Mulsanne Group Holding (HKSE:01817) Beneish M-Score: -3.18 (As of Aug. 30, 2026)

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HKSE:01817 Mulsanne Group Holding Ltd HKSE:01817
45 GF Score
Price HK$0.29
GF Value HK$0.55
Valuation Possible Value Trap
! 2 Warning Signs
View Full Analysis

What is Mulsanne Group Holding Beneish M-Score?

Mulsanne Group Holding HKSE:01817 -1.72% 45 Beneish M-Score is -3.18 as of Aug. 30, 2026. GuruFocus rates HKSE:01817 with a GF Score™ of 45/100 and a GF Value™ of HK$0.55 (Possible Value Trap). The stock has 2 warning signs investors should review. Among 1,085 Retail - Cyclical companies, Mulsanne Group Holding ranks better than 84.98% 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 -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Mulsanne Group Holding's Beneish M-Score or its related term are showing as below:

HKSE:01817' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18   Med: -2.85   Max: -1.91
Current: -3.18

During the past 10 years, the highest Beneish M-Score of Mulsanne Group Holding was -1.91. The lowest was -3.18. And the median was -2.85.

Mulsanne Group Holding Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mulsanne Group Holding'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.

Mulsanne Group Holding Beneish M-Score Chart

Mulsanne Group Holding Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.05 -2.65 -2.37 -3.13 -3.18

Mulsanne Group Holding Semi-Annual Data
Dec16 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 -2.37 0.00 -3.13 0.00 -3.18

HKSE:01817 vs TJX, ROST, BURL: Beneish M-Score Comparison

For the Apparel Retail subindustry, Mulsanne Group Holding'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.

Mulsanne Group Holding Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Mulsanne Group Holding's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Mulsanne Group Holding's Beneish M-Score falls into.


HKSE:01817
45GF Score
Mulsanne Group Holding Ltd HKSE:01817
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mulsanne Group Holding 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 Mulsanne Group Holding 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 * 0.8696+0.528 * 1.0359+0.404 * 1.2483+0.892 * 0.9372+0.115 * 0.9699
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9564+4.679 * -0.147855-0.327 * 0.8503
=-3.18

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was HK$402 Mil.
Revenue was HK$2,271 Mil.
Gross Profit was HK$1,158 Mil.
Total Current Assets was HK$1,205 Mil.
Total Assets was HK$2,156 Mil.
Property, Plant and Equipment(Net PPE) was HK$658 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$213 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,088 Mil.
Total Current Liabilities was HK$1,234 Mil.
Long-Term Debt & Capital Lease Obligation was HK$69 Mil.
Net Income was HK$35 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$354 Mil.
 Total Receivables was HK$493 Mil.
Revenue was HK$2,423 Mil.
Gross Profit was HK$1,280 Mil.
Total Current Assets was HK$1,834 Mil.
Total Assets was HK$2,787 Mil.
Property, Plant and Equipment(Net PPE) was HK$650 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$201 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,213 Mil.
Total Current Liabilities was HK$1,864 Mil.
Long-Term Debt & Capital Lease Obligation was HK$117 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)
=(401.608 / 2271.275) / (492.767 / 2423.359)
=0.176821 / 0.20334
=0.8696

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)
=(1280.085 / 2423.359) / (1158.204 / 2271.275)
=0.528228 / 0.509936
=1.0359

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 - (1204.779 + 658.295) / 2156.233) / (1 - (1833.993 + 649.654) / 2787.203)
=0.135959 / 0.108911
=1.2483

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
=2271.275 / 2423.359
=0.9372

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))
=(201.492 / (201.492 + 649.654)) / (212.562 / (212.562 + 658.295))
=0.23673 / 0.244084
=0.9699

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)
=(1087.671 / 2271.275) / (1213.434 / 2423.359)
=0.478881 / 0.500724
=0.9564

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)
=((69.15 + 1234.111) / 2156.233) / ((116.998 + 1864.112) / 2787.203)
=0.604416 / 0.710788
=0.8503

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
=(34.936 - 0 - 353.745) / 2156.233
=-0.147855

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.

Mulsanne Group Holding has a M-score of -3.18 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 -3.18 mean?
Mulsanne Group Holding (HKSE:01817) has a Beneish M-Score of -3.18 as of Aug. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mulsanne Group Holding and its competitors. According to the industry distribution chart, Mulsanne Group Holding ranks #163 out of 1085 companies in the Retail - Cyclical industry, placing it in the top 15%.
Is Mulsanne Group Holding's Beneish M-Score too high?
Mulsanne Group Holding's current Beneish M-Score is -3.18. Based on the distribution chart, Mulsanne Group Holding ranks #163 out of 1085 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Mulsanne Group Holding has a GF Score™ of 45/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Mulsanne Group Holding's Beneish M-Score compare to TJX and ROST?
According to the Retail - Cyclical industry distribution chart, Mulsanne Group Holding ranks #163 out of 1085 companies for Beneish M-Score. This places Mulsanne Group Holding 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Mulsanne Group Holding and its competitors. Mulsanne Group Holding's current Beneish M-Score is -3.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mulsanne Group Holding stock overvalued right now?
Based on GuruFocus' analysis, Mulsanne Group Holding (HKSE:01817) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.55, compared to a current price of HK$0.29 — trading 48.2% below its estimated fair value. The current Beneish M-Score is -3.18. Mulsanne Group Holding's overall GF Score™ is 45/100 with 2 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 Mulsanne Group Holding (HKSE:01817), the current Beneish M-Score is -3.18 as of Aug. 30, 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 Mulsanne Group Holding (HKSE:01817) Overvalued in 2026?

Based on GuruFocus' analysis, Mulsanne Group Holding stock appears to be undervalued. The current stock price of HK$0.29 is trading 48.2% below its estimated GF Value™ of HK$0.55. GuruFocus considers Mulsanne Group Holding to be Possible Value Trap.

Key valuation signals for HKSE:01817:

  • Beneish M-Score: -3.18
  • GF Value™: HK$0.55 vs. price of HK$0.29 (48.2% below fair value)
  • GF Score™: 45/100 with 2 warning signs

No single metric tells the full story. See the HKSE:01817 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Mulsanne Group Holding Business Description

Address No. 628, Jinyuan Road, Yinzhou District, Zhejiang Province, Ningbo, CHN
Mulsanne Group Holding Ltd is an investment holding company. The Company's subsidiaries are engaged in the design, marketing and sale of apparel products. The operating segments of the company are Offline channels; Online channels and Others. The majority of the revenue is generated through Offline channels. The company generates revenue in Chinese mainland.
45GF Score

Get the complete analysis for HKSE:01817

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$0.29
Price
HK$0.55
GF Value