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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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Wah Wo Holdings Group's Beneish M-Score or its related term are showing as below:
HKSE:09938'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.49 Med: -2.68 Max: 39.25
Current: -2.68
During the past 10 years, the highest Beneish M-Score of Wah Wo Holdings Group was 39.25. The lowest was -3.49. And the median was -2.68.
Wah Wo Holdings Group Beneish M-Score Related Terms
Wah Wo Holdings Group Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Wah Wo Holdings Group'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:09938 vs TT, JCI, CARR: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, Wah Wo Holdings Group'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.
Wah Wo Holdings Group Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Wah Wo Holdings Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wah Wo Holdings Group'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 Wah Wo Holdings Group 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 * 1.6179
+
0.528 * 1.0067
+
0.404 * 0.7508
+
0.892 * 0.8517
+
0.115 * 1.7743
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.5901
+
4.679 * -0.094545
-
0.327 * 1.2699
=
-2.68
* 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))
=
(1.924 / (1.924 + 4.03))
/
(0.911 / (0.911 + 4.091))
=
0.323144
/
0.182127
=
1.7743
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
=
(-5.023 - 0
-
23.579)
/
302.523
=
-0.094545
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.
Wah Wo Holdings Group has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
Wah Wo Holdings Group (HKSE:09938) has a Beneish M-Score of -2.68 as of Aug. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Wah Wo Holdings Group and its competitors. According to the industry distribution chart, Wah Wo Holdings Group ranks #591 out of 1703 companies in the Construction industry, placing it in the top 34.7%.
Is Wah Wo Holdings Group's Beneish M-Score too high?
Wah Wo Holdings Group's current Beneish M-Score is -2.68. Based on the distribution chart, Wah Wo Holdings Group ranks #591 out of 1703 companies in the Construction industry, which is above the industry midpoint. Overall, Wah Wo Holdings Group has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Wah Wo Holdings Group's Beneish M-Score compare to TT and JCI?
According to the Construction industry distribution chart, Wah Wo Holdings Group ranks #591 out of 1703 companies for Beneish M-Score. This puts Wah Wo Holdings Group 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 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 Wah Wo Holdings Group and its competitors. Wah Wo Holdings Group's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Wah Wo Holdings Group stock overvalued right now?
Based on GuruFocus' analysis, Wah Wo Holdings Group (HKSE:09938) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.14, compared to a current price of HK$0.29 — trading 103.6% above its estimated fair value. The current Beneish M-Score is -2.68. Wah Wo Holdings Group's overall GF Score™ is 59/100 with 2 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 Wah Wo Holdings Group (HKSE:09938), the current Beneish M-Score is -2.68 as of Aug. 31, 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 Wah Wo Holdings Group (HKSE:09938) Overvalued in 2026?
Based on GuruFocus' analysis, Wah Wo Holdings Group stock appears to be overvalued.
The current stock price of HK$0.29 is trading 103.6% above its estimated GF Value™ of HK$0.14.
GuruFocus considers Wah Wo Holdings Group to be Significantly Overvalued.
Key valuation signals for HKSE:09938:
Beneish M-Score: -2.68
GF Value™: HK$0.14 vs. price of HK$0.29 (103.6% above fair value)
No single metric tells the full story. See the HKSE:09938 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Wah Wo Holdings Group Ltd is engaged in facade works focusing on the window in Hong Kong. The works of the company can be classified into windows, window wall systems, curtain wall systems, and other facade members. It provides design and build services for new buildings and renovation services for built premises and rental of investment properties. Its services generally include developing designs, conducting structural calculations, and preparing shop drawings, management and coordination of various aspects of a project which involve procurement of building materials from material suppliers and/or subcontracting of installation works to its subcontractors, on-site project management, and post-project completion and maintenance services.
59GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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