Asia Grocery Distribution (HKSE:08413) Beneish M-Score: -3.09 (As of Aug. 09, 2026)

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What is Asia Grocery Distribution Beneish M-Score?

Asia Grocery Distribution HKSE:08413 +1.89% Beneish M-Score is -3.09 as of Aug. 09, 2026. The stock has 1 warning sign investors should review. Among 293 Retail - Defensive companies, Asia Grocery Distribution ranks better than 86.69% 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 -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08413' s Beneish M-Score Range Over the Past 10 Years
Min: -3.46   Med: -2.88   Max: -1.7
Current: -3.09

During the past 12 years, the highest Beneish M-Score of Asia Grocery Distribution was -1.70. The lowest was -3.46. And the median was -2.88.

Asia Grocery Distribution Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Asia Grocery Distribution'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.

Asia Grocery Distribution Beneish M-Score Chart

Asia Grocery Distribution 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 -2.67 -2.63 -3.09 -3.46 -3.09

Asia Grocery Distribution Semi-Annual Data
Sep16 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 -3.09 0.00 -3.46 0.00 -3.09

HKSE:08413 vs SYY, USFD, PFGC: Beneish M-Score Comparison

For the Food Distribution subindustry, Asia Grocery Distribution'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.

Asia Grocery Distribution Beneish M-Score vs Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Asia Grocery Distribution's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Asia Grocery Distribution's Beneish M-Score falls into.


Asia Grocery Distribution 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 Asia Grocery Distribution 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 * 0.9384+0.528 * 1.0491+0.404 * 0.9201+0.892 * 0.932+0.115 * 1.5064
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9936+4.679 * -0.107869-0.327 * 1.1276
=-3.09

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was HK$34.2 Mil.
Revenue was HK$282.0 Mil.
Gross Profit was HK$63.4 Mil.
Total Current Assets was HK$118.6 Mil.
Total Assets was HK$131.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$11.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$64.5 Mil.
Total Current Liabilities was HK$25.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4.4 Mil.
Net Income was HK$1.8 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$16.0 Mil.
 Total Receivables was HK$39.2 Mil.
Revenue was HK$302.5 Mil.
Gross Profit was HK$71.4 Mil.
Total Current Assets was HK$117.5 Mil.
Total Assets was HK$125.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$6.2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$69.7 Mil.
Total Current Liabilities was HK$24.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.7 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)
=(34.247 / 281.986) / (39.154 / 302.544)
=0.121449 / 0.129416
=0.9384

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)
=(71.406 / 302.544) / (63.438 / 281.986)
=0.236019 / 0.224969
=1.0491

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 - (118.628 + 11.556) / 131.632) / (1 - (117.452 + 6.185) / 125.133)
=0.011 / 0.011955
=0.9201

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
=281.986 / 302.544
=0.932

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))
=(8.281 / (8.281 + 6.185)) / (7.083 / (7.083 + 11.556))
=0.572446 / 0.38001
=1.5064

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)
=(64.523 / 281.986) / (69.672 / 302.544)
=0.228816 / 0.230287
=0.9936

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)
=((4.368 + 25.524) / 131.632) / ((0.745 + 24.456) / 125.133)
=0.227088 / 0.201394
=1.1276

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
=(1.808 - 0 - 16.007) / 131.632
=-0.107869

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.

Asia Grocery Distribution has a M-score of -3.09 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 -3.09 mean?
Asia Grocery Distribution (HKSE:08413) has a Beneish M-Score of -3.09 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asia Grocery Distribution and its competitors. According to the industry distribution chart, Asia Grocery Distribution ranks #39 out of 293 companies in the Retail - Defensive industry, placing it in the top 13.3%.
Is Asia Grocery Distribution's Beneish M-Score too high?
Asia Grocery Distribution's current Beneish M-Score is -3.09. Based on the distribution chart, Asia Grocery Distribution ranks #39 out of 293 companies in the Retail - Defensive industry, which is in the top quartile — a strong position relative to peers.
How does Asia Grocery Distribution's Beneish M-Score compare to SYY and USFD?
According to the Retail - Defensive industry distribution chart, Asia Grocery Distribution ranks #39 out of 293 companies for Beneish M-Score. This places Asia Grocery Distribution in the top 13% of its industry — outperforming the majority of peers. 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 Retail - Defensive company?
A good Beneish M-Score depends on the Retail - Defensive 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 Asia Grocery Distribution and its competitors. Asia Grocery Distribution's current Beneish M-Score is -3.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asia Grocery Distribution stock overvalued right now?
Based on GuruFocus' analysis, Asia Grocery Distribution (HKSE:08413) is currently considered Significantly Undervalued. The stock's GF Value™ is HK$0.12, compared to a current price of HK$0.05 — trading 55% below its estimated fair value. The current Beneish M-Score is -3.09. 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 Asia Grocery Distribution (HKSE:08413), the current Beneish M-Score is -3.09 as of Aug. 09, 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.

Asia Grocery Distribution Business Description

Address No. 22 Sze Shan Street, The Whole of Upper Ground Floor, Mai Tong Industrial Building, Kowloon, Hong Kong, HKG
Asia Grocery Distribution Ltd is engaged in distributing food and beverage groceries to a wide array of customers, including restaurants, non-commercial dining establishments, hotels, private clubs, food processing operators, and wholesalers in Hong Kong. It also offers Kitchen and hygiene products, including food wrap and food-related products such as cling film, baking sheet, and foil, cleaning products such as detergent, bleach, and liquid soap, and others such as tissue paper, toothpicks, and towels, hygiene products such as face masks and gloves. The company distributes its products to Hong Kong, China, Greece, and Italy.