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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 -3.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for East Nova Holdings's Beneish M-Score or its related term are showing as below:
HKSE:03626'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.39 Med: -3 Max: -2.61
Current: -3.39
During the past 13 years, the highest Beneish M-Score of East Nova Holdings was -2.61. The lowest was -3.39. And the median was -3.00.
East Nova Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for East Nova 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:03626 vs CTAS, CPRT, GPN: Beneish M-Score Comparison
For the Specialty Business Services subindustry, East Nova 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.
East Nova Holdings Beneish M-Score vs Business Services Industry
For the Business Services industry and Industrials sector, East Nova Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where East Nova 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 East Nova 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 * 0.7713
+
0.528 * 0.772
+
0.404 * 0.9597
+
0.892 * 1.3588
+
0.115 * 1.2204
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.7972
+
4.679 * -0.192764
-
0.327 * 1.134
=
-3.39
* 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))
=
(9.727 / (9.727 + 12.824))
/
(5.565 / (5.565 + 10.18))
=
0.431333
/
0.353446
=
1.2204
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
=
(2.656 - 0
-
11.005)
/
43.312
=
-0.192764
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.
East Nova Holdings has a M-score of -3.39 suggests that the company is unlikely to be a manipulator.
East Nova Holdings (HKSE:03626) has a Beneish M-Score of -3.39 as of Aug. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on East Nova Holdings and its competitors. According to the industry distribution chart, East Nova Holdings ranks #109 out of 1016 companies in the Business Services industry, placing it in the top 10.7%.
Is East Nova Holdings' Beneish M-Score too high?
East Nova Holdings' current Beneish M-Score is -3.39. Based on the distribution chart, East Nova Holdings ranks #109 out of 1016 companies in the Business Services industry, which is in the top quartile — a strong position relative to peers. Overall, East Nova Holdings has a GF Score™ of 50/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does East Nova Holdings' Beneish M-Score compare to CTAS and CPRT?
According to the Business Services industry distribution chart, East Nova Holdings ranks #109 out of 1016 companies for Beneish M-Score. This places East Nova 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 East Nova Holdings and its competitors. East Nova Holdings's current Beneish M-Score is -3.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is East Nova Holdings stock overvalued right now?
Based on GuruFocus' analysis, East Nova Holdings (HKSE:03626) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.64, compared to a current price of HK$1.64 — trading 156.3% above its estimated fair value. The current Beneish M-Score is -3.39. East Nova Holdings' overall GF Score™ is 50/100. 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 East Nova Holdings (HKSE:03626), the current Beneish M-Score is -3.39 as of Aug. 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 East Nova Holdings (HKSE:03626) Overvalued in 2026?
Based on GuruFocus' analysis, East Nova Holdings stock appears to be overvalued.
The current stock price of HK$1.64 is trading 156.3% above its estimated GF Value™ of HK$0.64.
GuruFocus considers East Nova Holdings to be Significantly Overvalued.
Key valuation signals for HKSE:03626:
Beneish M-Score: -3.39
GF Value™: HK$0.64 vs. price of HK$1.64 (156.3% above fair value)
No single metric tells the full story. See the HKSE:03626 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
East Nova Holdings Ltd, formerly known as Hang Sang (Siu Po) International Holding Co Ltd, engages in the manufacturing and sale of apparel labels and packaging printing products, and the trading and online distribution of food, daily necessities, and utility products. Its products include leaflets, business cards, books, stationery, and catalogs. The Group operates through four segments: printing, which manufactures and sells apparel labels and packaging printing products; food and daily necessities, which covers the sale and distribution of food, household, and utility items; restaurant operations, which generate revenue from catering services; and e-cigarette product sales. The printing segment contributes the majority of the Group's revenue, mainly from Hong Kong.
50GF Score
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