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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 -0.09 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for SingAsia Holdings's Beneish M-Score or its related term are showing as below:
HKSE:08293'
s Beneish M-Score Range Over the Past 10 Years
Min: -5.72 Med: -3.07 Max: 0.94
Current: -0.09
During the past 12 years, the highest Beneish M-Score of SingAsia Holdings was 0.94. The lowest was -5.72. And the median was -3.07.
The historical data trend for SingAsia 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.
HKSE:08293 vs KFY, RHI, TNET: Beneish M-Score Comparison
For the Staffing & Employment Services subindustry, SingAsia 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.
SingAsia Holdings Beneish M-Score vs Business Services Industry
For the Business Services industry and Industrials sector, SingAsia Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SingAsia Holdings's Beneish M-Score falls into.
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 SingAsia 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 * 3.7465
+
0.528 * 1.471
+
0.404 * 0.0019
+
0.892 * 1.0479
+
0.115 * 0.6842
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.921
+
4.679 * 0.017914
-
0.327 * 1.2576
=
-0.09
* 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.
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.
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))
=
(2.055 / (2.055 + 6.338))
/
(3.601 / (3.601 + 6.461))
=
0.244847
/
0.357881
=
0.6842
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
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
=
(-6.921 - 0
-
-7.741)
/
45.774
=
0.017914
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.
SingAsia Holdings has a M-score of -0.09 signals that the company is likely to be a manipulator.
SingAsia Holdings (HKSE:08293) has a Beneish M-Score of -0.09 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SingAsia Holdings and its competitors. According to the industry distribution chart, SingAsia Holdings ranks #968 out of 1020 companies in the Business Services industry, placing it in the top 94.9%.
Is SingAsia Holdings' Beneish M-Score too high?
SingAsia Holdings' current Beneish M-Score is -0.09. Based on the distribution chart, SingAsia Holdings ranks #968 out of 1020 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, SingAsia Holdings has a GF Score™ of 35/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SingAsia Holdings' Beneish M-Score compare to KFY and RHI?
According to the Business Services industry distribution chart, SingAsia Holdings ranks #968 out of 1020 companies for Beneish M-Score. This places SingAsia 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 a Business Services company?
A good Beneish M-Score depends on the Business Services 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 SingAsia Holdings and its competitors. SingAsia Holdings's current Beneish M-Score is -0.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SingAsia Holdings stock overvalued right now?
Based on GuruFocus' analysis, SingAsia Holdings (HKSE:08293) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.03, compared to a current price of HK$0.10 — trading 246.7% above its estimated fair value. The current Beneish M-Score is -0.09. SingAsia Holdings' overall GF Score™ is 35/100 with 5 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 SingAsia Holdings (HKSE:08293), the current Beneish M-Score is -0.09 as of Jul. 31, 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 SingAsia Holdings (HKSE:08293) Overvalued in 2026?
Based on GuruFocus' analysis, SingAsia Holdings stock appears to be overvalued.
The current stock price of HK$0.10 is trading 246.7% above its estimated GF Value™ of HK$0.03.
GuruFocus considers SingAsia Holdings to be Significantly Overvalued.
Key valuation signals for HKSE:08293:
Beneish M-Score: -0.09
GF Value™: HK$0.03 vs. price of HK$0.10 (246.7% above fair value)
No single metric tells the full story. See the HKSE:08293 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
SingAsia Holdings Ltd provides specialised workforce solutions, offering manpower outsourcing and recruitment services in Singapore, and corporate development and training services in Hong Kong. The Group supports the hotel and resort, retail, food and beverage, and other sectors, including event organisers, facility management, and various industries across Singapore and Hong Kong. Revenue is generated from manpower outsourcing, recruitment, and corporate development and training services, with operations in both markets and maximum revenue from Singapore. The Group also acts as a one-stop workforce solutions provider, helping customers streamline operations through reliable staffing, HR support, and training services.
35GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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