Nickel AsiaPHS:NIKL +1.87%90 Beneish M-Score is -2.86 as of Jun. 24, 2026. GuruFocus rates PHS:NIKL with a GF Score™ of 90/100 and a GF Value™ of ₱4.81 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 685 Metals & Mining companies, Nickel Asia ranks better than 76.64% 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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nickel Asia's Beneish M-Score or its related term are showing as below:
PHS:NIKL'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.39 Med: -2.76 Max: -1.79
Current: -2.86
During the past 13 years, the highest Beneish M-Score of Nickel Asia was -1.79. The lowest was -3.39. And the median was -2.76.
Nickel Asia Beneish M-Score Related Terms
Nickel Asia Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Nickel Asia'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.
For the Other Industrial Metals & Mining subindustry, Nickel Asia'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.
Nickel Asia Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Nickel Asia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nickel Asia'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 Nickel Asia 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 * 0.9063
+
0.528 * 0.7996
+
0.404 * 0.911
+
0.892 * 1.3193
+
0.115 * 1.0944
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8057
+
4.679 * -0.094132
-
0.327 * 1.1268
=
-2.86
* 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))
=
(2006.042 / (2006.042 + 26599.808))
/
(2343.711 / (2343.711 + 34233.132))
=
0.070127
/
0.064076
=
1.0944
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
=
(6139.662 - 0
-
12319.68)
/
65652.587
=
-0.094132
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.
Nickel Asia has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
Nickel Asia (PHS:NIKL) has a Beneish M-Score of -2.86 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nickel Asia and its competitors. According to the industry distribution chart, Nickel Asia ranks #160 out of 685 companies in the Metals & Mining industry, placing it in the top 23.4%.
Is Nickel Asia's Beneish M-Score too high?
Nickel Asia's current Beneish M-Score is -2.86. Based on the distribution chart, Nickel Asia ranks #160 out of 685 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Nickel Asia has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nickel Asia's Beneish M-Score compare to competitors?
According to the Metals & Mining industry distribution chart, Nickel Asia ranks #160 out of 685 companies for Beneish M-Score. This places Nickel Asia in the top 23% 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 Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 Nickel Asia and its competitors. Nickel Asia's current Beneish M-Score is -2.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nickel Asia stock overvalued right now?
Based on GuruFocus' analysis, Nickel Asia (PHS:NIKL) is currently considered Modestly Undervalued. The stock's GF Value™ is ₱4.81, compared to a current price of ₱4.35 — trading 9.6% below its estimated fair value. The current Beneish M-Score is -2.86. Nickel Asia's overall GF Score™ is 90/100 with 3 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 Nickel Asia (PHS:NIKL), the current Beneish M-Score is -2.86 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 Nickel Asia (PHS:NIKL) Overvalued in 2026?
Based on GuruFocus' analysis, Nickel Asia stock appears to be undervalued.
The current stock price of ₱4.35 is trading 9.6% below its estimated GF Value™ of ₱4.81.
GuruFocus considers Nickel Asia to be Modestly Undervalued.
Key valuation signals for PHS:NIKL:
Beneish M-Score: -2.86
GF Value™: ₱4.81 vs. price of ₱4.35 (9.6% below fair value)
No single metric tells the full story. See the PHS:NIKL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nickel Asia Corp is a diversified natural resources development company is principally engaged in the business of producing beneficiated nickel ore, limestone, and quarry materials, rendering of services, and generating revenue from sale of power. The company has three operating segments which is The mining segment which accounts for a majority of the company's revenue includes the mining and exploration of nickel saprolite and limonite ore, limestone, and quarry materials, the services segment includes chartering out of LCT, construction and rendering of services to CBNC, THNC, and other parties and leasing of aircraft to WAISC, and the power segment is into power generation and exploration for geothermal resources.
90GF Score
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