IMS Group Holdings (HKSE:08136) Beneish M-Score: 135.51 (As of Aug. 15, 2026)

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What is IMS Group Holdings Beneish M-Score?

IMS Group Holdings HKSE:08136 Beneish M-Score is 135.51 as of Aug. 15, 2026. The stock has 4 warning signs investors should review. Among 2,907 Industrial Products companies, IMS Group Holdings ranks worse than 99.86% 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 135.51 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:08136' s Beneish M-Score Range Over the Past 10 Years
Min: -3.91   Med: -2.83   Max: 135.51
Current: 135.51

During the past 11 years, the highest Beneish M-Score of IMS Group Holdings was 135.51. The lowest was -3.91. And the median was -2.83.

IMS Group Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for IMS Group 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.

IMS Group Holdings Beneish M-Score Chart

IMS Group 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 -2.83 -3.91 -2.95 -2.83 135.51

IMS Group Holdings Semi-Annual Data
Mar16 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 -2.95 0.00 -2.83 0.00 135.51

HKSE:08136 vs VRT, BE, HUBB: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, IMS Group 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.

IMS Group Holdings Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, IMS Group Holdings's Beneish M-Score distribution charts can be found below:

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


IMS Group 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 IMS Group 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 * 1.3144+0.528 * 1.0268+0.404 * 342.7017+0.892 * 0.7942+0.115 * 0.6262
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1976+4.679 * -0.033664-0.327 * 0.8279
=135.51

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was HK$3.52 Mil.
Revenue was HK$54.50 Mil.
Gross Profit was HK$29.77 Mil.
Total Current Assets was HK$94.49 Mil.
Total Assets was HK$113.51 Mil.
Property, Plant and Equipment(Net PPE) was HK$7.54 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4.87 Mil.
Selling, General, & Admin. Expense(SGA) was HK$29.56 Mil.
Total Current Liabilities was HK$11.30 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.48 Mil.
Net Income was HK$-0.41 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$3.41 Mil.
 Total Receivables was HK$3.37 Mil.
Revenue was HK$68.62 Mil.
Gross Profit was HK$38.49 Mil.
Total Current Assets was HK$98.30 Mil.
Total Assets was HK$115.19 Mil.
Property, Plant and Equipment(Net PPE) was HK$16.86 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5.49 Mil.
Selling, General, & Admin. Expense(SGA) was HK$31.08 Mil.
Total Current Liabilities was HK$13.53 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.91 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)
=(3.517 / 54.495) / (3.369 / 68.616)
=0.064538 / 0.049099
=1.3144

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)
=(38.486 / 68.616) / (29.767 / 54.495)
=0.56089 / 0.546234
=1.0268

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 - (94.491 + 7.539) / 113.505) / (1 - (98.297 + 16.858) / 115.189)
=0.101097 / 0.000295
=342.7017

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
=54.495 / 68.616
=0.7942

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))
=(5.494 / (5.494 + 16.858)) / (4.871 / (4.871 + 7.539))
=0.245795 / 0.392506
=0.6262

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)
=(29.564 / 54.495) / (31.084 / 68.616)
=0.542508 / 0.453014
=1.1976

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)
=((0.477 + 11.296) / 113.505) / ((0.906 + 13.525) / 115.189)
=0.103722 / 0.125281
=0.8279

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
=(-0.412 - 0 - 3.409) / 113.505
=-0.033664

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.

IMS Group Holdings has a M-score of 135.51 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 135.51 mean?
IMS Group Holdings (HKSE:08136) has a Beneish M-Score of 135.51 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on IMS Group Holdings and its competitors. According to the industry distribution chart, IMS Group Holdings ranks #2903 out of 2907 companies in the Industrial Products industry, placing it in the top 99.9%.
Is IMS Group Holdings' Beneish M-Score too high?
IMS Group Holdings' current Beneish M-Score is 135.51. Based on the distribution chart, IMS Group Holdings ranks #2903 out of 2907 companies in the Industrial Products industry, which is in the bottom quartile relative to peers.
How does IMS Group Holdings' Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, IMS Group Holdings ranks #2903 out of 2907 companies for Beneish M-Score. This places IMS Group 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 IMS Group Holdings and its competitors. IMS Group Holdings's current Beneish M-Score is 135.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IMS Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, IMS Group Holdings (HKSE:08136) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.03, compared to a current price of HK$0.04 — trading 23.3% above its estimated fair value. The current Beneish M-Score is 135.51. 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 IMS Group Holdings (HKSE:08136), the current Beneish M-Score is 135.51 as of Aug. 15, 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.

IMS Group Holdings Business Description

Address 8 Watson Road, Unit 1201, 12th Floor, Block C, Seaview Estate, North Point, Hong Kong, HKG
IMS Group Holdings Ltd is engaged in the sale of light-emitting diode (LED) lighting fixtures and visual-audio systems, the provision of integrated LED lighting solution services, project consultancy, LED lighting system maintenance services, the sale of 3D printing materials, and the provision of 3D printing services. Geographically, it operates in Hong Kong, the PRC, Asia, Europe, and Others, with the majority of the revenue deriving from the PRC.