Orient Securities Co (FRA:OS9) Beneish M-Score: -2.27 (As of Jun. 26, 2026)


FRA:OS9 Orient Securities Co Ltd FRA:OS9
59 GF Score
Price €0.62
GF Value €0.66
! 3 Warning Signs
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What is Orient Securities Co Beneish M-Score?

Orient Securities Co FRA:OS9 -1.59% 59 Beneish M-Score is -2.27 as of Jun. 26, 2026. GuruFocus rates FRA:OS9 with a GF Score™ of 59/100 and a GF Value™ of €0.66. The stock has 3 warning signs investors should review. Among 702 Capital Markets companies, Orient Securities Co ranks better than 54.7% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:OS9' s Beneish M-Score Range Over the Past 10 Years
Min: -183.57   Med: -2.44   Max: 0.59
Current: -2.27

During the past 13 years, the highest Beneish M-Score of Orient Securities Co was 0.59. The lowest was -183.57. And the median was -2.44.

FRA:OS9
59GF Score
Orient Securities Co Ltd FRA:OS9
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Orient 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 Orient 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 * 1.002+0.892 * 1.1618+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6041+4.679 * -0.019956-0.327 * 0.914
=-2.33

* 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 488.458 + 294.112 + 539.778 + 467.751 = €1,790 Mil.
Gross Profit was 488.458 + 294.112 + 539.778 + 467.751 = €1,790 Mil.
Total Current Assets was €0 Mil.
Total Assets was €64,821 Mil.
Property, Plant and Equipment(Net PPE) was €425 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €227 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €14,079 Mil.
Net Income was 199.193 + 63.44 + 197.021 + 244.801 = €704 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 1413.954 + -193.935 + 1139.262 + -361.264 = €1,998 Mil.
 Total Receivables was €0 Mil.
Revenue was 483.08 + 380.547 + 417.195 + 259.942 = €1,541 Mil.
Gross Profit was 483.08 + 380.547 + 417.195 + 259.942 = €1,541 Mil.
Total Current Assets was €0 Mil.
Total Assets was €52,757 Mil.
Property, Plant and Equipment(Net PPE) was €453 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €324 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €12,536 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 / 1790.099) / (0 / 1540.764)
=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)
=(1540.764 / 1540.764) / (1790.099 / 1790.099)
=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 + 424.561) / 64820.731) / (1 - (0 + 452.784) / 52756.75)
=0.99345 / 0.991418
=1.002

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
=1790.099 / 1540.764
=1.1618

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 + 452.784)) / (0 / (0 + 424.561))
=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)
=(227.379 / 1790.099) / (323.962 / 1540.764)
=0.12702 / 0.210261
=0.6041

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)
=((14079.089 + 0) / 64820.731) / ((12536.424 + 0) / 52756.75)
=0.2172 / 0.237627
=0.914

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
=(704.455 - 0 - 1998.017) / 64820.731
=-0.019956

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.

Orient Securities Co has a M-score of -2.33 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 -2.27 mean?
Orient Securities Co (FRA:OS9) has a Beneish M-Score of -2.27 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Orient Securities Co and its competitors. According to the industry distribution chart, Orient Securities Co ranks #318 out of 702 companies in the Capital Markets industry, placing it in the top 45.3%.
Is Orient Securities Co's Beneish M-Score too high?
Orient Securities Co's current Beneish M-Score is -2.27. Based on the distribution chart, Orient Securities Co ranks #318 out of 702 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Orient Securities Co has a GF Score™ of 59/100, reflecting its overall financial health beyond just this single metric.
How does Orient Securities Co's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Orient Securities Co ranks #318 out of 702 companies for Beneish M-Score. This puts Orient 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 Orient Securities Co and its competitors. Orient Securities Co's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Orient Securities Co stock overvalued right now?
Orient Securities Co (FRA:OS9) has a current Beneish M-Score of -2.27. The stock's GF Value™ is €0.66, compared to a current price of €0.62 — trading 6.1% below its estimated fair value. The current Beneish M-Score is -2.27. Orient Securities Co's overall GF Score™ is 59/100 with 3 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 Orient Securities Co (FRA:OS9), the current Beneish M-Score is -2.27 as of Jun. 26, 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 Orient Securities Co (FRA:OS9) Overvalued in 2026?

Based on GuruFocus' analysis, Orient Securities Co stock appears to be undervalued. The current stock price of €0.62 is trading 6.1% below its estimated GF Value™ of €0.66.

Key valuation signals for FRA:OS9:

  • Beneish M-Score: -2.27
  • GF Value™: €0.66 vs. price of €0.62 (6.1% below fair value)
  • GF Score™: 59/100 with 3 warning signs

No single metric tells the full story. See the FRA:OS9 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Orient Securities Co Business Description

Other Exchanges 03958:Hong Kong600958:China
Address No. 119 South Zhongshan Road, Orient Securities Building, Huangpu District, Shanghai, CHN, 200010
Orient Securities Co Ltd is engaged in sales and trading of securities including investment and trading, fixed income investment and trading, financial derivatives trading business, NEEQ market-making business, alternative investment, and securities research services. It engages in alternative investment business through Orient Securities Innovation Investment. The Company has established three business systems, namely, comprehensive wealth management, comprehensive investment banking and comprehensive institutional business, and developed four business segments, namely, wealth and asset management, investment banking and alternative investments, institutions and sales trading, international and other businesses, generating key income from wealth and asset management.
59GF Score

Get the complete analysis for FRA:OS9

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

€0.62
Price
€0.66
GF Value