C&D Newin Paper & Pulp (HKSE:00731) Beneish M-Score: -1.55 (As of Aug. 14, 2026)

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HKSE:00731 C&D Newin Paper & Pulp Corp Ltd HKSE:00731
23 GF Score
Price HK$0.31
GF Value HK$0.19
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is C&D Newin Paper & Pulp Beneish M-Score?

C&D Newin Paper & Pulp HKSE:00731 +1.64% 23 Beneish M-Score is -1.55 as of Aug. 14, 2026. GuruFocus rates HKSE:00731 with a GF Score™ of 23/100 and a GF Value™ of HK$0.19 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 272 Forest Products companies, C&D Newin Paper & Pulp ranks worse than 93.01% 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 -1.55 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for C&D Newin Paper & Pulp's Beneish M-Score or its related term are showing as below:

HKSE:00731' s Beneish M-Score Range Over the Past 10 Years
Min: -21.81   Med: -2.65   Max: 7.68
Current: -1.55

During the past 13 years, the highest Beneish M-Score of C&D Newin Paper & Pulp was 7.68. The lowest was -21.81. And the median was -2.65.

C&D Newin Paper & Pulp Beneish M-Score Historical Data

* Premium members only.

The historical data trend for C&D Newin Paper & Pulp'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.

C&D Newin Paper & Pulp Beneish M-Score Chart

C&D Newin Paper & Pulp Annual Data
Trend Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -21.81 7.68 -6.94 -7.06 -1.55

C&D Newin Paper & Pulp Semi-Annual Data
Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 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 -6.94 0.00 -7.06 0.00 -1.55

C&D Newin Paper & Pulp Beneish M-Score Competitor Comparison

For the Paper & Paper Products subindustry, C&D Newin Paper & Pulp'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.

C&D Newin Paper & Pulp Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, C&D Newin Paper & Pulp's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where C&D Newin Paper & Pulp's Beneish M-Score falls into.


HKSE:00731
23GF Score
C&D Newin Paper & Pulp Corp Ltd HKSE:00731
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

C&D Newin Paper & Pulp 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 C&D Newin Paper & Pulp 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 * 2.3395+0.528 * 0.0954+0.404 * 0.9541+0.892 * 1.096+0.115 * 1.1065
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7952+4.679 * 0.019085-0.327 * 1.0838
=-1.55

* 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$59 Mil.
Revenue was HK$1,459 Mil.
Gross Profit was HK$24 Mil.
Total Current Assets was HK$303 Mil.
Total Assets was HK$1,156 Mil.
Property, Plant and Equipment(Net PPE) was HK$680 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$53 Mil.
Selling, General, & Admin. Expense(SGA) was HK$55 Mil.
Total Current Liabilities was HK$222 Mil.
Long-Term Debt & Capital Lease Obligation was HK$786 Mil.
Net Income was HK$-74 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-96 Mil.
 Total Receivables was HK$23 Mil.
Revenue was HK$1,331 Mil.
Gross Profit was HK$2 Mil.
Total Current Assets was HK$254 Mil.
Total Assets was HK$1,094 Mil.
Property, Plant and Equipment(Net PPE) was HK$667 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$58 Mil.
Selling, General, & Admin. Expense(SGA) was HK$63 Mil.
Total Current Liabilities was HK$433 Mil.
Long-Term Debt & Capital Lease Obligation was HK$446 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)
=(59.337 / 1459.268) / (23.142 / 1331.437)
=0.040662 / 0.017381
=2.3395

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)
=(2.133 / 1331.437) / (24.499 / 1459.268)
=0.001602 / 0.016789
=0.0954

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 - (302.939 + 680.106) / 1156.485) / (1 - (254.373 + 667.442) / 1093.737)
=0.149972 / 0.157188
=0.9541

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
=1459.268 / 1331.437
=1.096

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))
=(58.264 / (58.264 + 667.442)) / (53.209 / (53.209 + 680.106))
=0.080286 / 0.07256
=1.1065

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)
=(55.012 / 1459.268) / (63.118 / 1331.437)
=0.037698 / 0.047406
=0.7952

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)
=((785.763 + 221.722) / 1156.485) / ((446.302 + 432.832) / 1093.737)
=0.871161 / 0.803789
=1.0838

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
=(-73.661 - 0 - -95.733) / 1156.485
=0.019085

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.

C&D Newin Paper & Pulp has a M-score of -1.55 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 -1.55 mean?
C&D Newin Paper & Pulp (HKSE:00731) has a Beneish M-Score of -1.55 as of Aug. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on C&D Newin Paper & Pulp and its competitors. According to the industry distribution chart, C&D Newin Paper & Pulp ranks #253 out of 272 companies in the Forest Products industry, placing it in the top 93%.
Is C&D Newin Paper & Pulp's Beneish M-Score too high?
C&D Newin Paper & Pulp's current Beneish M-Score is -1.55. Based on the distribution chart, C&D Newin Paper & Pulp ranks #253 out of 272 companies in the Forest Products industry, which is in the bottom quartile relative to peers. Overall, C&D Newin Paper & Pulp has a GF Score™ of 23/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does C&D Newin Paper & Pulp's Beneish M-Score compare to competitors?
According to the Forest Products industry distribution chart, C&D Newin Paper & Pulp ranks #253 out of 272 companies for Beneish M-Score. This places C&D Newin Paper & Pulp 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 C&D Newin Paper & Pulp and its competitors. C&D Newin Paper & Pulp's current Beneish M-Score is -1.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is C&D Newin Paper & Pulp stock overvalued right now?
Based on GuruFocus' analysis, C&D Newin Paper & Pulp (HKSE:00731) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.19, compared to a current price of HK$0.31 — trading 63.2% above its estimated fair value. The current Beneish M-Score is -1.55. C&D Newin Paper & Pulp's overall GF Score™ is 23/100 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 C&D Newin Paper & Pulp (HKSE:00731), the current Beneish M-Score is -1.55 as of Aug. 14, 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 C&D Newin Paper & Pulp (HKSE:00731) Overvalued in 2026?

Based on GuruFocus' analysis, C&D Newin Paper & Pulp stock appears to be overvalued. The current stock price of HK$0.31 is trading 63.2% above its estimated GF Value™ of HK$0.19. GuruFocus considers C&D Newin Paper & Pulp to be Significantly Overvalued.

Key valuation signals for HKSE:00731:

  • Beneish M-Score: -1.55
  • GF Value™: HK$0.19 vs. price of HK$0.31 (63.2% above fair value)
  • GF Score™: 23/100 with 6 warning signs

No single metric tells the full story. See the HKSE:00731 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

C&D Newin Paper & Pulp Business Description

Address No. 168-200, Connaught Road Central, Rooms 2306B & 2307, 23rd Floor, West Tower, Shun Tak Centre, Hong Kong, HKG
C&D Newin Paper & Pulp Corp Ltd is engaged in the manufacturing, trading, recycling, and marketing of paper products. The company has two business segments: Paper manufacturing and selling; and Trading. The firm generates the majority of its revenue from the paper manufacturing and selling segment, which is engaged in the manufacturing and sale of paper and pulp-related products. The Trading segment is engaged in the trading of paper and pulp and any ancillary or related raw materials. Geographically, the company generates all of its revenue from the PRC.
23GF Score

Get the complete analysis for HKSE:00731

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

HK$0.31
Price
HK$0.19
GF Value