Miyoshi (SGX:M03) Beneish M-Score: -2.96 (As of Jul. 31, 2026)

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What is Miyoshi Beneish M-Score?

Miyoshi SGX:M03 Beneish M-Score is -2.96 as of Jul. 31, 2026. The stock has 3 warning signs investors should review. Among 2,909 Industrial Products companies, Miyoshi ranks better than 86.39% 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 -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SGX:M03' s Beneish M-Score Range Over the Past 10 Years
Min: -5.08   Med: -2.84   Max: -1.75
Current: -2.96

During the past 13 years, the highest Beneish M-Score of Miyoshi was -1.75. The lowest was -5.08. And the median was -2.84.

Miyoshi Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Miyoshi'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.

Miyoshi Beneish M-Score Chart

Miyoshi Annual Data
Trend Aug16 Aug17 Aug18 Aug19 Aug20 Aug21 Aug22 Aug23 Aug24 Aug25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.74 -2.08 -2.77 -3.04 -2.96

Miyoshi Semi-Annual Data
Aug16 Feb17 Aug17 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 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 -2.04 -3.04 -1.75 -2.96 0.00

SGX:M03 vs CRS, ATI, MLI: Beneish M-Score Comparison

For the Metal Fabrication subindustry, Miyoshi'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.

Miyoshi Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Miyoshi's Beneish M-Score distribution charts can be found below:

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


Miyoshi 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 Miyoshi 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 * 0.9435+0.528 * 0.9402+0.404 * 1.0925+0.892 * 0.8309+0.115 * 1.0048
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9151+4.679 * -0.060136-0.327 * 1.0577
=-2.96

* 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 (Aug25) TTM:Last Year (Aug24) TTM:
Total Receivables was S$8.40 Mil.
Revenue was S$32.87 Mil.
Gross Profit was S$13.80 Mil.
Total Current Assets was S$20.06 Mil.
Total Assets was S$43.10 Mil.
Property, Plant and Equipment(Net PPE) was S$17.10 Mil.
Depreciation, Depletion and Amortization(DDA) was S$2.52 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.71 Mil.
Total Current Liabilities was S$16.55 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.67 Mil.
Net Income was S$-3.00 Mil.
Gross Profit was S$0.00 Mil.
Cash Flow from Operations was S$-0.41 Mil.
 Total Receivables was S$10.71 Mil.
Revenue was S$39.56 Mil.
Gross Profit was S$15.61 Mil.
Total Current Assets was S$22.29 Mil.
Total Assets was S$47.32 Mil.
Property, Plant and Equipment(Net PPE) was S$19.05 Mil.
Depreciation, Depletion and Amortization(DDA) was S$2.83 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.94 Mil.
Total Current Liabilities was S$13.41 Mil.
Long-Term Debt & Capital Lease Obligation was S$4.46 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)
=(8.397 / 32.874) / (10.711 / 39.562)
=0.25543 / 0.27074
=0.9435

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)
=(15.609 / 39.562) / (13.795 / 32.874)
=0.394545 / 0.419633
=0.9402

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 - (20.061 + 17.095) / 43.102) / (1 - (22.294 + 19.051) / 47.32)
=0.137952 / 0.126268
=1.0925

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
=32.874 / 39.562
=0.8309

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))
=(2.826 / (2.826 + 19.051)) / (2.522 / (2.522 + 17.095))
=0.129177 / 0.128562
=1.0048

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)
=(0.714 / 32.874) / (0.939 / 39.562)
=0.021719 / 0.023735
=0.9151

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)
=((0.665 + 16.546) / 43.102) / ((4.455 + 13.41) / 47.32)
=0.399309 / 0.377536
=1.0577

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
=(-3.003 - 0 - -0.411) / 43.102
=-0.060136

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.

Miyoshi has a M-score of -2.96 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 -2.96 mean?
Miyoshi (SGX:M03) has a Beneish M-Score of -2.96 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Miyoshi and its competitors. According to the industry distribution chart, Miyoshi ranks #396 out of 2909 companies in the Industrial Products industry, placing it in the top 13.6%.
Is Miyoshi's Beneish M-Score too high?
Miyoshi's current Beneish M-Score is -2.96. Based on the distribution chart, Miyoshi ranks #396 out of 2909 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers.
How does Miyoshi's Beneish M-Score compare to CRS and ATI?
According to the Industrial Products industry distribution chart, Miyoshi ranks #396 out of 2909 companies for Beneish M-Score. This places Miyoshi in the top 14% 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Miyoshi and its competitors. Miyoshi's current Beneish M-Score is -2.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Miyoshi stock overvalued right now?
Miyoshi (SGX:M03) has a current Beneish M-Score of -2.96. The current Beneish M-Score is -2.96. 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 Miyoshi (SGX:M03), the current Beneish M-Score is -2.96 as of Jul. 31, 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.

Miyoshi Business Description

Address 26, Boon Lay Way, No. 01-80, Tradehub 21, Singapore, SGP, 609970
Miyoshi Ltd is employed in designing and manufacturing mould and precision pressed parts and trading in related products and trading commodities. It operates in four segments. The Data Storage segment is engaged in the manufacture of metal semi-finished components for hard disk drives and removable storage devices, The Consumer Electronics segment is engaged in the manufacture of metal semi-finished components for photocopiers, scanners, and printers, The Automotive segment is engaged in the manufacture of finished products of light electric vehicles and semi-finished metal components and The Other segment includes commodities trading and rental income arising from investment properties.