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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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Concord New Energy Group's Beneish M-Score or its related term are showing as below:
HKSE:00182'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.03 Med: -2.65 Max: -1.8
Current: -2.48
During the past 13 years, the highest Beneish M-Score of Concord New Energy Group was -1.80. The lowest was -3.03. And the median was -2.65.
* 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.
Concord New Energy Group Beneish M-Score Competitor Comparison
For the Utilities - Renewable subindustry, Concord New Energy Group'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.
Concord New Energy Group Beneish M-Score vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Concord New Energy Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Concord New Energy Group's Beneish M-Score falls into.
Concord New Energy Group 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 Concord New Energy Group 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 * 1.146
+
0.528 * 1.3617
+
0.404 * 1.0027
+
0.892 * 0.9247
+
0.115 * 0.9693
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8706
+
4.679 * -0.0495
-
0.327 * 1.0097
=
-2.44
* 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))
=
(967.917 / (967.917 + 19845.585))
/
(1170.829 / (1170.829 + 23232.714))
=
0.046504
/
0.047978
=
0.9693
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
=
(62.888 - 0
-
1890.966)
/
36930.726
=
-0.0495
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.
Concord New Energy Group has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
Concord New Energy Group (HKSE:00182) has a Beneish M-Score of -2.48 as of Sep. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Concord New Energy Group and its competitors. According to the industry distribution chart, Concord New Energy Group ranks #228 out of 396 companies in the Utilities - Independent Power Producers industry, placing it in the top 57.6%.
Is Concord New Energy Group's Beneish M-Score too high?
Concord New Energy Group's current Beneish M-Score is -2.48. Based on the distribution chart, Concord New Energy Group ranks #228 out of 396 companies in the Utilities - Independent Power Producers industry, which is below the industry midpoint. Overall, Concord New Energy Group has a GF Score™ of 48/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Concord New Energy Group's Beneish M-Score compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Concord New Energy Group ranks #228 out of 396 companies for Beneish M-Score. This places Concord New Energy Group 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 an Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Concord New Energy Group and its competitors. Concord New Energy Group's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Concord New Energy Group stock overvalued right now?
Based on GuruFocus' analysis, Concord New Energy Group (HKSE:00182) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.53, compared to a current price of HK$0.35 — trading 34.9% below its estimated fair value. The current Beneish M-Score is -2.48. Concord New Energy Group's overall GF Score™ is 48/100 with 10 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 Concord New Energy Group (HKSE:00182), the current Beneish M-Score is -2.48 as of Sep. 18, 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 Concord New Energy Group (HKSE:00182) Overvalued in 2026?
Based on GuruFocus' analysis, Concord New Energy Group stock appears to be undervalued.
The current stock price of HK$0.35 is trading 34.9% below its estimated GF Value™ of HK$0.53.
GuruFocus considers Concord New Energy Group to be Possible Value Trap.
Key valuation signals for HKSE:00182:
Beneish M-Score: -2.48
GF Value™: HK$0.53 vs. price of HK$0.35 (34.9% below fair value)
No single metric tells the full story. See the HKSE:00182 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Concord New Energy Group Ltd is an investment holding company. The principal activities of the company are investment in wind power plants and photovoltaic power plants, and provision of design, technical, and consultation services. The operating segments of the company are power generation, which includes the operation of wind and solar power plants, the intelligent operation and maintenance segment, which includes provision of operation and maintenance, asset management, overhaul & commissioning service for wind and solar power plants; and others segment which includes provision of design, technical, and consultancy services, undertaking electrical engineering and construction of power plant projects. The company generates its revenue from the power generation segment.
48GF Score
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