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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 -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Xingfa Aluminium Holdings's Beneish M-Score or its related term are showing as below:
HKSE:00098'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.4 Max: -0.13
Current: -2.09
During the past 13 years, the highest Beneish M-Score of Xingfa Aluminium Holdings was -0.13. The lowest was -2.83. And the median was -2.40.
* 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.
HKSE:00098 vs AA, CENX, CSTM: Beneish M-Score Comparison
For the Aluminum subindustry, Xingfa Aluminium 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.
Xingfa Aluminium Holdings Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Xingfa Aluminium Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xingfa Aluminium Holdings's Beneish M-Score falls into.
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 Xingfa Aluminium 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 * 0.8823
+
0.528 * 1.4882
+
0.404 * 1.4624
+
0.892 * 1.136
+
0.115 * 0.9393
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.7927
+
4.679 * -0.023221
-
0.327 * 0.9766
=
-2.09
* 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.
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.
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))
=
(619.109 / (619.109 + 3805.946))
/
(727.987 / (727.987 + 4159.659))
=
0.13991
/
0.148944
=
0.9393
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
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
=
(698.428 - 0
-
1083.073)
/
16564.201
=
-0.023221
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.
Xingfa Aluminium Holdings has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.
Xingfa Aluminium Holdings (HKSE:00098) has a Beneish M-Score of -2.09 as of Aug. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Xingfa Aluminium Holdings and its competitors. According to the industry distribution chart, Xingfa Aluminium Holdings ranks #388 out of 683 companies in the Metals & Mining industry, placing it in the top 56.8%.
Is Xingfa Aluminium Holdings' Beneish M-Score too high?
Xingfa Aluminium Holdings' current Beneish M-Score is -2.09. Based on the distribution chart, Xingfa Aluminium Holdings ranks #388 out of 683 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Xingfa Aluminium Holdings has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Xingfa Aluminium Holdings' Beneish M-Score compare to AA and CENX?
According to the Metals & Mining industry distribution chart, Xingfa Aluminium Holdings ranks #388 out of 683 companies for Beneish M-Score. This places Xingfa Aluminium Holdings in the lower 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 Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining 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 Xingfa Aluminium Holdings and its competitors. Xingfa Aluminium Holdings's current Beneish M-Score is -2.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Xingfa Aluminium Holdings stock overvalued right now?
Based on GuruFocus' analysis, Xingfa Aluminium Holdings (HKSE:00098) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$8.72, compared to a current price of HK$6.62 — trading 24.1% below its estimated fair value. The current Beneish M-Score is -2.09. Xingfa Aluminium Holdings' overall GF Score™ is 67/100 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 Xingfa Aluminium Holdings (HKSE:00098), the current Beneish M-Score is -2.09 as of Aug. 19, 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 Xingfa Aluminium Holdings (HKSE:00098) Overvalued in 2026?
Based on GuruFocus' analysis, Xingfa Aluminium Holdings stock appears to be undervalued.
The current stock price of HK$6.62 is trading 24.1% below its estimated GF Value™ of HK$8.72.
GuruFocus considers Xingfa Aluminium Holdings to be Modestly Undervalued.
Key valuation signals for HKSE:00098:
Beneish M-Score: -2.09
GF Value™: HK$8.72 vs. price of HK$6.62 (24.1% below fair value)
No single metric tells the full story. See the HKSE:00098 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Xingfa Aluminium Holdings Ltd is an investment holding company. The principal activities of the company and its subsidiaries are manufacturing and sale of aluminium products and sale of completed properties. The company's reportable segments are: Non-construction aluminium profiles, Construction aluminium profiles, and All other segments. The majority of revenue is derived from the Construction aluminium profiles segment, which manufactures and sells aluminium profiles with surface finishing, including anodic oxidation aluminium profiles, electrophoresis coating aluminium profiles, powder coating aluminium profiles and PVDF coating aluminium profiles. Geographically, the maximum revenue is generated from mainland China.
67GF Score
Get the complete analysis for HKSE:00098
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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