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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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Xinyi Solar Holdings's Beneish M-Score or its related term are showing as below:
HKSE:00968'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.68 Med: -2.18 Max: -1.16
Current: -2.68
During the past 13 years, the highest Beneish M-Score of Xinyi Solar Holdings was -1.16. The lowest was -2.68. And the median was -2.18.
Xinyi Solar Holdings Beneish M-Score Related Terms
Xinyi Solar Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Xinyi Solar Holdings'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.
HKSE:00968 vs FSLR, NXT, ENPH: Beneish M-Score Comparison
For the Solar subindustry, Xinyi Solar 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.
Xinyi Solar Holdings Beneish M-Score vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Xinyi Solar Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xinyi Solar Holdings's Beneish M-Score falls into.
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 Xinyi Solar 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 * 1.0347
+
0.528 * 0.8247
+
0.404 * 1.6836
+
0.892 * 0.9847
+
0.115 * 0.8571
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0181
+
4.679 * -0.084541
-
0.327 * 0.9744
=
-2.68
* 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))
=
(2162.472 / (2162.472 + 40943.164))
/
(2401.233 / (2401.233 + 38624.802))
=
0.050167
/
0.058529
=
0.8571
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
=
(932.968 - 0
-
6248.593)
/
62876.61
=
-0.084541
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.
Xinyi Solar Holdings has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
Xinyi Solar Holdings (HKSE:00968) has a Beneish M-Score of -2.68 as of Aug. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Xinyi Solar Holdings and its competitors. According to the industry distribution chart, Xinyi Solar Holdings ranks #308 out of 984 companies in the Semiconductors industry, placing it in the top 31.3%.
Is Xinyi Solar Holdings' Beneish M-Score too high?
Xinyi Solar Holdings' current Beneish M-Score is -2.68. Based on the distribution chart, Xinyi Solar Holdings ranks #308 out of 984 companies in the Semiconductors industry, which is above the industry midpoint. Overall, Xinyi Solar Holdings has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Xinyi Solar Holdings' Beneish M-Score compare to FSLR and NXT?
According to the Semiconductors industry distribution chart, Xinyi Solar Holdings ranks #308 out of 984 companies for Beneish M-Score. This puts Xinyi Solar 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 a Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 Xinyi Solar Holdings and its competitors. Xinyi Solar Holdings's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Xinyi Solar Holdings stock overvalued right now?
Based on GuruFocus' analysis, Xinyi Solar Holdings (HKSE:00968) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$2.85, compared to a current price of HK$2.44 — trading 14.4% below its estimated fair value. The current Beneish M-Score is -2.68. Xinyi Solar 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 Xinyi Solar Holdings (HKSE:00968), the current Beneish M-Score is -2.68 as of Aug. 07, 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 Xinyi Solar Holdings (HKSE:00968) Overvalued in 2026?
Based on GuruFocus' analysis, Xinyi Solar Holdings stock appears to be undervalued.
The current stock price of HK$2.44 is trading 14.4% below its estimated GF Value™ of HK$2.85.
GuruFocus considers Xinyi Solar Holdings to be Modestly Undervalued.
Key valuation signals for HKSE:00968:
Beneish M-Score: -2.68
GF Value™: HK$2.85 vs. price of HK$2.44 (14.4% below fair value)
No single metric tells the full story. See the HKSE:00968 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Xinyi Solar Holdings Ltd is an investment holding company. Along with its subsidiaries, the company is engaged in the production and sale of solar glass products and the development and operation of renewable energy business focused on solar farms. The company's operating segments include sales of solar glass and renewable energy business. A majority of its revenue is generated from the sales of solar glass. Geographically, it derives maximum revenue from Mainland China, followed by other areas in Asia, North America and Europe, and other regions.
82GF Score
Get the complete analysis for HKSE:00968
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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