Hiap Seng Industries (SGX:1L2) Beneish M-Score: 0.00 (As of Aug. 12, 2026)

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What is Hiap Seng Industries Beneish M-Score?

Hiap Seng Industries SGX:1L2 +9.09% Beneish M-Score is 0.00 as of Aug. 12, 2026. The stock has 4 warning signs investors should review. Among 1,704 Construction companies, Hiap Seng Industries ranks worse than 58685.39% 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.

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

During the past 13 years, the highest Beneish M-Score of Hiap Seng Industries was 0.01. The lowest was -5.36. And the median was -2.39.

Hiap Seng Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Hiap Seng Industries'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.

Hiap Seng Industries Beneish M-Score Chart

Hiap Seng Industries Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.19 0.00 0.00 0.00 0.00

Hiap Seng Industries Quarterly Data
Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

SGX:1L2 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Hiap Seng Industries'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.

Hiap Seng Industries Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Hiap Seng Industries's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hiap Seng Industries's Beneish M-Score falls into.


Hiap Seng Industries 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 Hiap Seng Industries 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Mar26) TTM:Last Year (Mar24) TTM:
Total Receivables was S$6.23 Mil.
Revenue was 0 + 0 + 0 + 0 = S$0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = S$0.00 Mil.
Total Current Assets was S$31.13 Mil.
Total Assets was S$41.06 Mil.
Property, Plant and Equipment(Net PPE) was S$8.85 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.00 Mil.
Total Current Liabilities was S$5.63 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.00 Mil.
Net Income was 0 + 0 + 0 + 0 = S$0.00 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S$0.00 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = S$0.00 Mil.
 Total Receivables was S$7.17 Mil.
Revenue was 0 + 0 + 0 + 0 = S$0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = S$0.00 Mil.
Total Current Assets was S$22.46 Mil.
Total Assets was S$26.01 Mil.
Property, Plant and Equipment(Net PPE) was S$2.26 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.00 Mil.
Total Current Liabilities was S$6.28 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.00 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)
=(6.233 / 0) / (7.166 / 0)
= /
=

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)
=(0 / 0) / (0 / 0)
= /
=

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 - (31.127 + 8.848) / 41.064) / (1 - (22.459 + 2.256) / 26.011)
=0.02652 / 0.049825
=

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
=0 / 0
=

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 / (0 + 2.256)) / (0 / (0 + 8.848))
=0 / 0
=

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)
=(0 / 0) / (0 / 0)
= /
=

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)
=((0 + 5.631) / 41.064) / ((0 + 6.281) / 26.011)
=0.137127 / 0.241475
=

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
=(0 - 0 - 0) / 41.064
=0

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Hiap Seng Industries (SGX:1L2) has a Beneish M-Score of 0.00 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hiap Seng Industries and its competitors. According to the industry distribution chart, Hiap Seng Industries ranks #999999 out of 1704 companies in the Construction industry.
Is Hiap Seng Industries' Beneish M-Score too high?
Hiap Seng Industries' current Beneish M-Score is 0.00. Based on the distribution chart, Hiap Seng Industries ranks #999999 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers.
How does Hiap Seng Industries' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Hiap Seng Industries ranks #999999 out of 1704 companies for Beneish M-Score. This places Hiap Seng Industries in the lower 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 Hiap Seng Industries and its competitors. Hiap Seng Industries's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hiap Seng Industries stock overvalued right now?
Based on GuruFocus' analysis, Hiap Seng Industries (SGX:1L2) is currently considered Modestly Overvalued. The stock's GF Value™ is S$0.01, compared to a current price of S$0.01 — trading 20% above its estimated fair value. The current Beneish M-Score is 0.00. 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 Hiap Seng Industries (SGX:1L2), the current Beneish M-Score is 0.00 as of Aug. 12, 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.

Hiap Seng Industries Business Description

Address 28 Tuas Crescent, Singapore, SGP, 638719
Hiap Seng Industries Ltd is engaged in the provision of building construction, engineering, procurement, construction and plant maintenance services for oil and gas and energy sectors and, the provision of process and industrial plant engineering and consultancy services. Its segment is Plant construction and maintenance segment. The company has operations in Singapore and United Arab Emirates with the majority of revenue from Singapore.