Time Watch Investments (HKSE:02033) Beneish M-Score: -2.92 (As of Jul. 04, 2026)


HKSE:02033 Time Watch Investments Ltd HKSE:02033
48 GF Score
Price HK$0.26
GF Value HK$0.23
Valuation Modestly Overvalued
! 4 Warning Signs
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What is Time Watch Investments Beneish M-Score?

Time Watch Investments HKSE:02033 48 Beneish M-Score is -2.92 as of Jul. 04, 2026. GuruFocus rates HKSE:02033 with a GF Score™ of 48/100 and a GF Value™ of HK$0.23 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 999 Manufacturing - Apparel & Accessories companies, Time Watch Investments ranks better than 78.18% 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 -2.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Time Watch Investments's Beneish M-Score or its related term are showing as below:

HKSE:02033' s Beneish M-Score Range Over the Past 10 Years
Min: -2.97   Med: -2.78   Max: -1.66
Current: -2.92

During the past 13 years, the highest Beneish M-Score of Time Watch Investments was -1.66. The lowest was -2.97. And the median was -2.78.

Time Watch Investments Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Time Watch Investments'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.

Time Watch Investments Beneish M-Score Chart

Time Watch Investments Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.75 -2.80 -2.62 -2.92 -2.92

Time Watch Investments Semi-Annual Data
Jun16 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 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 -2.92 0.00 -2.92 0.00

HKSE:02033 vs NKE, DECK, ONON: Beneish M-Score Comparison

For the Footwear & Accessories subindustry, Time Watch Investments'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.

Time Watch Investments Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Time Watch Investments's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Time Watch Investments's Beneish M-Score falls into.


HKSE:02033
48GF Score
Time Watch Investments Ltd HKSE:02033
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Time Watch Investments 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 Time Watch Investments 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 * 0.9541+0.528 * 1.0501+0.404 * 1.0246+0.892 * 0.7825+0.115 * 1.1192
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0836+4.679 * -0.044489-0.327 * 1.1073
=-2.92

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was HK$122.2 Mil.
Revenue was HK$689.4 Mil.
Gross Profit was HK$477.8 Mil.
Total Current Assets was HK$1,505.6 Mil.
Total Assets was HK$2,471.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$351.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$44.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$561.5 Mil.
Total Current Liabilities was HK$170.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3.6 Mil.
Net Income was HK$-17.5 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$92.4 Mil.
 Total Receivables was HK$163.6 Mil.
Revenue was HK$881.0 Mil.
Gross Profit was HK$641.2 Mil.
Total Current Assets was HK$1,545.5 Mil.
Total Assets was HK$2,540.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$379.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$54.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$662.2 Mil.
Total Current Liabilities was HK$154.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7.2 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)
=(122.179 / 689.431) / (163.644 / 881.036)
=0.177217 / 0.18574
=0.9541

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)
=(641.155 / 881.036) / (477.802 / 689.431)
=0.727728 / 0.693038
=1.0501

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 - (1505.602 + 351.917) / 2471.113) / (1 - (1545.509 + 379.612) / 2540.873)
=0.248307 / 0.242339
=1.0246

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
=689.431 / 881.036
=0.7825

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))
=(54.112 / (54.112 + 379.612)) / (44.151 / (44.151 + 351.917))
=0.124761 / 0.111473
=1.1192

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)
=(561.467 / 689.431) / (662.154 / 881.036)
=0.814392 / 0.751563
=1.0836

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)
=((3.612 + 170.728) / 2471.113) / ((7.167 + 154.723) / 2540.873)
=0.070551 / 0.063714
=1.1073

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
=(-17.535 - 0 - 92.402) / 2471.113
=-0.044489

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.

Time Watch Investments has a M-score of -2.92 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 -2.92 mean?
Time Watch Investments (HKSE:02033) has a Beneish M-Score of -2.92 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Time Watch Investments and its competitors. According to the industry distribution chart, Time Watch Investments ranks #218 out of 999 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 21.8%.
Is Time Watch Investments' Beneish M-Score too high?
Time Watch Investments' current Beneish M-Score is -2.92. Based on the distribution chart, Time Watch Investments ranks #218 out of 999 companies in the Manufacturing - Apparel & Accessories industry, which is in the top quartile — a strong position relative to peers. Overall, Time Watch Investments has a GF Score™ of 48/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Time Watch Investments' Beneish M-Score compare to NKE and DECK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Time Watch Investments ranks #218 out of 999 companies for Beneish M-Score. This places Time Watch Investments in the top 22% 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 Time Watch Investments and its competitors. Time Watch Investments's current Beneish M-Score is -2.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Time Watch Investments stock overvalued right now?
Based on GuruFocus' analysis, Time Watch Investments (HKSE:02033) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.23, compared to a current price of HK$0.26 — trading 10.9% above its estimated fair value. The current Beneish M-Score is -2.92. Time Watch Investments' overall GF Score™ is 48/100 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 Time Watch Investments (HKSE:02033), the current Beneish M-Score is -2.92 as of Jul. 04, 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 Time Watch Investments (HKSE:02033) Overvalued in 2026?

Based on GuruFocus' analysis, Time Watch Investments stock appears to be overvalued. The current stock price of HK$0.26 is trading 10.9% above its estimated GF Value™ of HK$0.23. GuruFocus considers Time Watch Investments to be Modestly Overvalued.

Key valuation signals for HKSE:02033:

  • Beneish M-Score: -2.92
  • GF Value™: HK$0.23 vs. price of HK$0.26 (10.9% above fair value)
  • GF Score™: 48/100 with 4 warning signs

No single metric tells the full story. See the HKSE:02033 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Time Watch Investments Business Description

Address 77 Wing Hong Street, 27th Floor, CEO Tower, Kowloon, Hong Kong, HKG
Time Watch Investments Ltd is an investment holding company that operates as a manufacturer, brand-owner, and retailer of watches in the People's Republic of China (PRC). The company operates through following segments: Tian Wang Watch Business, Watch Movements Trading Business, and Other Brands (PRC) Business. The company generates maximum revenue from the Tian Wang Watch Business that involves manufacturing, the wholesale and retail business of owned brand watches, Tian Wang Watch. Its geographical segments include the PRC, which is the key revenue generator, and the Asia Pacific.
48GF Score

Get the complete analysis for HKSE:02033

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

HK$0.26
Price
HK$0.23
GF Value