China Healthwise Holdings (HKSE:00348) Beneish M-Score: -3.55 (As of Aug. 12, 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.

What is China Healthwise Holdings Beneish M-Score?

China Healthwise Holdings HKSE:00348 Beneish M-Score is -3.55 as of Aug. 12, 2026. The stock has 3 warning signs investors should review. Among 625 Healthcare Providers & Services companies, China Healthwise Holdings ranks better than 90.72% 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 -3.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00348' s Beneish M-Score Range Over the Past 10 Years
Min: -8.36   Med: -3.1   Max: -0.48
Current: -3.55

During the past 13 years, the highest Beneish M-Score of China Healthwise Holdings was -0.48. The lowest was -8.36. And the median was -3.10.

China Healthwise Holdings Beneish M-Score Historical Data

* Premium members only.

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

China Healthwise Holdings Annual Data
Trend Mar16 Mar17 Mar18 Mar19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -5.11 -0.48 -8.36 -4.59 -3.55

China Healthwise Holdings Semi-Annual Data
Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 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 -8.36 0.00 -4.59 0.00 -3.55

China Healthwise Holdings Beneish M-Score Competitor Comparison

For the Pharmaceutical Retailers subindustry, China Healthwise 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 Healthwise Holdings Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, China Healthwise Holdings's Beneish M-Score distribution charts can be found below:

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


China Healthwise 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 Healthwise 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 * 0.9149+0.528 * 0.9785+0.404 * 0.5082+0.892 * 0.8766+0.115 * 0.9614
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0258+4.679 * -0.140999-0.327 * 1.0201
=-3.55

* 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$12.20 Mil.
Revenue was HK$99.56 Mil.
Gross Profit was HK$33.46 Mil.
Total Current Assets was HK$118.38 Mil.
Total Assets was HK$125.21 Mil.
Property, Plant and Equipment(Net PPE) was HK$6.08 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.41 Mil.
Selling, General, & Admin. Expense(SGA) was HK$49.86 Mil.
Total Current Liabilities was HK$143.44 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1.97 Mil.
Net Income was HK$-2.61 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$15.05 Mil.
 Total Receivables was HK$15.22 Mil.
Revenue was HK$113.58 Mil.
Gross Profit was HK$37.35 Mil.
Total Current Assets was HK$113.25 Mil.
Total Assets was HK$122.05 Mil.
Property, Plant and Equipment(Net PPE) was HK$7.37 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$7.17 Mil.
Selling, General, & Admin. Expense(SGA) was HK$55.45 Mil.
Total Current Liabilities was HK$73.00 Mil.
Long-Term Debt & Capital Lease Obligation was HK$65.94 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)
=(12.204 / 99.564) / (15.217 / 113.575)
=0.122574 / 0.133982
=0.9149

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)
=(37.349 / 113.575) / (33.462 / 99.564)
=0.328849 / 0.336085
=0.9785

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 - (118.38 + 6.084) / 125.207) / (1 - (113.25 + 7.371) / 122.046)
=0.005934 / 0.011676
=0.5082

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
=99.564 / 113.575
=0.8766

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))
=(7.17 / (7.17 + 7.371)) / (6.406 / (6.406 + 6.084))
=0.493089 / 0.51289
=0.9614

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)
=(49.863 / 99.564) / (55.451 / 113.575)
=0.500814 / 0.488232
=1.0258

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)
=((1.965 + 143.436) / 125.207) / ((65.944 + 72.998) / 122.046)
=1.161285 / 1.13844
=1.0201

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
=(-2.606 - 0 - 15.048) / 125.207
=-0.140999

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 Healthwise Holdings has a M-score of -3.55 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 -3.55 mean?
China Healthwise Holdings (HKSE:00348) has a Beneish M-Score of -3.55 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Healthwise Holdings and its competitors. According to the industry distribution chart, China Healthwise Holdings ranks #58 out of 625 companies in the Healthcare Providers & Services industry, placing it in the top 9.3%.
Is China Healthwise Holdings' Beneish M-Score too high?
China Healthwise Holdings' current Beneish M-Score is -3.55. Based on the distribution chart, China Healthwise Holdings ranks #58 out of 625 companies in the Healthcare Providers & Services industry, which is in the top quartile — a strong position relative to peers.
How does China Healthwise Holdings' Beneish M-Score compare to competitors?
According to the Healthcare Providers & Services industry distribution chart, China Healthwise Holdings ranks #58 out of 625 companies for Beneish M-Score. This places China Healthwise Holdings in the top 9% 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services 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 Healthwise Holdings and its competitors. China Healthwise Holdings's current Beneish M-Score is -3.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Healthwise Holdings stock overvalued right now?
Based on GuruFocus' analysis, China Healthwise Holdings (HKSE:00348) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.06, compared to a current price of HK$0.09 — trading 53.3% above its estimated fair value. The current Beneish M-Score is -3.55. 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 Healthwise Holdings (HKSE:00348), the current Beneish M-Score is -3.55 as of Aug. 12, 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 Healthwise Holdings Business Description

Address 168-200 Connaught Road Central, Unit 1209, Shun Tak Centre, West Tower, Hong Kong, HKG
China Healthwise Holdings Ltd is an investment holding company. It operates in three segments: Chinese health products, Money lending business, and investment in financial instruments. The majority of its revenue comes from trading in Chinese health products, which includes, pharmaceutical products, ginseng, and dried seafood products. The company's geographical segments are Hong Kong and the PRC, of which key revenue is derived from Hong Kong.