China Taiping Insurance Holdings Co (HKSE:00966) Beneish M-Score: -2.81 (As of Jul. 04, 2026)


HKSE:00966 China Taiping Insurance Holdings Co Ltd HKSE:00966
76 GF Score
Price HK$19.75
GF Value HK$13.49
Valuation Significantly Overvalued
! 4 Warning Signs
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What is China Taiping Insurance Holdings Co Beneish M-Score?

China Taiping Insurance Holdings Co HKSE:00966 +4.55% 76 Beneish M-Score is -2.81 as of Jul. 04, 2026. GuruFocus rates HKSE:00966 with a GF Score™ of 76/100 and a GF Value™ of HK$13.49 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 400 Insurance companies, China Taiping Insurance Holdings Co ranks better than 79.5% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China Taiping Insurance Holdings Co's Beneish M-Score or its related term are showing as below:

HKSE:00966' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55   Med: -2.68   Max: -1.69
Current: -2.81

During the past 13 years, the highest Beneish M-Score of China Taiping Insurance Holdings Co was -1.69. The lowest was -3.55. And the median was -2.68.

HKSE:00966
76GF Score
China Taiping Insurance Holdings Co Ltd HKSE:00966
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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China Taiping Insurance Holdings 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 China Taiping Insurance Holdings 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 * 0.8933+0.528 * 1+0.404 * 1.0041+0.892 * 1.0275+0.115 * 0.8823
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.042531-0.327 * 1.1263
=-2.81

* 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$41,946 Mil.
Revenue was HK$181,434 Mil.
Gross Profit was HK$181,434 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$1,986,587 Mil.
Property, Plant and Equipment(Net PPE) was HK$44,855 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3,541 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$32,831 Mil.
Net Income was HK$27,059 Mil.
Gross Profit was HK$2,722 Mil.
Cash Flow from Operations was HK$108,830 Mil.
 Total Receivables was HK$45,697 Mil.
Revenue was HK$176,574 Mil.
Gross Profit was HK$176,574 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$1,734,342 Mil.
Property, Plant and Equipment(Net PPE) was HK$46,156 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3,185 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$25,449 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)
=(41945.528 / 181434.044) / (45696.547 / 176574.442)
=0.231189 / 0.258795
=0.8933

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)
=(176574.442 / 176574.442) / (181434.044 / 181434.044)
=1 / 1
=1

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 - (0 + 44854.939) / 1986586.643) / (1 - (0 + 46156.438) / 1734342.014)
=0.977421 / 0.973387
=1.0041

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
=181434.044 / 176574.442
=1.0275

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))
=(3185.495 / (3185.495 + 46156.438)) / (3541.328 / (3541.328 + 44854.939))
=0.06456 / 0.073174
=0.8823

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)
=(0 / 181434.044) / (0 / 176574.442)
=0 / 0
=1

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)
=((32831.497 + 0) / 1986586.643) / ((25449.292 + 0) / 1734342.014)
=0.016527 / 0.014674
=1.1263

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
=(27059.279 - 2722.25 - 108829.518) / 1986586.643
=-0.042531

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 Taiping Insurance Holdings Co has a M-score of -2.81 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 -2.81 mean?
China Taiping Insurance Holdings Co (HKSE:00966) has a Beneish M-Score of -2.81 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Taiping Insurance Holdings Co and its competitors. According to the industry distribution chart, China Taiping Insurance Holdings Co ranks #82 out of 400 companies in the Insurance industry, placing it in the top 20.5%.
Is China Taiping Insurance Holdings Co's Beneish M-Score too high?
China Taiping Insurance Holdings Co's current Beneish M-Score is -2.81. Based on the distribution chart, China Taiping Insurance Holdings Co ranks #82 out of 400 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, China Taiping Insurance Holdings Co has a GF Score™ of 76/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does China Taiping Insurance Holdings Co's Beneish M-Score compare to AFL and MET?
According to the Insurance industry distribution chart, China Taiping Insurance Holdings Co ranks #82 out of 400 companies for Beneish M-Score. This places China Taiping Insurance Holdings Co in the top 21% of its industry — outperforming the majority of peers. 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 Insurance company?
A good Beneish M-Score depends on the Insurance 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 Taiping Insurance Holdings Co and its competitors. China Taiping Insurance Holdings Co's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Taiping Insurance Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, China Taiping Insurance Holdings Co (HKSE:00966) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$13.49, compared to a current price of HK$19.75 — trading 46.4% above its estimated fair value. The current Beneish M-Score is -2.81. China Taiping Insurance Holdings Co's overall GF Score™ is 76/100 with 4 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 Taiping Insurance Holdings Co (HKSE:00966), the current Beneish M-Score is -2.81 as of Jul. 04, 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 Taiping Insurance Holdings Co (HKSE:00966) Overvalued in 2026?

Based on GuruFocus' analysis, China Taiping Insurance Holdings Co stock appears to be overvalued. The current stock price of HK$19.75 is trading 46.4% above its estimated GF Value™ of HK$13.49. GuruFocus considers China Taiping Insurance Holdings Co to be Significantly Overvalued.

Key valuation signals for HKSE:00966:

  • Beneish M-Score: -2.81
  • GF Value™: HK$13.49 vs. price of HK$19.75 (46.4% above fair value)
  • GF Score™: 76/100 with 4 warning signs

No single metric tells the full story. See the HKSE:00966 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

China Taiping Insurance Holdings Co Business Description

Other Exchanges CTIHY:USAHIUC:Germany
Address 18 King Wah Road, 25th Floor, China Taiping Finance Centre, North Point, Hong Kong, HKG
China Taiping Insurance Holdings Co Ltd is a holding company that, through its subsidiaries, sells insurance products and offers a variety of investment management services. The company sells life, property and casualty, reinsurance, and pension insurance products. The firm also operates asset management and real estate management services. The majority of China Taiping Insurance's income is derived from life insurance, with the People's Republic of China contributing a portion of the company's revenue. The company comprises business segments: the life insurance business, PRC property and casualty insurance business, Overseas property and casualty insurance business, reinsurance business, and Others. The majority of revenue is generated from the life insurance business.
76GF Score

Get the complete analysis for HKSE:00966

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

HK$19.75
Price
HK$13.49
GF Value