Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Top Score Fashion CoSHSE:603608 -0.52%45 Beneish M-Score is -2.50 as of Sep. 20, 2026. GuruFocus rates SHSE:603608 with a GF Score™ of 45/100 and a GF Value™ of ¥5.12 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 1,008 Manufacturing - Apparel & Accessories companies, Top Score Fashion Co ranks worse than 52.38% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Top Score Fashion Co's Beneish M-Score or its related term are showing as below:
SHSE:603608'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.99 Med: -2.87 Max: -1.31
Current: -2.5
During the past 13 years, the highest Beneish M-Score of Top Score Fashion Co was -1.31. The lowest was -4.99. And the median was -2.87.
Top Score Fashion Co Beneish M-Score Related Terms
Top Score Fashion Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Top Score Fashion Co'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.
SHSE:603608 vs NKE, DECK, ONON: Beneish M-Score Comparison
For the Footwear & Accessories subindustry, Top Score Fashion Co'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 Score Fashion Co Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Top Score Fashion Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Top Score Fashion Co'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 Score Fashion Co 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 * 0.7636
+
0.528 * 1.0489
+
0.404 * 1.5413
+
0.892 * 1.0873
+
0.115 * 0.3748
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8405
+
4.679 * -0.069508
-
0.327 * 0.6141
=
-2.62
* 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))
=
(60.452 / (60.452 + 413.345))
/
(50.22 / (50.22 + 97.32))
=
0.12759
/
0.340381
=
0.3748
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
=
(36.644 - 0
-
141.307)
/
1505.77
=
-0.069508
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 Score Fashion Co has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
Top Score Fashion Co (SHSE:603608) has a Beneish M-Score of -2.50 as of Sep. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Top Score Fashion Co and its competitors. According to the industry distribution chart, Top Score Fashion Co ranks #528 out of 1008 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 52.4%.
Is Top Score Fashion Co's Beneish M-Score too high?
Top Score Fashion Co's current Beneish M-Score is -2.50. Based on the distribution chart, Top Score Fashion Co ranks #528 out of 1008 companies in the Manufacturing - Apparel & Accessories industry, which is below the industry midpoint. Overall, Top Score Fashion Co has a GF Score™ of 45/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Top Score Fashion Co's Beneish M-Score compare to NKE and DECK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Top Score Fashion Co ranks #528 out of 1008 companies for Beneish M-Score. This places Top Score Fashion Co 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 Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Score Fashion Co and its competitors. Top Score Fashion Co's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Top Score Fashion Co stock overvalued right now?
Based on GuruFocus' analysis, Top Score Fashion Co (SHSE:603608) is currently considered Significantly Overvalued. The stock's GF Value™ is ¥5.12, compared to a current price of ¥21.10 — trading 312.1% above its estimated fair value. The current Beneish M-Score is -2.50. Top Score Fashion Co's overall GF Score™ is 45/100 with 2 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 Score Fashion Co (SHSE:603608), the current Beneish M-Score is -2.50 as of Sep. 20, 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 Score Fashion Co (SHSE:603608) Overvalued in 2026?
Based on GuruFocus' analysis, Top Score Fashion Co stock appears to be overvalued.
The current stock price of ¥21.10 is trading 312.1% above its estimated GF Value™ of ¥5.12.
GuruFocus considers Top Score Fashion Co to be Significantly Overvalued.
Key valuation signals for SHSE:603608:
Beneish M-Score: -2.50
GF Value™: ¥5.12 vs. price of ¥21.10 (312.1% above fair value)
No single metric tells the full story. See the SHSE:603608 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Top Score Fashion Co Ltd provides women's footwear products primarily in China. It offers leather, fur, and feather footwear products under the KISSCAT, Kiss Kitty, ZSAZSAZSU, tigrisso, and Patricia brands.
45GF Score
Get the complete analysis for SHSE:603608
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
SHSE:603608 has been successfully added to your 
