Mingfa Group (International) Co (HKSE:00846) Beneish M-Score: -2.16 (As of Aug. 09, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

What is Mingfa Group (International) Co Beneish M-Score?

Mingfa Group (International) Co HKSE:00846 Beneish M-Score is -2.16 as of Aug. 09, 2026. The stock has 4 warning signs investors should review. Among 1,677 Real Estate companies, Mingfa Group (International) Co ranks worse than 62.25% 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.

Good Sign:

Beneish M-Score -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Mingfa Group (International) Co's Beneish M-Score or its related term are showing as below:

HKSE:00846' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04   Med: -2.29   Max: -0.88
Current: -2.16

During the past 13 years, the highest Beneish M-Score of Mingfa Group (International) Co was -0.88. The lowest was -3.04. And the median was -2.29.

Mingfa Group (International) Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mingfa Group (International) 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.

Mingfa Group (International) Co Beneish M-Score Chart

Mingfa Group (International) 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 -2.26 -2.31 -2.50 -3.00 -2.16

Mingfa Group (International) Co Semi-Annual Data
Dec15 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 -2.50 0.00 -3.00 0.00 -2.16

Mingfa Group (International) Co Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Mingfa Group (International) 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.

Mingfa Group (International) Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Mingfa Group (International) Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Mingfa Group (International) Co's Beneish M-Score falls into.


Mingfa Group (International) 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 Mingfa Group (International) 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 * 1.6749+0.528 * 1.3439+0.404 * 0.8434+0.892 * 0.6454+0.115 * 0.9664
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1728+4.679 * -0.014525-0.327 * 0.9956
=-2.16

* 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$2,268 Mil.
Revenue was HK$4,844 Mil.
Gross Profit was HK$778 Mil.
Total Current Assets was HK$46,269 Mil.
Total Assets was HK$63,393 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,289 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$207 Mil.
Selling, General, & Admin. Expense(SGA) was HK$877 Mil.
Total Current Liabilities was HK$40,151 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,626 Mil.
Net Income was HK$-1,356 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-435 Mil.
 Total Receivables was HK$2,099 Mil.
Revenue was HK$7,506 Mil.
Gross Profit was HK$1,619 Mil.
Total Current Assets was HK$46,178 Mil.
Total Assets was HK$66,544 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,146 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$191 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,159 Mil.
Total Current Liabilities was HK$43,140 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,961 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)
=(2268.47 / 4844.428) / (2098.54 / 7506.045)
=0.468264 / 0.27958
=1.6749

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)
=(1619.497 / 7506.045) / (777.771 / 4844.428)
=0.215759 / 0.16055
=1.3439

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 - (46269.39 + 3288.764) / 63392.842) / (1 - (46178.392 + 3146.306) / 66544.41)
=0.218237 / 0.25877
=0.8434

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
=4844.428 / 7506.045
=0.6454

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))
=(191.423 / (191.423 + 3146.306)) / (207.497 / (207.497 + 3288.764))
=0.057351 / 0.059348
=0.9664

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)
=(877.1 / 4844.428) / (1158.724 / 7506.045)
=0.181053 / 0.154372
=1.1728

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)
=((2626.127 + 40151.098) / 63392.842) / ((1961.252 + 43140.445) / 66544.41)
=0.674796 / 0.677768
=0.9956

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
=(-1355.693 - 0 - -434.886) / 63392.842
=-0.014525

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.

Mingfa Group (International) Co has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.16 mean?
Mingfa Group (International) Co (HKSE:00846) has a Beneish M-Score of -2.16 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mingfa Group (International) Co and its competitors. According to the industry distribution chart, Mingfa Group (International) Co ranks #1044 out of 1677 companies in the Real Estate industry, placing it in the top 62.3%.
Is Mingfa Group (International) Co's Beneish M-Score too high?
Mingfa Group (International) Co's current Beneish M-Score is -2.16. Based on the distribution chart, Mingfa Group (International) Co ranks #1044 out of 1677 companies in the Real Estate industry, which is below the industry midpoint.
How does Mingfa Group (International) Co's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Mingfa Group (International) Co ranks #1044 out of 1677 companies for Beneish M-Score. This places Mingfa Group (International) 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 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 Mingfa Group (International) Co and its competitors. Mingfa Group (International) Co's current Beneish M-Score is -2.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mingfa Group (International) Co stock overvalued right now?
Based on GuruFocus' analysis, Mingfa Group (International) Co (HKSE:00846) is currently considered Fairly Valued. The stock's GF Value™ is HK$0.08, compared to a current price of HK$0.08 — trading 2.5% below its estimated fair value. The current Beneish M-Score is -2.16. 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 Mingfa Group (International) Co (HKSE:00846), the current Beneish M-Score is -2.16 as of Aug. 09, 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.

Mingfa Group (International) Co Business Description

Address No. 88 Pudong North Road, Jiangsu Mingfa Business Park, Pukou, Jiangsu Province, Nanjing, CHN
Mingfa Group (International) Co Ltd is an investment holding company. The principal activities of the company include property development, leasing, and hotel management. The company's operating segments include property development, hotel, property investment and management, and others. The Property Development segment is engaged in real estate development and is further subdivided into commercial and residential. The Hotel segment is engaged in hotel operations. Its Property investment and management segment invests in properties for their rental income potential and for capital appreciation, and provides management. The company generates maximum revenue from the property development segment. Geographically, it derives revenue from the PRC.