Unitas Holdings (HKSE:08020) Beneish M-Score: -2.80 (As of Jul. 17, 2026)

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What is Unitas Holdings Beneish M-Score?

Unitas Holdings HKSE:08020 +5.26% Beneish M-Score is -2.80 as of Jul. 17, 2026. The stock has 5 warning signs investors should review. Among 965 Transportation companies, Unitas Holdings ranks better than 70.47% 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 Unitas Holdings's Beneish M-Score or its related term are showing as below:

HKSE:08020' s Beneish M-Score Range Over the Past 10 Years
Min: -9.93   Med: -2.78   Max: 29.57
Current: -2.8

During the past 13 years, the highest Beneish M-Score of Unitas Holdings was 29.57. The lowest was -9.93. And the median was -2.78.

Unitas Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Unitas 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.

Unitas Holdings Beneish M-Score Chart

Unitas Holdings Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.15 -2.76 2.67 -2.80 0.00

Unitas Holdings Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
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 2.67 0.00 -2.80 0.00 0.00

Unitas Holdings Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, Unitas 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.

Unitas Holdings Beneish M-Score vs Transportation Industry

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

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


Unitas 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 Unitas 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 * 0.3571+0.528 * 3.0347+0.404 * 1.4733+0.892 * 1.1346+0.115 * 1.5506
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.013+4.679 * -0.217531-0.327 * 1.4865
=-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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was HK$10.59 Mil.
Revenue was HK$100.04 Mil.
Gross Profit was HK$6.83 Mil.
Total Current Assets was HK$30.01 Mil.
Total Assets was HK$44.90 Mil.
Property, Plant and Equipment(Net PPE) was HK$14.82 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4.17 Mil.
Selling, General, & Admin. Expense(SGA) was HK$20.66 Mil.
Total Current Liabilities was HK$42.42 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4.80 Mil.
Net Income was HK$-21.28 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-11.51 Mil.
 Total Receivables was HK$26.13 Mil.
Revenue was HK$88.18 Mil.
Gross Profit was HK$18.27 Mil.
Total Current Assets was HK$64.82 Mil.
Total Assets was HK$66.20 Mil.
Property, Plant and Equipment(Net PPE) was HK$1.31 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.67 Mil.
Selling, General, & Admin. Expense(SGA) was HK$17.97 Mil.
Total Current Liabilities was HK$46.82 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 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)
=(10.585 / 100.044) / (26.128 / 88.177)
=0.105803 / 0.296313
=0.3571

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)
=(18.271 / 88.177) / (6.831 / 100.044)
=0.207208 / 0.06828
=3.0347

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 - (30.011 + 14.821) / 44.904) / (1 - (64.816 + 1.307) / 66.195)
=0.001603 / 0.001088
=1.4733

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
=100.044 / 88.177
=1.1346

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))
=(0.674 / (0.674 + 1.307)) / (4.166 / (4.166 + 14.821))
=0.340232 / 0.219413
=1.5506

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)
=(20.655 / 100.044) / (17.971 / 88.177)
=0.206459 / 0.203806
=1.013

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)
=((4.798 + 42.417) / 44.904) / ((0 + 46.823) / 66.195)
=1.051465 / 0.707349
=1.4865

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
=(-21.276 - 0 - -11.508) / 44.904
=-0.217531

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.

Unitas 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?
Unitas Holdings (HKSE:08020) has a Beneish M-Score of -2.80 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Unitas Holdings and its competitors. According to the industry distribution chart, Unitas Holdings ranks #285 out of 965 companies in the Transportation industry, placing it in the top 29.5%.
Is Unitas Holdings' Beneish M-Score too high?
Unitas Holdings' current Beneish M-Score is -2.80. Based on the distribution chart, Unitas Holdings ranks #285 out of 965 companies in the Transportation industry, which is above the industry midpoint.
How does Unitas Holdings' Beneish M-Score compare to competitors?
According to the Transportation industry distribution chart, Unitas Holdings ranks #285 out of 965 companies for Beneish M-Score. This puts Unitas 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Unitas Holdings and its competitors. Unitas 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 Unitas Holdings stock overvalued right now?
Based on GuruFocus' analysis, Unitas Holdings (HKSE:08020) is currently considered Fairly Valued. The stock's GF Value™ is HK$0.02, compared to a current price of HK$0.02 — trading right at 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 Unitas Holdings (HKSE:08020), the current Beneish M-Score is -2.80 as of Jul. 17, 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.

Unitas Holdings Business Description

Address 133 Hoi Bun Road, Flat C, 16th Floor, MG Tower, Kwun Tong, Hong Kong, HKG
Unitas Holdings Ltd is an investment holding company. Along with subsidiary companies, it is engaged in the operating segments of Dry bulk shipping and logistic services, as well as IP automation and entertainment business, and other. It generates maximum revenue from the Dry bulk shipping and logistic services segment, providing international dry bulk shipping/ocean freight forwarding related logistics services; and IP automation and entertainment business includes the operation of two IP thematic experience centres, management and operation of four mega integrated edutainment and sports experience playgrounds, and the provision of IP related brand management and marketing consulting services. It has geographic presence in Hong Kong, Mainland China, Macau, and Singapore.