Spindex Industries (SGX:564) Beneish M-Score: -2.76 (As of Jul. 21, 2026)

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SGX:564 Spindex Industries Ltd SGX:564
68 GF Score
Price S$1.42
GF Value S$0.88
! 9 Warning Signs
View Full Analysis

What is Spindex Industries Beneish M-Score?

Spindex Industries SGX:564 68 Beneish M-Score is -2.76 as of Jul. 21, 2026. GuruFocus rates SGX:564 with a GF Score™ of 68/100 and a GF Value™ of S$0.88. The stock has 9 warning signs investors should review.

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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SGX:564' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84   Med: -2.63   Max: -1.75
Current: -2.76

During the past 13 years, the highest Beneish M-Score of Spindex Industries was -1.75. The lowest was -2.84. And the median was -2.63.

Spindex Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Spindex 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.

Spindex Industries Beneish M-Score Chart

Spindex Industries Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.03 -2.50 -2.77 -2.76 -2.76

Spindex Industries Semi-Annual Data
Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25
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 -2.77 0.00 -2.76 0.00 -2.76

SGX:564 vs SNA, RBC, LECO: Beneish M-Score Comparison

For the Tools & Accessories subindustry, Spindex 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.

Spindex Industries Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Spindex Industries's Beneish M-Score distribution charts can be found below:

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


SGX:564
68GF Score
Spindex Industries Ltd SGX:564
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Spindex 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 Spindex 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 * 0.9913+0.528 * 0.9973+0.404 * 1.2798+0.892 * 1.004+0.115 * 0.9022
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5471+4.679 * -0.061433-0.327 * 0.9951
=-2.76

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was S$43.9 Mil.
Revenue was S$181.0 Mil.
Gross Profit was S$38.4 Mil.
Total Current Assets was S$147.5 Mil.
Total Assets was S$226.9 Mil.
Property, Plant and Equipment(Net PPE) was S$71.3 Mil.
Depreciation, Depletion and Amortization(DDA) was S$11.8 Mil.
Selling, General, & Admin. Expense(SGA) was S$33.4 Mil.
Total Current Liabilities was S$52.5 Mil.
Long-Term Debt & Capital Lease Obligation was S$1.4 Mil.
Net Income was S$6.7 Mil.
Gross Profit was S$0.0 Mil.
Cash Flow from Operations was S$20.6 Mil.
 Total Receivables was S$44.1 Mil.
Revenue was S$180.3 Mil.
Gross Profit was S$38.1 Mil.
Total Current Assets was S$139.4 Mil.
Total Assets was S$225.2 Mil.
Property, Plant and Equipment(Net PPE) was S$79.6 Mil.
Depreciation, Depletion and Amortization(DDA) was S$11.7 Mil.
Selling, General, & Admin. Expense(SGA) was S$21.5 Mil.
Total Current Liabilities was S$52.6 Mil.
Long-Term Debt & Capital Lease Obligation was S$1.2 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)
=(43.885 / 181.01) / (44.094 / 180.287)
=0.242445 / 0.244577
=0.9913

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)
=(38.125 / 180.287) / (38.381 / 181.01)
=0.211468 / 0.212038
=0.9973

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 - (147.519 + 71.297) / 226.896) / (1 - (139.353 + 79.578) / 225.197)
=0.035611 / 0.027825
=1.2798

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
=181.01 / 180.287
=1.004

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))
=(11.736 / (11.736 + 79.578)) / (11.844 / (11.844 + 71.297))
=0.128524 / 0.142457
=0.9022

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)
=(33.443 / 181.01) / (21.53 / 180.287)
=0.184758 / 0.119421
=1.5471

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)
=((1.381 + 52.54) / 226.896) / ((1.173 + 52.609) / 225.197)
=0.237646 / 0.238822
=0.9951

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
=(6.661 - 0 - 20.6) / 226.896
=-0.061433

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.

Spindex Industries has a M-score of -2.76 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 -2.76 mean?
Spindex Industries (SGX:564) has a Beneish M-Score of -2.76 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Spindex Industries and its competitors.
Is Spindex Industries' Beneish M-Score too high?
Spindex Industries' current Beneish M-Score is -2.76. Overall, Spindex Industries has a GF Score™ of 68/100, reflecting its overall financial health beyond just this single metric.
How does Spindex Industries' Beneish M-Score compare to SNA and RBC?
Spindex Industries' Beneish M-Score of -2.76 can be compared against companies in the Industrial Products 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Spindex Industries and its competitors. Spindex Industries's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spindex Industries stock overvalued right now?
Spindex Industries (SGX:564) has a current Beneish M-Score of -2.76. The stock's GF Value™ is S$0.88, compared to a current price of S$1.42 — trading 61.4% above its estimated fair value. The current Beneish M-Score is -2.76. Spindex Industries' overall GF Score™ is 68/100 with 9 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 Spindex Industries (SGX:564), the current Beneish M-Score is -2.76 as of Jul. 21, 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 Spindex Industries (SGX:564) Overvalued in 2026?

Based on GuruFocus' analysis, Spindex Industries stock appears to be overvalued. The current stock price of S$1.42 is trading 61.4% above its estimated GF Value™ of S$0.88.

Key valuation signals for SGX:564:

  • Beneish M-Score: -2.76
  • GF Value™: S$0.88 vs. price of S$1.42 (61.4% above fair value)
  • GF Score™: 68/100 with 9 warning signs

No single metric tells the full story. See the SGX:564 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Spindex Industries Business Description

Address 8 Boon Lay Way, No. 10-03, 8 TradeHub 21, Singapore, SGP, 609964
Spindex Industries Ltd is a manufacturer, importer, exporter, and dealer of mechanical, electrical, and electronic parts. The company's operating segment includes Imaging and printing; Machinery and automotive systems; and Consumer product and others. It generates maximum revenue from the Machinery and automotive systems segment. Geographically, it derives a majority of its revenue from the USA, Europe and others and also has a presence in Singapore; ASEAN, and China.
68GF Score

Get the complete analysis for SGX:564

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

S$1.42
Price
S$0.88
GF Value