Aseana Properties (LSE:ASPL) Beneish M-Score: 42.06 (As of Jun. 26, 2026)


LSE:ASPL Aseana Properties Ltd LSE:ASPL
8 GF Score
Price $0.07
GF Value $0.32
! 2 Warning Signs
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What is Aseana Properties Beneish M-Score?

Aseana Properties LSE:ASPL 8 Beneish M-Score is 42.06 as of Jun. 26, 2026. GuruFocus rates LSE:ASPL with a GF Score™ of 8/100 and a GF Value™ of $0.32. The stock has 2 warning signs investors should review.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 42.06 higher than -1.78, which implies that the company might have manipulated its financial results.

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

LSE:ASPL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58   Med: -2.12   Max: 42.06
Current: 42.06

During the past 13 years, the highest Beneish M-Score of Aseana Properties was 42.06. The lowest was -3.58. And the median was -2.12.

LSE:ASPL
8GF Score
Aseana Properties Ltd LSE:ASPL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Aseana Properties 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 Aseana Properties 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+0.528 * 1+0.404 * 0.5601+0.892 * 2.4572+0.115 * 372.8561
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.3809+4.679 * 0.09526-0.327 * 0.6965
=42.06

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $0.00 Mil.
Revenue was $44.13 Mil.
Gross Profit was $44.13 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $128.51 Mil.
Property, Plant and Equipment(Net PPE) was $56.53 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.15 Mil.
Selling, General, & Admin. Expense(SGA) was $18.11 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $19.38 Mil.
Net Income was $12.22 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $-0.03 Mil.
 Total Receivables was $0.00 Mil.
Revenue was $17.96 Mil.
Gross Profit was $17.96 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $129.82 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.06 Mil.
Selling, General, & Admin. Expense(SGA) was $19.35 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $28.11 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)
=(0 / 44.131) / (0 / 17.96)
=0 / 0
=1

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)
=(17.96 / 17.96) / (44.131 / 44.131)
=1 / 1
=1

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 - (0 + 56.531) / 128.511) / (1 - (0 + 0) / 129.816)
=0.560108 / 1
=0.5601

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
=44.131 / 17.96
=2.4572

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))
=(0.058 / (0.058 + 0)) / (0.152 / (0.152 + 56.531))
=1 / 0.002682
=372.8561

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)
=(18.107 / 44.131) / (19.345 / 17.96)
=0.410301 / 1.077116
=0.3809

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)
=((19.383 + 0) / 128.511) / ((28.113 + 0) / 129.816)
=0.150828 / 0.21656
=0.6965

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
=(12.215 - 0 - -0.027) / 128.511
=0.09526

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.

Aseana Properties has a M-score of 42.06 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 42.06 mean?
Aseana Properties (LSE:ASPL) has a Beneish M-Score of 42.06 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aseana Properties and its competitors.
Is Aseana Properties' Beneish M-Score too high?
Aseana Properties' current Beneish M-Score is 42.06. Overall, Aseana Properties has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.
How does Aseana Properties' Beneish M-Score compare to competitors?
Aseana Properties' Beneish M-Score of 42.06 can be compared against companies in the Real Estate 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 Aseana Properties and its competitors. Aseana Properties's current Beneish M-Score is 42.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aseana Properties stock overvalued right now?
Aseana Properties (LSE:ASPL) has a current Beneish M-Score of 42.06. The stock's GF Value™ is $0.32, compared to a current price of $0.07 — trading 78.1% below its estimated fair value. The current Beneish M-Score is 42.06. Aseana Properties' overall GF Score™ is 8/100 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 Aseana Properties (LSE:ASPL), the current Beneish M-Score is 42.06 as of Jun. 26, 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 Aseana Properties (LSE:ASPL) Overvalued in 2026?

Based on GuruFocus' analysis, Aseana Properties stock appears to be undervalued. The current stock price of $0.07 is trading 78.1% below its estimated GF Value™ of $0.32.

Key valuation signals for LSE:ASPL:

  • Beneish M-Score: 42.06
  • GF Value™: $0.32 vs. price of $0.07 (78.1% below fair value)
  • GF Score™: 8/100 with 2 warning signs

No single metric tells the full story. See the LSE:ASPL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Aseana Properties Business Description

Address Old Street, 1st Floor, Osprey House, St. Helier, JEY, JE2 3RG
Aseana Properties Ltd, together with its subsidiaries, is focused on property development opportunities in Malaysia. The Group's principal business activities include developing upscale residential and hospitality projects in Malaysia, such as the RuMa Residence, Sandakan Harbour Mall, and Hotel, and the RuMa Hotel and Residences. Its reportable operating segments are identified based on business units as follows: Urban DNA Sdn. Bhd, which developed The RuMa Hotel and Residences, and generates maximum revenue; Amatir Resources Sdn. Bhd; ICSD Ventures Sdn. Bhd; Ireka Land Sdn. Bhd; and Investment Holding Companies. Geographically, the Group generates revenue from the sale of completed units in Malaysia.
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Get the complete analysis for LSE:ASPL

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$0.07
Price
$0.32
GF Value