V.S. International Group (HKSE:01002) Beneish M-Score: -3.45 (As of Jun. 29, 2026)


What is V.S. International Group Beneish M-Score?

V.S. International Group HKSE:01002 +9.80% Beneish M-Score is -3.45 as of Jun. 29, 2026. The stock has 2 warning signs investors should review. Among 1,526 Chemicals companies, V.S. International Group ranks better than 94.04% 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 -3.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for V.S. International Group's Beneish M-Score or its related term are showing as below:

HKSE:01002' s Beneish M-Score Range Over the Past 10 Years
Min: -3.7   Med: -2.84   Max: -1.67
Current: -3.45

During the past 13 years, the highest Beneish M-Score of V.S. International Group was -1.67. The lowest was -3.70. And the median was -2.84.

V.S. International Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for V.S. International Group'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.

V.S. International Group Beneish M-Score Chart

V.S. International Group Annual Data
Trend Jul14 Jul15 Jul16 Jul17 Jul18 Jul19 Jul20 Jul21 Jul22 Jul23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.83 -3.70 -2.74 -2.97 -3.45

V.S. International Group Semi-Annual Data
Jul15 Jan16 Jul16 Jan17 Jul17 Jan18 Jul18 Jan19 Jul19 Jan20 Jul20 Jan21 Jul21 Jan22 Jul22 Jan23 Jul23 Jan24 Jul24 Jun25
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 0.00 -3.45 0.00 -1.67 0.00

HKSE:01002 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, V.S. International Group'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.

V.S. International Group Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, V.S. International Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where V.S. International Group's Beneish M-Score falls into.


V.S. International Group 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 V.S. International Group 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 * 1.0206+0.528 * 0.5565+0.404 * 1.1924+0.892 * 0.5876+0.115 * 1.4396
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2758+4.679 * -0.10819-0.327 * 0.8711
=-3.45

* 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 (Jul23) TTM:Last Year (Jul22) TTM:
Total Receivables was HK$29.6 Mil.
Revenue was HK$83.1 Mil.
Gross Profit was HK$12.5 Mil.
Total Current Assets was HK$131.3 Mil.
Total Assets was HK$360.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$203.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$14.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$33.1 Mil.
Total Current Liabilities was HK$56.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 Mil.
Net Income was HK$-24.3 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$14.8 Mil.
 Total Receivables was HK$49.3 Mil.
Revenue was HK$141.5 Mil.
Gross Profit was HK$11.9 Mil.
Total Current Assets was HK$155.4 Mil.
Total Assets was HK$429.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$247.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$26.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$44.2 Mil.
Total Current Liabilities was HK$32.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$43.6 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)
=(29.554 / 83.137) / (49.28 / 141.477)
=0.355486 / 0.348325
=1.0206

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)
=(11.856 / 141.477) / (12.519 / 83.137)
=0.083802 / 0.150583
=0.5565

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 - (131.257 + 202.96) / 360.754) / (1 - (155.388 + 247.598) / 429.481)
=0.07356 / 0.061691
=1.1924

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
=83.137 / 141.477
=0.5876

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))
=(26.548 / (26.548 + 247.598)) / (14.637 / (14.637 + 202.96))
=0.096839 / 0.067267
=1.4396

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)
=(33.114 / 83.137) / (44.171 / 141.477)
=0.398306 / 0.312213
=1.2758

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)
=((0 + 55.994) / 360.754) / ((43.6 + 32.924) / 429.481)
=0.155214 / 0.178178
=0.8711

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
=(-24.275 - 0 - 14.755) / 360.754
=-0.10819

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.

V.S. International Group has a M-score of -3.45 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 -3.45 mean?
V.S. International Group (HKSE:01002) has a Beneish M-Score of -3.45 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on V.S. International Group and its competitors. According to the industry distribution chart, V.S. International Group ranks #91 out of 1526 companies in the Chemicals industry, placing it in the top 6%.
Is V.S. International Group's Beneish M-Score too high?
V.S. International Group's current Beneish M-Score is -3.45. Based on the distribution chart, V.S. International Group ranks #91 out of 1526 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers.
How does V.S. International Group's Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, V.S. International Group ranks #91 out of 1526 companies for Beneish M-Score. This places V.S. International Group in the top 6% 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 V.S. International Group and its competitors. V.S. International Group's current Beneish M-Score is -3.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is V.S. International Group stock overvalued right now?
Based on GuruFocus' analysis, V.S. International Group (HKSE:01002) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.20, compared to a current price of HK$0.06 — trading 72% below its estimated fair value. The current Beneish M-Score is -3.45. 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 V.S. International Group (HKSE:01002), the current Beneish M-Score is -3.45 as of Jun. 29, 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.

V.S. International Group Business Description

Address 1 Connaught Place, 40th Floor, Jardine House, Central, Hong kong, HKG
V.S. International Group Ltd is an investment holding company. It is engaged in the plastic injection and moulding business. It operates in three segments. The Plastic injection and moulding segment, which is the key revenue driver, manufactures and sells plastic moulded products and parts; the Assembling of electronic products segment assembles and sells electronic products, this segment also includes processing fees generated from assembling electronic products; the Mould design and fabrication segment manufactures and sells plastic injection moulds.