Shenzhen International Holdings (HKSE:00152) Beneish M-Score: -2.19 (As of Jul. 07, 2026)

What is Shenzhen International Holdings Beneish M-Score?

Shenzhen International Holdings HKSE:00152 -0.70% 80 Beneish M-Score is -2.19 as of Jul. 07, 2026. GuruFocus rates HKSE:00152 with a GF Score™ of 80/100 and a GF Value™ of HK$7.18 (Modestly Undervalued). The stock has 8 warning signs investors should review. Among 1,700 Construction companies, Shenzhen International Holdings ranks worse than 69.47% 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 -2.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00152' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -2.38 Max: -1.01
Current: -2.19

During the past 13 years, the highest Beneish M-Score of Shenzhen International Holdings was -1.01. The lowest was -2.90. And the median was -2.38.

Shenzhen International Holdings Beneish M-Score Related Terms

Shenzhen International Holdings Beneish M-Score Historical Data

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The historical data trend for Shenzhen 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.

Shenzhen International Holdings Beneish M-Score Chart

Shenzhen International Holdings Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.71

-2.79

-2.90

-2.20

-2.19

Shenzhen International 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															-2.90	0.00	-2.20	0.00	-2.19

Shenzhen International Holdings Beneish M-Score Competitor Comparison

For the Infrastructure Operations subindustry, Shenzhen 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.

Shenzhen International Holdings Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Shenzhen International Holdings's Beneish M-Score distribution charts can be found below:

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

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80GF Score

Shenzhen International Holdings Ltd HKSE:00152

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Shenzhen 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 Shenzhen International Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.2814

0.528 * 1.0867

0.404 * 0.931

0.892 * 1.0498

0.115 * 1.0737

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8498

4.679 * -0.014872

0.327 * 0.9808

-2.19

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was HK$4,585 Mil.
Revenue was HK$16,345 Mil.
Gross Profit was HK$3,437 Mil.
Total Current Assets was HK$32,658 Mil.
Total Assets was HK$152,328 Mil.
Property, Plant and Equipment(Net PPE) was HK$27,437 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3,509 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,312 Mil.
Total Current Liabilities was HK$47,292 Mil.
Long-Term Debt & Capital Lease Obligation was HK$37,747 Mil.
Net Income was HK$2,249 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$4,515 Mil.

Total Receivables was HK$3,409 Mil.
Revenue was HK$15,571 Mil.
Gross Profit was HK$3,558 Mil.
Total Current Assets was HK$23,746 Mil.
Total Assets was HK$135,998 Mil.
Property, Plant and Equipment(Net PPE) was HK$23,802 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3,300 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,471 Mil.
Total Current Liabilities was HK$35,479 Mil.
Long-Term Debt & Capital Lease Obligation was HK$41,930 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)
	=	(4585.141 / 16345.347)	/	(3408.502 / 15570.615)
	=	0.280517	/	0.218906
	=	1.2814

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)
	=	(3557.957 / 15570.615)	/	(3437.066 / 16345.347)
	=	0.228505	/	0.210278
	=	1.0867

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 - (32657.504 + 27437.003) / 152328.058)	/	(1 - (23746.117 + 23802.493) / 135997.56)
	=	0.605493	/	0.650372
	=	0.931

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
	=	16345.347	/	15570.615
	=	1.0498

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))
	=	(3299.718 / (3299.718 + 23802.493))	/	(3509.02 / (3509.02 + 27437.003))
	=	0.121751	/	0.113392
	=	1.0737

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)
	=	(1311.883 / 16345.347)	/	(1470.606 / 15570.615)
	=	0.08026	/	0.094448
	=	0.8498

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)
	=	((37746.9 + 47292.029) / 152328.058)	/	((41929.996 + 35478.515) / 135997.56)
	=	0.558262	/	0.56919
	=	0.9808

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
	=	(2249.45 - 0	-	4514.865)	/	152328.058
	=	-0.014872

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.

Shenzhen International Holdings has a M-score of -2.19 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 -2.19 mean?

Shenzhen International Holdings (HKSE:00152) has a Beneish M-Score of -2.19 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shenzhen International Holdings and its competitors. According to the industry distribution chart, Shenzhen International Holdings ranks #1181 out of 1700 companies in the Construction industry, placing it in the top 69.5%.

Is Shenzhen International Holdings' Beneish M-Score too high?

Shenzhen International Holdings' current Beneish M-Score is -2.19. Based on the distribution chart, Shenzhen International Holdings ranks #1181 out of 1700 companies in the Construction industry, which is below the industry midpoint. Overall, Shenzhen International Holdings has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Shenzhen International Holdings' Beneish M-Score compare to competitors?

According to the Construction industry distribution chart, Shenzhen International Holdings ranks #1181 out of 1700 companies for Beneish M-Score. This places Shenzhen International 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 Construction company?

A good Beneish M-Score depends on the Construction 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 Shenzhen International Holdings and its competitors. Shenzhen International Holdings's current Beneish M-Score is -2.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Shenzhen International Holdings stock overvalued right now?

Based on GuruFocus' analysis, Shenzhen International Holdings (HKSE:00152) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$7.18, compared to a current price of HK$5.66 — trading 21.2% below its estimated fair value. The current Beneish M-Score is -2.19. Shenzhen International Holdings' overall GF Score™ is 80/100 with 8 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 Shenzhen International Holdings (HKSE:00152), the current Beneish M-Score is -2.19 as of Jul. 07, 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 Shenzhen International Holdings (HKSE:00152) Overvalued in 2026?

Based on GuruFocus' analysis, Shenzhen International Holdings stock appears to be undervalued. The current stock price of HK$5.66 is trading 21.2% below its estimated GF Value™ of HK$7.18. GuruFocus considers Shenzhen International Holdings to be Modestly Undervalued.

Key valuation signals for HKSE:00152:

Beneish M-Score: -2.19
GF Value™: HK$7.18 vs. price of HK$5.66 (21.2% below fair value)
GF Score™: 80/100 with 8 warning signs

No single metric tells the full story. See the HKSE:00152 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Shenzhen International Holdings Business Description

Industry Industrials Construction

Comparable Companies HKSE:00697 HKSE:01052 HKSE:00737 HKSE:01576 HKSE:01785 HKSE:01823 HKSE:02258 HKSE:08502 HKSE:00269 HKSE:06888 ASX:TCL DFM:SALIK SZSE:001965 SHSE:600377 SHSE:600350 MEX:PINFRA BSP:MOTV3 ASX:ALX DFM:PARKIN HKSE:00576

Other Exchanges SXYA:Germany

Address No.1 Science Museum Road, Rooms 2206-2208, 22nd Floor, Greenfield Tower, Concordia Plaza, Tsimshatsui East, Kowloon, Hong Kong, HKG

Website https://www.szihl.com

Shenzhen International Holdings Ltd is a Chinese investment company that constructs and operates logistics infrastructure facilities. The company operates through two main segments: Toll roads, general environmental protection business, and Logistics business. Toll roads contribute the vast majority of revenue, and develop, operate, and manage toll roads. The logistics business constructs, operates, and manages logistics centers and integrated logistics hubs; provides third party logistic services, logistics information services, and financial services to customers; and offers port and related services.

80GF Score

Get the complete analysis for HKSE:00152

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

HK$5.66

Price

HK$7.18

GF Value

View HKSE:00152 Analysis

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