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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 -2.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Crocodile Garments's Beneish M-Score or its related term are showing as below:
HKSE:00122'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.75 Max: -1.99
Current: -2.97
During the past 13 years, the highest Beneish M-Score of Crocodile Garments was -1.99. The lowest was -3.33. And the median was -2.75.
Crocodile Garments Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Crocodile Garments'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.
HKSE:00122 vs CBRE, BEKE, JLL: Beneish M-Score Comparison
For the Real Estate Services subindustry, Crocodile Garments'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.
Crocodile Garments Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Crocodile Garments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Crocodile Garments'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 Crocodile Garments 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 * 0.6232
+
0.528 * 1.0383
+
0.404 * 1.0169
+
0.892 * 0.9681
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9314
+
4.679 * -0.032625
-
0.327 * 0.9897
=
-2.97
* 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))
=
(0 / (0 + 140.323))
/
(20.535 / (20.535 + 117.576))
=
0
/
0.148685
=
1
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
=
(-108 - 0
-
-38.881)
/
2118.596
=
-0.032625
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.
Crocodile Garments has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
Crocodile Garments (HKSE:00122) has a Beneish M-Score of -2.97 as of Sep. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Crocodile Garments and its competitors. According to the industry distribution chart, Crocodile Garments ranks #291 out of 1682 companies in the Real Estate industry, placing it in the top 17.3%.
Is Crocodile Garments' Beneish M-Score too high?
Crocodile Garments' current Beneish M-Score is -2.97. Based on the distribution chart, Crocodile Garments ranks #291 out of 1682 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Crocodile Garments has a GF Score™ of 55/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Crocodile Garments' Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Crocodile Garments ranks #291 out of 1682 companies for Beneish M-Score. This places Crocodile Garments in the top 17% of its industry — outperforming the majority of peers. 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Crocodile Garments and its competitors. Crocodile Garments's current Beneish M-Score is -2.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Crocodile Garments stock overvalued right now?
Based on GuruFocus' analysis, Crocodile Garments (HKSE:00122) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$1.84, compared to a current price of HK$1.40 — trading 23.9% below its estimated fair value. The current Beneish M-Score is -2.97. Crocodile Garments' overall GF Score™ is 55/100 with 5 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 Crocodile Garments (HKSE:00122), the current Beneish M-Score is -2.97 as of Sep. 07, 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 Crocodile Garments (HKSE:00122) Overvalued in 2026?
Based on GuruFocus' analysis, Crocodile Garments stock appears to be undervalued.
The current stock price of HK$1.40 is trading 23.9% below its estimated GF Value™ of HK$1.84.
GuruFocus considers Crocodile Garments to be Modestly Undervalued.
Key valuation signals for HKSE:00122:
Beneish M-Score: -2.97
GF Value™: HK$1.84 vs. price of HK$1.40 (23.9% below fair value)
No single metric tells the full story. See the HKSE:00122 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Crocodile Garments Ltd is a Hong Kong-based company engaged in the sale of garments. The company owns different fashion labels and is engaged in the fashion retail in Hong Kong, Macau and Mainland China, and property investment and letting in Hong Kong and Mainland China. The firm operates in three reportable segments including Garment and related accessories business, Property investment and letting business and Treasury management. The products of the company include men's, women's children's clothing, ties, underwear, bags and wallets, belts and shoes. The company generates the majority of the revenue from property investment and letting business.
55GF Score
Get the complete analysis for HKSE:00122
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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