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China Tourism Group Duty FreeCTGDF 81 Beneish M-Score is -1.43 as of Aug. 15, 2026. GuruFocus rates CTGDF with a GF Score™ of 81/100. The stock has 5 warning signs investors should review. Among 1,091 Retail - Cyclical companies, China Tourism Group Duty Free ranks worse than 87.08% 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.
Warning Sign:
Beneish M-Score -1.43 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for China Tourism Group Duty Free's Beneish M-Score or its related term are showing as below:
CTGDF'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.15 Med: -2.54 Max: -1.42
Current: -1.43
During the past 13 years, the highest Beneish M-Score of China Tourism Group Duty Free was -1.42. The lowest was -4.15. And the median was -2.54.
* 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.
China Tourism Group Duty Free Beneish M-Score Chart
CTGDF vs CASY, WSM, ULTA: Beneish M-Score Comparison
For the Specialty Retail subindustry, China Tourism Group Duty Free'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.
China Tourism Group Duty Free Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, China Tourism Group Duty Free's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Tourism Group Duty Free's Beneish M-Score falls into.
China Tourism Group Duty Free 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 China Tourism Group Duty Free 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 * 2.3551
+
0.528 * 0.9672
+
0.404 * 0.9786
+
0.892 * 1.015
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8311
+
4.679 * -0.014177
-
0.327 * 1.1645
=
-1.34
* 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 + 1355.262))
/
(0 / (0 + 2019.572))
=
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
=
(572.234 - 0
-
748.313)
/
12420.057
=
-0.014177
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.
China Tourism Group Duty Free has a M-score of -1.34 signals that the company is likely to be a manipulator.
China Tourism Group Duty Free (CTGDF) has a Beneish M-Score of -1.43 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Tourism Group Duty Free and its competitors. According to the industry distribution chart, China Tourism Group Duty Free ranks #950 out of 1091 companies in the Retail - Cyclical industry, placing it in the top 87.1%.
Is China Tourism Group Duty Free's Beneish M-Score too high?
China Tourism Group Duty Free's current Beneish M-Score is -1.43. Based on the distribution chart, China Tourism Group Duty Free ranks #950 out of 1091 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, China Tourism Group Duty Free has a GF Score™ of 81/100, reflecting its overall financial health beyond just this single metric.
How does China Tourism Group Duty Free's Beneish M-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, China Tourism Group Duty Free ranks #950 out of 1091 companies for Beneish M-Score. This places China Tourism Group Duty Free 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 China Tourism Group Duty Free and its competitors. China Tourism Group Duty Free's current Beneish M-Score is -1.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Tourism Group Duty Free stock overvalued right now?
China Tourism Group Duty Free (CTGDF) has a current Beneish M-Score of -1.43. The current Beneish M-Score is -1.43. China Tourism Group Duty Free's overall GF Score™ is 81/100 with 5 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 China Tourism Group Duty Free (CTGDF), the current Beneish M-Score is -1.43 as of Aug. 15, 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.
Established in 1984, China Tourism Group Duty Free is China's largest and the world's second-largest travel retailer in 2025 with revenue of CNY 54 billion. The company primarily operates duty-free stores at airports, border crossings, offshore, downtown, and on flights, cruises and ships, with about 200 stores spanning over 33 provinces in China, as well as overseas. The company also operates a duty-paid business. Its 2025 revenue mix was 73% duty-free sales and 27% duty-paid sales and others. CTG Duty Free is 50% owned by China Tourism Group, a state-owned enterprise that falls directly under the State-owned Assets Supervision and Administration Commission of the State Council.
81GF Score
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