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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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for NVC International Holdings's Beneish M-Score or its related term are showing as below:
HKSE:02222'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.52 Max: 0.19
Current: -2.78
During the past 13 years, the highest Beneish M-Score of NVC International Holdings was 0.19. The lowest was -3.20. And the median was -2.52.
* 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:02222 vs SN, SGI, MHK: Beneish M-Score Comparison
For the Furnishings, Fixtures & Appliances subindustry, NVC International 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.
NVC International Holdings Beneish M-Score vs Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, NVC International Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NVC International Holdings's Beneish M-Score falls into.
NVC International 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 NVC International 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 * 1.0281
+
0.528 * 0.9201
+
0.404 * 0.9534
+
0.892 * 0.943
+
0.115 * 0.736
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.036
+
4.679 * -0.022922
-
0.327 * 1.2088
=
-2.78
* 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))
=
(99.896 / (99.896 + 977.614))
/
(141.175 / (141.175 + 979.533))
=
0.09271
/
0.125969
=
0.736
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
=
(92.724 - 0
-
198.62)
/
4619.834
=
-0.022922
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.
NVC International Holdings has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
NVC International Holdings (HKSE:02222) has a Beneish M-Score of -2.78 as of Aug. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NVC International Holdings and its competitors. According to the industry distribution chart, NVC International Holdings ranks #131 out of 419 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 31.3%.
Is NVC International Holdings' Beneish M-Score too high?
NVC International Holdings' current Beneish M-Score is -2.78. Based on the distribution chart, NVC International Holdings ranks #131 out of 419 companies in the Furnishings, Fixtures & Appliances industry, which is above the industry midpoint. Overall, NVC International Holdings has a GF Score™ of 43/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does NVC International Holdings' Beneish M-Score compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, NVC International Holdings ranks #131 out of 419 companies for Beneish M-Score. This puts NVC International Holdings in the upper 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 Furnishings, Fixtures & Appliances company?
A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 NVC International Holdings and its competitors. NVC International Holdings's current Beneish M-Score is -2.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NVC International Holdings stock overvalued right now?
Based on GuruFocus' analysis, NVC International Holdings (HKSE:02222) is currently considered Fairly Valued. The stock's GF Value™ is HK$0.67, compared to a current price of HK$0.62 — trading 7.5% below its estimated fair value. The current Beneish M-Score is -2.78. NVC International Holdings' overall GF Score™ is 43/100 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 NVC International Holdings (HKSE:02222), the current Beneish M-Score is -2.78 as of Aug. 22, 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 NVC International Holdings (HKSE:02222) Overvalued in 2026?
Based on GuruFocus' analysis, NVC International Holdings stock appears to be undervalued.
The current stock price of HK$0.62 is trading 7.5% below its estimated GF Value™ of HK$0.67.
GuruFocus considers NVC International Holdings to be Fairly Valued.
Key valuation signals for HKSE:02222:
Beneish M-Score: -2.78
GF Value™: HK$0.67 vs. price of HK$0.62 (7.5% below fair value)
No single metric tells the full story. See the HKSE:02222 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NVC International Holdings Ltd is engaged in the lighting industry. Its segment includes International NVC brand: sales of NVC branded lighting products outside the PRC, Domestic non-NVC brand: domestic sales of non-NVC branded lighting products in the PRC and International non-NVC brand: sales of non-NVC branded lighting products outside the PRC. Its brands are NVC Lighting, ETI Solid State Lighting INC, Dernier & Hamlyn, DH Lifelabs, and NVC Electric. The majority of the revenue of the company is generated from the United States.
43GF Score
Get the complete analysis for HKSE:02222
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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