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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for China Risun Group's Beneish M-Score or its related term are showing as below:
FRA:45Y'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.78 Med: -2.41 Max: -1.75
Current: -2.63
During the past 11 years, the highest Beneish M-Score of China Risun Group was -1.75. The lowest was -2.78. And the median was -2.41.
China Risun Group Beneish M-Score Related Terms
China Risun Group Beneish M-Score Historical Data
* Premium members only.
The historical data trend for China Risun Group'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.
For the Chemicals subindustry, China Risun Group'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 Risun Group Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, China Risun Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Risun Group'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 China Risun Group 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 * 1.3249
+
0.528 * 0.941
+
0.404 * 0.9847
+
0.892 * 0.7639
+
0.115 * 1.125
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1851
+
4.679 * -0.055073
-
0.327 * 1.03
=
-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))
=
(305.855 / (305.855 + 3882.897))
/
(248.865 / (248.865 + 3585.436))
=
0.073018
/
0.064905
=
1.125
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
=
(7.034 - 0
-
420.125)
/
7500.756
=
-0.055073
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 Risun Group has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
China Risun Group (FRA:45Y) has a Beneish M-Score of -2.63 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Risun Group and its competitors. According to the industry distribution chart, China Risun Group ranks #598 out of 1530 companies in the Chemicals industry, placing it in the top 39.1%.
Is China Risun Group's Beneish M-Score too high?
China Risun Group's current Beneish M-Score is -2.63. Based on the distribution chart, China Risun Group ranks #598 out of 1530 companies in the Chemicals industry, which is above the industry midpoint. Overall, China Risun Group has a GF Score™ of 53/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does China Risun Group's Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, China Risun Group ranks #598 out of 1530 companies for Beneish M-Score. This puts China Risun Group 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Risun Group and its competitors. China Risun Group's current Beneish M-Score is -2.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Risun Group stock overvalued right now?
Based on GuruFocus' analysis, China Risun Group (FRA:45Y) is currently considered Possible Value Trap. The stock's GF Value™ is €0.36, compared to a current price of €0.22 — trading 38.3% below its estimated fair value. The current Beneish M-Score is -2.63. China Risun Group's overall GF Score™ is 53/100 with 9 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 Risun Group (FRA:45Y), the current Beneish M-Score is -2.63 as of Jun. 27, 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 China Risun Group (FRA:45Y) Overvalued in 2026?
Based on GuruFocus' analysis, China Risun Group stock appears to be undervalued.
The current stock price of €0.22 is trading 38.3% below its estimated GF Value™ of €0.36.
GuruFocus considers China Risun Group to be Possible Value Trap.
Key valuation signals for FRA:45Y:
Beneish M-Score: -2.63
GF Value™: €0.36 vs. price of €0.22 (38.3% below fair value)
No single metric tells the full story. See the FRA:45Y stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Risun Group Ltd is an integrated coke, coking chemical, and refined chemical producer and supplier in China. The company's reportable segments are Coke and coking chemicals manufacturing, Refined chemicals manufacturing, Operation management, Trading, and Others. It generates key revenue from the Refined Chemicals manufacturing segment and Coke and Coking Manufacturing segment. The Refined Chemicals manufacturing segment includes the purchase of coking chemicals from the group's coke and coking chemicals manufacturing segment and third parties, and processing such coking chemicals into refined chemical products. The Coke and coking chemicals manufacturing segment includes the production and sale of coke and a series of coking chemicals from externally sourced coking coals processed.
53GF Score
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