China Gas Holdings (HKSE:00384) Beneish M-Score: -2.62 (As of Jun. 24, 2026)

What is China Gas Holdings Beneish M-Score?

China Gas Holdings HKSE:00384 -2.38% 74 Beneish M-Score is -2.62 as of Jun. 24, 2026. GuruFocus rates HKSE:00384 with a GF Score™ of 74/100 and a GF Value™ of HK$6.99 (Modestly Undervalued). The stock has 8 warning signs investors should review. Among 485 Utilities - Regulated companies, China Gas Holdings ranks better than 55.05% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00384' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -2.25 Max: -1.7
Current: -2.62

During the past 13 years, the highest Beneish M-Score of China Gas Holdings was -1.70. The lowest was -2.87. And the median was -2.25.

China Gas Holdings Beneish M-Score Related Terms

China Gas Holdings Beneish M-Score Historical Data

* Premium members only.

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

China Gas Holdings Annual Data

Trend

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Beneish M-Score

Get a 7-Day Free Trial

-2.15

-2.14

-2.58

-2.87

-2.62

China Gas Holdings Semi-Annual Data
	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.87	0.00	-2.62	0.00

HKSE:00384 vs ATO, NI: Beneish M-Score Comparison

For the Utilities - Regulated Gas subindustry, China Gas 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 Gas Holdings Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, China Gas Holdings's Beneish M-Score distribution charts can be found below:

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

Save Embed

74GF Score

China Gas Holdings Ltd HKSE:00384

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

View Full Analysis

China Gas 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 Gas 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 * 1.0062

0.528 * 0.9771

0.404 * 0.9781

0.892 * 0.9736

0.115 * 0.9805

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.998

4.679 * -0.021518

0.327 * 0.9993

-2.62

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was HK$23,530 Mil.
Revenue was HK$79,258 Mil.
Gross Profit was HK$11,263 Mil.
Total Current Assets was HK$44,548 Mil.
Total Assets was HK$148,221 Mil.
Property, Plant and Equipment(Net PPE) was HK$71,238 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3,015 Mil.
Selling, General, & Admin. Expense(SGA) was HK$5,552 Mil.
Total Current Liabilities was HK$46,902 Mil.
Long-Term Debt & Capital Lease Obligation was HK$39,278 Mil.
Net Income was HK$3,252 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$6,441 Mil.

Total Receivables was HK$24,021 Mil.
Revenue was HK$81,410 Mil.
Gross Profit was HK$11,304 Mil.
Total Current Assets was HK$45,247 Mil.
Total Assets was HK$148,698 Mil.
Property, Plant and Equipment(Net PPE) was HK$70,183 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$2,910 Mil.
Selling, General, & Admin. Expense(SGA) was HK$5,715 Mil.
Total Current Liabilities was HK$50,382 Mil.
Long-Term Debt & Capital Lease Obligation was HK$36,137 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)
	=	(23530.079 / 79258.009)	/	(24020.924 / 81410.133)
	=	0.29688	/	0.295061
	=	1.0062

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)
	=	(11304.123 / 81410.133)	/	(11263.173 / 79258.009)
	=	0.138854	/	0.142108
	=	0.9771

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 - (44547.5 + 71237.742) / 148220.57)	/	(1 - (45247.179 + 70182.877) / 148697.724)
	=	0.218831	/	0.223727
	=	0.9781

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
	=	79258.009	/	81410.133
	=	0.9736

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))
	=	(2910.497 / (2910.497 + 70182.877))	/	(3015.427 / (3015.427 + 71237.742))
	=	0.039819	/	0.04061
	=	0.9805

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)
	=	(5552.312 / 79258.009)	/	(5714.512 / 81410.133)
	=	0.070054	/	0.070194
	=	0.998

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)
	=	((39277.731 + 46902.284) / 148220.57)	/	((36136.839 + 50382.257) / 148697.724)
	=	0.581431	/	0.581845
	=	0.9993

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
	=	(3251.614 - 0	-	6440.956)	/	148220.57
	=	-0.021518

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 Gas Holdings has a M-score of -2.62 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 -2.62 mean?

China Gas Holdings (HKSE:00384) has a Beneish M-Score of -2.62 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Gas Holdings and its competitors. According to the industry distribution chart, China Gas Holdings ranks #218 out of 485 companies in the Utilities - Regulated industry, placing it in the top 44.9%.

Is China Gas Holdings' Beneish M-Score too high?

China Gas Holdings' current Beneish M-Score is -2.62. Based on the distribution chart, China Gas Holdings ranks #218 out of 485 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, China Gas Holdings has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does China Gas Holdings' Beneish M-Score compare to ATO and NI?

According to the Utilities - Regulated industry distribution chart, China Gas Holdings ranks #218 out of 485 companies for Beneish M-Score. This puts China Gas 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 an Utilities - Regulated company?

A good Beneish M-Score depends on the Utilities - Regulated 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 Gas Holdings and its competitors. China Gas Holdings's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is China Gas Holdings stock overvalued right now?

Based on GuruFocus' analysis, China Gas Holdings (HKSE:00384) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$6.99, compared to a current price of HK$5.74 — trading 17.9% below its estimated fair value. The current Beneish M-Score is -2.62. China Gas Holdings' overall GF Score™ is 74/100 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 China Gas Holdings (HKSE:00384), the current Beneish M-Score is -2.62 as of Jun. 24, 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 Gas Holdings (HKSE:00384) Overvalued in 2026?

Based on GuruFocus' analysis, China Gas Holdings stock appears to be undervalued. The current stock price of HK$5.74 is trading 17.9% below its estimated GF Value™ of HK$6.99. GuruFocus considers China Gas Holdings to be Modestly Undervalued.

Key valuation signals for HKSE:00384:

Beneish M-Score: -2.62
GF Value™: HK$6.99 vs. price of HK$5.74 (17.9% below fair value)
GF Score™: 74/100 with 8 warning signs

No single metric tells the full story. See the HKSE:00384 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

China Gas Holdings Business Description

Industry Utilities Utilities - Regulated

Comparable Companies HKSE:01193 HKSE:00956 HKSE:02688 HKSE:01083 HKSE:03633 HKSE:01600 HKSE:02886 HKSE:01940 HKSE:09908 HKSE:06661 XMAD:NTGY ATO MIL:SRG XTER:UN0 NI HKSE:00003 TSE:9531 TSE:9532 MIL:IG BOM:532155

Other Exchanges CGHOF:USA CGHLY:USA EBZ:Germany

Address 188 Meiyuan Road, China Gas Building, Luohu District, Guangdong Province, Shenzhen, CHN

Website https://www.chinagasholdings.com.hk

China Gas Holdings is involved in the wholesale and retail businesses of natural gas and liquefied petroleum gas in China. As of fiscal 2025 (ended March 31, 2025), the group had secured a total of 662 piped gas concessions and 488 compressed natural gas/liquefied natural gas refilling stations for vehicles in China. In total, CGH has connected 48.5 million residential households and achieved a penetration rate of 72.9%.

74GF Score

Get the complete analysis for HKSE:00384

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

HK$5.74

Price

HK$6.99

GF Value

View HKSE:00384 Analysis

See Beneish M-Score data for all stocks →