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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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Tian Chang Group Holdings's Beneish M-Score or its related term are showing as below:
HKSE:02182'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.18 Med: -2.66 Max: -1.37
Current: -2.76
During the past 12 years, the highest Beneish M-Score of Tian Chang Group Holdings was -1.37. The lowest was -3.18. And the median was -2.66.
* 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:02182 vs MMM, HON: Beneish M-Score Comparison
For the Conglomerates subindustry, Tian Chang 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.
Tian Chang Group Holdings Beneish M-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Tian Chang Group Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tian Chang Group Holdings's Beneish M-Score falls into.
Tian Chang Group Holdings 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 Tian Chang 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 * 0.9331
+
0.528 * 0.9802
+
0.404 * 1.0179
+
0.892 * 0.9614
+
0.115 * 0.98
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.999
+
4.679 * -0.061172
-
0.327 * 0.6708
=
-2.76
* 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))
=
(50.899 / (50.899 + 561.735))
/
(48.943 / (48.943 + 528.351))
=
0.083082
/
0.08478
=
0.98
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
=
(-14.458 - 0
-
38.976)
/
873.501
=
-0.061172
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.
Tian Chang Group Holdings has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
Tian Chang Group Holdings (HKSE:02182) has a Beneish M-Score of -2.76 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tian Chang Group Holdings and its competitors. According to the industry distribution chart, Tian Chang Group Holdings ranks #129 out of 526 companies in the Conglomerates industry, placing it in the top 24.5%.
Is Tian Chang Group Holdings' Beneish M-Score too high?
Tian Chang Group Holdings' current Beneish M-Score is -2.76. Based on the distribution chart, Tian Chang Group Holdings ranks #129 out of 526 companies in the Conglomerates industry, which is in the top quartile — a strong position relative to peers. Overall, Tian Chang Group Holdings has a GF Score™ of 50/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tian Chang Group Holdings' Beneish M-Score compare to MMM and HON?
According to the Conglomerates industry distribution chart, Tian Chang Group Holdings ranks #129 out of 526 companies for Beneish M-Score. This places Tian Chang Group Holdings in the top 25% 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 Tian Chang Group Holdings and its competitors. Tian Chang Group Holdings's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tian Chang Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, Tian Chang Group Holdings (HKSE:02182) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.27, compared to a current price of HK$0.32 — trading 16.7% above its estimated fair value. The current Beneish M-Score is -2.76. Tian Chang Group Holdings' overall GF Score™ is 50/100 with 3 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 Tian Chang Group Holdings (HKSE:02182), the current Beneish M-Score is -2.76 as of Aug. 09, 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 Tian Chang Group Holdings (HKSE:02182) Overvalued in 2026?
Based on GuruFocus' analysis, Tian Chang Group Holdings stock appears to be overvalued.
The current stock price of HK$0.32 is trading 16.7% above its estimated GF Value™ of HK$0.27.
GuruFocus considers Tian Chang Group Holdings to be Modestly Overvalued.
Key valuation signals for HKSE:02182:
Beneish M-Score: -2.76
GF Value™: HK$0.27 vs. price of HK$0.32 (16.7% above fair value)
No single metric tells the full story. See the HKSE:02182 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tian Chang Group Holdings Ltd is principally engaged in the manufacturing and sales of electronic cigarette products and providing integrated plastic solutions in Hong Kong and the PRC. It operates in the segments of the Integrated plastic solutions segment, the Electronic cigarette products segment, and the Medical consumable products segment. The E-cigarette products segment involves the manufacture and sales of e-cigarette products, whereas the Integrated plastic solutions segment consists of the manufacture and sales of moulds and plastic products. The company derives key revenue from the PRC.
50GF Score
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