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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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Hokkan Holdings's Beneish M-Score or its related term are showing as below:
TSE:5902'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.77 Max: -2.36
Current: -2.71
During the past 13 years, the highest Beneish M-Score of Hokkan Holdings was -2.36. The lowest was -3.11. And the median was -2.77.
Hokkan Holdings Beneish M-Score Related Terms
Hokkan Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Hokkan 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.
TSE:5902 vs SW, PKG, IP: Beneish M-Score Comparison
For the Packaging & Containers subindustry, Hokkan 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.
Hokkan Holdings Beneish M-Score vs Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Hokkan Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hokkan Holdings'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 Hokkan 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 * 0.9868
+
0.528 * 0.9936
+
0.404 * 1.0083
+
0.892 * 0.9799
+
0.115 * 1.0962
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.044118
-
0.327 * 1.0241
=
-2.71
* 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))
=
(6625 / (6625 + 59290))
/
(6726 / (6726 + 66632))
=
0.100508
/
0.091687
=
1.0962
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
=
(3278 - 0
-
9394)
/
138627
=
-0.044118
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.
Hokkan Holdings has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
Hokkan Holdings (TSE:5902) has a Beneish M-Score of -2.71 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hokkan Holdings and its competitors. According to the industry distribution chart, Hokkan Holdings ranks #129 out of 375 companies in the Packaging & Containers industry, placing it in the top 34.4%.
Is Hokkan Holdings' Beneish M-Score too high?
Hokkan Holdings' current Beneish M-Score is -2.71. Based on the distribution chart, Hokkan Holdings ranks #129 out of 375 companies in the Packaging & Containers industry, which is above the industry midpoint. Overall, Hokkan Holdings has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hokkan Holdings' Beneish M-Score compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, Hokkan Holdings ranks #129 out of 375 companies for Beneish M-Score. This puts Hokkan Holdings 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 Packaging & Containers company?
A good Beneish M-Score depends on the Packaging & Containers 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 Hokkan Holdings and its competitors. Hokkan Holdings's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hokkan Holdings stock overvalued right now?
Based on GuruFocus' analysis, Hokkan Holdings (TSE:5902) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,711.66, compared to a current price of 円2,431.00 — trading 42% above its estimated fair value. The current Beneish M-Score is -2.71. Hokkan Holdings' overall GF Score™ is 56/100 with 8 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 Hokkan Holdings (TSE:5902), the current Beneish M-Score is -2.71 as of Jul. 30, 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 Hokkan Holdings (TSE:5902) Overvalued in 2026?
Based on GuruFocus' analysis, Hokkan Holdings stock appears to be overvalued.
The current stock price of 円2,431.00 is trading 42% above its estimated GF Value™ of 円1,711.66.
GuruFocus considers Hokkan Holdings to be Significantly Overvalued.
Key valuation signals for TSE:5902:
Beneish M-Score: -2.71
GF Value™: 円1,711.66 vs. price of 円2,431.00 (42% above fair value)
No single metric tells the full story. See the TSE:5902 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hokkan Holdings Ltd is engaged in the packaging and container business. The company's division includes the Container business, Filling business, Overseas business, and Others. The container business includes containers for food and beverages. The filling business consists of containers for various drinks consignment filling, and the Overseas Business, which manufactures and sells beverage packaging overseas, and manufactures beverages on a contract basis.
56GF Score
Get the complete analysis for TSE:5902
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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