IFBH (HKSE:06603) Beneish M-Score: -0.70 (As of Sep. 03, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HKSE:06603 IFBH Ltd HKSE:06603
21 GF Score
Price HK$4.80
! 1 Warning Sign
View Full Analysis

What is IFBH Beneish M-Score?

IFBH HKSE:06603 -0.10% 21 Beneish M-Score is -0.70 as of Sep. 03, 2026. GuruFocus rates HKSE:06603 with a GF Score™ of 21/100. The stock has 1 warning sign investors should review. Among 111 Beverages - Non-Alcoholic companies, IFBH ranks worse than 93.69% 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 -0.7 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:06603' s Beneish M-Score Range Over the Past 10 Years
Min: -0.7   Med: -0.7   Max: -0.7
Current: -0.7

During the past 3 years, the highest Beneish M-Score of IFBH was -0.70. The lowest was -0.70. And the median was -0.70.

IFBH Beneish M-Score Historical Data

* Premium members only.

The historical data trend for IFBH'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.

IFBH Beneish M-Score Chart

IFBH Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -0.70

IFBH Semi-Annual Data
Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score 0.00 0.00 0.00 0.00 -0.70

HKSE:06603 vs KO, PEP, MNST: Beneish M-Score Comparison

For the Beverages - Non-Alcoholic subindustry, IFBH'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.

IFBH Beneish M-Score vs Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, IFBH's Beneish M-Score distribution charts can be found below:

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


HKSE:06603
21GF Score
IFBH Ltd HKSE:06603
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

IFBH 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 IFBH 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 * 2.5563+0.528 * 1.1161+0.404 * 0.4259+0.892 * 1.12+0.115 * 1.6713
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.6088+4.679 * 0.052148-0.327 * 0.4115
=-0.70

* 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$167 Mil.
Revenue was HK$1,373 Mil.
Gross Profit was HK$451 Mil.
Total Current Assets was HK$1,458 Mil.
Total Assets was HK$1,557 Mil.
Property, Plant and Equipment(Net PPE) was HK$19 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$11 Mil.
Selling, General, & Admin. Expense(SGA) was HK$248 Mil.
Total Current Liabilities was HK$212 Mil.
Long-Term Debt & Capital Lease Obligation was HK$10 Mil.
Net Income was HK$177 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$96 Mil.
 Total Receivables was HK$58 Mil.
Revenue was HK$1,225 Mil.
Gross Profit was HK$450 Mil.
Total Current Assets was HK$500 Mil.
Total Assets was HK$576 Mil.
Property, Plant and Equipment(Net PPE) was HK$6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$10 Mil.
Selling, General, & Admin. Expense(SGA) was HK$138 Mil.
Total Current Liabilities was HK$197 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2 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)
=(166.719 / 1372.525) / (58.231 / 1225.461)
=0.121469 / 0.047518
=2.5563

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)
=(449.761 / 1225.461) / (451.318 / 1372.525)
=0.367014 / 0.328823
=1.1161

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 - (1457.702 + 18.845) / 1557.117) / (1 - (499.884 + 6.39) / 576.289)
=0.051743 / 0.121493
=0.4259

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
=1372.525 / 1225.461
=1.12

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))
=(10.028 / (10.028 + 6.39)) / (10.854 / (10.854 + 18.845))
=0.610793 / 0.365467
=1.6713

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)
=(247.795 / 1372.525) / (137.519 / 1225.461)
=0.18054 / 0.112218
=1.6088

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)
=((9.578 + 211.965) / 1557.117) / ((1.827 + 197.413) / 576.289)
=0.142278 / 0.345729
=0.4115

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
=(177.153 - 0 - 95.953) / 1557.117
=0.052148

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.

IFBH has a M-score of -0.70 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 -0.70 mean?
IFBH (HKSE:06603) has a Beneish M-Score of -0.70 as of Sep. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IFBH and its competitors. According to the industry distribution chart, IFBH ranks #104 out of 111 companies in the Beverages - Non-Alcoholic industry, placing it in the top 93.7%.
Is IFBH's Beneish M-Score too high?
IFBH's current Beneish M-Score is -0.70. Based on the distribution chart, IFBH ranks #104 out of 111 companies in the Beverages - Non-Alcoholic industry, which is in the bottom quartile relative to peers. Overall, IFBH has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does IFBH's Beneish M-Score compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, IFBH ranks #104 out of 111 companies for Beneish M-Score. This places IFBH 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 Beverages - Non-Alcoholic company?
A good Beneish M-Score depends on the Beverages - Non-Alcoholic 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 IFBH and its competitors. IFBH's current Beneish M-Score is -0.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IFBH stock overvalued right now?
IFBH (HKSE:06603) has a current Beneish M-Score of -0.70. The current Beneish M-Score is -0.70. IFBH's overall GF Score™ is 21/100 with 1 warning sign 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 IFBH (HKSE:06603), the current Beneish M-Score is -0.70 as of Sep. 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.

IFBH Business Description

Address No.03-01, 6 Battery Road, Singapore, SGP, 049909
IFBH Ltd is a ready-to-consume beverage and food company rooted in Thailand. Its if brand is a leader in introducing ready-to-drink (RTD) natural coconut water to mainland China. Its products category include JUICE DRINK, NON-BEVERAGES, PLANT-BASED, and ORGANIC. The company generates majority of its revenue from coconut water sales. Geographically, mainland China is the majority revenue generator.
21GF Score

Get the complete analysis for HKSE:06603

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

HK$4.80
Price