Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Polyfair HoldingsHKSE:08532 -1.54% Beneish M-Score is 0.00 as of Aug. 27, 2026. The stock has 4 warning signs investors should review. Among 1,706 Construction companies, Polyfair Holdings ranks worse than 58616.59% 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.
The historical rank and industry rank for Polyfair Holdings's Beneish M-Score or its related term are showing as below:
During the past 11 years, the highest Beneish M-Score of Polyfair Holdings was -1.63. The lowest was -7.65. And the median was -1.97.
The historical data trend for Polyfair 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:08532 vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Polyfair 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.
Polyfair Holdings Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Polyfair Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Polyfair 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 Polyfair 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 *
+
0.528 *
+
0.404 *
+
0.892 *
+
0.115 *
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 *
+
4.679 *
-
0.327 *
=
* 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))
=
(1.575 / (1.575 + 0.104))
/
(0.074 / (0.074 + 0.351))
=
0.938058
/
0.174118
=
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
=
(-49.55 - 0
-
-3.742)
/
127.607
=
-0.358977
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.
Polyfair Holdings (HKSE:08532) has a Beneish M-Score of 0.00 as of Aug. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Polyfair Holdings and its competitors. According to the industry distribution chart, Polyfair Holdings ranks #999999 out of 1706 companies in the Construction industry.
Is Polyfair Holdings' Beneish M-Score too high?
Polyfair Holdings' current Beneish M-Score is 0.00. Based on the distribution chart, Polyfair Holdings ranks #999999 out of 1706 companies in the Construction industry, which is in the bottom quartile relative to peers.
How does Polyfair Holdings' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Polyfair Holdings ranks #999999 out of 1706 companies for Beneish M-Score. This places Polyfair 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 Polyfair Holdings and its competitors. Polyfair Holdings's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Polyfair Holdings stock overvalued right now?
Based on GuruFocus' analysis, Polyfair Holdings (HKSE:08532) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.09, compared to a current price of HK$0.06 — trading 28.9% below its estimated fair value. The current Beneish M-Score is 0.00. 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 Polyfair Holdings (HKSE:08532), the current Beneish M-Score is 0.00 as of Aug. 27, 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.
Polyfair Holdings Ltd is a subcontractor engaged in providing facade and curtain wall works solutions. The Group provides customised facade and curtain wall engineering solutions and generally offers design and build services, including developing designs, conducting structural calculations, preparing shop drawings, sourcing and procuring building materials, arranging logistics and installation works, project management, and post-project completion services. The Group operates as a single operating segment focused on facade and curtain wall works solutions. Its business activities and revenue are derived from customers in Hong Kong, with projects carried out in Hong Kong.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
HKSE:08532 has been successfully added to your 
