Kiddieland International (HKSE:03830) Beneish M-Score: -4.01 (As of Sep. 06, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HKSE:03830 Kiddieland International Ltd HKSE:03830
43 GF Score
Price HK$0.19
GF Value HK$0.04
Valuation Significantly Overvalued
! 2 Warning Signs
View Full Analysis

What is Kiddieland International Beneish M-Score?

Kiddieland International HKSE:03830 -5.37% 43 Beneish M-Score is -4.01 as of Sep. 06, 2026. GuruFocus rates HKSE:03830 with a GF Score™ of 43/100 and a GF Value™ of HK$0.04 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 816 Travel & Leisure companies, Kiddieland International ranks better than 95.96% 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 -4.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Kiddieland International's Beneish M-Score or its related term are showing as below:

HKSE:03830' s Beneish M-Score Range Over the Past 10 Years
Min: -8.11   Med: -3.47   Max: 1.27
Current: -4.01

During the past 12 years, the highest Beneish M-Score of Kiddieland International was 1.27. The lowest was -8.11. And the median was -3.47.

Kiddieland International Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kiddieland International'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.

Kiddieland International Beneish M-Score Chart

Kiddieland International Annual Data
Trend Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25 Apr26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.24 -8.11 -4.54 -4.35 -4.01

Kiddieland International Semi-Annual Data
Oct16 Apr17 Oct17 Apr18 Oct18 Apr19 Oct19 Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct24 Apr25 Oct25 Apr26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -4.54 0.00 -4.35 0.00 -4.01

HKSE:03830 vs AS, HAS, LTH: Beneish M-Score Comparison

For the Leisure subindustry, Kiddieland International'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.

Kiddieland International Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Kiddieland International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kiddieland International's Beneish M-Score falls into.


HKSE:03830
43GF Score
Kiddieland International Ltd HKSE:03830
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Kiddieland International 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 Kiddieland International 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 * 1.2574+0.528 * 1.0708+0.404 * 0.7301+0.892 * 1.019+0.115 * 1.1054
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9142+4.679 * -0.351892-0.327 * 1.2732
=-4.01

* 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.

This Year (Apr26) TTM:Last Year (Apr25) TTM:
Total Receivables was HK$12.5 Mil.
Revenue was HK$200.6 Mil.
Gross Profit was HK$28.0 Mil.
Total Current Assets was HK$34.1 Mil.
Total Assets was HK$51.3 Mil.
Property, Plant and Equipment(Net PPE) was HK$5.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$32.7 Mil.
Total Current Liabilities was HK$38.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.1 Mil.
Net Income was HK$-6.2 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$11.8 Mil.
 Total Receivables was HK$9.8 Mil.
Revenue was HK$196.9 Mil.
Gross Profit was HK$29.4 Mil.
Total Current Assets was HK$31.8 Mil.
Total Assets was HK$53.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$5.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$10.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$35.1 Mil.
Total Current Liabilities was HK$31.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 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)
=(12.536 / 200.594) / (9.784 / 196.856)
=0.062494 / 0.049701
=1.2574

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)
=(29.408 / 196.856) / (27.986 / 200.594)
=0.149388 / 0.139516
=1.0708

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 - (34.137 + 5.871) / 51.314) / (1 - (31.832 + 5.638) / 53.666)
=0.22033 / 0.301793
=0.7301

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
=200.594 / 196.856
=1.019

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))
=(10.135 / (10.135 + 5.638)) / (8.15 / (8.15 + 5.871))
=0.642554 / 0.581271
=1.1054

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)
=(32.702 / 200.594) / (35.105 / 196.856)
=0.163026 / 0.178328
=0.9142

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)
=((0.097 + 38.244) / 51.314) / ((0 + 31.494) / 53.666)
=0.747184 / 0.586852
=1.2732

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
=(-6.246 - 0 - 11.811) / 51.314
=-0.351892

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.

Kiddieland International has a M-score of -4.01 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 -4.01 mean?
Kiddieland International (HKSE:03830) has a Beneish M-Score of -4.01 as of Sep. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kiddieland International and its competitors. According to the industry distribution chart, Kiddieland International ranks #33 out of 816 companies in the Travel & Leisure industry, placing it in the top 4%.
Is Kiddieland International's Beneish M-Score too high?
Kiddieland International's current Beneish M-Score is -4.01. Based on the distribution chart, Kiddieland International ranks #33 out of 816 companies in the Travel & Leisure industry, which is in the top quartile — a strong position relative to peers. Overall, Kiddieland International has a GF Score™ of 43/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kiddieland International's Beneish M-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Kiddieland International ranks #33 out of 816 companies for Beneish M-Score. This places Kiddieland International in the top 4% 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Kiddieland International and its competitors. Kiddieland International's current Beneish M-Score is -4.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kiddieland International stock overvalued right now?
Based on GuruFocus' analysis, Kiddieland International (HKSE:03830) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.04, compared to a current price of HK$0.19 — trading 385% above its estimated fair value. The current Beneish M-Score is -4.01. Kiddieland International's overall GF Score™ is 43/100 with 2 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 Kiddieland International (HKSE:03830), the current Beneish M-Score is -4.01 as of Sep. 06, 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 Kiddieland International (HKSE:03830) Overvalued in 2026?

Based on GuruFocus' analysis, Kiddieland International stock appears to be overvalued. The current stock price of HK$0.19 is trading 385% above its estimated GF Value™ of HK$0.04. GuruFocus considers Kiddieland International to be Significantly Overvalued.

Key valuation signals for HKSE:03830:

  • Beneish M-Score: -4.01
  • GF Value™: HK$0.04 vs. price of HK$0.19 (385% above fair value)
  • GF Score™: 43/100 with 2 warning signs

No single metric tells the full story. See the HKSE:03830 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kiddieland International Business Description

Address 12 Harcourt Road, 14th Floor, Bank of America Tower, Central, Hong Kong, HKG
Kiddieland International Ltd is principally engaged in the manufacture and distribution of plastic toy products and laboratory equipment. The company operates two toy business categories: Outdoor & Sports Toys, focused on ride-ons, and Infant & Preschool Toys, which include interactive playsets, activity toys, musical toys, and action vehicles. Its laboratory equipment segment manufactures and distributes educational equipment for primary and secondary schools. The company serves both domestic and overseas markets, with a key share of revenue generated from America. The company generates the majority of its revenue from Toy business segment.
43GF Score

Get the complete analysis for HKSE:03830

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

HK$0.19
Price
HK$0.04
GF Value