NWWDF (New World Development Co) Beneish M-Score: -3.28 (As of Jun. 24, 2026)

What is New World Development Co Beneish M-Score?

New World Development Co NWWDF 58 Beneish M-Score is -3.28 as of Jun. 24, 2026. GuruFocus rates NWWDF with a GF Score™ of 58/100 and a GF Value™ of $0.88. The stock has 6 warning signs investors should review. Among 1,681 Real Estate companies, New World Development Co ranks better than 89.65% 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.

Good Sign:

Beneish M-Score -3.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for New World Development Co's Beneish M-Score or its related term are showing as below:

NWWDF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.31 Med: -2.37 Max: -1.99
Current: -3.28

During the past 13 years, the highest Beneish M-Score of New World Development Co was -1.99. The lowest was -3.31. And the median was -2.37.

New World Development Co Beneish M-Score Related Terms

New World Development Co Beneish M-Score Historical Data

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The historical data trend for New World Development Co'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.

New World Development Co Beneish M-Score Chart

New World Development Co Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.33

-2.41

-2.97

-3.31

-3.28

New World Development Co Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-3.31	0.00	-3.28	0.00

New World Development Co Beneish M-Score Competitor Comparison

For the Real Estate - Diversified subindustry, New World Development Co'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.

New World Development Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, New World Development Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where New World Development Co's Beneish M-Score falls into.

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58GF Score

New World Development Co Ltd NWWDF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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New World Development Co 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 New World Development Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.6921

0.528 * 0.855

0.404 * 1.003

0.892 * 0.7698

0.115 * 1.7783

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1098

4.679 * -0.064791

0.327 * 1.0238

-3.28

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was $383 Mil.
Revenue was $3,527 Mil.
Gross Profit was $1,481 Mil.
Total Current Assets was $13,579 Mil.
Total Assets was $53,546 Mil.
Property, Plant and Equipment(Net PPE) was $2,418 Mil.
Depreciation, Depletion and Amortization(DDA) was $159 Mil.
Selling, General, & Admin. Expense(SGA) was $600 Mil.
Total Current Liabilities was $7,345 Mil.
Long-Term Debt & Capital Lease Obligation was $18,775 Mil.
Net Income was $-1,951 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,518 Mil.

Total Receivables was $718 Mil.
Revenue was $4,582 Mil.
Gross Profit was $1,645 Mil.
Total Current Assets was $15,111 Mil.
Total Assets was $56,998 Mil.
Property, Plant and Equipment(Net PPE) was $2,035 Mil.
Depreciation, Depletion and Amortization(DDA) was $250 Mil.
Selling, General, & Admin. Expense(SGA) was $702 Mil.
Total Current Liabilities was $12,030 Mil.
Long-Term Debt & Capital Lease Obligation was $15,127 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)
	=	(382.756 / 3526.807)	/	(718.451 / 4581.588)
	=	0.108528	/	0.156813
	=	0.6921

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)
	=	(1645.224 / 4581.588)	/	(1481.258 / 3526.807)
	=	0.359095	/	0.42
	=	0.855

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 - (13579.008 + 2417.552) / 53546.492)	/	(1 - (15110.73 + 2034.725) / 56998.412)
	=	0.701258	/	0.699194
	=	1.003

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
	=	3526.807	/	4581.588
	=	0.7698

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))
	=	(250.192 / (250.192 + 2034.725))	/	(158.627 / (158.627 + 2417.552))
	=	0.109497	/	0.061575
	=	1.7783

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)
	=	(599.61 / 3526.807)	/	(701.844 / 4581.588)
	=	0.170015	/	0.153188
	=	1.1098

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)
	=	((18774.966 + 7344.762) / 53546.492)	/	((15126.658 + 12030.499) / 56998.412)
	=	0.487795	/	0.476455
	=	1.0238

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
	=	(-1951.074 - 0	-	1518.233)	/	53546.492
	=	-0.064791

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.

New World Development Co has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -3.28 mean?

New World Development Co (NWWDF) has a Beneish M-Score of -3.28 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on New World Development Co and its competitors. According to the industry distribution chart, New World Development Co ranks #174 out of 1681 companies in the Real Estate industry, placing it in the top 10.4%.

Is New World Development Co's Beneish M-Score too high?

New World Development Co's current Beneish M-Score is -3.28. Based on the distribution chart, New World Development Co ranks #174 out of 1681 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, New World Development Co has a GF Score™ of 58/100, reflecting its overall financial health beyond just this single metric.

How does New World Development Co's Beneish M-Score compare to competitors?

According to the Real Estate industry distribution chart, New World Development Co ranks #174 out of 1681 companies for Beneish M-Score. This places New World Development Co in the top 10% of its industry — outperforming the majority of peers. 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 New World Development Co and its competitors. New World Development Co's current Beneish M-Score is -3.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is New World Development Co stock overvalued right now?

New World Development Co (NWWDF) has a current Beneish M-Score of -3.28. The stock's GF Value™ is $0.88, compared to a current price of $1.23 — trading 39.8% above its estimated fair value. The current Beneish M-Score is -3.28. New World Development Co's overall GF Score™ is 58/100 with 6 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 New World Development Co (NWWDF), the current Beneish M-Score is -3.28 as of Jun. 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 New World Development Co (NWWDF) Overvalued in 2026?

Based on GuruFocus' analysis, New World Development Co stock appears to be overvalued. The current stock price of $1.23 is trading 39.8% above its estimated GF Value™ of $0.88.

Key valuation signals for NWWDF:

Beneish M-Score: -3.28
GF Value™: $0.88 vs. price of $1.23 (39.8% above fair value)
GF Score™: 58/100 with 6 warning signs

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

New World Development Co Business Description

Industry Real Estate Real Estate

Comparable Companies HKSE:00041 HKSE:00258 HKSE:01223 HKSE:00026 HKSE:00127 HKSE:00050 HKSE:00242 HKSE:00978 HKSE:01168 HKSE:00488 TSE:8802 TSE:8801 HKSE:00012 XSWX:SPSN XTAE:MGOR BKK:CPN PHS:SMPH OSTO:BALD B BOM:503100 TSE:1878

Other Exchanges NDVLY:USA 00017:Hong Kong NWDA:Germany

Address 16-18 Queen\'s Road, Central, 30th Floor, New World Tower, Hong Kong, HKG

Website https://www.nwd.com.hk

New World Development is the listed property arm of Chow Tai Fook, owned by the Cheng family. Chow Tai Fook owns about a 45% stake in NWD, which mainly engages in residential property development and investment properties of retail malls and offices in Hong Kong and mainland China. NWD also develops high-end hotels across Hong Kong, mainland China, and in Southeast Asia. Additionally, NWD holds a 75% interest in New World Department Store China, which operates 24 department stores in mainland China.

58GF Score

Get the complete analysis for NWWDF

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

$1.23

Price

$0.88

GF Value

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