Amuse Group Holding (HKSE:08545) Beneish M-Score: -2.39 (As of Aug. 09, 2026)

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What is Amuse Group Holding Beneish M-Score?

Amuse Group Holding HKSE:08545 Beneish M-Score is -2.39 as of Aug. 09, 2026. The stock has 4 warning signs investors should review. Among 814 Travel & Leisure companies, Amuse Group Holding ranks worse than 68.55% 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08545' s Beneish M-Score Range Over the Past 10 Years
Min: -3.78   Med: -1.86   Max: 15.6
Current: -2.39

During the past 11 years, the highest Beneish M-Score of Amuse Group Holding was 15.60. The lowest was -3.78. And the median was -1.86.

Amuse Group Holding Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Amuse Group Holding'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.

Amuse Group Holding Beneish M-Score Chart

Amuse Group Holding Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.78 15.60 -1.69 -3.61 -2.39

Amuse Group Holding Semi-Annual Data
Mar16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
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 -1.69 0.00 -3.61 0.00 -2.39

HKSE:08545 vs AS, HAS, LTH: Beneish M-Score Comparison

For the Leisure subindustry, Amuse Group Holding'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.

Amuse Group Holding Beneish M-Score vs Travel & Leisure Industry

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

* The bar in red indicates where Amuse Group Holding's Beneish M-Score falls into.


Amuse Group Holding 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 Amuse Group Holding 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 * 0.9906+0.528 * 1.0358+0.404 * 0.6131+0.892 * 1.1258+0.115 * 1.4206
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0185+4.679 * 0.049369-0.327 * 1.4553
=-2.39

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was HK$15.4 Mil.
Revenue was HK$161.1 Mil.
Gross Profit was HK$29.3 Mil.
Total Current Assets was HK$226.0 Mil.
Total Assets was HK$249.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$16.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$35.6 Mil.
Total Current Liabilities was HK$52.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3.6 Mil.
Net Income was HK$-1.2 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-13.5 Mil.
 Total Receivables was HK$13.8 Mil.
Revenue was HK$143.1 Mil.
Gross Profit was HK$27.0 Mil.
Total Current Assets was HK$204.1 Mil.
Total Assets was HK$230.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$16.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$31.1 Mil.
Total Current Liabilities was HK$34.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.9 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)
=(15.363 / 161.149) / (13.775 / 143.14)
=0.095334 / 0.096234
=0.9906

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)
=(26.997 / 143.14) / (29.344 / 161.149)
=0.188606 / 0.182092
=1.0358

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 - (226.025 + 16.712) / 249.406) / (1 - (204.078 + 16.013) / 230.127)
=0.02674 / 0.043611
=0.6131

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
=161.149 / 143.14
=1.1258

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))
=(7.525 / (7.525 + 16.013)) / (4.853 / (4.853 + 16.712))
=0.319696 / 0.225041
=1.4206

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)
=(35.638 / 161.149) / (31.08 / 143.14)
=0.221149 / 0.21713
=1.0185

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)
=((3.574 + 52.555) / 249.406) / ((0.917 + 34.67) / 230.127)
=0.225051 / 0.154641
=1.4553

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
=(-1.224 - 0 - -13.537) / 249.406
=0.049369

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.

Amuse Group Holding has a M-score of -2.39 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 -2.39 mean?
Amuse Group Holding (HKSE:08545) has a Beneish M-Score of -2.39 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Amuse Group Holding and its competitors. According to the industry distribution chart, Amuse Group Holding ranks #558 out of 814 companies in the Travel & Leisure industry, placing it in the top 68.6%.
Is Amuse Group Holding's Beneish M-Score too high?
Amuse Group Holding's current Beneish M-Score is -2.39. Based on the distribution chart, Amuse Group Holding ranks #558 out of 814 companies in the Travel & Leisure industry, which is below the industry midpoint.
How does Amuse Group Holding's Beneish M-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Amuse Group Holding ranks #558 out of 814 companies for Beneish M-Score. This places Amuse Group Holding 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 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 Amuse Group Holding and its competitors. Amuse Group Holding's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Amuse Group Holding stock overvalued right now?
Based on GuruFocus' analysis, Amuse Group Holding (HKSE:08545) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.02, compared to a current price of HK$0.04 — trading 105% above its estimated fair value. The current Beneish M-Score is -2.39. 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 Amuse Group Holding (HKSE:08545), the current Beneish M-Score is -2.39 as of Aug. 09, 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.

Amuse Group Holding Business Description

Address No. 88 Yeung Uk Road, Flat B, 33th Floor, Plaza 88, Tsuen Wan, New Territories, Hong Kong, HKG
Amuse Group Holding Ltd is a Hong Kong-based toy company. It is engaged in the designing, marketing, distribution, and retail sales of toys and related products. Some of its brands are TOPI, FLAME TOYS, and SENTINEL. The company manages its business through three divisions, namely sales of ODM toys to license holders, distribution of imported toys and related products, and sales of its own licensed toys and related products. It generates a majority of its revenue from the distribution of imported toys and related products. Geographically, the company generates a majority of its revenue from Japan, followed by Mainland China of the PRC, Hong Kong, the USA, Taiwan, South Korea, Germany, Australia, and other regions.