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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.
Warning Sign:
Beneish M-Score -1.22 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Grace Wine Holdings's Beneish M-Score or its related term are showing as below:
HKSE:08146'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.39 Med: -2.72 Max: -1.22
Current: -1.22
During the past 11 years, the highest Beneish M-Score of Grace Wine Holdings was -1.22. The lowest was -4.39. And the median was -2.72.
Grace Wine Holdings Beneish M-Score Historical Data
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The historical data trend for Grace Wine 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.
For the Beverages - Wineries & Distilleries subindustry, Grace Wine 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.
Grace Wine Holdings Beneish M-Score vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Grace Wine Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Grace Wine 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 Grace Wine 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 * 1.433
+
0.528 * 1.0322
+
0.404 * 1.4532
+
0.892 * 1.1321
+
0.115 * 0.5954
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8142
+
4.679 * 0.070369
-
0.327 * 0.2992
=
-1.22
* 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))
=
(13.705 / (13.705 + 175.051))
/
(8.776 / (8.776 + 63.187))
=
0.072607
/
0.121952
=
0.5954
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
=
(-2.892 - 0
-
-17.593)
/
208.913
=
0.070369
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.
Grace Wine Holdings has a M-score of -1.22 signals that the company is likely to be a manipulator.
Grace Wine Holdings (HKSE:08146) has a Beneish M-Score of -1.22 as of Aug. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Grace Wine Holdings and its competitors. According to the industry distribution chart, Grace Wine Holdings ranks #185 out of 202 companies in the Beverages - Alcoholic industry, placing it in the top 91.6%.
Is Grace Wine Holdings' Beneish M-Score too high?
Grace Wine Holdings' current Beneish M-Score is -1.22. Based on the distribution chart, Grace Wine Holdings ranks #185 out of 202 companies in the Beverages - Alcoholic industry, which is in the bottom quartile relative to peers. Overall, Grace Wine Holdings has a GF Score™ of 35/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Grace Wine Holdings' Beneish M-Score compare to BF.B?
According to the Beverages - Alcoholic industry distribution chart, Grace Wine Holdings ranks #185 out of 202 companies for Beneish M-Score. This places Grace Wine 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 Beverages - Alcoholic company?
A good Beneish M-Score depends on the Beverages - Alcoholic 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 Grace Wine Holdings and its competitors. Grace Wine Holdings's current Beneish M-Score is -1.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Grace Wine Holdings stock overvalued right now?
Based on GuruFocus' analysis, Grace Wine Holdings (HKSE:08146) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.10, compared to a current price of HK$0.37 — trading 265% above its estimated fair value. The current Beneish M-Score is -1.22. Grace Wine Holdings' overall GF Score™ is 35/100 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 Grace Wine Holdings (HKSE:08146), the current Beneish M-Score is -1.22 as of Aug. 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 Grace Wine Holdings (HKSE:08146) Overvalued in 2026?
Based on GuruFocus' analysis, Grace Wine Holdings stock appears to be overvalued.
The current stock price of HK$0.37 is trading 265% above its estimated GF Value™ of HK$0.10.
GuruFocus considers Grace Wine Holdings to be Significantly Overvalued.
Key valuation signals for HKSE:08146:
Beneish M-Score: -1.22
GF Value™: HK$0.10 vs. price of HK$0.37 (265% above fair value)
No single metric tells the full story. See the HKSE:08146 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Grace Wine Holdings Ltd engaged in the production and distribution of wine, spirits, and other alcoholic products. The wine product portfolio mainly comprises red wine, and can be broadly categorized into high-end wine, which targets the executive clientele and corporate customers, and entry-level wine that caters to the price-conscious mass market at reasonable retail prices. The company's segment includes the production of wines. Its geographic segments are Mainland China and Other jurisdictions.
35GF Score
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