North Mining Shares Co (HKSE:00433) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


What is North Mining Shares Co Beneish M-Score?

North Mining Shares Co HKSE:00433 Beneish M-Score is 0.00 as of Jun. 27, 2026. The stock has 2 warning signs investors should review. Among 1,530 Chemicals companies, North Mining Shares Co ranks worse than 65359.41% 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.

The historical rank and industry rank for North Mining Shares Co's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of North Mining Shares Co was 16.79. The lowest was -10.46. And the median was -3.32.

North Mining Shares Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for North Mining Shares Co'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.

North Mining Shares Co Beneish M-Score Chart

North Mining Shares Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.41 -3.32 -5.42 2.96 0.00

North Mining Shares Co 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 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 -5.42 0.00 2.96 0.00 0.00

HKSE:00433 vs DOW: Beneish M-Score Comparison

For the Chemicals subindustry, North Mining Shares Co'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.

North Mining Shares Co Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, North Mining Shares Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where North Mining Shares Co's Beneish M-Score falls into.


North Mining Shares Co 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 North Mining Shares Co 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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$36 Mil.
Revenue was HK$1,155 Mil.
Gross Profit was HK$540 Mil.
Total Current Assets was HK$228 Mil.
Total Assets was HK$1,165 Mil.
Property, Plant and Equipment(Net PPE) was HK$938 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$183 Mil.
Selling, General, & Admin. Expense(SGA) was HK$71 Mil.
Total Current Liabilities was HK$1,315 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7 Mil.
Net Income was HK$229 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$155 Mil.
 Total Receivables was HK$87 Mil.
Revenue was HK$116 Mil.
Gross Profit was HK$55 Mil.
Total Current Assets was HK$464 Mil.
Total Assets was HK$1,538 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,074 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$114 Mil.
Selling, General, & Admin. Expense(SGA) was HK$77 Mil.
Total Current Liabilities was HK$1,953 Mil.
Long-Term Debt & Capital Lease Obligation was HK$24 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)
=(36.079 / 1155.416) / (87.034 / 116.378)
=0.031226 / 0.747856
=

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)
=(54.745 / 116.378) / (540.27 / 1155.416)
=0.470407 / 0.467598
=

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 - (227.665 + 937.693) / 1165.358) / (1 - (464.328 + 1073.937) / 1538.265)
=0 / 0
=

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
=1155.416 / 116.378
=

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))
=(114.462 / (114.462 + 1073.937)) / (183.438 / (183.438 + 937.693))
=0.096316 / 0.163619
=

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)
=(71.152 / 1155.416) / (76.959 / 116.378)
=0.061581 / 0.661285
=

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)
=((6.598 + 1314.994) / 1165.358) / ((24.285 + 1953.133) / 1538.265)
=1.134065 / 1.285486
=

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
=(228.619 - 0 - 154.87) / 1165.358
=0.063284

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
North Mining Shares Co (HKSE:00433) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on North Mining Shares Co and its competitors. According to the industry distribution chart, North Mining Shares Co ranks #999999 out of 1530 companies in the Chemicals industry.
Is North Mining Shares Co's Beneish M-Score too high?
North Mining Shares Co's current Beneish M-Score is 0.00. Based on the distribution chart, North Mining Shares Co ranks #999999 out of 1530 companies in the Chemicals industry, which is in the bottom quartile relative to peers.
How does North Mining Shares Co's Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, North Mining Shares Co ranks #999999 out of 1530 companies for Beneish M-Score. This places North Mining Shares Co 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 North Mining Shares Co and its competitors. North Mining Shares Co's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is North Mining Shares Co stock overvalued right now?
Based on GuruFocus' analysis, North Mining Shares Co (HKSE:00433) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.02, compared to a current price of HK$0.07 — trading 235% above its estimated fair value. The current Beneish M-Score is 0.00. 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 North Mining Shares Co (HKSE:00433), the current Beneish M-Score is 0.00 as of Jun. 27, 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.

North Mining Shares Co Business Description

Address 6 Tonnochy Road, Room 2004-05, 20th Floor, Kwan Chart Tower, Wan Chai, Hong Kong, HKG
North Mining Shares Co Ltd is an investment holding company. The principal activities of the company and its subsidiaries are mining operations - exploitation, exploration, and discontinued operations: manufacture of mineral resources, sales of chemical products and sales of aluminium plates. Its reportable operating segments are: i) The Mining operation: Exploration of mineral mines and Exploitation of molybdenum mines, ii) Chemical trading operation: Manufacturing and sale of chemical products. iii) Aluminium metal trading operation: Sale of aluminium plate products. Geographically, it generates the majority of its revenue from the PRC.