Renaissance United (SGX:I11) Beneish M-Score: -1.53 (As of Jul. 23, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

What is Renaissance United Beneish M-Score?

Renaissance United SGX:I11 Beneish M-Score is -1.53 as of Jul. 23, 2026. The stock has 6 warning signs investors should review. Among 487 Utilities - Regulated companies, Renaissance United ranks worse than 95.07% 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.

Warning Sign:

Beneish M-Score -1.53 higher than -1.78, which implies that the company might have manipulated its financial results.

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

SGX:I11' s Beneish M-Score Range Over the Past 10 Years
Min: -3.56   Med: -2.75   Max: -1.53
Current: -1.53

During the past 13 years, the highest Beneish M-Score of Renaissance United was -1.53. The lowest was -3.56. And the median was -2.75.

Renaissance United Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Renaissance United'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.

Renaissance United Beneish M-Score Chart

Renaissance United Annual Data
Trend Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25 Apr26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.80 -2.74 -3.19 -2.39 -1.53

Renaissance United Quarterly Data
Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
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 -2.39 0.00 0.00 0.00 -1.53

SGX:I11 vs ATO, NI, UGI: Beneish M-Score Comparison

For the Utilities - Regulated Gas subindustry, Renaissance United'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.

Renaissance United Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Renaissance United's Beneish M-Score distribution charts can be found below:

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


Renaissance United 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 Renaissance United 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 * 2.0386+0.528 * 0.7904+0.404 * 0.973+0.892 * 1.0716+0.115 * 0.8936
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.018805-0.327 * 1.0608
=-1.53

* 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 (Apr26) TTM:Last Year (Apr25) TTM:
Total Receivables was S$18.15 Mil.
Revenue was S$83.24 Mil.
Gross Profit was S$14.69 Mil.
Total Current Assets was S$26.98 Mil.
Total Assets was S$76.95 Mil.
Property, Plant and Equipment(Net PPE) was S$6.77 Mil.
Depreciation, Depletion and Amortization(DDA) was S$4.55 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.00 Mil.
Total Current Liabilities was S$43.95 Mil.
Long-Term Debt & Capital Lease Obligation was S$13.17 Mil.
Net Income was S$-1.47 Mil.
Gross Profit was S$0.00 Mil.
Cash Flow from Operations was S$-2.92 Mil.
 Total Receivables was S$8.31 Mil.
Revenue was S$77.68 Mil.
Gross Profit was S$10.84 Mil.
Total Current Assets was S$22.82 Mil.
Total Assets was S$73.08 Mil.
Property, Plant and Equipment(Net PPE) was S$8.09 Mil.
Depreciation, Depletion and Amortization(DDA) was S$4.53 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.00 Mil.
Total Current Liabilities was S$43.94 Mil.
Long-Term Debt & Capital Lease Obligation was S$7.20 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)
=(18.153 / 83.239) / (8.31 / 77.679)
=0.218083 / 0.106979
=2.0386

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)
=(10.838 / 77.679) / (14.694 / 83.239)
=0.139523 / 0.176528
=0.7904

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 - (26.978 + 6.771) / 76.948) / (1 - (22.819 + 8.094) / 73.08)
=0.561405 / 0.576998
=0.973

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
=83.239 / 77.679
=1.0716

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))
=(4.532 / (4.532 + 8.094)) / (4.546 / (4.546 + 6.771))
=0.358942 / 0.401697
=0.8936

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 / 83.239) / (0 / 77.679)
=0 / 0
=1

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)
=((13.168 + 43.95) / 76.948) / ((7.198 + 43.941) / 73.08)
=0.742293 / 0.699767
=1.0608

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
=(-1.47 - 0 - -2.917) / 76.948
=0.018805

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.

Renaissance United has a M-score of -1.53 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 -1.53 mean?
Renaissance United (SGX:I11) has a Beneish M-Score of -1.53 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Renaissance United and its competitors. According to the industry distribution chart, Renaissance United ranks #463 out of 487 companies in the Utilities - Regulated industry, placing it in the top 95.1%.
Is Renaissance United's Beneish M-Score too high?
Renaissance United's current Beneish M-Score is -1.53. Based on the distribution chart, Renaissance United ranks #463 out of 487 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers.
How does Renaissance United's Beneish M-Score compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Renaissance United ranks #463 out of 487 companies for Beneish M-Score. This places Renaissance United 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 an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 Renaissance United and its competitors. Renaissance United's current Beneish M-Score is -1.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Renaissance United stock overvalued right now?
Renaissance United (SGX:I11) has a current Beneish M-Score of -1.53. The current Beneish M-Score is -1.53. 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 Renaissance United (SGX:I11), the current Beneish M-Score is -1.53 as of Jul. 23, 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.

Renaissance United Business Description

Address 16 Kallang Place, Number 05-10/18, Kallang Basin Industrial Estate, Singapore, SGP, 339156
Renaissance United Ltd operates in five segments: Infrastructure development and turnkey construction; Property development; Gas distribution, Electronics and trading and Investment securities trading. It geographically operates in Singapore, the People's Republic of China, the USA, Taiwan, and Others. It derives a majority of its revenue from Gas distribution. Geographically the company derives the majority of its revenue from the People's Republic of China.