China Aerospace International Holdings (HKSE:00031) Beneish M-Score: -2.53 (As of Sep. 11, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HKSE:00031 China Aerospace International Holdings Ltd HKSE:00031
34 GF Score
Price HK$0.47
GF Value HK$0.38
Valuation Modestly Overvalued
! 5 Warning Signs
View Full Analysis

What is China Aerospace International Holdings Beneish M-Score?

China Aerospace International Holdings HKSE:00031 -2.11% 34 Beneish M-Score is -2.53 as of Sep. 11, 2026. GuruFocus rates HKSE:00031 with a GF Score™ of 34/100 and a GF Value™ of HK$0.38 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 2,404 Hardware companies, China Aerospace International Holdings ranks better than 61.81% 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00031' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08   Med: -2.48   Max: -1.95
Current: -2.53

During the past 13 years, the highest Beneish M-Score of China Aerospace International Holdings was -1.95. The lowest was -3.08. And the median was -2.48.

China Aerospace International Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for China Aerospace International 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 Aerospace International Holdings Beneish M-Score Chart

China Aerospace International 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 -2.10 -3.08 -2.47 -2.48 -2.53

China Aerospace International Holdings Semi-Annual Data
Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
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 0.00 -2.48 0.00 -2.53 0.00

HKSE:00031 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, China Aerospace International 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 Aerospace International Holdings Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, China Aerospace International Holdings's Beneish M-Score distribution charts can be found below:

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


HKSE:00031
34GF Score
China Aerospace International Holdings Ltd HKSE:00031
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

China Aerospace International 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 Aerospace International 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 * 0.9681+0.528 * 1.2409+0.404 * 0.9393+0.892 * 1.0494+0.115 * 1.03
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.944+4.679 * -0.033424-0.327 * 1.0886
=-2.53

* 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 HK$1,215 Mil.
Revenue was HK$4,031 Mil.
Gross Profit was HK$683 Mil.
Total Current Assets was HK$3,447 Mil.
Total Assets was HK$14,543 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,035 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$293 Mil.
Selling, General, & Admin. Expense(SGA) was HK$483 Mil.
Total Current Liabilities was HK$1,639 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,761 Mil.
Net Income was HK$-166 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$321 Mil.
 Total Receivables was HK$1,196 Mil.
Revenue was HK$3,841 Mil.
Gross Profit was HK$808 Mil.
Total Current Assets was HK$3,327 Mil.
Total Assets was HK$14,281 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,527 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$252 Mil.
Selling, General, & Admin. Expense(SGA) was HK$487 Mil.
Total Current Liabilities was HK$1,649 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,418 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)
=(1215.346 / 4031.329) / (1196.213 / 3841.472)
=0.301475 / 0.311394
=0.9681

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)
=(807.854 / 3841.472) / (683.173 / 4031.329)
=0.210298 / 0.169466
=1.2409

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 - (3447.415 + 3034.906) / 14543.193) / (1 - (3327.423 + 2526.63) / 14281.314)
=0.554271 / 0.59009
=0.9393

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
=4031.329 / 3841.472
=1.0494

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))
=(252.007 / (252.007 + 2526.63)) / (293.042 / (293.042 + 3034.906))
=0.090694 / 0.088055
=1.03

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)
=(482.572 / 4031.329) / (487.102 / 3841.472)
=0.119705 / 0.126801
=0.944

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)
=((1761.12 + 1639.062) / 14543.193) / ((1417.95 + 1649.182) / 14281.314)
=0.233799 / 0.214765
=1.0886

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
=(-165.529 - 0 - 320.559) / 14543.193
=-0.033424

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 Aerospace International Holdings has a M-score of -2.53 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 -2.53 mean?
China Aerospace International Holdings (HKSE:00031) has a Beneish M-Score of -2.53 as of Sep. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Aerospace International Holdings and its competitors. According to the industry distribution chart, China Aerospace International Holdings ranks #918 out of 2404 companies in the Hardware industry, placing it in the top 38.2%.
Is China Aerospace International Holdings' Beneish M-Score too high?
China Aerospace International Holdings' current Beneish M-Score is -2.53. Based on the distribution chart, China Aerospace International Holdings ranks #918 out of 2404 companies in the Hardware industry, which is above the industry midpoint. Overall, China Aerospace International Holdings has a GF Score™ of 34/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does China Aerospace International Holdings' Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, China Aerospace International Holdings ranks #918 out of 2404 companies for Beneish M-Score. This puts China Aerospace International Holdings 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Aerospace International Holdings and its competitors. China Aerospace International Holdings's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Aerospace International Holdings stock overvalued right now?
Based on GuruFocus' analysis, China Aerospace International Holdings (HKSE:00031) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.38, compared to a current price of HK$0.47 — trading 22.4% above its estimated fair value. The current Beneish M-Score is -2.53. China Aerospace International Holdings' overall GF Score™ is 34/100 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 China Aerospace International Holdings (HKSE:00031), the current Beneish M-Score is -2.53 as of Sep. 11, 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 Aerospace International Holdings (HKSE:00031) Overvalued in 2026?

Based on GuruFocus' analysis, China Aerospace International Holdings stock appears to be overvalued. The current stock price of HK$0.47 is trading 22.4% above its estimated GF Value™ of HK$0.38. GuruFocus considers China Aerospace International Holdings to be Modestly Overvalued.

Key valuation signals for HKSE:00031:

  • Beneish M-Score: -2.53
  • GF Value™: HK$0.38 vs. price of HK$0.47 (22.4% above fair value)
  • GF Score™: 34/100 with 5 warning signs

No single metric tells the full story. See the HKSE:00031 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

China Aerospace International Holdings Business Description

Other Exchanges CHAEF:USACIOC:Germany
Address 18 Tak Fung Street, Hung Hom, Room 1103-1107A, One Harbourfront, Kowloon, Hong Kong, HKG
China Aerospace International Holdings Ltd is an investment holding company engaged in the research and development, design, professional production, sales, and services of the high-tech manufacturing business such as plastic products, electronic products, power products, and semiconductor products. The firm has 7 reportable segments, namely Hi-Tech Manufacturing Business (including plastic products, liquid crystal display, printed circuit boards, intelligent chargers, intelligent power modules, and industrial property investment) and Aerospace Service (including property investment in the S&T Plaza). It generates key revenue from manufacturing Plastic products, Liquid crystal display, and Printed circuit boards. Geographically, It derives key revenue from Hong Kong and Mainland China.
34GF Score

Get the complete analysis for HKSE:00031

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

HK$0.47
Price
HK$0.38
GF Value