Info-Tech Systems (SGX:ITS) Beneish M-Score: -1.23 (As of Jul. 05, 2026)


SGX:ITS Info-Tech Systems Ltd SGX:ITS
21 GF Score
Price S$0.90
! 1 Warning Sign
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What is Info-Tech Systems Beneish M-Score?

Info-Tech Systems SGX:ITS +0.56% 21 Beneish M-Score is -1.23 as of Jul. 05, 2026. GuruFocus rates SGX:ITS with a GF Score™ of 21/100. The stock has 1 warning sign investors should review. Among 2,628 Software companies, Info-Tech Systems ranks worse than 88.01% 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 -1.23 higher than -1.78, which implies that the company might have manipulated its financial results.

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

SGX:ITS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.04   Med: -2.64   Max: -1.23
Current: -1.23

During the past 4 years, the highest Beneish M-Score of Info-Tech Systems was -1.23. The lowest was -4.04. And the median was -2.64.

Info-Tech Systems Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Info-Tech Systems'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.

Info-Tech Systems Beneish M-Score Chart

Info-Tech Systems Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -4.04 -1.23

Info-Tech Systems Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -4.04 0.00 -1.23

SGX:ITS vs UBER, SHOP, CRM: Beneish M-Score Comparison

For the Software - Application subindustry, Info-Tech Systems'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.

Info-Tech Systems Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Info-Tech Systems's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Info-Tech Systems's Beneish M-Score falls into.


SGX:ITS
21GF Score
Info-Tech Systems Ltd SGX:ITS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Info-Tech Systems 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 Info-Tech Systems 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 * 2.1815+0.528 * 1.0047+0.404 * 0.5976+0.892 * 1.2922+0.115 * 1.0812
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8994+4.679 * -0.021541-0.327 * 0.5836
=-1.23

* 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$8.20 Mil.
Revenue was S$56.49 Mil.
Gross Profit was S$48.12 Mil.
Total Current Assets was S$76.60 Mil.
Total Assets was S$83.93 Mil.
Property, Plant and Equipment(Net PPE) was S$5.04 Mil.
Depreciation, Depletion and Amortization(DDA) was S$2.22 Mil.
Selling, General, & Admin. Expense(SGA) was S$21.40 Mil.
Total Current Liabilities was S$38.48 Mil.
Long-Term Debt & Capital Lease Obligation was S$2.81 Mil.
Net Income was S$15.02 Mil.
Gross Profit was S$0.00 Mil.
Cash Flow from Operations was S$16.83 Mil.
 Total Receivables was S$2.91 Mil.
Revenue was S$43.71 Mil.
Gross Profit was S$37.42 Mil.
Total Current Assets was S$33.60 Mil.
Total Assets was S$39.67 Mil.
Property, Plant and Equipment(Net PPE) was S$4.26 Mil.
Depreciation, Depletion and Amortization(DDA) was S$2.10 Mil.
Selling, General, & Admin. Expense(SGA) was S$18.41 Mil.
Total Current Liabilities was S$31.01 Mil.
Long-Term Debt & Capital Lease Obligation was S$2.42 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)
=(8.203 / 56.486) / (2.91 / 43.713)
=0.145222 / 0.066571
=2.1815

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)
=(37.416 / 43.713) / (48.123 / 56.486)
=0.855947 / 0.851946
=1.0047

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 - (76.602 + 5.04) / 83.932) / (1 - (33.595 + 4.262) / 39.668)
=0.027284 / 0.045654
=0.5976

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
=56.486 / 43.713
=1.2922

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))
=(2.103 / (2.103 + 4.262)) / (2.218 / (2.218 + 5.04))
=0.330401 / 0.305594
=1.0812

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)
=(21.398 / 56.486) / (18.412 / 43.713)
=0.37882 / 0.421202
=0.8994

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)
=((2.808 + 38.478) / 83.932) / ((2.422 + 31.013) / 39.668)
=0.491898 / 0.842871
=0.5836

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
=(15.02 - 0 - 16.828) / 83.932
=-0.021541

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.

Info-Tech Systems has a M-score of -1.23 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 -1.23 mean?
Info-Tech Systems (SGX:ITS) has a Beneish M-Score of -1.23 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Info-Tech Systems and its competitors. According to the industry distribution chart, Info-Tech Systems ranks #2313 out of 2628 companies in the Software industry, placing it in the top 88%.
Is Info-Tech Systems' Beneish M-Score too high?
Info-Tech Systems' current Beneish M-Score is -1.23. Based on the distribution chart, Info-Tech Systems ranks #2313 out of 2628 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Info-Tech Systems has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Info-Tech Systems' Beneish M-Score compare to UBER and SHOP?
According to the Software industry distribution chart, Info-Tech Systems ranks #2313 out of 2628 companies for Beneish M-Score. This places Info-Tech Systems 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 Software company?
A good Beneish M-Score depends on the Software 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 Info-Tech Systems and its competitors. Info-Tech Systems's current Beneish M-Score is -1.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Info-Tech Systems stock overvalued right now?
Info-Tech Systems (SGX:ITS) has a current Beneish M-Score of -1.23. The current Beneish M-Score is -1.23. Info-Tech Systems' overall GF Score™ is 21/100 with 1 warning sign 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 Info-Tech Systems (SGX:ITS), the current Beneish M-Score is -1.23 as of Jul. 05, 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.

Info-Tech Systems Business Description

Address 80 Bendemeer Road, No. 01-08, Singapore, SGP, 339949
Info-Tech Systems Ltd is a one-stop Software-as-a-Service and digital solution provider for small and medium enterprises, delivering secure and scalable cloud-based business software that enables organisations to digitalise and streamline their operations. The principal activities of the Company include the sale of cloud-based human resource management software and accounting software, provision of related services and training, and the distribution of electronic security systems. Its reportable segment includes Subscription deriving maximum revenue, Services, and Hardware. It has two geographical segments Singapore and Malaysia of which majority of revenue comes from Singapore which is Sale of cloud-based HRMS and accounting software, provision of related services and training.
21GF Score

Get the complete analysis for SGX:ITS

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

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