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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 -0.7 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Ever Glory United Holdings's Beneish M-Score or its related term are showing as below:
SGX:ZKX'
s Beneish M-Score Range Over the Past 10 Years
Min: -1.22 Med: -1.19 Max: -0.7
Current: -0.7
During the past 6 years, the highest Beneish M-Score of Ever Glory United Holdings was -0.70. The lowest was -1.22. And the median was -1.19.
Ever Glory United Holdings Beneish M-Score Related Terms
Ever Glory United Holdings Beneish M-Score Historical Data
* 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.
SGX:ZKX vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Ever Glory United 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.
Ever Glory United Holdings Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Ever Glory United Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ever Glory United Holdings's Beneish M-Score falls into.
Ever Glory United Holdings 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 Ever Glory United 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 * 1.5491
+
0.528 * 0.7454
+
0.404 * 1.3319
+
0.892 * 1.5592
+
0.115 * 6.0858
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.2383
+
4.679 * 0.057015
-
0.327 * 1.0896
=
-0.70
* 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))
=
(0.609 / (0.609 + 0.713))
/
(2.276 / (2.276 + 27.792))
=
0.460666
/
0.075695
=
6.0858
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
=
(20.122 - 0
-
10.386)
/
170.761
=
0.057015
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.
Ever Glory United Holdings has a M-score of -0.70 signals that the company is likely to be a manipulator.
Ever Glory United Holdings (SGX:ZKX) has a Beneish M-Score of -0.70 as of Jul. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ever Glory United Holdings and its competitors. According to the industry distribution chart, Ever Glory United Holdings ranks #1594 out of 1700 companies in the Construction industry, placing it in the top 93.8%.
Is Ever Glory United Holdings' Beneish M-Score too high?
Ever Glory United Holdings' current Beneish M-Score is -0.70. Based on the distribution chart, Ever Glory United Holdings ranks #1594 out of 1700 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Ever Glory United Holdings has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ever Glory United Holdings' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Ever Glory United Holdings ranks #1594 out of 1700 companies for Beneish M-Score. This places Ever Glory United 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Ever Glory United Holdings and its competitors. Ever Glory United Holdings's current Beneish M-Score is -0.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ever Glory United Holdings stock overvalued right now?
Based on GuruFocus' analysis, Ever Glory United Holdings (SGX:ZKX) is currently considered Significantly Overvalued. The stock's GF Value™ is S$0.52, compared to a current price of S$0.80 — trading 52.9% above its estimated fair value. The current Beneish M-Score is -0.70. Ever Glory United Holdings' overall GF Score™ is 60/100 with 4 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 Ever Glory United Holdings (SGX:ZKX), the current Beneish M-Score is -0.70 as of Jul. 18, 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 Ever Glory United Holdings (SGX:ZKX) Overvalued in 2026?
Based on GuruFocus' analysis, Ever Glory United Holdings stock appears to be overvalued.
The current stock price of S$0.80 is trading 52.9% above its estimated GF Value™ of S$0.52.
GuruFocus considers Ever Glory United Holdings to be Significantly Overvalued.
Key valuation signals for SGX:ZKX:
Beneish M-Score: -0.70
GF Value™: S$0.52 vs. price of S$0.80 (52.9% above fair value)
No single metric tells the full story. See the SGX:ZKX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ever Glory United Holdings Ltd is a Singapore-based investment holding company. Along with its subsidiaries, it mainly provides M&E engineering services, which include the supply and installation of air-conditioning and mechanical ventilation (ACMV) systems, electrical engineering systems, fire alarms and fire protection (FP) systems and plumbing, sanitary and gas (PSG) systems, the provision of integrated building services (IBS) etc. These services are offered in private and public sector projects. The Group is organised into two business segments as follows: M&E engineering services encompassing construction contracts, maintenance, and car park services; and the Property development segment relating to the development of properties. Geographically, it mainly operates in Singapore.
60GF Score
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