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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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for China Education Group Holdings's Beneish M-Score or its related term are showing as below:
HKSE:00839'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.59 Max: -0.62
Current: -2.82
During the past 11 years, the highest Beneish M-Score of China Education Group Holdings was -0.62. The lowest was -2.86. And the median was -2.59.
China Education Group Holdings Beneish M-Score Related Terms
China Education Group Holdings Beneish M-Score Historical Data
* 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 Education Group Holdings Beneish M-Score Chart
HKSE:00839 vs EDU, TAL, LAUR: Beneish M-Score Comparison
For the Education & Training Services subindustry, China Education Group 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 Education Group Holdings Beneish M-Score vs Education Industry
For the Education industry and Consumer Defensive sector, China Education Group Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Education Group Holdings's Beneish M-Score falls into.
China Education Group 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 Education Group Holdings 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 * 1.0023
+
0.528 * 1.0388
+
0.404 * 0.7338
+
0.892 * 1.1195
+
0.115 * 0.8769
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0537
+
4.679 * -0.07388
-
0.327 * 0.9864
=
-2.82
* 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.
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.
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))
=
(947.87 / (947.87 + 26605.794))
/
(1180.55 / (1180.55 + 28912.568))
=
0.034401
/
0.03923
=
0.8769
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
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
=
(1065.987 - 0
-
4238.851)
/
42946.057
=
-0.07388
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 Education Group Holdings has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
China Education Group Holdings (HKSE:00839) has a Beneish M-Score of -2.82 as of Jul. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Education Group Holdings and its competitors. According to the industry distribution chart, China Education Group Holdings ranks #78 out of 238 companies in the Education industry, placing it in the top 32.8%.
Is China Education Group Holdings' Beneish M-Score too high?
China Education Group Holdings' current Beneish M-Score is -2.82. Based on the distribution chart, China Education Group Holdings ranks #78 out of 238 companies in the Education industry, which is above the industry midpoint. Overall, China Education Group Holdings has a GF Score™ of 82/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does China Education Group Holdings' Beneish M-Score compare to EDU and TAL?
According to the Education industry distribution chart, China Education Group Holdings ranks #78 out of 238 companies for Beneish M-Score. This puts China Education Group 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 Education company?
A good Beneish M-Score depends on the Education 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 Education Group Holdings and its competitors. China Education Group Holdings's current Beneish M-Score is -2.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Education Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, China Education Group Holdings (HKSE:00839) is currently considered Possible Value Trap. The stock's GF Value™ is HK$4.93, compared to a current price of HK$1.87 — trading 62.1% below its estimated fair value. The current Beneish M-Score is -2.82. China Education Group Holdings' overall GF Score™ is 82/100 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 Education Group Holdings (HKSE:00839), the current Beneish M-Score is -2.82 as of Jul. 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 Education Group Holdings (HKSE:00839) Overvalued in 2026?
Based on GuruFocus' analysis, China Education Group Holdings stock appears to be undervalued.
The current stock price of HK$1.87 is trading 62.1% below its estimated GF Value™ of HK$4.93.
GuruFocus considers China Education Group Holdings to be Possible Value Trap.
Key valuation signals for HKSE:00839:
Beneish M-Score: -2.82
GF Value™: HK$4.93 vs. price of HK$1.87 (62.1% below fair value)
No single metric tells the full story. See the HKSE:00839 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Education Group Holdings Business Description
China Education Group Holdings Ltd is a ultra-large-scale private education group in China with 30 years of experience in higher education operations. CEG's schools offer both higher vocational education and secondary vocational education. The school network spans domestic China and overseas. CEG's full-time student enrollment was about 270,000 as of August 2024.
82GF Score
Get the complete analysis for HKSE:00839
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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