HashKey Holdings (HKSE:03887) Beneish M-Score: -1.36 (As of Sep. 01, 2026)

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HKSE:03887 HashKey Holdings Ltd HKSE:03887
11 GF Score
Price HK$2.62
! 5 Warning Signs
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What is HashKey Holdings Beneish M-Score?

HashKey Holdings HKSE:03887 +0.58% 11 Beneish M-Score is -1.36 as of Sep. 01, 2026. GuruFocus rates HKSE:03887 with a GF Score™ of 11/100. The stock has 5 warning signs investors should review. Among 700 Capital Markets companies, HashKey Holdings ranks worse than 73% 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 -1.36 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:03887' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65   Med: -2.51   Max: -1.36
Current: -1.36

During the past 4 years, the highest Beneish M-Score of HashKey Holdings was -1.36. The lowest was -3.65. And the median was -2.51.

HashKey Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for HashKey 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.

HashKey Holdings Beneish M-Score Chart

HashKey Holdings Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.65 -1.36

HashKey Holdings Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Beneish M-Score Get a 7-Day Free Trial 0.00 -3.65 0.00 -1.36 0.00

HKSE:03887 vs SPGI, CME, ICE: Beneish M-Score Comparison

For the Financial Data & Stock Exchanges subindustry, HashKey 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.

HashKey Holdings Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, HashKey Holdings's Beneish M-Score distribution charts can be found below:

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


HKSE:03887
11GF Score
HashKey Holdings Ltd HKSE:03887
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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HashKey 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 HashKey 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 * 2.9758+0.528 * 1.308+0.404 * 0.3917+0.892 * 1.0033+0.115 * 0.5882
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 3.3444+4.679 * -0.094347-0.327 * 0.1685
=-1.36

* 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$215.4 Mil.
Revenue was HK$723.1 Mil.
Gross Profit was HK$408.5 Mil.
Total Current Assets was HK$3,544.4 Mil.
Total Assets was HK$4,181.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$43.2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$44.7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$751.4 Mil.
Total Current Liabilities was HK$1,016.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12.6 Mil.
Net Income was HK$-1,086.9 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-692.3 Mil.
 Total Receivables was HK$72.2 Mil.
Revenue was HK$720.7 Mil.
Gross Profit was HK$532.5 Mil.
Total Current Assets was HK$956.5 Mil.
Total Assets was HK$1,613.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$71.8 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$30.7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$224.0 Mil.
Total Current Liabilities was HK$2,326.4 Mil.
Long-Term Debt & Capital Lease Obligation was HK$28.9 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)
=(215.426 / 723.092) / (72.156 / 720.731)
=0.297923 / 0.100115
=2.9758

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)
=(532.513 / 720.731) / (408.465 / 723.092)
=0.738851 / 0.564887
=1.308

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 - (3544.435 + 43.188) / 4181.861) / (1 - (956.547 + 71.832) / 1613.816)
=0.142099 / 0.362766
=0.3917

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
=723.092 / 720.731
=1.0033

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))
=(30.653 / (30.653 + 71.832)) / (44.674 / (44.674 + 43.188))
=0.299097 / 0.508456
=0.5882

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)
=(751.434 / 723.092) / (223.952 / 720.731)
=1.039196 / 0.310729
=3.3444

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)
=((12.575 + 1016.001) / 4181.861) / ((28.907 + 2326.431) / 1613.816)
=0.245961 / 1.459484
=0.1685

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
=(-1086.872 - 0 - -692.324) / 4181.861
=-0.094347

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.

HashKey Holdings has a M-score of -1.36 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 -1.36 mean?
HashKey Holdings (HKSE:03887) has a Beneish M-Score of -1.36 as of Sep. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HashKey Holdings and its competitors. According to the industry distribution chart, HashKey Holdings ranks #511 out of 700 companies in the Capital Markets industry, placing it in the top 73%.
Is HashKey Holdings' Beneish M-Score too high?
HashKey Holdings' current Beneish M-Score is -1.36. Based on the distribution chart, HashKey Holdings ranks #511 out of 700 companies in the Capital Markets industry, which is below the industry midpoint. Overall, HashKey Holdings has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does HashKey Holdings' Beneish M-Score compare to SPGI and CME?
According to the Capital Markets industry distribution chart, HashKey Holdings ranks #511 out of 700 companies for Beneish M-Score. This places HashKey Holdings 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 HashKey Holdings and its competitors. HashKey Holdings's current Beneish M-Score is -1.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HashKey Holdings stock overvalued right now?
HashKey Holdings (HKSE:03887) has a current Beneish M-Score of -1.36. The current Beneish M-Score is -1.36. HashKey Holdings' overall GF Score™ is 11/100 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 HashKey Holdings (HKSE:03887), the current Beneish M-Score is -1.36 as of Sep. 01, 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.

HashKey Holdings Business Description

Address 8 Connaught Place, 14th Floor, Three Exchange Square, Central, Hong Kong, HKG
HashKey Holdings Ltd is an investment holding company, principally engaged in digital asset exchange custody, asset management, and related blockchain infrastructure services. The Group's business includes licensed digital asset trading platforms, brokerage services, custody solutions, asset management products, and technology services provided to institutional and professional clients. The company's business segments are: Transaction facilitation services, On-chain services, and Asset management services. It derived the majority of revenue from the Transaction facilitation services segment, covering digital asset exchange services, brokerage services, and custody services. Geographically, it derived the maximum revenue from Hong Kong.
11GF Score

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

HK$2.62
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