China Health Group (HKSE:00673) Beneish M-Score: -0.92 (As of Aug. 12, 2026)

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HKSE:00673 China Health Group Ltd HKSE:00673
24 GF Score
Price HK$0.40
GF Value HK$0.24
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is China Health Group Beneish M-Score?

China Health Group HKSE:00673 24 Beneish M-Score is -0.92 as of Aug. 12, 2026. GuruFocus rates HKSE:00673 with a GF Score™ of 24/100 and a GF Value™ of HK$0.24 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 115 Medical Distribution companies, China Health Group ranks worse than 93.04% 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 -0.92 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:00673' s Beneish M-Score Range Over the Past 10 Years
Min: -4.77   Med: -2.08   Max: 6.34
Current: -0.92

During the past 13 years, the highest Beneish M-Score of China Health Group was 6.34. The lowest was -4.77. And the median was -2.08.

China Health Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for China Health 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.

China Health Group Beneish M-Score Chart

China Health Group Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.92 -3.23 -3.24 -4.77 -0.92

China Health Group Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
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 -3.24 0.00 -4.77 0.00 -0.92

HKSE:00673 vs MCK, COR, CAH: Beneish M-Score Comparison

For the Medical Distribution subindustry, China Health 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.

China Health Group Beneish M-Score vs Medical Distribution Industry

For the Medical Distribution industry and Healthcare sector, China Health Group's Beneish M-Score distribution charts can be found below:

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


HKSE:00673
24GF Score
China Health Group Ltd HKSE:00673
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

China Health 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 China Health 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 * 0.822+0.528 * 1.3671+0.404 * 1.322+0.892 * 1.0552+0.115 * 1.5037
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.5687+4.679 * 0.238455-0.327 * 0.6832
=-0.92

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was HK$78.37 Mil.
Revenue was HK$41.09 Mil.
Gross Profit was HK$7.13 Mil.
Total Current Assets was HK$119.56 Mil.
Total Assets was HK$157.56 Mil.
Property, Plant and Equipment(Net PPE) was HK$18.48 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$2.09 Mil.
Selling, General, & Admin. Expense(SGA) was HK$41.31 Mil.
Total Current Liabilities was HK$96.71 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 Mil.
Net Income was HK$-47.93 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-85.50 Mil.
 Total Receivables was HK$90.36 Mil.
Revenue was HK$38.94 Mil.
Gross Profit was HK$9.24 Mil.
Total Current Assets was HK$114.62 Mil.
Total Assets was HK$147.35 Mil.
Property, Plant and Equipment(Net PPE) was HK$18.92 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3.41 Mil.
Selling, General, & Admin. Expense(SGA) was HK$68.83 Mil.
Total Current Liabilities was HK$131.97 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.43 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)
=(78.37 / 41.092) / (90.356 / 38.943)
=1.907184 / 2.320212
=0.822

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)
=(9.235 / 38.943) / (7.128 / 41.092)
=0.237141 / 0.173464
=1.3671

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 - (119.556 + 18.478) / 157.556) / (1 - (114.62 + 18.918) / 147.348)
=0.123905 / 0.093724
=1.322

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
=41.092 / 38.943
=1.0552

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))
=(3.412 / (3.412 + 18.918)) / (2.09 / (2.09 + 18.478))
=0.152799 / 0.101614
=1.5037

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)
=(41.306 / 41.092) / (68.833 / 38.943)
=1.005208 / 1.767532
=0.5687

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)
=((0 + 96.714) / 157.556) / ((0.425 + 131.965) / 147.348)
=0.613839 / 0.898485
=0.6832

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
=(-47.932 - 0 - -85.502) / 157.556
=0.238455

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 Health Group has a M-score of -0.92 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 -0.92 mean?
China Health Group (HKSE:00673) has a Beneish M-Score of -0.92 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Health Group and its competitors. According to the industry distribution chart, China Health Group ranks #107 out of 115 companies in the Medical Distribution industry, placing it in the top 93%.
Is China Health Group's Beneish M-Score too high?
China Health Group's current Beneish M-Score is -0.92. Based on the distribution chart, China Health Group ranks #107 out of 115 companies in the Medical Distribution industry, which is in the bottom quartile relative to peers. Overall, China Health Group has a GF Score™ of 24/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does China Health Group's Beneish M-Score compare to MCK and COR?
According to the Medical Distribution industry distribution chart, China Health Group ranks #107 out of 115 companies for Beneish M-Score. This places China Health 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 Medical Distribution company?
A good Beneish M-Score depends on the Medical Distribution 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 Health Group and its competitors. China Health Group's current Beneish M-Score is -0.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Health Group stock overvalued right now?
Based on GuruFocus' analysis, China Health Group (HKSE:00673) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.24, compared to a current price of HK$0.40 — trading 66.7% above its estimated fair value. The current Beneish M-Score is -0.92. China Health Group's overall GF Score™ is 24/100 with 6 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 Health Group (HKSE:00673), the current Beneish M-Score is -0.92 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.

Is China Health Group (HKSE:00673) Overvalued in 2026?

Based on GuruFocus' analysis, China Health Group stock appears to be overvalued. The current stock price of HK$0.40 is trading 66.7% above its estimated GF Value™ of HK$0.24. GuruFocus considers China Health Group to be Significantly Overvalued.

Key valuation signals for HKSE:00673:

  • Beneish M-Score: -0.92
  • GF Value™: HK$0.24 vs. price of HK$0.40 (66.7% above fair value)
  • GF Score™: 24/100 with 6 warning signs

No single metric tells the full story. See the HKSE:00673 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

China Health Group Business Description

Address 141 Des Voeux Road, Unit 801, 8th Floor, China Insurance Group Building, Central, Hong Kong, HKG
China Health Group Ltd is an investment holding company. It is principally engaged in the distribution and service of medical equipment and consumables, provision of hospital operation and management services, and business factoring. It operates in the business in four segments: medical equipment and consumables distribution and service business; hospital operation and management services business; business service; and research and development and sale of functional food. It derives a majority of revenue from the Distribution and service in the medical equipment and consumables segment. Geographically, the group derives its revenue from the PRC.
24GF Score

Get the complete analysis for HKSE:00673

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

HK$0.40
Price
HK$0.24
GF Value