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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 -3.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Win Hanverky Holdings's Beneish M-Score or its related term are showing as below:
HKSE:03322'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.66 Med: -2.73 Max: -1.88
Current: -3.27
During the past 13 years, the highest Beneish M-Score of Win Hanverky Holdings was -1.88. The lowest was -3.66. And the median was -2.73.
Win Hanverky Holdings Beneish M-Score Related Terms
Win Hanverky Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Win Hanverky Holdings'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.
HKSE:03322 vs RL, LEVI, VFC: Beneish M-Score Comparison
For the Apparel Manufacturing subindustry, Win Hanverky 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.
Win Hanverky Holdings Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Win Hanverky Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Win Hanverky Holdings's Beneish M-Score falls into.
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 Win Hanverky 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 * 0.9926
+
0.528 * 0.9433
+
0.404 * 0.8195
+
0.892 * 0.9476
+
0.115 * 1.0022
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0453
+
4.679 * -0.128473
-
0.327 * 1.0719
=
-3.27
* 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))
=
(161.895 / (161.895 + 668.215))
/
(145.612 / (145.612 + 602.659))
=
0.195028
/
0.194598
=
1.0022
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
=
(-183.19 - 0
-
146.397)
/
2565.413
=
-0.128473
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.
Win Hanverky Holdings has a M-score of -3.27 suggests that the company is unlikely to be a manipulator.
Win Hanverky Holdings (HKSE:03322) has a Beneish M-Score of -3.27 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Win Hanverky Holdings and its competitors. According to the industry distribution chart, Win Hanverky Holdings ranks #111 out of 999 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 11.1%.
Is Win Hanverky Holdings' Beneish M-Score too high?
Win Hanverky Holdings' current Beneish M-Score is -3.27. Based on the distribution chart, Win Hanverky Holdings ranks #111 out of 999 companies in the Manufacturing - Apparel & Accessories industry, which is in the top quartile — a strong position relative to peers. Overall, Win Hanverky Holdings has a GF Score™ of 36/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Win Hanverky Holdings' Beneish M-Score compare to RL and LEVI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Win Hanverky Holdings ranks #111 out of 999 companies for Beneish M-Score. This places Win Hanverky Holdings in the top 11% 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 Win Hanverky Holdings and its competitors. Win Hanverky Holdings's current Beneish M-Score is -3.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Win Hanverky Holdings stock overvalued right now?
Based on GuruFocus' analysis, Win Hanverky Holdings (HKSE:03322) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.17, compared to a current price of HK$0.19 — trading 11.8% above its estimated fair value. The current Beneish M-Score is -3.27. Win Hanverky Holdings' overall GF Score™ is 36/100 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 Win Hanverky Holdings (HKSE:03322), the current Beneish M-Score is -3.27 as of Jul. 31, 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 Win Hanverky Holdings (HKSE:03322) Overvalued in 2026?
Based on GuruFocus' analysis, Win Hanverky Holdings stock appears to be overvalued.
The current stock price of HK$0.19 is trading 11.8% above its estimated GF Value™ of HK$0.17.
GuruFocus considers Win Hanverky Holdings to be Modestly Overvalued.
Key valuation signals for HKSE:03322:
Beneish M-Score: -3.27
GF Value™: HK$0.17 vs. price of HK$0.19 (11.8% above fair value)
No single metric tells the full story. See the HKSE:03322 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Win Hanverky Holdings Ltd is engaged in the manufacturing and selling of garment products, including sportswear, high-end functional outerwear, high-end fashion apparel, and related accessories. The company operates in the segments of Manufacturing, High-end Functional Outerwear Manufacturing, and The Fashion Brands and Licensing. A majority of revenue is derived from the Manufacturing segment, which involves the manufacturing and sales of sportswear and high-end functional outerwear of both under OEM arrangements to customers mainly in Europe, the United States, Mainland China, and other countries. The group has a business presence in Mainland China, Europe, the United States, Hong Kong, Other Asian countries, Canada, and others.
36GF Score
Get the complete analysis for HKSE:03322
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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