Pou Sheng International (Holdings) (HKSE:03813) Beneish M-Score: -2.59 (As of Jul. 24, 2026)

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Pou Sheng International (Holdings) Ltd HKSE:03813

51 GF Score

Price HK$0.32

GF Value HK$0.55

Valuation Possible Value Trap

6 Warning Signs

View Full Analysis

What is Pou Sheng International (Holdings) Beneish M-Score?

Pou Sheng International (Holdings) HKSE:03813 -1.56% 51 Beneish M-Score is -2.59 as of Jul. 24, 2026. GuruFocus rates HKSE:03813 with a GF Score™ of 51/100 and a GF Value™ of HK$0.55 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 998 Manufacturing - Apparel & Accessories companies, Pou Sheng International (Holdings) ranks better than 54.91% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Pou Sheng International (Holdings)'s Beneish M-Score or its related term are showing as below:

HKSE:03813' s Beneish M-Score Range Over the Past 10 Years
Min: -3.52 Med: -2.84 Max: -2.12
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Pou Sheng International (Holdings) was -2.12. The lowest was -3.52. And the median was -2.84.

Pou Sheng International (Holdings) Beneish M-Score Related Terms

Pou Sheng International (Holdings) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Pou Sheng International (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.

Pou Sheng International (Holdings) Beneish M-Score Chart

Pou Sheng International (Holdings) Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.50

-3.52

-3.20

-2.66

-2.59

Pou Sheng International (Holdings) Quarterly Data
	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	-2.59	0.00

HKSE:03813 vs NKE, DECK, ONON: Beneish M-Score Comparison

For the Footwear & Accessories subindustry, Pou Sheng 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.

Pou Sheng International (Holdings) Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Pou Sheng International (Holdings)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pou Sheng International (Holdings)'s Beneish M-Score falls into.

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51GF Score

Pou Sheng International (Holdings) Ltd HKSE:03813

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Pou Sheng 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 Pou Sheng International (Holdings) for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9023

0.528 * 1.0212

0.404 * 1.2084

0.892 * 0.9606

0.115 * 0.9531

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0225

4.679 * -0.028207

0.327 * 0.8186

-2.59

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was HK$901 Mil.
Revenue was HK$18,926 Mil.
Gross Profit was HK$6,336 Mil.
Total Current Assets was HK$9,571 Mil.
Total Assets was HK$13,324 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,027 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,068 Mil.
Selling, General, & Admin. Expense(SGA) was HK$6,174 Mil.
Total Current Liabilities was HK$2,745 Mil.
Long-Term Debt & Capital Lease Obligation was HK$723 Mil.
Net Income was HK$233 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$609 Mil.

Total Receivables was HK$1,040 Mil.
Revenue was HK$19,703 Mil.
Gross Profit was HK$6,736 Mil.
Total Current Assets was HK$10,044 Mil.
Total Assets was HK$13,920 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,384 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,168 Mil.
Selling, General, & Admin. Expense(SGA) was HK$6,286 Mil.
Total Current Liabilities was HK$3,474 Mil.
Long-Term Debt & Capital Lease Obligation was HK$952 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)
	=	(901.103 / 18926.291)	/	(1039.593 / 19702.738)
	=	0.047611	/	0.052764
	=	0.9023

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)
	=	(6735.89 / 19702.738)	/	(6336.303 / 18926.291)
	=	0.341876	/	0.334788
	=	1.0212

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 - (9571.042 + 2026.783) / 13323.989)	/	(1 - (10044.256 + 2383.555) / 13920.191)
	=	0.129553	/	0.10721
	=	1.2084

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
	=	18926.291	/	19702.738
	=	0.9606

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))
	=	(1168.231 / (1168.231 + 2383.555))	/	(1067.948 / (1067.948 + 2026.783))
	=	0.328914	/	0.345086
	=	0.9531

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)
	=	(6174.297 / 18926.291)	/	(6286.187 / 19702.738)
	=	0.326229	/	0.319051
	=	1.0225

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)
	=	((723.078 + 2745.098) / 13323.989)	/	((952.333 + 3474.023) / 13920.191)
	=	0.260296	/	0.317981
	=	0.8186

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
	=	(232.844 - 0	-	608.676)	/	13323.989
	=	-0.028207

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.

Pou Sheng International (Holdings) has a M-score of -2.59 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 -2.59 mean?

Pou Sheng International (Holdings) (HKSE:03813) has a Beneish M-Score of -2.59 as of Jul. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pou Sheng International (Holdings) and its competitors. According to the industry distribution chart, Pou Sheng International (Holdings) ranks #450 out of 998 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 45.1%.

Is Pou Sheng International (Holdings)'s Beneish M-Score too high?

Pou Sheng International (Holdings)'s current Beneish M-Score is -2.59. Based on the distribution chart, Pou Sheng International (Holdings) ranks #450 out of 998 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, Pou Sheng International (Holdings) has a GF Score™ of 51/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Pou Sheng International (Holdings)'s Beneish M-Score compare to NKE and DECK?

According to the Manufacturing - Apparel & Accessories industry distribution chart, Pou Sheng International (Holdings) ranks #450 out of 998 companies for Beneish M-Score. This puts Pou Sheng 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 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 Pou Sheng International (Holdings) and its competitors. Pou Sheng International (Holdings)'s current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Pou Sheng International (Holdings) stock overvalued right now?

Based on GuruFocus' analysis, Pou Sheng International (Holdings) (HKSE:03813) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.55, compared to a current price of HK$0.32 — trading 42.7% below its estimated fair value. The current Beneish M-Score is -2.59. Pou Sheng International (Holdings)'s overall GF Score™ is 51/100 with 6 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 Pou Sheng International (Holdings) (HKSE:03813), the current Beneish M-Score is -2.59 as of Jul. 24, 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 Pou Sheng International (Holdings) (HKSE:03813) Overvalued in 2026?

Based on GuruFocus' analysis, Pou Sheng International (Holdings) stock appears to be undervalued. The current stock price of HK$0.32 is trading 42.7% below its estimated GF Value™ of HK$0.55. GuruFocus considers Pou Sheng International (Holdings) to be Possible Value Trap.

Key valuation signals for HKSE:03813:

Beneish M-Score: -2.59
GF Value™: HK$0.55 vs. price of HK$0.32 (42.7% below fair value)
GF Score™: 51/100 with 6 warning signs

No single metric tells the full story. See the HKSE:03813 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Pou Sheng International (Holdings) Business Description

Industry Consumer Cyclical Manufacturing - Apparel & Accessories

Comparable Companies HKSE:01028 HKSE:01027 HKSE:00264 HKSE:01121 HKSE:01731 HKSE:01255 HKSE:00210 HKSE:01100 HKSE:02033 HKSE:01023 NKE XTER:ADS TSE:7936 DECK ONON BIRK SHSE:600415 CROX SZSE:300979 XTER:PUM

Other Exchanges P5C:Germany

Address 108 Wai Yip Street, 22nd Floor, C-Bons International Center, Kwun Tong, Kowloon, Hong Kong, HKG

Website https://www.pousheng.com

Pou Sheng International (Holdings) Ltd is an investment holding company. The principal activities of the group are the distribution and retailing of sportswear and footwear products, the provision of sports services, and the provision of large-scale commercial spaces to retailers and distributors for commissions from concessionaire sales. Its operations are mainly located in the PRC. The company derives maximum revenue from sales of sportswear and footwear products.

51GF Score

Get the complete analysis for HKSE:03813

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

HK$0.32

Price

HK$0.55

GF Value

View HKSE:03813 Analysis

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