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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 -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Tan Chong International's Beneish M-Score or its related term are showing as below:
HKSE:00693'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.84 Med: -2.48 Max: -0.79
Current: -2.8
During the past 13 years, the highest Beneish M-Score of Tan Chong International was -0.79. The lowest was -2.84. And the median was -2.48.
* 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:00693 vs CVNA, PAG, KMX: Beneish M-Score Comparison
For the Auto & Truck Dealerships subindustry, Tan Chong International'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.
Tan Chong International Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Tan Chong International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tan Chong International's Beneish M-Score falls into.
Tan Chong International 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 Tan Chong International 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 * 0.9231
+
0.528 * 0.982
+
0.404 * 1.0778
+
0.892 * 0.9485
+
0.115 * 0.9647
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9643
+
4.679 * -0.053138
-
0.327 * 0.9291
=
-2.80
* 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))
=
(709.605 / (709.605 + 5509.974))
/
(730.722 / (730.722 + 5448))
=
0.114092
/
0.118264
=
0.9647
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
=
(143.594 - 0
-
1406.875)
/
23773.386
=
-0.053138
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.
Tan Chong International has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
Tan Chong International (HKSE:00693) has a Beneish M-Score of -2.80 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tan Chong International and its competitors. According to the industry distribution chart, Tan Chong International ranks #330 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 25.9%.
Is Tan Chong International's Beneish M-Score too high?
Tan Chong International's current Beneish M-Score is -2.80. Based on the distribution chart, Tan Chong International ranks #330 out of 1274 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, Tan Chong International has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tan Chong International's Beneish M-Score compare to CVNA and PAG?
According to the Vehicles & Parts industry distribution chart, Tan Chong International ranks #330 out of 1274 companies for Beneish M-Score. This puts Tan Chong International in the upper 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Tan Chong International and its competitors. Tan Chong International's current Beneish M-Score is -2.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tan Chong International stock overvalued right now?
Based on GuruFocus' analysis, Tan Chong International (HKSE:00693) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$1.19, compared to a current price of HK$1.59 — trading 33.6% above its estimated fair value. The current Beneish M-Score is -2.80. Tan Chong International's overall GF Score™ is 66/100 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 Tan Chong International (HKSE:00693), the current Beneish M-Score is -2.80 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.
Is Tan Chong International (HKSE:00693) Overvalued in 2026?
Based on GuruFocus' analysis, Tan Chong International stock appears to be overvalued.
The current stock price of HK$1.59 is trading 33.6% above its estimated GF Value™ of HK$1.19.
GuruFocus considers Tan Chong International to be Significantly Overvalued.
Key valuation signals for HKSE:00693:
Beneish M-Score: -2.80
GF Value™: HK$1.19 vs. price of HK$1.59 (33.6% above fair value)
No single metric tells the full story. See the HKSE:00693 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tan Chong International Ltd is an automobile dealer. The company offers vehicles of the Nissan brand in Singapore, Hong Kong, China, and Thailand. The company has five business lines, namely, Motor vehicle distribution and dealership business, Heavy commercial vehicle and industrial equipment distribution business, Property rentals and development, Transportation, and Other operations, which include investment holding, hire purchase financing, provision of workshop services, and the manufacturing of vehicle seats.
66GF Score
Get the complete analysis for HKSE:00693
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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