Eco-Tek Holdings (HKSE:08169) Beneish M-Score: -2.58 (As of Aug. 24, 2026)

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What is Eco-Tek Holdings Beneish M-Score?

Eco-Tek Holdings HKSE:08169 Beneish M-Score is -2.58 as of Aug. 24, 2026. The stock has 4 warning signs investors should review. Among 2,921 Industrial Products companies, Eco-Tek Holdings ranks better than 63.16% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08169' s Beneish M-Score Range Over the Past 10 Years
Min: -3.61   Med: -2.53   Max: -1.72
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Eco-Tek Holdings was -1.72. The lowest was -3.61. And the median was -2.53.

Eco-Tek Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Eco-Tek 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.

Eco-Tek Holdings Beneish M-Score Chart

Eco-Tek Holdings Annual Data
Trend Oct16 Oct17 Oct18 Oct19 Oct20 Oct21 Oct22 Oct23 Oct24 Oct25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.48 -2.07 -2.38 -1.72 -2.58

Eco-Tek Holdings Semi-Annual Data
Oct16 Apr17 Oct17 Apr18 Oct18 Apr19 Oct19 Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct24 Apr25 Oct25 Apr26
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 -1.72 0.00 -2.58 0.00

HKSE:08169 vs VLTO, ZWS, CECO: Beneish M-Score Comparison

For the Pollution & Treatment Controls subindustry, Eco-Tek 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.

Eco-Tek Holdings Beneish M-Score vs Industrial Products Industry

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

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


Eco-Tek 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 Eco-Tek 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 * 0.998+0.528 * 1.1099+0.404 * 1.1116+0.892 * 0.9574+0.115 * 0.9736
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9897+4.679 * -0.036157-0.327 * 0.9857
=-2.58

* 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 (Oct25) TTM:Last Year (Oct24) TTM:
Total Receivables was HK$46.0 Mil.
Revenue was HK$90.6 Mil.
Gross Profit was HK$26.8 Mil.
Total Current Assets was HK$87.4 Mil.
Total Assets was HK$160.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$67.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$27.7 Mil.
Total Current Liabilities was HK$46.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$10.6 Mil.
Net Income was HK$-2.9 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$2.9 Mil.
 Total Receivables was HK$48.1 Mil.
Revenue was HK$94.6 Mil.
Gross Profit was HK$31.1 Mil.
Total Current Assets was HK$91.1 Mil.
Total Assets was HK$168.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$71.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$29.2 Mil.
Total Current Liabilities was HK$48.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12.2 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)
=(45.96 / 90.61) / (48.103 / 94.644)
=0.507229 / 0.508252
=0.998

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)
=(31.098 / 94.644) / (26.824 / 90.61)
=0.328579 / 0.296038
=1.1099

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 - (87.415 + 66.96) / 160.799) / (1 - (91.08 + 71.455) / 168.594)
=0.03995 / 0.035938
=1.1116

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
=90.61 / 94.644
=0.9574

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))
=(6.345 / (6.345 + 71.455)) / (6.122 / (6.122 + 66.96))
=0.081555 / 0.083769
=0.9736

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)
=(27.711 / 90.61) / (29.247 / 94.644)
=0.305827 / 0.309021
=0.9897

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)
=((10.628 + 46.111) / 160.799) / ((12.184 + 48.168) / 168.594)
=0.352857 / 0.357972
=0.9857

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
=(-2.868 - 0 - 2.946) / 160.799
=-0.036157

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.

Eco-Tek Holdings has a M-score of -2.58 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 -2.58 mean?
Eco-Tek Holdings (HKSE:08169) has a Beneish M-Score of -2.58 as of Aug. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eco-Tek Holdings and its competitors. According to the industry distribution chart, Eco-Tek Holdings ranks #1076 out of 2921 companies in the Industrial Products industry, placing it in the top 36.8%.
Is Eco-Tek Holdings' Beneish M-Score too high?
Eco-Tek Holdings' current Beneish M-Score is -2.58. Based on the distribution chart, Eco-Tek Holdings ranks #1076 out of 2921 companies in the Industrial Products industry, which is above the industry midpoint.
How does Eco-Tek Holdings' Beneish M-Score compare to VLTO and ZWS?
According to the Industrial Products industry distribution chart, Eco-Tek Holdings ranks #1076 out of 2921 companies for Beneish M-Score. This puts Eco-Tek 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 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 Eco-Tek Holdings and its competitors. Eco-Tek Holdings's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eco-Tek Holdings stock overvalued right now?
Based on GuruFocus' analysis, Eco-Tek Holdings (HKSE:08169) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.04, compared to a current price of HK$0.04 — trading 12.5% below its estimated fair value. The current Beneish M-Score is -2.58. 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 Eco-Tek Holdings (HKSE:08169), the current Beneish M-Score is -2.58 as of Aug. 24, 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.

Eco-Tek Holdings Business Description

Address 20 Westlands Road, Quarry Bay, Unit 2, 9th Floor, Westlands Centre, Hong Kong, HKG
Eco-Tek Holdings Ltd and its subsidiaries are principally involved in the marketing, sales, servicing, research, and development of environmental protection-related products and services. The Company operates in two segments: the Environment-friendly Products segment, which accounts for the majority of revenue and involves the sale of general and industrial environment-friendly products, components, and related accessories, and the Water Supply Plants segment, which is engaged in the supply of processed water in the PRC. Geographically, the Company operates in Hong Kong, the PRC, and other regions, with the majority of its revenue generated from the PRC.