Zhong An Group (HKSE:00672) Beneish M-Score: -1.68 (As of Aug. 20, 2026)

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What is Zhong An Group Beneish M-Score?

Zhong An Group HKSE:00672 -6.90% Beneish M-Score is -1.68 as of Aug. 20, 2026. The stock has 8 warning signs investors should review. Among 1,677 Real Estate companies, Zhong An Group ranks worse than 77.1% 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.

Warning Sign:

Beneish M-Score -1.68 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Zhong An Group's Beneish M-Score or its related term are showing as below:

HKSE:00672' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14   Med: -1.8   Max: -0.6
Current: -1.68

During the past 13 years, the highest Beneish M-Score of Zhong An Group was -0.60. The lowest was -3.14. And the median was -1.80.

Zhong An Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Zhong An Group'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.

Zhong An Group Beneish M-Score Chart

Zhong An Group 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 -1.60 -2.06 -1.32 -3.02 -1.68

Zhong An Group 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 -1.32 0.00 -3.02 0.00 -1.68

Zhong An Group Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Zhong An 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.

Zhong An Group Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Zhong An Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Zhong An Group's Beneish M-Score falls into.


Zhong An 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 Zhong An 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 * 1.4444+0.528 * 2.2551+0.404 * 1.4035+0.892 * 0.6518+0.115 * 1.2063
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4293+4.679 * -0.022824-0.327 * 0.9129
=-1.68

* 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$3,084 Mil.
Revenue was HK$9,693 Mil.
Gross Profit was HK$705 Mil.
Total Current Assets was HK$18,293 Mil.
Total Assets was HK$31,949 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,647 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$134 Mil.
Selling, General, & Admin. Expense(SGA) was HK$686 Mil.
Total Current Liabilities was HK$12,292 Mil.
Long-Term Debt & Capital Lease Obligation was HK$6,760 Mil.
Net Income was HK$-985 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-256 Mil.
 Total Receivables was HK$3,276 Mil.
Revenue was HK$14,873 Mil.
Gross Profit was HK$2,440 Mil.
Total Current Assets was HK$29,160 Mil.
Total Assets was HK$41,920 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,468 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$153 Mil.
Selling, General, & Admin. Expense(SGA) was HK$736 Mil.
Total Current Liabilities was HK$22,944 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4,440 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)
=(3084.132 / 9693.45) / (3276.123 / 14872.863)
=0.318167 / 0.220275
=1.4444

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)
=(2439.534 / 14872.863) / (705.049 / 9693.45)
=0.164026 / 0.072735
=2.2551

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 - (18293.159 + 2646.707) / 31948.695) / (1 - (29159.556 + 2468.324) / 41919.731)
=0.344578 / 0.245513
=1.4035

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
=9693.45 / 14872.863
=0.6518

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))
=(152.625 / (152.625 + 2468.324)) / (134.255 / (134.255 + 2646.707))
=0.058233 / 0.048276
=1.2063

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)
=(685.806 / 9693.45) / (736.214 / 14872.863)
=0.070749 / 0.0495
=1.4293

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)
=((6759.998 + 12291.774) / 31948.695) / ((4439.611 + 22944.176) / 41919.731)
=0.596324 / 0.653243
=0.9129

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
=(-984.987 - 0 - -255.791) / 31948.695
=-0.022824

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.

Zhong An Group has a M-score of -1.68 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 -1.68 mean?
Zhong An Group (HKSE:00672) has a Beneish M-Score of -1.68 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zhong An Group and its competitors. According to the industry distribution chart, Zhong An Group ranks #1293 out of 1677 companies in the Real Estate industry, placing it in the top 77.1%.
Is Zhong An Group's Beneish M-Score too high?
Zhong An Group's current Beneish M-Score is -1.68. Based on the distribution chart, Zhong An Group ranks #1293 out of 1677 companies in the Real Estate industry, which is in the bottom quartile relative to peers.
How does Zhong An Group's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Zhong An Group ranks #1293 out of 1677 companies for Beneish M-Score. This places Zhong An 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 a Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Zhong An Group and its competitors. Zhong An Group's current Beneish M-Score is -1.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zhong An Group stock overvalued right now?
Based on GuruFocus' analysis, Zhong An Group (HKSE:00672) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.10, compared to a current price of HK$0.08 — trading 19% below its estimated fair value. The current Beneish M-Score is -1.68. 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 Zhong An Group (HKSE:00672), the current Beneish M-Score is -1.68 as of Aug. 20, 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.

Zhong An Group Business Description

Address No. 996, Xiaoshao Road, Xiaoshan District, Zhejiang Province, Hangzhou, CHN, 311201
Zhong An Group Ltd is an investment holding. It is engaged in property development, property leasing, and hotel operations. The operating segments of the group are the the Residential segment develops and sells residential properties, and provides property management services, project management services and other services to residential properties in Chinese Mainland and Canada; and the commercial segment develops and sells commercial properties, leases investment properties, owns and operates hotels and provides project management services and other services to commercial properties in Chinese Mainland, Japan and United Kingdom. It generates the majority of the revenue from the Residential segment.