Heatec Jietong Holdings (SGX:5OR) Beneish M-Score: -3.08 (As of Jul. 22, 2026)

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What is Heatec Jietong Holdings Beneish M-Score?

Heatec Jietong Holdings SGX:5OR Beneish M-Score is -3.08 as of Jul. 22, 2026. The stock has 6 warning signs investors should review. Among 824 Oil & Gas companies, Heatec Jietong Holdings ranks better than 74.76% 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 -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SGX:5OR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.44   Med: -3.26   Max: -3.08
Current: -3.08

During the past 13 years, the highest Beneish M-Score of Heatec Jietong Holdings was -3.08. The lowest was -3.44. And the median was -3.26.

Heatec Jietong Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Heatec Jietong Holdings'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.

Heatec Jietong Holdings Beneish M-Score Chart

Heatec Jietong Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 -3.44 -3.08

Heatec Jietong Holdings Quarterly Data
Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
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 -3.44 0.00 -3.55 -3.55 -3.08

SGX:5OR vs SLB, BKR, HAL: Beneish M-Score Comparison

For the Oil & Gas Equipment & Services subindustry, Heatec Jietong Holdings'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.

Heatec Jietong Holdings Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Heatec Jietong Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Heatec Jietong Holdings's Beneish M-Score falls into.


Heatec Jietong Holdings 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 Heatec Jietong Holdings 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 * 0.842+0.528 * 1.0674+0.404 * 1.2266+0.892 * 0.9941+0.115 * 0.9146
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0688+4.679 * -0.125187-0.327 * 0.8988
=-3.08

* 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 S$8.86 Mil.
Revenue was 4.577 + 5.037 + 5.56 + 4.637 = S$19.81 Mil.
Gross Profit was 1.884 + 1.402 + 1.841 + 1.446 = S$6.57 Mil.
Total Current Assets was S$11.31 Mil.
Total Assets was S$18.08 Mil.
Property, Plant and Equipment(Net PPE) was S$6.38 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.92 Mil.
Selling, General, & Admin. Expense(SGA) was S$7.35 Mil.
Total Current Liabilities was S$6.09 Mil.
Long-Term Debt & Capital Lease Obligation was S$1.43 Mil.
Net Income was 0.055 + -0.284 + 0.058 + -0.41 = S$-0.58 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S$0.00 Mil.
Cash Flow from Operations was 0.174 + 0.52 + 0.007 + 0.981 = S$1.68 Mil.
 Total Receivables was S$10.59 Mil.
Revenue was 5.502 + 4.372 + 5.006 + 5.049 = S$19.93 Mil.
Gross Profit was 2.345 + 1.213 + 1.952 + 1.548 = S$7.06 Mil.
Total Current Assets was S$13.22 Mil.
Total Assets was S$20.62 Mil.
Property, Plant and Equipment(Net PPE) was S$7.05 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.91 Mil.
Selling, General, & Admin. Expense(SGA) was S$6.92 Mil.
Total Current Liabilities was S$8.24 Mil.
Long-Term Debt & Capital Lease Obligation was S$1.31 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)
=(8.864 / 19.811) / (10.59 / 19.929)
=0.447428 / 0.531386
=0.842

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)
=(7.058 / 19.929) / (6.573 / 19.811)
=0.354157 / 0.331785
=1.0674

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 - (11.309 + 6.382) / 18.077) / (1 - (13.216 + 7.048) / 20.623)
=0.021353 / 0.017408
=1.2266

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
=19.811 / 19.929
=0.9941

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))
=(0.913 / (0.913 + 7.048)) / (0.915 / (0.915 + 6.382))
=0.114684 / 0.125394
=0.9146

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)
=(7.348 / 19.811) / (6.916 / 19.929)
=0.370905 / 0.347032
=1.0688

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)
=((1.434 + 6.092) / 18.077) / ((1.31 + 8.243) / 20.623)
=0.41633 / 0.463221
=0.8988

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
=(-0.581 - 0 - 1.682) / 18.077
=-0.125187

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.

Heatec Jietong Holdings has a M-score of -3.08 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 -3.08 mean?
Heatec Jietong Holdings (SGX:5OR) has a Beneish M-Score of -3.08 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Heatec Jietong Holdings and its competitors. According to the industry distribution chart, Heatec Jietong Holdings ranks #208 out of 824 companies in the Oil & Gas industry, placing it in the top 25.2%.
Is Heatec Jietong Holdings' Beneish M-Score too high?
Heatec Jietong Holdings' current Beneish M-Score is -3.08. Based on the distribution chart, Heatec Jietong Holdings ranks #208 out of 824 companies in the Oil & Gas industry, which is above the industry midpoint.
How does Heatec Jietong Holdings' Beneish M-Score compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Heatec Jietong Holdings ranks #208 out of 824 companies for Beneish M-Score. This puts Heatec Jietong Holdings in the upper 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 an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 Heatec Jietong Holdings and its competitors. Heatec Jietong Holdings's current Beneish M-Score is -3.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heatec Jietong Holdings stock overvalued right now?
Based on GuruFocus' analysis, Heatec Jietong Holdings (SGX:5OR) is currently considered Significantly Overvalued. The stock's GF Value™ is S$0.02, compared to a current price of S$0.04 — trading 90% above its estimated fair value. The current Beneish M-Score is -3.08. 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 Heatec Jietong Holdings (SGX:5OR), the current Beneish M-Score is -3.08 as of Jul. 22, 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.

Heatec Jietong Holdings Business Description

Industry EnergyOil & Gas
Address No. 10 Tuas South Street 15, Singapore, SGP, 637076
Heatec Jietong Holdings Ltd is engaged in offering piping and heat exchanger services for the marine and oil and gas industries. The company's segments include Piping, Heat Exchangers, and Chemical Cleaning. The Piping segment is engaged in the fabrication and installation of various types of piping. The Heat Exchanger segment, which derives the majority of revenue, engages in the servicing and fabrication of heat exchangers. The Chemical cleaning segment is engaged in the provision of chemical cleaning services to ships and marine vessels. The group's operations are carried out in Singapore and the People's Republic of China.