China Citic Bank (FRA:D7C) Beneish M-Score: -2.43 (As of Jun. 25, 2026)


FRA:D7C China Citic Bank Corp Ltd FRA:D7C
57 GF Score
Price €0.77
GF Value €0.74
Valuation Fairly Valued
! 2 Warning Signs
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What is China Citic Bank Beneish M-Score?

China Citic Bank FRA:D7C -4.22% 57 Beneish M-Score is -2.43 as of Jun. 25, 2026. GuruFocus rates FRA:D7C with a GF Score™ of 57/100 and a GF Value™ of €0.74 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,396 Banks companies, China Citic Bank ranks better than 55.87% 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:D7C' s Beneish M-Score Range Over the Past 10 Years
Min: -17.19   Med: -2.43   Max: -1.52
Current: -2.43

During the past 13 years, the highest Beneish M-Score of China Citic Bank was -1.52. The lowest was -17.19. And the median was -2.43.

FRA:D7C
57GF Score
China Citic Bank Corp Ltd FRA:D7C
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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China Citic Bank 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 Citic Bank 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 * 0.9977+0.892 * 0.9643+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * -0.2755+4.679 * -0.049604-0.327 * 0.8499
=-2.48

* 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 6844.094 + 6769.361 + 6065.843 + 6468.329 = €26,148 Mil.
Gross Profit was 6844.094 + 6769.361 + 6065.843 + 6468.329 = €26,148 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,285,333 Mil.
Property, Plant and Equipment(Net PPE) was €11,095 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €-75 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €160,619 Mil.
Net Income was 2522.42 + 2088.803 + 2022.865 + 2048.928 = €8,683 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 23618.349 + 28208.603 + 21742.356 + -1128.003 = €72,441 Mil.
 Total Receivables was €0 Mil.
Revenue was 6598.758 + 6728.561 + 6745.531 + 7043.276 = €27,116 Mil.
Gross Profit was 6598.758 + 6728.561 + 6745.531 + 7043.276 = €27,116 Mil.
Total Current Assets was €0 Mil.
Total Assets was €1,257,518 Mil.
Property, Plant and Equipment(Net PPE) was €7,924 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €283 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €184,889 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 / 26147.627) / (0 / 27116.126)
=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)
=(27116.126 / 27116.126) / (26147.627 / 26147.627)
=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 + 11094.732) / 1285333.321) / (1 - (0 + 7923.613) / 1257517.678)
=0.991368 / 0.993699
=0.9977

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
=26147.627 / 27116.126
=0.9643

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 + 7923.613)) / (0 / (0 + 11094.732))
=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)
=(-75.273 / 26147.627) / (283.326 / 27116.126)
=-0.002879 / 0.010449
=-0.2755

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)
=((160618.957 + 0) / 1285333.321) / ((184888.862 + 0) / 1257517.678)
=0.124963 / 0.147027
=0.8499

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
=(8683.016 - 0 - 72441.305) / 1285333.321
=-0.049604

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 Citic Bank has a M-score of -2.48 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 -2.43 mean?
China Citic Bank (FRA:D7C) has a Beneish M-Score of -2.43 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Citic Bank and its competitors. According to the industry distribution chart, China Citic Bank ranks #616 out of 1396 companies in the Banks industry, placing it in the top 44.1%.
Is China Citic Bank's Beneish M-Score too high?
China Citic Bank's current Beneish M-Score is -2.43. Based on the distribution chart, China Citic Bank ranks #616 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, China Citic Bank has a GF Score™ of 57/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does China Citic Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, China Citic Bank ranks #616 out of 1396 companies for Beneish M-Score. This puts China Citic Bank 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 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 China Citic Bank and its competitors. China Citic Bank's current Beneish M-Score is -2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Citic Bank stock overvalued right now?
Based on GuruFocus' analysis, China Citic Bank (FRA:D7C) is currently considered Fairly Valued. The stock's GF Value™ is €0.74, compared to a current price of €0.77 — trading 3.6% above its estimated fair value. The current Beneish M-Score is -2.43. China Citic Bank's overall GF Score™ is 57/100 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 China Citic Bank (FRA:D7C), the current Beneish M-Score is -2.43 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 China Citic Bank (FRA:D7C) Overvalued in 2026?

Based on GuruFocus' analysis, China Citic Bank stock appears to be overvalued. The current stock price of €0.77 is trading 3.6% above its estimated GF Value™ of €0.74. GuruFocus considers China Citic Bank to be Fairly Valued.

Key valuation signals for FRA:D7C:

  • Beneish M-Score: -2.43
  • GF Value™: €0.74 vs. price of €0.77 (3.6% above fair value)
  • GF Score™: 57/100 with 2 warning signs

No single metric tells the full story. See the FRA:D7C stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

China Citic Bank Business Description

Address 10 Guanghua Road, 6-30th Floor and 32-42th Floor, Building No. 1, Chaoyang District, Beijing, CHN, 100020
China Citic Bank, headquartered in Beijing, ranks as China's ninth-largest commercial lender. The bank operates a nationwide network of 1,459 branches across 153 cities, supplemented by offshore presence in Hong Kong, Macao, New York, Los Angeles, and Singapore as of mid-2024. Founded in 1987, it serves as a core subsidiary of Citic Group, a premier state-owned conglomerate.
57GF Score

Get the complete analysis for FRA:D7C

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

€0.77
Price
€0.74
GF Value