus considers Keep to be Possible Value Trap.

Key valuation signals for HKSE:03650:

  • Beneish M-Score: -1.42
  • GF Value™: HK$5.19 vs. price of HK$1.69 (67.4% below fair value)
  • GF Score™: 71/100 with 4 warning signs

No single metric tells the full story. See the HKSE:03650 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Keep Business Description

Address No. 9 Wangjing Street, Building D, Vanke Time Square, Chaoyang, Beijing, CHN
Keep Inc is a growing and result-oriented platform that provides users with a comprehensive fitness solution to help them achieve their fitness goals. It offers extensive and professional fitness content with AI-assisted personalized curriculums, encompassing interactive live-streaming classes and recorded fitness courses, that dynamically adjust course content and workout intensity based on users' athletic levels, fitness goals, daily workout patterns, and diet. The company's operating segment includes Self-branded fitness products, Online membership and paid content, and Advertising and others. The company generates the majority of its revenue from Self-branded fitness products.
71GF Score

Get the complete analysis for HKSE:03650

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

HK$1.69
Price
HK$5.19
GF Value