China SCE Group Holdings (FRA:XSP) Beneish M-Score: -3.16 (As of Jun. 26, 2026)


What is China SCE Group Holdings Beneish M-Score?

China SCE Group Holdings FRA:XSP -25.00% Beneish M-Score is -3.16 as of Jun. 26, 2026. The stock has 5 warning signs investors should review. Among 1,682 Real Estate companies, China SCE Group Holdings ranks better than 87.69% 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.

Good Sign:

Beneish M-Score -3.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:XSP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.21   Max: -1.34
Current: -3.16

During the past 13 years, the highest Beneish M-Score of China SCE Group Holdings was -1.34. The lowest was -3.16. And the median was -2.21.

China SCE Group Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for China SCE Group Holdings'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.

China SCE Group Holdings Beneish M-Score Chart

China SCE Group Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.07 -2.61 -2.57 -2.45 -3.16

China SCE Group Holdings Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.57 0.00 -2.45 0.00 -3.16

China SCE Group Holdings Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, China SCE Group Holdings'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 SCE Group Holdings Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, China SCE Group Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China SCE Group Holdings's Beneish M-Score falls into.


China SCE Group Holdings 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 SCE Group Holdings 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 * 0.8349+0.528 * 0.8668+0.404 * 1.1278+0.892 * 0.8415+0.115 * 0.8232
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0424+4.679 * -0.087447-0.327 * 1.0646
=-3.25

* 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 €1,331 Mil.
Revenue was €4,500 Mil.
Gross Profit was €794 Mil.
Total Current Assets was €7,152 Mil.
Total Assets was €10,746 Mil.
Property, Plant and Equipment(Net PPE) was €78 Mil.
Depreciation, Depletion and Amortization(DDA) was €8 Mil.
Selling, General, & Admin. Expense(SGA) was €222 Mil.
Total Current Liabilities was €9,568 Mil.
Long-Term Debt & Capital Lease Obligation was €713 Mil.
Net Income was €-903 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €37 Mil.
 Total Receivables was €1,895 Mil.
Revenue was €5,348 Mil.
Gross Profit was €818 Mil.
Total Current Assets was €11,853 Mil.
Total Assets was €16,827 Mil.
Property, Plant and Equipment(Net PPE) was €93 Mil.
Depreciation, Depletion and Amortization(DDA) was €8 Mil.
Selling, General, & Admin. Expense(SGA) was €253 Mil.
Total Current Liabilities was €13,644 Mil.
Long-Term Debt & Capital Lease Obligation was €1,478 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)
=(1331.36 / 4500.148) / (1895.069 / 5347.758)
=0.295848 / 0.354367
=0.8349

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)
=(817.907 / 5347.758) / (794.032 / 4500.148)
=0.152944 / 0.176446
=0.8668

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 - (7151.692 + 78.316) / 10745.83) / (1 - (11852.641 + 92.749) / 16827.007)
=0.32718 / 0.290106
=1.1278

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
=4500.148 / 5347.758
=0.8415

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))
=(7.921 / (7.921 + 92.749)) / (8.277 / (8.277 + 78.316))
=0.078683 / 0.095585
=0.8232

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)
=(221.734 / 4500.148) / (252.77 / 5347.758)
=0.049273 / 0.047267
=1.0424

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)
=((712.803 + 9568.397) / 10745.83) / ((1478.489 + 13643.908) / 16827.007)
=0.956762 / 0.898698
=1.0646

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
=(-902.923 - 0 - 36.768) / 10745.83
=-0.087447

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 SCE Group Holdings has a M-score of -3.25 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 -3.16 mean?
China SCE Group Holdings (FRA:XSP) has a Beneish M-Score of -3.16 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China SCE Group Holdings and its competitors. According to the industry distribution chart, China SCE Group Holdings ranks #207 out of 1682 companies in the Real Estate industry, placing it in the top 12.3%.
Is China SCE Group Holdings' Beneish M-Score too high?
China SCE Group Holdings' current Beneish M-Score is -3.16. Based on the distribution chart, China SCE Group Holdings ranks #207 out of 1682 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers.
How does China SCE Group Holdings' Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, China SCE Group Holdings ranks #207 out of 1682 companies for Beneish M-Score. This places China SCE Group Holdings in the top 12% 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 SCE Group Holdings and its competitors. China SCE Group Holdings's current Beneish M-Score is -3.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China SCE Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, China SCE Group Holdings (FRA:XSP) is currently considered Possible Value Trap. The stock's GF Value™ is €0.03, compared to a current price of €0.00 — trading 90% below its estimated fair value. The current Beneish M-Score is -3.16. 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 SCE Group Holdings (FRA:XSP), the current Beneish M-Score is -3.16 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.

China SCE Group Holdings Business Description

Other Exchanges 01966:Hong Kong
Address No. 2, Lane 1688, Shenchang Road, SCE Tower, Hongqiao Business District, Shanghai, CHN
China SCE Group Holdings Ltd principal activity is investment holding. It is principally engaged in property development, property investment, property management, project management and land development in the PRC. It focused development in the Yangtze River Delta Economic Zone, the Bohai Rim Economic Zone, the Guangdong-Hong Kong-Macao Greater Bay Area, the West Taiwan Strait Economic Zone and the Central Western Region. The Group's property projects includes Beijing, Shanghai, Tianjin, Chongqing, Chengdu, Suzhou, Hangzhou, Nanjing, Zhengzhou, Qingdao, Jinan, Xiamen, Nanchang and Kunming, etc. Its products cover a wide range of properties including high-rise residential buildings, offices, shopping malls and long-term rental apartments.