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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 8.69 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Wing Fung Group Asia's Beneish M-Score or its related term are showing as below:
HKSE:08526'
s Beneish M-Score Range Over the Past 10 Years
Min: -10.92 Med: -2.34 Max: 8.69
Current: 8.69
During the past 11 years, the highest Beneish M-Score of Wing Fung Group Asia was 8.69. The lowest was -10.92. And the median was -2.34.
Wing Fung Group Asia Beneish M-Score Related Terms
Wing Fung Group Asia Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Wing Fung Group Asia'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:08526 vs TT, JCI, CARR: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, Wing Fung Group Asia'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.
Wing Fung Group Asia Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Wing Fung Group Asia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wing Fung Group Asia'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 Wing Fung Group Asia 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 * 1.1708
+
0.528 * 22.4424
+
0.404 * 1.416
+
0.892 * 0.8236
+
0.115 * 2.4514
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.2984
+
4.679 * -0.076831
-
0.327 * 1.2174
=
8.69
* 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))
=
(0.565 / (0.565 + 0.483))
/
(0.223 / (0.223 + 0.791))
=
0.539122
/
0.219921
=
2.4514
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
=
(-22.009 - 0
-
-13.957)
/
104.802
=
-0.076831
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.
Wing Fung Group Asia has a M-score of 8.69 signals that the company is likely to be a manipulator.
Wing Fung Group Asia (HKSE:08526) has a Beneish M-Score of 8.69 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Wing Fung Group Asia and its competitors. According to the industry distribution chart, Wing Fung Group Asia ranks #1690 out of 1705 companies in the Construction industry, placing it in the top 99.1%.
Is Wing Fung Group Asia's Beneish M-Score too high?
Wing Fung Group Asia's current Beneish M-Score is 8.69. Based on the distribution chart, Wing Fung Group Asia ranks #1690 out of 1705 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Wing Fung Group Asia has a GF Score™ of 40/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Wing Fung Group Asia's Beneish M-Score compare to TT and JCI?
According to the Construction industry distribution chart, Wing Fung Group Asia ranks #1690 out of 1705 companies for Beneish M-Score. This places Wing Fung Group Asia 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 Wing Fung Group Asia and its competitors. Wing Fung Group Asia's current Beneish M-Score is 8.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Wing Fung Group Asia stock overvalued right now?
Based on GuruFocus' analysis, Wing Fung Group Asia (HKSE:08526) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.12, compared to a current price of HK$0.29 — trading 137.5% above its estimated fair value. The current Beneish M-Score is 8.69. Wing Fung Group Asia's overall GF Score™ is 40/100 with 7 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 Wing Fung Group Asia (HKSE:08526), the current Beneish M-Score is 8.69 as of Aug. 20, 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 Wing Fung Group Asia (HKSE:08526) Overvalued in 2026?
Based on GuruFocus' analysis, Wing Fung Group Asia stock appears to be overvalued.
The current stock price of HK$0.29 is trading 137.5% above its estimated GF Value™ of HK$0.12.
GuruFocus considers Wing Fung Group Asia to be Significantly Overvalued.
Key valuation signals for HKSE:08526:
Beneish M-Score: 8.69
GF Value™: HK$0.12 vs. price of HK$0.29 (137.5% above fair value)
No single metric tells the full story. See the HKSE:08526 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Wing Fung Group Asia Ltd is an investment holding company. Along with its subsidiaries, it is principally engaged as a subcontractor for the provision of supply, installation, and fitting-out services of mechanical ventilation and air-conditioning (MVAC) systems for various types of private and public building projects, including infrastructural, commercial, and residential building projects in Hong Kong and Macau. Geographically, the Group derives maximum revenue from its business in Hong Kong.
40GF Score
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