Qunabox Group (HKSE:00917) Beneish M-Score: -2.66 (As of Aug. 16, 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.

HKSE:00917 Qunabox Group Ltd HKSE:00917
19 GF Score
Price HK$7.77
! 3 Warning Signs
View Full Analysis

What is Qunabox Group Beneish M-Score?

Qunabox Group HKSE:00917 -1.83% 19 Beneish M-Score is -2.66 as of Aug. 16, 2026. GuruFocus rates HKSE:00917 with a GF Score™ of 19/100. The stock has 3 warning signs investors should review. Among 971 Media - Diversified companies, Qunabox Group ranks better than 55.92% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00917' s Beneish M-Score Range Over the Past 10 Years
Min: -6.62   Med: -2.66   Max: -2.51
Current: -2.66

During the past 5 years, the highest Beneish M-Score of Qunabox Group was -2.51. The lowest was -6.62. And the median was -2.66.

Qunabox Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Qunabox 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.

Qunabox Group Beneish M-Score Chart

Qunabox Group Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.51 -6.62 -2.66

Qunabox Group Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -2.51 0.00 -6.62 0.00 -2.66

HKSE:00917 vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, Qunabox 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.

Qunabox Group Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Qunabox Group's Beneish M-Score distribution charts can be found below:

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


HKSE:00917
19GF Score
Qunabox Group Ltd HKSE:00917
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Qunabox 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 Qunabox 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 * 0.8982+0.528 * 0.9766+0.404 * 0.607+0.892 * 1.2848+0.115 * 0.8269
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0245+4.679 * -0.030508-0.327 * 1.0032
=-2.66

* 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$665 Mil.
Revenue was HK$1,837 Mil.
Gross Profit was HK$1,053 Mil.
Total Current Assets was HK$2,844 Mil.
Total Assets was HK$3,013 Mil.
Property, Plant and Equipment(Net PPE) was HK$141 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$58 Mil.
Selling, General, & Admin. Expense(SGA) was HK$541 Mil.
Total Current Liabilities was HK$772 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4 Mil.
Net Income was HK$316 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$408 Mil.
 Total Receivables was HK$576 Mil.
Revenue was HK$1,430 Mil.
Gross Profit was HK$801 Mil.
Total Current Assets was HK$2,033 Mil.
Total Assets was HK$2,249 Mil.
Property, Plant and Equipment(Net PPE) was HK$181 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$57 Mil.
Selling, General, & Admin. Expense(SGA) was HK$411 Mil.
Total Current Liabilities was HK$575 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2 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)
=(665.204 / 1837.427) / (576.409 / 1430.147)
=0.36203 / 0.403042
=0.8982

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)
=(800.527 / 1430.147) / (1053.097 / 1837.427)
=0.559752 / 0.573137
=0.9766

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 - (2844.061 + 140.651) / 3013.058) / (1 - (2033.241 + 180.792) / 2248.887)
=0.009408 / 0.015498
=0.607

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
=1837.427 / 1430.147
=1.2848

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))
=(57.448 / (57.448 + 180.792)) / (57.902 / (57.902 + 140.651))
=0.241135 / 0.29162
=0.8269

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)
=(541.342 / 1837.427) / (411.272 / 1430.147)
=0.29462 / 0.287573
=1.0245

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)
=((3.515 + 772.277) / 3013.058) / ((2.108 + 575.074) / 2248.887)
=0.257477 / 0.256652
=1.0032

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
=(315.662 - 0 - 407.585) / 3013.058
=-0.030508

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.

Qunabox Group has a M-score of -2.66 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 -2.66 mean?
Qunabox Group (HKSE:00917) has a Beneish M-Score of -2.66 as of Aug. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Qunabox Group and its competitors. According to the industry distribution chart, Qunabox Group ranks #428 out of 971 companies in the Media - Diversified industry, placing it in the top 44.1%.
Is Qunabox Group's Beneish M-Score too high?
Qunabox Group's current Beneish M-Score is -2.66. Based on the distribution chart, Qunabox Group ranks #428 out of 971 companies in the Media - Diversified industry, which is above the industry midpoint. Overall, Qunabox Group has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Qunabox Group's Beneish M-Score compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Qunabox Group ranks #428 out of 971 companies for Beneish M-Score. This puts Qunabox Group 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 a Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 Qunabox Group and its competitors. Qunabox Group's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Qunabox Group stock overvalued right now?
Qunabox Group (HKSE:00917) has a current Beneish M-Score of -2.66. The current Beneish M-Score is -2.66. Qunabox Group's overall GF Score™ is 19/100 with 3 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 Qunabox Group (HKSE:00917), the current Beneish M-Score is -2.66 as of Aug. 16, 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.

Qunabox Group Business Description

Other Exchanges BY9:Germany
Address 398 Guiyang Road, 17th Floor, Wentong International Plaza, Yangpu District, Shanghai, CHN
Qunabox Group Ltd is a marketing service provider in China, focusing on outdoor marketing for fast-moving consumer goods ("FMCG"). The company is dedicated to merging creativity and technology (such as AI, Big data and IoT), combining online and offline channels, and utilizing marketing services to drive FMCG brands. The company's business segment includes Marketing services, which further consists of (a) standard marketing services and (b) value-added marketing services; merchandise sales; and other services. The company generates the majority of its revenue from the Marketing services. Geographically, the company generates revenue from Mainland China.
19GF Score

Get the complete analysis for HKSE:00917

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

HK$7.77
Price