G-Vision International (Holdings) (HKSE:00657) Beneish M-Score: -3.46 (As of Aug. 12, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

What is G-Vision International (Holdings) Beneish M-Score?

G-Vision International (Holdings) HKSE:00657 Beneish M-Score is -3.46 as of Aug. 12, 2026. The stock has 7 warning signs investors should review. Among 357 Restaurants companies, G-Vision International (Holdings) ranks better than 84.87% 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.

Good Sign:

Beneish M-Score -3.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for G-Vision International (Holdings)'s Beneish M-Score or its related term are showing as below:

HKSE:00657' s Beneish M-Score Range Over the Past 10 Years
Min: -5.95   Med: -2.33   Max: -0.61
Current: -3.46

During the past 13 years, the highest Beneish M-Score of G-Vision International (Holdings) was -0.61. The lowest was -5.95. And the median was -2.33.

G-Vision International (Holdings) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for G-Vision International (Holdings)'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.

G-Vision International (Holdings) Beneish M-Score Chart

G-Vision International (Holdings) Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 -5.95 -1.28 -2.33 -3.46

G-Vision International (Holdings) Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
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 -1.28 0.00 -2.33 0.00 -3.46

HKSE:00657 vs MCD, SBUX, YUM: Beneish M-Score Comparison

For the Restaurants subindustry, G-Vision International (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.

G-Vision International (Holdings) Beneish M-Score vs Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, G-Vision International (Holdings)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where G-Vision International (Holdings)'s Beneish M-Score falls into.


G-Vision International (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 G-Vision International (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 * 0.2276+0.528 * 1.0103+0.404 * 0+0.892 * 0.7854+0.115 * 0.7921
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.077094-0.327 * 1.0467
=-3.46

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was HK$0.11 Mil.
Revenue was HK$39.45 Mil.
Gross Profit was HK$27.87 Mil.
Total Current Assets was HK$53.15 Mil.
Total Assets was HK$54.14 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.99 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.40 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.00 Mil.
Total Current Liabilities was HK$45.90 Mil.
Long-Term Debt & Capital Lease Obligation was HK$9.52 Mil.
Net Income was HK$-2.80 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-6.98 Mil.
 Total Receivables was HK$0.63 Mil.
Revenue was HK$50.23 Mil.
Gross Profit was HK$35.86 Mil.
Total Current Assets was HK$52.85 Mil.
Total Assets was HK$55.68 Mil.
Property, Plant and Equipment(Net PPE) was HK$1.39 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.41 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0.00 Mil.
Total Current Liabilities was HK$43.47 Mil.
Long-Term Debt & Capital Lease Obligation was HK$10.98 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)
=(0.113 / 39.45) / (0.632 / 50.23)
=0.002864 / 0.012582
=0.2276

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)
=(35.857 / 50.23) / (27.874 / 39.45)
=0.713856 / 0.706565
=1.0103

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 - (53.153 + 0.989) / 54.142) / (1 - (52.847 + 1.387) / 55.681)
=0 / 0.025987
=0

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
=39.45 / 50.23
=0.7854

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))
=(0.408 / (0.408 + 1.387)) / (0.398 / (0.398 + 0.989))
=0.227298 / 0.28695
=0.7921

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)
=(0 / 39.45) / (0 / 50.23)
=0 / 0
=1

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)
=((9.524 + 45.9) / 54.142) / ((10.983 + 43.473) / 55.681)
=1.023678 / 0.978
=1.0467

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
=(-2.803 - 0 - -6.977) / 54.142
=0.077094

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.

G-Vision International (Holdings) has a M-score of -3.46 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.46 mean?
G-Vision International (Holdings) (HKSE:00657) has a Beneish M-Score of -3.46 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on G-Vision International (Holdings) and its competitors. According to the industry distribution chart, G-Vision International (Holdings) ranks #54 out of 357 companies in the Restaurants industry, placing it in the top 15.1%.
Is G-Vision International (Holdings)'s Beneish M-Score too high?
G-Vision International (Holdings)'s current Beneish M-Score is -3.46. Based on the distribution chart, G-Vision International (Holdings) ranks #54 out of 357 companies in the Restaurants industry, which is in the top quartile — a strong position relative to peers.
How does G-Vision International (Holdings)'s Beneish M-Score compare to MCD and SBUX?
According to the Restaurants industry distribution chart, G-Vision International (Holdings) ranks #54 out of 357 companies for Beneish M-Score. This places G-Vision International (Holdings) in the top 15% 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 Restaurants company?
A good Beneish M-Score depends on the Restaurants 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 G-Vision International (Holdings) and its competitors. G-Vision International (Holdings)'s current Beneish M-Score is -3.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is G-Vision International (Holdings) stock overvalued right now?
Based on GuruFocus' analysis, G-Vision International (Holdings) (HKSE:00657) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.02, compared to a current price of HK$0.03 — trading 35% above its estimated fair value. The current Beneish M-Score is -3.46. 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 G-Vision International (Holdings) (HKSE:00657), the current Beneish M-Score is -3.46 as of Aug. 12, 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.

G-Vision International (Holdings) Business Description

Address 98 Granville Road, Unit 108, 1st Floor, East Ocean Centre, Tsimshatsui East, Kowloon, Hong Kong, HKG
G-Vision International (Holdings) Ltd is an investment holding company. The company's segment includes Restaurant operations in Hong Kong and generates maximum revenue from the same.