CIIHF (CITIC Securities Co) Beneish M-Score: -2.57 (As of Jun. 25, 2026)


CIIHF CITIC Securities Co Ltd CIIHF
69 GF Score
Price $3.50
GF Value $3.76
! 2 Warning Signs
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What is CITIC Securities Co Beneish M-Score?

CITIC Securities Co CIIHF 69 Beneish M-Score is -2.57 as of Jun. 25, 2026. GuruFocus rates CIIHF with a GF Score™ of 69/100 and a GF Value™ of $3.76. The stock has 2 warning signs investors should review. Among 702 Capital Markets companies, CITIC Securities Co ranks better than 68.8% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CITIC Securities Co's Beneish M-Score or its related term are showing as below:

CIIHF' s Beneish M-Score Range Over the Past 10 Years
Min: -7.53   Med: -2.42   Max: -1.55
Current: -2.57

During the past 13 years, the highest Beneish M-Score of CITIC Securities Co was -1.55. The lowest was -7.53. And the median was -2.42.

CIIHF
69GF Score
CITIC Securities Co Ltd CIIHF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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CITIC Securities 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 CITIC Securities 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+0.528 * 1+0.404 * 1.0009+0.892 * 1.3652+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9177+4.679 * -0.073551-0.327 * 1.1435
=-2.53

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $0 Mil.
Revenue was 3323.395 + 2698.813 + 3175.636 + 2278.43 = $11,476 Mil.
Gross Profit was 3323.395 + 2698.813 + 3175.636 + 2278.43 = $11,476 Mil.
Total Current Assets was $0 Mil.
Total Assets was $325,688 Mil.
Property, Plant and Equipment(Net PPE) was $1,579 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,580 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $43,894 Mil.
Net Income was 1482.295 + 982.108 + 1325.168 + 990.342 = $4,780 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 10905.429 + 2541.779 + 3629.528 + 11657.738 = $28,734 Mil.
 Total Receivables was $0 Mil.
Revenue was 2255.635 + 2213.065 + 2074.862 + 1863.04 = $8,407 Mil.
Gross Profit was 2255.635 + 2213.065 + 2074.862 + 1863.04 = $8,407 Mil.
Total Current Assets was $0 Mil.
Total Assets was $246,823 Mil.
Property, Plant and Equipment(Net PPE) was $1,420 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,261 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $29,090 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)
=(0 / 11476.274) / (0 / 8406.602)
=0 / 0
=1

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)
=(8406.602 / 8406.602) / (11476.274 / 11476.274)
=1 / 1
=1

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 - (0 + 1578.861) / 325688.025) / (1 - (0 + 1420.366) / 246822.616)
=0.995152 / 0.994245
=1.0009

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
=11476.274 / 8406.602
=1.3652

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))
=(0 / (0 + 1420.366)) / (0 / (0 + 1578.861))
=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

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)
=(1579.8 / 11476.274) / (1260.954 / 8406.602)
=0.137658 / 0.149996
=0.9177

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)
=((43894.001 + 0) / 325688.025) / ((29089.769 + 0) / 246822.616)
=0.134773 / 0.117857
=1.1435

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
=(4779.913 - 0 - 28734.474) / 325688.025
=-0.073551

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.

CITIC Securities Co has a M-score of -2.53 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 -2.57 mean?
CITIC Securities Co (CIIHF) has a Beneish M-Score of -2.57 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CITIC Securities Co and its competitors. According to the industry distribution chart, CITIC Securities Co ranks #219 out of 702 companies in the Capital Markets industry, placing it in the top 31.2%.
Is CITIC Securities Co's Beneish M-Score too high?
CITIC Securities Co's current Beneish M-Score is -2.57. Based on the distribution chart, CITIC Securities Co ranks #219 out of 702 companies in the Capital Markets industry, which is above the industry midpoint. Overall, CITIC Securities Co has a GF Score™ of 69/100, reflecting its overall financial health beyond just this single metric.
How does CITIC Securities Co's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, CITIC Securities Co ranks #219 out of 702 companies for Beneish M-Score. This puts CITIC Securities 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 CITIC Securities Co and its competitors. CITIC Securities Co's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CITIC Securities Co stock overvalued right now?
CITIC Securities Co (CIIHF) has a current Beneish M-Score of -2.57. The stock's GF Value™ is $3.76, compared to a current price of $3.50 — trading 6.9% below its estimated fair value. The current Beneish M-Score is -2.57. CITIC Securities Co's overall GF Score™ is 69/100 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 CITIC Securities Co (CIIHF), the current Beneish M-Score is -2.57 as of Jun. 25, 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 CITIC Securities Co (CIIHF) Overvalued in 2026?

Based on GuruFocus' analysis, CITIC Securities Co stock appears to be undervalued. The current stock price of $3.50 is trading 6.9% below its estimated GF Value™ of $3.76.

Key valuation signals for CIIHF:

  • Beneish M-Score: -2.57
  • GF Value™: $3.76 vs. price of $3.50 (6.9% below fair value)
  • GF Score™: 69/100 with 2 warning signs

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

CITIC Securities Co Business Description

Address No.48 Liangmaqiao Road, 10th Floor, CITIC Securities Tower, Chaoyang District, Beijing, CHN, 100026
CITIC Securities Co Ltd is a brokerage and investment group that provides brokerage, underwriting and sponsoring, proprietary trading, investment banking, asset management, investment advisory, Margin financing and securities lending, Stock option market-making, and other services. The company has five reportable segments, namely Investment Banking, Brokerage, Trading, Asset Management, and Others. The company derives maximum revenue from the Trading segment.
69GF Score

Get the complete analysis for CIIHF

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

$3.50
Price
$3.76
GF Value