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Asiaray Media GroupHKSE:01993 +6.38%32 Altman Z-Score is 0.20 as of Aug. 06, 2026, which is 58% below its 10-year median of 0.48. GuruFocus rates HKSE:01993 with a GF Score™ of 32/100 and a GF Value™ of HK$0.56 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 1,009 Media - Diversified companies, Asiaray Media Group ranks worse than 78.89% on this metric.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Warning Sign:
Altman Z-score of 0.2 is in distress zone. This implies bankruptcy possibility in the next two years.
Asiaray Media Group has a Altman Z-Score of 0.20, indicating it is in Distress Zones. This implies bankrupcy possibility in the next two years.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Asiaray Media Group's Altman Z-Score or its related term are showing as below:
HKSE:01993'
s Altman Z-Score Range Over the Past 10 Years
Min: 0.2 Med: 0.48 Max: 3.35
Current: 0.2
During the past 13 years, Asiaray Media Group's highest Altman Z-Score was 3.35. The lowest was 0.20. And the median was 0.48.
Asiaray Media Group (HKSE:01993) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Altman Z-Score does not apply to financial companies.
Asiaray Media Group Altman Z-Score Related Terms
Asiaray Media Group Altman Z-Score Historical Data
* Premium members only.
The historical data trend for Asiaray Media Group's Altman Z-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.
HKSE:01993 vs APP, OMC, TTD: Altman Z-Score Comparison
For the Advertising Agencies subindustry, Asiaray Media Group's Altman Z-Score, along with its competitors' market caps and Altman Z-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.
Asiaray Media Group Altman Z-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Asiaray Media Group's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Asiaray Media Group's Altman Z-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
Asiaray Media Group's Altman Z-Score for today is calculated with this formula:
Z
=
1.2
*
X1
+
1.4
*
X2
+
3.3
*
X3
+
0.6
*
X4
+
1.0
*
X5
=
1.2
*
-0.1587
+
1.4
*
-0.319
+
3.3
*
0.0514
+
0.6
*
0.1603
+
1.0
*
0.5667
=
0.20
* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
Asiaray Media Group (HKSE:01993) has a Altman Z-Score of 0.20 as of Aug. 06, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Asiaray Media Group and its competitors. This is 58% below median its historical median of 0.48. Over the past decade, Asiaray Media Group's Altman Z-Score has ranged from 0.20 to 3.35. According to the industry distribution chart, Asiaray Media Group ranks #796 out of 1009 companies in the Media - Diversified industry, placing it in the top 78.9%.
Is Asiaray Media Group's Altman Z-Score too high?
Asiaray Media Group's current Altman Z-Score of 0.20 is 58% below median its 10-year median of 0.48. Over the past 10 years, this metric has ranged from a low of 0.20 to a high of 3.35. The Media - Diversified industry median Altman Z-Score is 2.00. Asiaray Media Group's value of 0.20 is 90% below this industry median. Based on the distribution chart, Asiaray Media Group ranks #796 out of 1009 companies in the Media - Diversified industry, which is in the bottom quartile relative to peers. Overall, Asiaray Media Group has a GF Score™ of 32/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Asiaray Media Group's Altman Z-Score compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Asiaray Media Group ranks #796 out of 1009 companies for Altman Z-Score. This places Asiaray Media Group in the lower half of its industry. The industry median Altman Z-Score is 2.00. Asiaray Media Group's value of 0.20 is 90% below this benchmark. Historically, Asiaray Media Group's own Altman Z-Score has ranged from 0.20 to 3.35 over the past decade. While the company's 10-year median is 0.48 vs. the industry median of 2.00, Asiaray Media Group has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z-Score for a Media - Diversified company?
The median Altman Z-Score among Media - Diversified companies is 2.00, based on 1,009 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Asiaray Media Group's current Altman Z-Score of 0.20 is 90% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on Asiaray Media Group and its competitors. For the Media - Diversified industry, the median Altman Z-Score is 2.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Asiaray Media Group's current Altman Z-Score is 0.20, which is 58% below median its own 10-year median of 0.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asiaray Media Group stock overvalued right now?
Based on GuruFocus' analysis, Asiaray Media Group (HKSE:01993) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.56, compared to a current price of HK$0.50 — trading 10.7% below its estimated fair value. The current Altman Z-Score is 0.20, which is 58% below median its 10-year median of 0.48 and 90% below the Media - Diversified industry median of 2.00. Asiaray Media Group's overall GF Score™ is 32/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Asiaray Media Group (HKSE:01993), the current Altman Z-Score is 0.20 as of Aug. 06, 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 Asiaray Media Group (HKSE:01993) Overvalued in 2026?
Based on GuruFocus' analysis, Asiaray Media Group stock appears to be undervalued.
The current stock price of HK$0.50 is trading 10.7% below its estimated GF Value™ of HK$0.56.
GuruFocus considers Asiaray Media Group to be Modestly Undervalued.
Key valuation signals for HKSE:01993:
Altman Z-Score: 0.20 (58% below median its 10-year median of 0.48)
GF Value™: HK$0.56 vs. price of HK$0.50 (10.7% below fair value)
Industry Position: 90% below the Media - Diversified median (#796 of 1009)
No single metric tells the full story. See the HKSE:01993 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Asiaray Media Group Ltd is an investment holding company. Along with its subsidiaries, it operates as an out-of-home media company in Greater China with a strategic focus on mega transport advertising media management, including airport, metro line, and high-speed rail line, etc. The Group's operating segments are: Airports business, Metro and billboards business, and Bus and other business. Maximum revenue is generated from the Metro and billboards business, which is involved in the operation of advertising services in metro lines and billboards, and building solutions. Geographically, the Group generates maximum revenue from the Chinese Mainland, and the rest from Hong Kong and other regions.
32GF Score
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