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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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Times Neighborhood Holdings's Beneish M-Score or its related term are showing as below:
HKSE:09928'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.32 Med: -2.5 Max: 1.26
Current: -2.62
During the past 10 years, the highest Beneish M-Score of Times Neighborhood Holdings was 1.26. The lowest was -3.32. And the median was -2.50.
* 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:09928 vs CBRE, BEKE, JLL: Beneish M-Score Comparison
For the Real Estate Services subindustry, Times Neighborhood 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.
Times Neighborhood Holdings Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Times Neighborhood Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Times Neighborhood Holdings's Beneish M-Score falls into.
Times Neighborhood Holdings 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 Times Neighborhood 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 * 0.9419
+
0.528 * 1.0274
+
0.404 * 0.9646
+
0.892 * 1.0811
+
0.115 * 1.2241
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9143
+
4.679 * -0.037847
-
0.327 * 1.0562
=
-2.62
* 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))
=
(86.592 / (86.592 + 92.144))
/
(77.441 / (77.441 + 118.225))
=
0.484469
/
0.395782
=
1.2241
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
=
(18.88 - 0
-
130.15)
/
2939.982
=
-0.037847
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.
Times Neighborhood Holdings has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
Times Neighborhood Holdings (HKSE:09928) has a Beneish M-Score of -2.62 as of Aug. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Times Neighborhood Holdings and its competitors. According to the industry distribution chart, Times Neighborhood Holdings ranks #557 out of 1682 companies in the Real Estate industry, placing it in the top 33.1%.
Is Times Neighborhood Holdings' Beneish M-Score too high?
Times Neighborhood Holdings' current Beneish M-Score is -2.62. Based on the distribution chart, Times Neighborhood Holdings ranks #557 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, Times Neighborhood Holdings has a GF Score™ of 64/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Times Neighborhood Holdings' Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Times Neighborhood Holdings ranks #557 out of 1682 companies for Beneish M-Score. This puts Times Neighborhood Holdings in the upper 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Times Neighborhood Holdings and its competitors. Times Neighborhood Holdings's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Times Neighborhood Holdings stock overvalued right now?
Based on GuruFocus' analysis, Times Neighborhood Holdings (HKSE:09928) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.58, compared to a current price of HK$0.49 — trading 15.5% below its estimated fair value. The current Beneish M-Score is -2.62. Times Neighborhood Holdings' overall GF Score™ is 64/100 with 4 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 Times Neighborhood Holdings (HKSE:09928), the current Beneish M-Score is -2.62 as of Aug. 24, 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 Times Neighborhood Holdings (HKSE:09928) Overvalued in 2026?
Based on GuruFocus' analysis, Times Neighborhood Holdings stock appears to be undervalued.
The current stock price of HK$0.49 is trading 15.5% below its estimated GF Value™ of HK$0.58.
GuruFocus considers Times Neighborhood Holdings to be Modestly Undervalued.
Key valuation signals for HKSE:09928:
Beneish M-Score: -2.62
GF Value™: HK$0.58 vs. price of HK$0.49 (15.5% below fair value)
No single metric tells the full story. See the HKSE:09928 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Times Neighborhood Holdings Ltd is a growing urban comprehensive service operator in China, providing high-quality community services, urban services for diversified property types such as residences, industrial and logistics real estate, public buildings and other urban spaces. Its main business includes property management services, community value-added services and other professional services, comprehensively covering the entire property management value chain. It manages a diversified portfolio of properties, and in addition to focusing on the three businesses of residential, industrial parks and public buildings, it also manages commercial properties, office buildings, urban space and other businesses. Geographically, it derives revenue from Mainland China.
64GF Score
Get the complete analysis for HKSE:09928
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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