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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 -3.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for GHW International's Beneish M-Score or its related term are showing as below:
HKSE:09933'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.24 Max: 0.09
Current: -3.06
During the past 10 years, the highest Beneish M-Score of GHW International was 0.09. The lowest was -3.06. And the median was -2.24.
The historical data trend for GHW International'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 Chemicals subindustry, GHW International'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.
GHW International Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, GHW International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GHW International'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 GHW International 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 * 0.899
+
0.528 * 1.1541
+
0.404 * 0.584
+
0.892 * 1.102
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8587
+
4.679 * -0.110123
-
0.327 * 0.9958
=
-3.06
* 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))
=
(0 / (0 + 948.086))
/
(0 / (0 + 1022.449))
=
0
/
0
=
1
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
=
(14.049 - 0
-
265.653)
/
2284.749
=
-0.110123
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.
GHW International has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
GHW International (HKSE:09933) has a Beneish M-Score of -3.06 as of Aug. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GHW International and its competitors. According to the industry distribution chart, GHW International ranks #197 out of 1531 companies in the Chemicals industry, placing it in the top 12.9%.
Is GHW International's Beneish M-Score too high?
GHW International's current Beneish M-Score is -3.06. Based on the distribution chart, GHW International ranks #197 out of 1531 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, GHW International has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does GHW International's Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, GHW International ranks #197 out of 1531 companies for Beneish M-Score. This places GHW International in the top 13% of its industry — outperforming the majority of peers. 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 GHW International and its competitors. GHW International's current Beneish M-Score is -3.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GHW International stock overvalued right now?
Based on GuruFocus' analysis, GHW International (HKSE:09933) is currently considered Fairly Valued. The stock's GF Value™ is HK$1.79, compared to a current price of HK$1.68 — trading 6.4% below its estimated fair value. The current Beneish M-Score is -3.06. GHW International's overall GF Score™ is 85/100 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 GHW International (HKSE:09933), the current Beneish M-Score is -3.06 as of Aug. 22, 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 GHW International (HKSE:09933) Overvalued in 2026?
Based on GuruFocus' analysis, GHW International stock appears to be undervalued.
The current stock price of HK$1.68 is trading 6.4% below its estimated GF Value™ of HK$1.79.
GuruFocus considers GHW International to be Fairly Valued.
Key valuation signals for HKSE:09933:
Beneish M-Score: -3.06
GF Value™: HK$1.79 vs. price of HK$1.68 (6.4% below fair value)
No single metric tells the full story. See the HKSE:09933 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
GHW International is an applied chemical intermediates provider in the integrated chemical services market, which engages in the production and sales of chemicals and sales of chemicals produced by third-party manufacturers based in mainland China, the Southeast Asia region, Europe, and the United States. The company's business segment includes Methylamine Industry Series, Iodine derivatives and supporting products, Goldenhighway new materials, Advanced materials intermediates series, Green products, Healthcare and wellness, and Happy Elephant selections. Geographically, the company generates the majority of its revenue from the Mainland of China. It also has its presence in Europe; Vietnam; Other countries in Asia (excluding mainland China and Vietnam); and Others.
85GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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