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Hafary HoldingsSGX:5VS 61 Beneish M-Score is -2.79 as of Aug. 24, 2026. GuruFocus rates SGX:5VS with a GF Score™ of 61/100 and a GF Value™ of S$0.43 (Significantly Overvalued). The stock has 11 warning signs investors should review. Among 1,707 Construction companies, Hafary Holdings ranks better than 72.64% 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Hafary Holdings's Beneish M-Score or its related term are showing as below:
SGX:5VS'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.48 Max: -1.35
Current: -2.79
During the past 13 years, the highest Beneish M-Score of Hafary Holdings was -1.35. The lowest was -3.06. And the median was -2.48.
The historical data trend for Hafary 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.
SGX:5VS vs TT, JCI, CARR: Beneish M-Score Comparison
For the Building Products & Equipment subindustry, Hafary 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.
Hafary Holdings Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Hafary Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hafary Holdings'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 Hafary 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 * 0.8479
+
0.528 * 0.9817
+
0.404 * 0.9758
+
0.892 * 1.0907
+
0.115 * 0.9341
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8813
+
4.679 * -0.054898
-
0.327 * 0.9535
=
-2.79
* 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))
=
(16.509 / (16.509 + 246.911))
/
(17.609 / (17.609 + 244.858))
=
0.062672
/
0.06709
=
0.9341
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
=
(29.865 - 0
-
57.854)
/
509.835
=
-0.054898
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.
Hafary Holdings has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
Hafary Holdings (SGX:5VS) has a Beneish M-Score of -2.79 as of Aug. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hafary Holdings and its competitors. According to the industry distribution chart, Hafary Holdings ranks #467 out of 1707 companies in the Construction industry, placing it in the top 27.4%.
Is Hafary Holdings' Beneish M-Score too high?
Hafary Holdings' current Beneish M-Score is -2.79. Based on the distribution chart, Hafary Holdings ranks #467 out of 1707 companies in the Construction industry, which is above the industry midpoint. Overall, Hafary Holdings has a GF Score™ of 61/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hafary Holdings' Beneish M-Score compare to TT and JCI?
According to the Construction industry distribution chart, Hafary Holdings ranks #467 out of 1707 companies for Beneish M-Score. This puts Hafary 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 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 Hafary Holdings and its competitors. Hafary Holdings's current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hafary Holdings stock overvalued right now?
Based on GuruFocus' analysis, Hafary Holdings (SGX:5VS) is currently considered Significantly Overvalued. The stock's GF Value™ is S$0.43, compared to a current price of S$0.57 — trading 31.4% above its estimated fair value. The current Beneish M-Score is -2.79. Hafary Holdings' overall GF Score™ is 61/100 with 11 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 Hafary Holdings (SGX:5VS), the current Beneish M-Score is -2.79 as of Aug. 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 Hafary Holdings (SGX:5VS) Overvalued in 2026?
Based on GuruFocus' analysis, Hafary Holdings stock appears to be overvalued.
The current stock price of S$0.57 is trading 31.4% above its estimated GF Value™ of S$0.43.
GuruFocus considers Hafary Holdings to be Significantly Overvalued.
Key valuation signals for SGX:5VS:
Beneish M-Score: -2.79
GF Value™: S$0.43 vs. price of S$0.57 (31.4% above fair value)
No single metric tells the full story. See the SGX:5VS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hafary Holdings Ltd is engaged in the production and distribution of premium tiles, stone, mosaic, wood flooring, quartz top, sanitary ware, and fittings. The company is organized into segments such as; the General segment which is specially designed as per the requirement of small property developers which contributes a part of revenue. Project segment is majorly designed as the requirement of customers who are involved in property development projects. Manufacturing segment includes manufacturing of ceramic tiles that cater to the customers' requirements and specifications. Others segment that engage in investing activities including net rental collected from properties. Majority of its derived from the General segment.
61GF Score
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