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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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for National Electronics Holdings's Beneish M-Score or its related term are showing as below:
HKSE:00213'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.36 Med: -2.02 Max: -0.92
Current: -2.28
During the past 13 years, the highest Beneish M-Score of National Electronics Holdings was -0.92. The lowest was -3.36. And the median was -2.02.
National Electronics Holdings Beneish M-Score Related Terms
National Electronics Holdings Beneish M-Score Historical Data
* 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.
National Electronics Holdings Beneish M-Score Chart
HKSE:00213 vs NKE, DECK, ONON: Beneish M-Score Comparison
For the Footwear & Accessories subindustry, National Electronics Holdings'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.
National Electronics Holdings Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, National Electronics Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Electronics Holdings's Beneish M-Score falls into.
National Electronics Holdings 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 National Electronics Holdings 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 * 1.3457
+
0.528 * 0.827
+
0.404 * 0.6001
+
0.892 * 0.8687
+
0.115 * 1.3644
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1513
+
4.679 * 0.052482
-
0.327 * 1.0402
=
-2.28
* 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))
=
(24.952 / (24.952 + 291.006))
/
(18.303 / (18.303 + 297.923))
=
0.078973
/
0.057879
=
1.3644
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
=
(93.898 - 0
-
-405.373)
/
9513.16
=
0.052482
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.
National Electronics Holdings has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
National Electronics Holdings (HKSE:00213) has a Beneish M-Score of -2.28 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on National Electronics Holdings and its competitors. According to the industry distribution chart, National Electronics Holdings ranks #661 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 66.1%.
Is National Electronics Holdings' Beneish M-Score too high?
National Electronics Holdings' current Beneish M-Score is -2.28. Based on the distribution chart, National Electronics Holdings ranks #661 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, which is below the industry midpoint. Overall, National Electronics Holdings has a GF Score™ of 41/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does National Electronics Holdings' Beneish M-Score compare to NKE and DECK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, National Electronics Holdings ranks #661 out of 1000 companies for Beneish M-Score. This places National Electronics Holdings 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 National Electronics Holdings and its competitors. National Electronics Holdings's current Beneish M-Score is -2.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Electronics Holdings stock overvalued right now?
Based on GuruFocus' analysis, National Electronics Holdings (HKSE:00213) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.55, compared to a current price of HK$0.36 — trading 34.5% below its estimated fair value. The current Beneish M-Score is -2.28. National Electronics Holdings' overall GF Score™ is 41/100 with 8 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 National Electronics Holdings (HKSE:00213), the current Beneish M-Score is -2.28 as of Jul. 21, 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 National Electronics Holdings (HKSE:00213) Overvalued in 2026?
Based on GuruFocus' analysis, National Electronics Holdings stock appears to be undervalued.
The current stock price of HK$0.36 is trading 34.5% below its estimated GF Value™ of HK$0.55.
GuruFocus considers National Electronics Holdings to be Possible Value Trap.
Key valuation signals for HKSE:00213:
Beneish M-Score: -2.28
GF Value™: HK$0.55 vs. price of HK$0.36 (34.5% below fair value)
No single metric tells the full story. See the HKSE:00213 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Electronics Holdings Business Description
National Electronics Holdings Ltd is an investment holding company. Along with its subsidiaries, it is principally engaged in the manufacture, assembly, and sale of electronic watches and watch parts, trading of watch movements and watch parts, and property development and investment. The group's reportable and operating segments are: Manufacture of watches and trading of watch movements, which generate maximum revenue; Residential and other property development and investment; and Commercial property investment. Geographically, the group generates maximum revenue from Hong Kong and the PRC, followed by Europe, North America, and other regions.
41GF Score
Get the complete analysis for HKSE:00213
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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