Novatech Intelligence (HKSE:08131) Beneish M-Score: -2.03 (As of Aug. 26, 2026)

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HKSE:08131 Novatech Intelligence Ltd HKSE:08131
28 GF Score
Price HK$0.25
GF Value HK$0.11
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Novatech Intelligence Beneish M-Score?

Novatech Intelligence HKSE:08131 +0.40% 28 Beneish M-Score is -2.03 as of Aug. 26, 2026. GuruFocus rates HKSE:08131 with a GF Score™ of 28/100 and a GF Value™ of HK$0.11 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 2,638 Software companies, Novatech Intelligence ranks worse than 75.4% 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 -2.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08131' s Beneish M-Score Range Over the Past 10 Years
Min: -4.6   Med: -2.88   Max: 2.7
Current: -2.03

During the past 13 years, the highest Beneish M-Score of Novatech Intelligence was 2.70. The lowest was -4.60. And the median was -2.88.

Novatech Intelligence Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Novatech Intelligence'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.

Novatech Intelligence Beneish M-Score Chart

Novatech Intelligence Annual Data
Trend Nov16 Nov17 Nov18 Nov19 Nov20 Nov21 Nov22 Nov23 Nov24 Nov25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 2.70 -3.73 -4.60 -2.03

Novatech Intelligence Semi-Annual Data
Nov16 May17 Nov17 May18 Nov18 May19 Nov19 May20 Nov20 May21 Nov21 May22 Nov22 May23 Nov23 May24 Nov24 May25 Nov25 May26
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 0.00 -4.60 0.00 -2.03 0.00

HKSE:08131 vs QH, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Novatech Intelligence'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.

Novatech Intelligence Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Novatech Intelligence's Beneish M-Score distribution charts can be found below:

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


HKSE:08131
28GF Score
Novatech Intelligence Ltd HKSE:08131
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Novatech Intelligence 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 Novatech Intelligence 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 * 1.1943+0.528 * 1.4453+0.404 * 0.7301+0.892 * 1.0422+0.115 * 0.5129
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8079+4.679 * 0.018448-0.327 * 0.8538
=-2.03

* 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 (Nov25) TTM:Last Year (Nov24) TTM:
Total Receivables was HK$9.94 Mil.
Revenue was HK$42.80 Mil.
Gross Profit was HK$8.90 Mil.
Total Current Assets was HK$36.51 Mil.
Total Assets was HK$37.19 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.28 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.41 Mil.
Selling, General, & Admin. Expense(SGA) was HK$9.09 Mil.
Total Current Liabilities was HK$18.49 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12.59 Mil.
Net Income was HK$6.13 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$5.45 Mil.
 Total Receivables was HK$7.99 Mil.
Revenue was HK$41.07 Mil.
Gross Profit was HK$12.34 Mil.
Total Current Assets was HK$25.96 Mil.
Total Assets was HK$27.15 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.79 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.35 Mil.
Selling, General, & Admin. Expense(SGA) was HK$10.80 Mil.
Total Current Liabilities was HK$26.25 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.33 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)
=(9.941 / 42.803) / (7.986 / 41.068)
=0.23225 / 0.194458
=1.1943

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)
=(12.335 / 41.068) / (8.895 / 42.803)
=0.300356 / 0.207813
=1.4453

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 - (36.505 + 0.276) / 37.186) / (1 - (25.96 + 0.786) / 27.151)
=0.010891 / 0.014917
=0.7301

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
=42.803 / 41.068
=1.0422

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))
=(0.345 / (0.345 + 0.786)) / (0.405 / (0.405 + 0.276))
=0.30504 / 0.594714
=0.5129

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)
=(9.093 / 42.803) / (10.799 / 41.068)
=0.212438 / 0.262954
=0.8079

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)
=((12.592 + 18.487) / 37.186) / ((0.326 + 26.252) / 27.151)
=0.835772 / 0.978896
=0.8538

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
=(6.132 - 0 - 5.446) / 37.186
=0.018448

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.

Novatech Intelligence has a M-score of -2.03 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 -2.03 mean?
Novatech Intelligence (HKSE:08131) has a Beneish M-Score of -2.03 as of Aug. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Novatech Intelligence and its competitors. According to the industry distribution chart, Novatech Intelligence ranks #1989 out of 2638 companies in the Software industry, placing it in the top 75.4%.
Is Novatech Intelligence's Beneish M-Score too high?
Novatech Intelligence's current Beneish M-Score is -2.03. Based on the distribution chart, Novatech Intelligence ranks #1989 out of 2638 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Novatech Intelligence has a GF Score™ of 28/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Novatech Intelligence's Beneish M-Score compare to QH and SHOP?
According to the Software industry distribution chart, Novatech Intelligence ranks #1989 out of 2638 companies for Beneish M-Score. This places Novatech Intelligence 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 Software company?
A good Beneish M-Score depends on the Software 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 Novatech Intelligence and its competitors. Novatech Intelligence's current Beneish M-Score is -2.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Novatech Intelligence stock overvalued right now?
Based on GuruFocus' analysis, Novatech Intelligence (HKSE:08131) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.11, compared to a current price of HK$0.25 — trading 127.3% above its estimated fair value. The current Beneish M-Score is -2.03. Novatech Intelligence's overall GF Score™ is 28/100 with 6 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 Novatech Intelligence (HKSE:08131), the current Beneish M-Score is -2.03 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 Novatech Intelligence (HKSE:08131) Overvalued in 2026?

Based on GuruFocus' analysis, Novatech Intelligence stock appears to be overvalued. The current stock price of HK$0.25 is trading 127.3% above its estimated GF Value™ of HK$0.11. GuruFocus considers Novatech Intelligence to be Significantly Overvalued.

Key valuation signals for HKSE:08131:

  • Beneish M-Score: -2.03
  • GF Value™: HK$0.11 vs. price of HK$0.25 (127.3% above fair value)
  • GF Score™: 28/100 with 6 warning signs

No single metric tells the full story. See the HKSE:08131 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Novatech Intelligence Business Description

Address No. 28 Connaught Road West, Unit 12, 21st Floor, Wayson Commercial Building, Sheung Wan, Hong Kong, HKG
abc Multiactive Ltd is a Hong Kong-based company principally engaged in the sales of computer software licenses; computer software license leasing and provision of related services; maintenance services; sales of computer hardware and related products; provision of fintech resources services and overseas mortgage loan consultancy services. The company's operating segments are Financial Solutions and Supporting Services. It generates the majority of its revenue from the Supporting Services segment. The company mainly conducts its businesses in Hong Kong.
28GF Score

Get the complete analysis for HKSE:08131

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

HK$0.25
Price
HK$0.11
GF Value