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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 -0.18 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Top Standard's Beneish M-Score or its related term are showing as below:
HKSE:08510'
s Beneish M-Score Range Over the Past 10 Years
Min: -56.8 Med: -3.08 Max: 0.34
Current: -0.18
During the past 10 years, the highest Beneish M-Score of Top Standard was 0.34. The lowest was -56.80. And the median was -3.08.
The historical data trend for Top Standard'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.
HKSE:08510 vs MCD, SBUX, CMG: Beneish M-Score Comparison
For the Restaurants subindustry, Top Standard'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.
Top Standard Beneish M-Score vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Top Standard's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Top Standard'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 Top Standard 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 * 4.4228
+
0.528 * 0.9993
+
0.404 * 0.1146
+
0.892 * 1.3757
+
0.115 * 1.8303
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.218753
-
0.327 * 0.6748
=
-0.18
* 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))
=
(3.382 / (3.382 + 0.675))
/
(0.46 / (0.46 + 0.55))
=
0.833621
/
0.455446
=
1.8303
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
=
(-1.007 - 0
-
1.298)
/
10.537
=
-0.218753
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.
Top Standard has a M-score of -0.18 signals that the company is likely to be a manipulator.
Top Standard (HKSE:08510) has a Beneish M-Score of -0.18 as of Sep. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Top Standard and its competitors. According to the industry distribution chart, Top Standard ranks #349 out of 359 companies in the Restaurants industry, placing it in the top 97.2%.
Is Top Standard's Beneish M-Score too high?
Top Standard's current Beneish M-Score is -0.18. Based on the distribution chart, Top Standard ranks #349 out of 359 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, Top Standard has a GF Score™ of 37/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Top Standard's Beneish M-Score compare to MCD and SBUX?
According to the Restaurants industry distribution chart, Top Standard ranks #349 out of 359 companies for Beneish M-Score. This places Top Standard 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 Restaurants company?
A good Beneish M-Score depends on the Restaurants 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 Top Standard and its competitors. Top Standard's current Beneish M-Score is -0.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Top Standard stock overvalued right now?
Based on GuruFocus' analysis, Top Standard (HKSE:08510) is currently considered Fairly Valued. The stock's GF Value™ is HK$0.17, compared to a current price of HK$0.18 — trading 3.5% above its estimated fair value. The current Beneish M-Score is -0.18. Top Standard's overall GF Score™ is 37/100 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 Top Standard (HKSE:08510), the current Beneish M-Score is -0.18 as of Sep. 05, 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 Top Standard (HKSE:08510) Overvalued in 2026?
Based on GuruFocus' analysis, Top Standard stock appears to be overvalued.
The current stock price of HK$0.18 is trading 3.5% above its estimated GF Value™ of HK$0.17.
GuruFocus considers Top Standard to be Fairly Valued.
Key valuation signals for HKSE:08510:
Beneish M-Score: -0.18
GF Value™: HK$0.17 vs. price of HK$0.18 (3.5% above fair value)
No single metric tells the full story. See the HKSE:08510 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Top Standard Corp is an investment holding company. Along with its subsidiaries, it is engaged in operating restaurants and bars in Hong Kong and Southeast Asia, and online sales of wines. The group has two operating and reportable segments: catering service and online sales of wines. The majority of its revenue comes from food catering services, which include food and beverages served. Geographically, the group generates maximum revenue from Malaysia, and also has a presence in Hong Kong and Singapore.
37GF Score
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