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Sitoy Group HoldingsHKSE:01023 37 Beneish M-Score is -3.28 as of Aug. 16, 2026. GuruFocus rates HKSE:01023 with a GF Score™ of 37/100 and a GF Value™ of HK$0.52 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 996 Manufacturing - Apparel & Accessories companies, Sitoy Group Holdings ranks better than 88.96% 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 -3.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Sitoy Group Holdings's Beneish M-Score or its related term are showing as below:
HKSE:01023'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.56 Med: -2.73 Max: 2.66
Current: -3.28
During the past 13 years, the highest Beneish M-Score of Sitoy Group Holdings was 2.66. The lowest was -3.56. And the median was -2.73.
Sitoy Group Holdings Beneish M-Score Related Terms
Sitoy Group Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Sitoy Group 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.
HKSE:01023 vs NKE, DECK, ONON: Beneish M-Score Comparison
For the Footwear & Accessories subindustry, Sitoy Group 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.
Sitoy Group Holdings Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Sitoy Group Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sitoy Group Holdings'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 Sitoy Group 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 * 0.8697
+
0.528 * 1.0936
+
0.404 * 0.9421
+
0.892 * 0.9862
+
0.115 * 1.2084
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1448
+
4.679 * -0.139546
-
0.327 * 1.1353
=
-3.28
* 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))
=
(55.342 / (55.342 + 347.598))
/
(44.958 / (44.958 + 350.607))
=
0.137346
/
0.113655
=
1.2084
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
=
(-178.074 - 0
-
84.677)
/
1882.902
=
-0.139546
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.
Sitoy Group Holdings has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.
Sitoy Group Holdings (HKSE:01023) has a Beneish M-Score of -3.28 as of Aug. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sitoy Group Holdings and its competitors. According to the industry distribution chart, Sitoy Group Holdings ranks #110 out of 996 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 11%.
Is Sitoy Group Holdings' Beneish M-Score too high?
Sitoy Group Holdings' current Beneish M-Score is -3.28. Based on the distribution chart, Sitoy Group Holdings ranks #110 out of 996 companies in the Manufacturing - Apparel & Accessories industry, which is in the top quartile — a strong position relative to peers. Overall, Sitoy Group Holdings has a GF Score™ of 37/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Sitoy Group Holdings' Beneish M-Score compare to NKE and DECK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Sitoy Group Holdings ranks #110 out of 996 companies for Beneish M-Score. This places Sitoy Group Holdings in the top 11% 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 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 Sitoy Group Holdings and its competitors. Sitoy Group Holdings's current Beneish M-Score is -3.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sitoy Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, Sitoy Group Holdings (HKSE:01023) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.52, compared to a current price of HK$0.47 — trading 10.6% below its estimated fair value. The current Beneish M-Score is -3.28. Sitoy Group Holdings' overall GF Score™ is 37/100 with 4 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 Sitoy Group Holdings (HKSE:01023), the current Beneish M-Score is -3.28 as of Aug. 16, 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 Sitoy Group Holdings (HKSE:01023) Overvalued in 2026?
Based on GuruFocus' analysis, Sitoy Group Holdings stock appears to be undervalued.
The current stock price of HK$0.47 is trading 10.6% below its estimated GF Value™ of HK$0.52.
GuruFocus considers Sitoy Group Holdings to be Modestly Undervalued.
Key valuation signals for HKSE:01023:
Beneish M-Score: -3.28
GF Value™: HK$0.52 vs. price of HK$0.47 (10.6% below fair value)
No single metric tells the full story. See the HKSE:01023 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Sitoy Group Holdings Ltd engages in the design, development, manufacture, retail, and wholesale of handbags, small leather goods, travel goods, and footwear, along with advertising, marketing services, and property investment. The Group owns TUSCAN'S, Fashion and Joy, and Duffy, offering bags, leather goods, shoes, clothing, and accessories. It operates through Retail, Manufacturing for resale, and Property Investment segments. Retail covers retail and wholesale of owned or licensed brands and marketing services, while Manufacturing produces handbags, small leather goods, and travel goods for resale by others. Property Investment focuses on office spaces for rental income or capital appreciation, with revenue mainly generated in the Chinese Mainland, Hong Kong, Macau, and other regions.
37GF Score
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