Natural Food International Holding (HKSE:01837) Beneish M-Score: -1.72 (As of Jul. 21, 2026)

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Natural Food International Holding Ltd HKSE:01837

64 GF Score

Price HK$1.70

GF Value HK$0.80

Valuation Significantly Overvalued

6 Warning Signs

View Full Analysis

What is Natural Food International Holding Beneish M-Score?

Natural Food International Holding HKSE:01837 64 Beneish M-Score is -1.72 as of Jul. 21, 2026. GuruFocus rates HKSE:01837 with a GF Score™ of 64/100 and a GF Value™ of HK$0.80 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,851 Consumer Packaged Goods companies, Natural Food International Holding ranks worse than 84.12% 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.

Warning Sign:

Beneish M-Score -1.72 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:01837' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.48 Max: -1.72
Current: -1.72

During the past 11 years, the highest Beneish M-Score of Natural Food International Holding was -1.72. The lowest was -2.91. And the median was -2.48.

Natural Food International Holding Beneish M-Score Related Terms

Natural Food International Holding Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Natural Food International 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.

Natural Food International Holding Beneish M-Score Chart

Natural Food International Holding Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.30

-2.68

-2.81

-2.91

-1.72

Natural Food International Holding Semi-Annual Data
	Dec15	Dec16	Jun17	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															-2.81	0.00	-2.91	0.00	-1.72

HKSE:01837 vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Natural Food International 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.

Natural Food International Holding Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Natural Food International Holding's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Natural Food International Holding's Beneish M-Score falls into.

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64GF Score

Natural Food International Holding Ltd HKSE:01837

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Natural Food International 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 Natural Food International Holding for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0454

0.528 * 1.0122

0.404 * 2.0628

0.892 * 1.2683

0.115 * 0.9928

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9522

4.679 * 0.014293

0.327 * 1.0819

-1.72

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was HK$324 Mil.
Revenue was HK$2,790 Mil.
Gross Profit was HK$1,815 Mil.
Total Current Assets was HK$1,870 Mil.
Total Assets was HK$2,295 Mil.
Property, Plant and Equipment(Net PPE) was HK$371 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$40 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,458 Mil.
Total Current Liabilities was HK$408 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2 Mil.
Net Income was HK$294 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$261 Mil.

Total Receivables was HK$244 Mil.
Revenue was HK$2,200 Mil.
Gross Profit was HK$1,448 Mil.
Total Current Assets was HK$1,580 Mil.
Total Assets was HK$1,962 Mil.
Property, Plant and Equipment(Net PPE) was HK$359 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$38 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,207 Mil.
Total Current Liabilities was HK$317 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7 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)
	=	(323.634 / 2790.084)	/	(244.081 / 2199.796)
	=	0.115994	/	0.110956
	=	1.0454

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)
	=	(1448.07 / 2199.796)	/	(1814.556 / 2790.084)
	=	0.658275	/	0.650359
	=	1.0122

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 - (1869.67 + 370.632) / 2295.102)	/	(1 - (1579.566 + 359.454) / 1961.727)
	=	0.023877	/	0.011575
	=	2.0628

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
	=	2790.084	/	2199.796
	=	1.2683

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))
	=	(38.422 / (38.422 + 359.454))	/	(39.937 / (39.937 + 370.632))
	=	0.096568	/	0.097272
	=	0.9928

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)
	=	(1457.617 / 2790.084)	/	(1206.887 / 2199.796)
	=	0.522428	/	0.548636
	=	0.9522

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)
	=	((2.467 + 407.602) / 2295.102)	/	((7.193 + 316.792) / 1961.727)
	=	0.178671	/	0.165153
	=	1.0819

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
	=	(293.509 - 0	-	260.704)	/	2295.102
	=	0.014293

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.

Natural Food International Holding has a M-score of -1.72 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -1.72 mean?

Natural Food International Holding (HKSE:01837) has a Beneish M-Score of -1.72 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Natural Food International Holding and its competitors. According to the industry distribution chart, Natural Food International Holding ranks #1557 out of 1851 companies in the Consumer Packaged Goods industry, placing it in the top 84.1%.

Is Natural Food International Holding's Beneish M-Score too high?

Natural Food International Holding's current Beneish M-Score is -1.72. Based on the distribution chart, Natural Food International Holding ranks #1557 out of 1851 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Natural Food International Holding has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Natural Food International Holding's Beneish M-Score compare to KHC and GIS?

According to the Consumer Packaged Goods industry distribution chart, Natural Food International Holding ranks #1557 out of 1851 companies for Beneish M-Score. This places Natural Food International Holding in the lower 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 Consumer Packaged Goods company?

A good Beneish M-Score depends on the Consumer Packaged Goods 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 Natural Food International Holding and its competitors. Natural Food International Holding's current Beneish M-Score is -1.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Natural Food International Holding stock overvalued right now?

Based on GuruFocus' analysis, Natural Food International Holding (HKSE:01837) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.80, compared to a current price of HK$1.70 — trading 112.5% above its estimated fair value. The current Beneish M-Score is -1.72. Natural Food International Holding's overall GF Score™ is 64/100 with 6 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 Natural Food International Holding (HKSE:01837), the current Beneish M-Score is -1.72 as of Jul. 21, 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 Natural Food International Holding (HKSE:01837) Overvalued in 2026?

Based on GuruFocus' analysis, Natural Food International Holding stock appears to be overvalued. The current stock price of HK$1.70 is trading 112.5% above its estimated GF Value™ of HK$0.80. GuruFocus considers Natural Food International Holding to be Significantly Overvalued.

Key valuation signals for HKSE:01837:

Beneish M-Score: -1.72
GF Value™: HK$0.80 vs. price of HK$1.70 (112.5% above fair value)
GF Score™: 64/100 with 6 warning signs

No single metric tells the full story. See the HKSE:01837 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Natural Food International Holding Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies HKSE:01497 HKSE:06868 HKSE:06683 HKSE:00411 HKSE:09676 HKSE:01458 HKSE:01717 HKSE:01610 HKSE:06980 HKSE:02517 XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 NSE:NESTLEIND SHSE:603288 KHC SHSE:600887 GIS SZSE:300999

Address Yuehei Street, No. 8 Haitian 1st Road, 7th Floor, West Tower, Baidu International Building, Binhai Community, Nanshan District, Shenzhen, CHN

Website http://www.szwgmf.com

Natural Food International Holding Ltd is an investment holding company. The company is principally engaged in processing and selling natural health food in the People's Republic of China. The Group operates within one geographical location Chinese Mainland. The Group sells its products through an extensive network of offline channels, including supermarket counter business and offline shelf business, as well as online channels, including e-commerce platforms and WeChat member stores.

64GF Score

Get the complete analysis for HKSE:01837

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

HK$1.70

Price

HK$0.80

GF Value

View HKSE:01837 Analysis

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