TRUHF (Truly International Holdings) Beneish M-Score: -3.48 (As of Jul. 16, 2026)

Author:

Vera Yuan

Director of Data and Quant Analytics at GuruFocus

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.

View Profile →

Reviewed by:

Charlie Tian

Founder & CEO of GuruFocus

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.

View Profile →

Truly International Holdings Ltd TRUHF

45 GF Score

Price $0.12

GF Value $0.13

Valuation Fairly Valued

6 Warning Signs

View Full Analysis

What is Truly International Holdings Beneish M-Score?

Truly International Holdings TRUHF 45 Beneish M-Score is -3.48 as of Jul. 16, 2026. GuruFocus rates TRUHF with a GF Score™ of 45/100 and a GF Value™ of $0.13 (Fairly Valued). The stock has 6 warning signs investors should review. Among 2,407 Hardware companies, Truly International Holdings ranks better than 92.36% 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 -3.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TRUHF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.67 Med: -3.13 Max: -2.3
Current: -3.48

During the past 13 years, the highest Beneish M-Score of Truly International Holdings was -2.30. The lowest was -3.67. And the median was -3.13.

Truly International Holdings Beneish M-Score Related Terms

Truly International Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Truly International Holdings'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.

Truly International Holdings Beneish M-Score Chart

Truly International Holdings Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-3.67

-2.88

-3.45

-3.49

-3.48

Truly International Holdings Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-3.45	0.00	-3.49	0.00	-3.48

TRUHF vs APH, GLW: Beneish M-Score Comparison

For the Electronic Components subindustry, Truly International 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.

Truly International Holdings Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Truly International Holdings's Beneish M-Score distribution charts can be found below:

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

Save Embed

45GF Score

Truly International Holdings Ltd TRUHF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Truly International 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 Truly International Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0786

0.528 * 1.0031

0.404 * 0.987

0.892 * 0.924

0.115 * 1.0448

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9797

4.679 * -0.215881

0.327 * 1.0073

-3.48

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $629 Mil.
Revenue was $2,121 Mil.
Gross Profit was $164 Mil.
Total Current Assets was $1,288 Mil.
Total Assets was $3,325 Mil.
Property, Plant and Equipment(Net PPE) was $1,614 Mil.
Depreciation, Depletion and Amortization(DDA) was $161 Mil.
Selling, General, & Admin. Expense(SGA) was $91 Mil.
Total Current Liabilities was $1,772 Mil.
Long-Term Debt & Capital Lease Obligation was $289 Mil.
Net Income was $35 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $753 Mil.

Total Receivables was $631 Mil.
Revenue was $2,295 Mil.
Gross Profit was $178 Mil.
Total Current Assets was $1,176 Mil.
Total Assets was $3,184 Mil.
Property, Plant and Equipment(Net PPE) was $1,597 Mil.
Depreciation, Depletion and Amortization(DDA) was $167 Mil.
Selling, General, & Admin. Expense(SGA) was $101 Mil.
Total Current Liabilities was $1,905 Mil.
Long-Term Debt & Capital Lease Obligation was $53 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)
	=	(629.079 / 2120.54)	/	(631.256 / 2295.028)
	=	0.29666	/	0.275054
	=	1.0786

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)
	=	(178.33 / 2295.028)	/	(164.257 / 2120.54)
	=	0.077703	/	0.07746
	=	1.0031

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 - (1288.307 + 1614.374) / 3325.438)	/	(1 - (1176.452 + 1597.289) / 3183.833)
	=	0.127128	/	0.128804
	=	0.987

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
	=	2120.54	/	2295.028
	=	0.924

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))
	=	(166.777 / (166.777 + 1597.289))	/	(160.616 / (160.616 + 1614.374))
	=	0.094541	/	0.090488
	=	1.0448

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)
	=	(90.997 / 2120.54)	/	(100.526 / 2295.028)
	=	0.042912	/	0.043802
	=	0.9797

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)
	=	((288.606 + 1772.39) / 3325.438)	/	((53.443 + 1905.447) / 3183.833)
	=	0.619767	/	0.615262
	=	1.0073

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
	=	(35.238 - 0	-	753.136)	/	3325.438
	=	-0.215881

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.

Truly International Holdings has a M-score of -3.48 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 -3.48 mean?

Truly International Holdings (TRUHF) has a Beneish M-Score of -3.48 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Truly International Holdings and its competitors. According to the industry distribution chart, Truly International Holdings ranks #184 out of 2407 companies in the Hardware industry, placing it in the top 7.6%.

Is Truly International Holdings' Beneish M-Score too high?

Truly International Holdings' current Beneish M-Score is -3.48. Based on the distribution chart, Truly International Holdings ranks #184 out of 2407 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Truly International Holdings has a GF Score™ of 45/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Truly International Holdings' Beneish M-Score compare to APH and GLW?

According to the Hardware industry distribution chart, Truly International Holdings ranks #184 out of 2407 companies for Beneish M-Score. This places Truly International Holdings in the top 8% 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 Hardware company?

A good Beneish M-Score depends on the Hardware 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 Truly International Holdings and its competitors. Truly International Holdings's current Beneish M-Score is -3.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Truly International Holdings stock overvalued right now?

Based on GuruFocus' analysis, Truly International Holdings (TRUHF) is currently considered Fairly Valued. The stock's GF Value™ is $0.13, compared to a current price of $0.12 — trading 7.2% below its estimated fair value. The current Beneish M-Score is -3.48. Truly International Holdings' overall GF Score™ is 45/100 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 Truly International Holdings (TRUHF), the current Beneish M-Score is -3.48 as of Jul. 16, 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 Truly International Holdings (TRUHF) Overvalued in 2026?

Based on GuruFocus' analysis, Truly International Holdings stock appears to be undervalued. The current stock price of $0.12 is trading 7.2% below its estimated GF Value™ of $0.13. GuruFocus considers Truly International Holdings to be Fairly Valued.

Key valuation signals for TRUHF:

Beneish M-Score: -3.48
GF Value™: $0.13 vs. price of $0.12 (7.2% below fair value)
GF Score™: 45/100 with 6 warning signs

No single metric tells the full story. See the TRUHF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Truly International Holdings Business Description

Industry Technology Hardware

Comparable Companies HKSE:00117 HKSE:00710 HKSE:00894 HKSE:00031 HKSE:02650 HKSE:02665 HKSE:00259 HKSE:02551 HKSE:09609 HKSE:00334 APH GLW TPE:2308 TSE:6981 TPE:2317 XKRX:009150 SZSE:002475 SZSE:002384 TPE:2327 SHSE:600183

Other Exchanges 00732:Hong Kong TYU2:Germany

Address 1-3 Wing Yip Street, 2nd Floor, Chung Shun Knitting Centre, Kwai Chung, New Territories, Hong Kong, HKG

Website https://www.truly.com.hk

Truly International Holdings Ltd is an investment holding company. The subsidiaries of the company are principally engaged in the business of manufacturing and sale of liquid crystal display (LCD) products including touch panel products and electronic consumer products including a compact camera module, fingerprint identification modules, personal health care products and electrical devices. The Group is currently organised into two operating segments which are sales of LCD products and electronic consumer products. The LCD products manufacture and distribute LCD products and touch panel products. Electronic consumer products manufacture and distribute electronic consumer products such as CCM, fingerprint identification modules, personal health care products and electrical devices.

45GF Score

Get the complete analysis for TRUHF

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$0.12

Price

$0.13

GF Value

View TRUHF Analysis

See Beneish M-Score data for all stocks →