Changyou International Group (HKSE:01039) Beneish M-Score: -4.32 (As of Jul. 21, 2026)

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What is Changyou International Group Beneish M-Score?

Changyou International Group HKSE:01039 Beneish M-Score is -4.32 as of Jul. 21, 2026. The stock has 5 warning signs investors should review. Among 1,084 Retail - Cyclical companies, Changyou International Group ranks better than 97.32% 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 -4.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01039' s Beneish M-Score Range Over the Past 10 Years
Min: -2507.02   Med: -3.91   Max: 8.88
Current: -4.32

During the past 13 years, the highest Beneish M-Score of Changyou International Group was 8.88. The lowest was -2507.02. And the median was -3.91.

Changyou International Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Changyou International 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.

Changyou International Group Beneish M-Score Chart

Changyou International Group 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 0.00 0.00 0.00 -2,507.02 -4.32

Changyou International Group Semi-Annual Data
Jun16 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 0.00 0.00 -2,507.02 0.00 -4.32

HKSE:01039 vs AMZN, BABA, PDD: Beneish M-Score Comparison

For the Internet Retail subindustry, Changyou International 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.

Changyou International Group Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Changyou International Group's Beneish M-Score distribution charts can be found below:

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


Changyou International 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 Changyou International 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 * 0.8786+0.528 * 0.952+0.404 * 0.2098+0.892 * 1.0998+0.115 * 1.0343
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8187+4.679 * -0.323613-0.327 * 0.987
=-4.32

* 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$120.7 Mil.
Revenue was HK$212.2 Mil.
Gross Profit was HK$48.4 Mil.
Total Current Assets was HK$161.6 Mil.
Total Assets was HK$164.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$1.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$33.6 Mil.
Total Current Liabilities was HK$149.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$193.1 Mil.
Net Income was HK$-17.8 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$35.4 Mil.
 Total Receivables was HK$124.9 Mil.
Revenue was HK$192.9 Mil.
Gross Profit was HK$41.9 Mil.
Total Current Assets was HK$140.0 Mil.
Total Assets was HK$148.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$2.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$2.8 Mil.
Selling, General, & Admin. Expense(SGA) was HK$37.3 Mil.
Total Current Liabilities was HK$197.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$115.4 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)
=(120.662 / 212.201) / (124.862 / 192.937)
=0.568621 / 0.647165
=0.8786

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)
=(41.929 / 192.937) / (48.442 / 212.201)
=0.21732 / 0.228284
=0.952

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 - (161.603 + 1.539) / 164.425) / (1 - (140.023 + 2.684) / 148.219)
=0.007803 / 0.037188
=0.2098

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
=212.201 / 192.937
=1.0998

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))
=(2.784 / (2.784 + 2.684)) / (1.492 / (1.492 + 1.539))
=0.509144 / 0.492247
=1.0343

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)
=(33.574 / 212.201) / (37.286 / 192.937)
=0.158218 / 0.193255
=0.8187

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)
=((193.114 + 149.615) / 164.425) / ((115.357 + 197.669) / 148.219)
=2.084409 / 2.111915
=0.987

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
=(-17.768 - 0 - 35.442) / 164.425
=-0.323613

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.

Changyou International Group has a M-score of -4.32 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 -4.32 mean?
Changyou International Group (HKSE:01039) has a Beneish M-Score of -4.32 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Changyou International Group and its competitors. According to the industry distribution chart, Changyou International Group ranks #29 out of 1084 companies in the Retail - Cyclical industry, placing it in the top 2.7%.
Is Changyou International Group's Beneish M-Score too high?
Changyou International Group's current Beneish M-Score is -4.32. Based on the distribution chart, Changyou International Group ranks #29 out of 1084 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers.
How does Changyou International Group's Beneish M-Score compare to AMZN and BABA?
According to the Retail - Cyclical industry distribution chart, Changyou International Group ranks #29 out of 1084 companies for Beneish M-Score. This places Changyou International Group in the top 3% 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 a Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Changyou International Group and its competitors. Changyou International Group's current Beneish M-Score is -4.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Changyou International Group stock overvalued right now?
Based on GuruFocus' analysis, Changyou International Group (HKSE:01039) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.10, compared to a current price of HK$0.05 — trading 50% below its estimated fair value. The current Beneish M-Score is -4.32. 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 Changyou International Group (HKSE:01039), the current Beneish M-Score is -4.32 as of Jul. 21, 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.

Changyou International Group Business Description

Address 100 Cyberport Road, Office Room 45, Unit 405-414, Level 4, Core E, Cyberport 3, Pok Fu Lam, Hong Kong, HKG
Changyou International Group Ltd is engaged in the the sales of goods in the form of virtual assets and credits for consumption of merchandises, games, services and other commercial transactions through the development and operation of an electronic trading platform to promote and facilitate awards earned by customers of loyalty programmes of other companies to be exchanged in the People's Republic of China ( PRC) and other trading business. The company mainly operates in the Digital Point segment that operates an electronic trading platform to promote and facilitate awards earned by customers of loyalty programmes of other companies to be exchanged globally in the form of virtual assets and credits for consumption of merchandises, games, services and other commercial transactions.