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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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Zoy Home Furnishing Co's Beneish M-Score or its related term are showing as below:
SHSE:603709'
s Beneish M-Score Range Over the Past 10 Years
Min: -7.89 Med: -2.25 Max: -0.63
Current: -2.73
During the past 13 years, the highest Beneish M-Score of Zoy Home Furnishing Co was -0.63. The lowest was -7.89. And the median was -2.25.
Zoy Home Furnishing Co Beneish M-Score Related Terms
Zoy Home Furnishing Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Zoy Home Furnishing 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:603709 vs SN, SGI, MHK: Beneish M-Score Comparison
For the Furnishings, Fixtures & Appliances subindustry, Zoy Home Furnishing 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.
Zoy Home Furnishing Co Beneish M-Score vs Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Zoy Home Furnishing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zoy Home Furnishing Co's Beneish M-Score falls into.
Zoy Home Furnishing Co 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 Zoy Home Furnishing 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 * 1.024
+
0.528 * 0.8661
+
0.404 * 1.0943
+
0.892 * 1.0906
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1959
+
4.679 * -0.058665
-
0.327 * 1.0235
=
-2.73
* 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 + 576.301))
/
(0 / (0 + 532.692))
=
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
=
(-28.534 - 0
-
50.152)
/
1341.281
=
-0.058665
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.
Zoy Home Furnishing Co has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
Zoy Home Furnishing Co (SHSE:603709) has a Beneish M-Score of -2.73 as of Aug. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zoy Home Furnishing Co and its competitors. According to the industry distribution chart, Zoy Home Furnishing Co ranks #142 out of 418 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 34%.
Is Zoy Home Furnishing Co's Beneish M-Score too high?
Zoy Home Furnishing Co's current Beneish M-Score is -2.73. Based on the distribution chart, Zoy Home Furnishing Co ranks #142 out of 418 companies in the Furnishings, Fixtures & Appliances industry, which is above the industry midpoint. Overall, Zoy Home Furnishing Co has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Zoy Home Furnishing Co's Beneish M-Score compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, Zoy Home Furnishing Co ranks #142 out of 418 companies for Beneish M-Score. This puts Zoy Home Furnishing Co in the upper 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 Furnishings, Fixtures & Appliances company?
A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 Zoy Home Furnishing Co and its competitors. Zoy Home Furnishing Co's current Beneish M-Score is -2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zoy Home Furnishing Co stock overvalued right now?
Based on GuruFocus' analysis, Zoy Home Furnishing Co (SHSE:603709) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥13.90, compared to a current price of ¥10.76 — trading 22.6% below its estimated fair value. The current Beneish M-Score is -2.73. Zoy Home Furnishing Co's overall GF Score™ is 78/100 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 Zoy Home Furnishing Co (SHSE:603709), the current Beneish M-Score is -2.73 as of Aug. 03, 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 Zoy Home Furnishing Co (SHSE:603709) Overvalued in 2026?
Based on GuruFocus' analysis, Zoy Home Furnishing Co stock appears to be undervalued.
The current stock price of ¥10.76 is trading 22.6% below its estimated GF Value™ of ¥13.90.
GuruFocus considers Zoy Home Furnishing Co to be Modestly Undervalued.
Key valuation signals for SHSE:603709:
Beneish M-Score: -2.73
GF Value™: ¥13.90 vs. price of ¥10.76 (22.6% below fair value)
No single metric tells the full story. See the SHSE:603709 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Zoy Home Furnishing Co Ltd manufactures and markets furniture. The Company designs, produces, and sells ordinary and ergonomic sofas, and other related products. The company's products mainly include functional sofas, fixed sofas and single lounge chairs and others, such as manual function sofa, electric function sofa, armrest push back sofas, elderly chairs, household and commercial sofas and household and commercial single leisure chairs.
78GF Score
Get the complete analysis for SHSE:603709
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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