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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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Golden Power Group Holdings's Beneish M-Score or its related term are showing as below:
HKSE:03919'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.56 Max: -1.23
Current: -2.35
During the past 12 years, the highest Beneish M-Score of Golden Power Group Holdings was -1.23. The lowest was -3.14. And the median was -2.56.
* 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:03919 vs VRT, BE, HUBB: Beneish M-Score Comparison
For the Electrical Equipment & Parts subindustry, Golden Power Group 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.
Golden Power Group Holdings Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Golden Power Group Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Golden Power Group Holdings's Beneish M-Score falls into.
Golden Power Group 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 Golden Power Group 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 * 1.1066
+
0.528 * 1.1692
+
0.404 * 1.2584
+
0.892 * 1.0496
+
0.115 * 0.852
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0036
+
4.679 * -0.039057
-
0.327 * 1.0258
=
-2.35
* 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))
=
(16.459 / (16.459 + 374.49))
/
(19.479 / (19.479 + 374.704))
=
0.0421
/
0.049416
=
0.852
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
=
(0.326 - 0
-
27.391)
/
692.954
=
-0.039057
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.
Golden Power Group Holdings has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
Golden Power Group Holdings (HKSE:03919) has a Beneish M-Score of -2.35 as of Sep. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Golden Power Group Holdings and its competitors. According to the industry distribution chart, Golden Power Group Holdings ranks #1704 out of 2939 companies in the Industrial Products industry, placing it in the top 58%.
Is Golden Power Group Holdings' Beneish M-Score too high?
Golden Power Group Holdings' current Beneish M-Score is -2.35. Based on the distribution chart, Golden Power Group Holdings ranks #1704 out of 2939 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Golden Power Group Holdings has a GF Score™ of 39/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Golden Power Group Holdings' Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Golden Power Group Holdings ranks #1704 out of 2939 companies for Beneish M-Score. This places Golden Power Group Holdings in the lower 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Golden Power Group Holdings and its competitors. Golden Power Group Holdings's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Golden Power Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, Golden Power Group Holdings (HKSE:03919) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.85, compared to a current price of HK$1.09 — trading 28.2% above its estimated fair value. The current Beneish M-Score is -2.35. Golden Power Group Holdings' overall GF Score™ is 39/100 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 Golden Power Group Holdings (HKSE:03919), the current Beneish M-Score is -2.35 as of Sep. 11, 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 Golden Power Group Holdings (HKSE:03919) Overvalued in 2026?
Based on GuruFocus' analysis, Golden Power Group Holdings stock appears to be overvalued.
The current stock price of HK$1.09 is trading 28.2% above its estimated GF Value™ of HK$0.85.
GuruFocus considers Golden Power Group Holdings to be Modestly Overvalued.
Key valuation signals for HKSE:03919:
Beneish M-Score: -2.35
GF Value™: HK$0.85 vs. price of HK$1.09 (28.2% above fair value)
No single metric tells the full story. See the HKSE:03919 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Golden Power Group Holdings Ltd is principally engaged in the manufacture and sale of a broad range of batteries for various electronic devices to the PRC, Hong Kong, and international markets under its own brand Golden Power and the brands of its private label and OEM customers. The Group is a battery manufacturer offering a diverse array of battery products globally. Its products are mainly categorised into two segments: disposable batteries, including cylindrical batteries and microbutton cells; and rechargeable batteries and other battery-related products, including battery chargers, battery power packs, and electric fans. Rechargeable batteries and other battery-related products generate maximum revenue. It generates maximum revenue from Europe.
39GF Score
Get the complete analysis for HKSE:03919
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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