Jadason Enterprises (SGX:J03) Beneish M-Score: -1.23 (As of Aug. 15, 2026)

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What is Jadason Enterprises Beneish M-Score?

Jadason Enterprises SGX:J03 Beneish M-Score is -1.23 as of Aug. 15, 2026. The stock has 2 warning signs investors should review. Among 154 Industrial Distribution companies, Jadason Enterprises ranks worse than 94.16% 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 Jadason Enterprises's Beneish M-Score or its related term are showing as below:

SGX:J03' s Beneish M-Score Range Over the Past 10 Years
Min: -4.4   Med: -3.22   Max: -1.23
Current: -1.23

During the past 13 years, the highest Beneish M-Score of Jadason Enterprises was -1.23. The lowest was -4.40. And the median was -3.22.

Jadason Enterprises Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Jadason Enterprises'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.

Jadason Enterprises Beneish M-Score Chart

Jadason Enterprises 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 -3.22 -3.35 -4.40 -2.30 -1.23

Jadason Enterprises Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 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 -4.40 0.00 -2.30 0.00 -1.23

SGX:J03 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Industrial Distribution subindustry, Jadason Enterprises'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.

Jadason Enterprises Beneish M-Score vs Industrial Distribution Industry

For the Industrial Distribution industry and Industrials sector, Jadason Enterprises's Beneish M-Score distribution charts can be found below:

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


Jadason Enterprises 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 Jadason Enterprises 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 * 0.8626+0.528 * 1.0233+0.404 * 1.0805+0.892 * 1.149+0.115 * 0.4849
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.998+4.679 * 0.25948-0.327 * 0.8582
=-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$6.10 Mil.
Revenue was S$29.08 Mil.
Gross Profit was S$3.25 Mil.
Total Current Assets was S$11.79 Mil.
Total Assets was S$14.11 Mil.
Property, Plant and Equipment(Net PPE) was S$2.04 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.73 Mil.
Selling, General, & Admin. Expense(SGA) was S$4.84 Mil.
Total Current Liabilities was S$8.85 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.13 Mil.
Net Income was S$1.42 Mil.
Gross Profit was S$0.00 Mil.
Cash Flow from Operations was S$-2.24 Mil.
 Total Receivables was S$6.16 Mil.
Revenue was S$25.31 Mil.
Gross Profit was S$2.89 Mil.
Total Current Assets was S$12.93 Mil.
Total Assets was S$16.28 Mil.
Property, Plant and Equipment(Net PPE) was S$3.06 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.45 Mil.
Selling, General, & Admin. Expense(SGA) was S$4.22 Mil.
Total Current Liabilities was S$11.81 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.27 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)
=(6.104 / 29.077) / (6.159 / 25.307)
=0.209925 / 0.243371
=0.8626

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)
=(2.89 / 25.307) / (3.245 / 29.077)
=0.114198 / 0.1116
=1.0233

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 - (11.793 + 2.037) / 14.109) / (1 - (12.926 + 3.058) / 16.282)
=0.019775 / 0.018302
=1.0805

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
=29.077 / 25.307
=1.149

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))
=(0.447 / (0.447 + 3.058)) / (0.727 / (0.727 + 2.037))
=0.127532 / 0.263025
=0.4849

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)
=(4.838 / 29.077) / (4.219 / 25.307)
=0.166386 / 0.166713
=0.998

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)
=((0.132 + 8.854) / 14.109) / ((0.274 + 11.809) / 16.282)
=0.636898 / 0.742108
=0.8582

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
=(1.418 - 0 - -2.243) / 14.109
=0.25948

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.

Jadason Enterprises 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?
Jadason Enterprises (SGX:J03) has a Beneish M-Score of -1.23 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Jadason Enterprises and its competitors. According to the industry distribution chart, Jadason Enterprises ranks #145 out of 154 companies in the Industrial Distribution industry, placing it in the top 94.2%.
Is Jadason Enterprises' Beneish M-Score too high?
Jadason Enterprises' current Beneish M-Score is -1.23. Based on the distribution chart, Jadason Enterprises ranks #145 out of 154 companies in the Industrial Distribution industry, which is in the bottom quartile relative to peers.
How does Jadason Enterprises' Beneish M-Score compare to APH and GLW?
According to the Industrial Distribution industry distribution chart, Jadason Enterprises ranks #145 out of 154 companies for Beneish M-Score. This places Jadason Enterprises 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 Industrial Distribution company?
A good Beneish M-Score depends on the Industrial Distribution 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 Jadason Enterprises and its competitors. Jadason Enterprises'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 Jadason Enterprises stock overvalued right now?
Based on GuruFocus' analysis, Jadason Enterprises (SGX:J03) is currently considered Significantly Overvalued. The stock's GF Value™ is S$0.01, compared to a current price of S$0.02 — trading 120% above its estimated fair value. The current Beneish M-Score is -1.23. 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 Jadason Enterprises (SGX:J03), the current Beneish M-Score is -1.23 as of Aug. 15, 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.

Jadason Enterprises Business Description

Address No. 3 Kaki Bukit Crescent, No. 03-01, Singapore, SGP, 416237
Jadason Enterprises Ltd is an investment holding company. Along with its subsidiaries, it is engaged in the distribution of machines and materials for the printed circuit board (PCB) and semiconductor industries. The Group offers products like flying probe testers, universal grid testers, CymbolicTech photo plotters and PCB film developing machines, automatic cut sheet laminators, laser processing machines, etc. It also offers after-sales service, manufacturing, and PCB drilling services. Jadason Enterprises' reportable operating segments are: Equipment and supplies, which generate the maximum revenue, and Manufacturing and support services. Geographically, the Group generates maximum revenue from Singapore, followed by the People's Republic of China (PRC), and other markets.