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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.
Good Sign:
Beneish M-Score -2.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Indigo Star Holdings's Beneish M-Score or its related term are showing as below:
HKSE:08373'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.29 Med: -2.17 Max: -0.63
Current: -2.17
During the past 11 years, the highest Beneish M-Score of Indigo Star Holdings was -0.63. The lowest was -3.29. And the median was -2.17.
Indigo Star Holdings Beneish M-Score Related Terms
Indigo Star Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Indigo Star 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:08373 vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Indigo Star 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.
Indigo Star Holdings Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Indigo Star Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Indigo Star 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 Indigo Star 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 * 1.2589
+
0.528 * 0.9167
+
0.404 * 1.0427
+
0.892 * 0.9903
+
0.115 * 1.0417
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1432
+
4.679 * 0.026533
-
0.327 * 1.0006
=
-2.17
* 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))
=
(4.571 / (4.571 + 37.088))
/
(5.359 / (5.359 + 45.52))
=
0.109724
/
0.105328
=
1.0417
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
=
(11.719 - 0
-
4.395)
/
276.038
=
0.026533
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.
Indigo Star Holdings has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
Indigo Star Holdings (HKSE:08373) has a Beneish M-Score of -2.17 as of Aug. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Indigo Star Holdings and its competitors. According to the industry distribution chart, Indigo Star Holdings ranks #1179 out of 1707 companies in the Construction industry, placing it in the top 69.1%.
Is Indigo Star Holdings' Beneish M-Score too high?
Indigo Star Holdings' current Beneish M-Score is -2.17. Based on the distribution chart, Indigo Star Holdings ranks #1179 out of 1707 companies in the Construction industry, which is below the industry midpoint. Overall, Indigo Star Holdings has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Indigo Star Holdings' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Indigo Star Holdings ranks #1179 out of 1707 companies for Beneish M-Score. This places Indigo Star 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Indigo Star Holdings and its competitors. Indigo Star Holdings's current Beneish M-Score is -2.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indigo Star Holdings stock overvalued right now?
Based on GuruFocus' analysis, Indigo Star Holdings (HKSE:08373) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$1.12, compared to a current price of HK$0.80 — trading 28.6% below its estimated fair value. The current Beneish M-Score is -2.17. Indigo Star Holdings' overall GF Score™ is 79/100 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 Indigo Star Holdings (HKSE:08373), the current Beneish M-Score is -2.17 as of Aug. 18, 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 Indigo Star Holdings (HKSE:08373) Overvalued in 2026?
Based on GuruFocus' analysis, Indigo Star Holdings stock appears to be undervalued.
The current stock price of HK$0.80 is trading 28.6% below its estimated GF Value™ of HK$1.12.
GuruFocus considers Indigo Star Holdings to be Modestly Undervalued.
Key valuation signals for HKSE:08373:
Beneish M-Score: -2.17
GF Value™: HK$1.12 vs. price of HK$0.80 (28.6% below fair value)
No single metric tells the full story. See the HKSE:08373 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Indigo Star Holdings Ltd is a subcontractor specializing in reinforced concrete works and related construction services. The group mainly provides steel reinforcement works, formwork erection, and concrete works, either individually or as an integrated service package, depending on customer requirements. It also engages in the sales of tiles and the trading of mobile phones and accessories. The group operates through three reportable segments: Construction Contract, Sale of Tiles, and Sales of Mobile Phones and Accessories. The Construction Contract segment generates the majority of the revenue. Geographically, the group derives the majority of its revenue from Singapore.
79GF Score
Get the complete analysis for HKSE:08373
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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