Topsports International Holdings (HKSE:06110) Beneish M-Score: -2.15 (As of Jul. 13, 2026)

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Topsports International Holdings Ltd HKSE:06110

83 GF Score

Price HK$1.84

GF Value HK$3.28

Valuation Possible Value Trap

5 Warning Signs

View Full Analysis

What is Topsports International Holdings Beneish M-Score?

Topsports International Holdings HKSE:06110 +2.22% 83 Beneish M-Score is -2.15 as of Jul. 13, 2026. GuruFocus rates HKSE:06110 with a GF Score™ of 83/100 and a GF Value™ of HK$3.28 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 1,083 Retail - Cyclical companies, Topsports International Holdings ranks worse than 73.87% 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 -2.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:06110' s Beneish M-Score Range Over the Past 10 Years
Min: -3.82 Med: -3.16 Max: -2.06
Current: -2.15

During the past 10 years, the highest Beneish M-Score of Topsports International Holdings was -2.06. The lowest was -3.82. And the median was -3.16.

Topsports International Holdings Beneish M-Score Related Terms

Topsports International Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Topsports 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.

Topsports International Holdings Beneish M-Score Chart

Topsports International Holdings Annual Data

Trend

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Feb25

Feb26

Beneish M-Score

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-3.25

-3.82

-2.61

-3.71

-2.15

Topsports International Holdings Semi-Annual Data
	Feb17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24	Aug24	Feb25	Aug25	Feb26
Beneish M-Score	Get a 7-Day Free Trial													-2.61	0.00	-3.71	0.00	-2.15

HKSE:06110 vs TJX, ROST, BURL: Beneish M-Score Comparison

For the Apparel Retail subindustry, Topsports 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.

Topsports International Holdings Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Topsports International Holdings's Beneish M-Score distribution charts can be found below:

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

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83GF Score

Topsports International Holdings Ltd HKSE:06110

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

View Full Analysis

Topsports 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 Topsports 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 * 1.8744

0.528 * 1.0112

0.404 * 1.0033

0.892 * 1.0079

0.115 * 0.9293

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9769

4.679 * -0.103905

0.327 * 0.9871

-2.15

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was HK$1,850 Mil.
Revenue was HK$29,131 Mil.
Gross Profit was HK$11,074 Mil.
Total Current Assets was HK$12,156 Mil.
Total Assets was HK$15,920 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,096 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,465 Mil.
Selling, General, & Admin. Expense(SGA) was HK$9,292 Mil.
Total Current Liabilities was HK$4,997 Mil.
Long-Term Debt & Capital Lease Obligation was HK$927 Mil.
Net Income was HK$1,434 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$3,088 Mil.

Total Receivables was HK$979 Mil.
Revenue was HK$28,901 Mil.
Gross Profit was HK$11,109 Mil.
Total Current Assets was HK$11,754 Mil.
Total Assets was HK$15,944 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,525 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,563 Mil.
Selling, General, & Admin. Expense(SGA) was HK$9,437 Mil.
Total Current Liabilities was HK$4,810 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,200 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)
	=	(1849.954 / 29131.064)	/	(979.184 / 28901.434)
	=	0.063505	/	0.03388
	=	1.8744

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)
	=	(11109.327 / 28901.434)	/	(11073.695 / 29131.064)
	=	0.384387	/	0.380134
	=	1.0112

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 - (12156.212 + 2095.77) / 15919.951)	/	(1 - (11754.484 + 2524.886) / 15944.368)
	=	0.104772	/	0.104425
	=	1.0033

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
	=	29131.064	/	28901.434
	=	1.0079

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))
	=	(1562.5 / (1562.5 + 2524.886))	/	(1464.594 / (1464.594 + 2095.77))
	=	0.382274	/	0.411361
	=	0.9293

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)
	=	(9292.325 / 29131.064)	/	(9436.626 / 28901.434)
	=	0.318983	/	0.326511
	=	0.9769

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)
	=	((927.127 + 4996.551) / 15919.951)	/	((1199.8 + 4810.433) / 15944.368)
	=	0.372091	/	0.37695
	=	0.9871

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
	=	(1433.698 - 0	-	3087.86)	/	15919.951
	=	-0.103905

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.

Topsports International Holdings has a M-score of -2.15 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 -2.15 mean?

Topsports International Holdings (HKSE:06110) has a Beneish M-Score of -2.15 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Topsports International Holdings and its competitors. According to the industry distribution chart, Topsports International Holdings ranks #800 out of 1083 companies in the Retail - Cyclical industry, placing it in the top 73.9%.

Is Topsports International Holdings' Beneish M-Score too high?

Topsports International Holdings' current Beneish M-Score is -2.15. Based on the distribution chart, Topsports International Holdings ranks #800 out of 1083 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, Topsports International Holdings has a GF Score™ of 83/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Topsports International Holdings' Beneish M-Score compare to TJX and ROST?

According to the Retail - Cyclical industry distribution chart, Topsports International Holdings ranks #800 out of 1083 companies for Beneish M-Score. This places Topsports International 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 a Retail - Cyclical company?

A good Beneish M-Score depends on the Retail - Cyclical 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 Topsports International Holdings and its competitors. Topsports International Holdings's current Beneish M-Score is -2.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Topsports International Holdings stock overvalued right now?

Based on GuruFocus' analysis, Topsports International Holdings (HKSE:06110) is currently considered Possible Value Trap. The stock's GF Value™ is HK$3.28, compared to a current price of HK$1.84 — trading 43.9% below its estimated fair value. The current Beneish M-Score is -2.15. Topsports International Holdings' overall GF Score™ is 83/100 with 5 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 Topsports International Holdings (HKSE:06110), the current Beneish M-Score is -2.15 as of Jul. 13, 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 Topsports International Holdings (HKSE:06110) Overvalued in 2026?

Based on GuruFocus' analysis, Topsports International Holdings stock appears to be undervalued. The current stock price of HK$1.84 is trading 43.9% below its estimated GF Value™ of HK$3.28. GuruFocus considers Topsports International Holdings to be Possible Value Trap.

Key valuation signals for HKSE:06110:

Beneish M-Score: -2.15
GF Value™: HK$3.28 vs. price of HK$1.84 (43.9% below fair value)
GF Score™: 83/100 with 5 warning signs

No single metric tells the full story. See the HKSE:06110 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Topsports International Holdings Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies HKSE:01368 HKSE:03709 HKSE:00709 HKSE:01657 HKSE:03860 HKSE:02528 HKSE:01817 HKSE:00375 HKSE:00330 HKSE:00483 XMAD:ITX TJX TSE:9983 ROST LSE:NXT BURL BOM:500251 LULU TSX:ATZ GAP

Other Exchanges TPSRF:USA

Address 30-34 Kwai Wing Road, M1, 6th Floor, The Edge, Kwai Chung, Kowloon, New Territories, Hong Kong, HKG

Website https://www.topsports.com.cn

Topsports is the largest sportswear retailer in China, generating the majority of its revenue from selling products of international sportswear brands. The business operates as an intermediary between brand owners and consumers. The firm operates more than 4,000 stores directly as of the end of fiscal 2026, and most of these single-brand stores have been opened under the names of sportswear brands that it partners with, such as Nike and Adidas. Topsports also has partnerships with sportswear brands such as Puma, Li-Ning, Asics, and The North Face. While most of Topsports' sales take place in stores, the firm also operates online shops under the Topsports brand on major e-commerce platforms such as Alibaba and JD.com.

83GF Score

Get the complete analysis for HKSE:06110

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

HK$1.84

Price

HK$3.28

GF Value

View HKSE:06110 Analysis

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