Harbin Bank Co (FRA:5H6) Beneish M-Score: -2.91 (As of Jun. 27, 2026)


FRA:5H6 Harbin Bank Co Ltd FRA:5H6
43 GF Score
Price €0.03
GF Value €0.03
! 5 Warning Signs
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What is Harbin Bank Co Beneish M-Score?

Harbin Bank Co FRA:5H6 -6.06% 43 Beneish M-Score is -2.91 as of Jun. 27, 2026. GuruFocus rates FRA:5H6 with a GF Score™ of 43/100 and a GF Value™ of €0.03. The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Harbin Bank Co ranks better than 92.05% 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 -2.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:5H6' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04   Med: -2.7   Max: -2.09
Current: -2.91

During the past 13 years, the highest Beneish M-Score of Harbin Bank Co was -2.09. The lowest was -3.04. And the median was -2.70.

FRA:5H6
43GF Score
Harbin Bank Co Ltd FRA:5H6
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Harbin Bank 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 Harbin Bank 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 * 1.0013+0.892 * 0.8+0.115 * 1.0342
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2339+4.679 * -0.052605-0.327 * 1.153
=-2.99

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €0 Mil.
Revenue was €1,397 Mil.
Gross Profit was €1,397 Mil.
Total Current Assets was €0 Mil.
Total Assets was €123,597 Mil.
Property, Plant and Equipment(Net PPE) was €929 Mil.
Depreciation, Depletion and Amortization(DDA) was €79 Mil.
Selling, General, & Admin. Expense(SGA) was €205 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €10,355 Mil.
Net Income was €139 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €6,641 Mil.
 Total Receivables was €0 Mil.
Revenue was €1,746 Mil.
Gross Profit was €1,746 Mil.
Total Current Assets was €0 Mil.
Total Assets was €120,181 Mil.
Property, Plant and Equipment(Net PPE) was €1,064 Mil.
Depreciation, Depletion and Amortization(DDA) was €94 Mil.
Selling, General, & Admin. Expense(SGA) was €207 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €8,733 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 / 1396.51) / (0 / 1745.645)
=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)
=(1745.645 / 1745.645) / (1396.51 / 1396.51)
=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 + 929.408) / 123596.716) / (1 - (0 + 1063.629) / 120180.957)
=0.99248 / 0.99115
=1.0013

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
=1396.51 / 1745.645
=0.8

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))
=(94.012 / (94.012 + 1063.629)) / (79.198 / (79.198 + 929.408))
=0.08121 / 0.078522
=1.0342

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)
=(204.82 / 1396.51) / (207.496 / 1745.645)
=0.146666 / 0.118865
=1.2339

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)
=((10355.33 + 0) / 123596.716) / ((8732.884 + 0) / 120180.957)
=0.083783 / 0.072664
=1.153

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
=(138.9 - 0 - 6640.65) / 123596.716
=-0.052605

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.

Harbin Bank Co has a M-score of -2.99 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 -2.91 mean?
Harbin Bank Co (FRA:5H6) has a Beneish M-Score of -2.91 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Harbin Bank Co and its competitors. According to the industry distribution chart, Harbin Bank Co ranks #111 out of 1397 companies in the Banks industry, placing it in the top 7.9%.
Is Harbin Bank Co's Beneish M-Score too high?
Harbin Bank Co's current Beneish M-Score is -2.91. Based on the distribution chart, Harbin Bank Co ranks #111 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Harbin Bank Co has a GF Score™ of 43/100, reflecting its overall financial health beyond just this single metric.
How does Harbin Bank Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Harbin Bank Co ranks #111 out of 1397 companies for Beneish M-Score. This places Harbin Bank Co 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Harbin Bank Co and its competitors. Harbin Bank Co's current Beneish M-Score is -2.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Harbin Bank Co stock overvalued right now?
Harbin Bank Co (FRA:5H6) has a current Beneish M-Score of -2.91. The stock's GF Value™ is €0.03, compared to a current price of €0.03 — trading 3.3% above its estimated fair value. The current Beneish M-Score is -2.91. Harbin Bank Co's overall GF Score™ is 43/100 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 Harbin Bank Co (FRA:5H6), the current Beneish M-Score is -2.91 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 Harbin Bank Co (FRA:5H6) Overvalued in 2026?

Based on GuruFocus' analysis, Harbin Bank Co stock appears to be overvalued. The current stock price of €0.03 is trading 3.3% above its estimated GF Value™ of €0.03.

Key valuation signals for FRA:5H6:

  • Beneish M-Score: -2.91
  • GF Value™: €0.03 vs. price of €0.03 (3.3% above fair value)
  • GF Score™: 43/100 with 5 warning signs

No single metric tells the full story. See the FRA:5H6 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Harbin Bank Co Business Description

Other Exchanges 06138:Hong Kong
Address No. 888 Shangjiang Street, Daoli District, Heilongjiang Province, Harbin, CHN, 150010
Harbin Bank Co Ltd provides deposit services, loan services, payment and settlement services and financial leasing services, as well as other financial services approved by the NFRA. Its segments include Corporate financial business, Retail financial business, Interbank financial business, and Other business. The majority of the revenue is derived from Corporate financial business which provides financial products and services to corporate customers, including deposits, loans, settlement and clearing and other products and services relating to the trading business. Its geographical segments include Heilongjiang region, Other regions in Northeastern China, Southwestern China, and Other regions.
43GF Score

Get the complete analysis for FRA:5H6

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

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