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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 -1.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for CITIC Resources Holdings's Beneish M-Score or its related term are showing as below:
HKSE:01205'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.13 Med: -2.48 Max: -0.03
Current: -1.81
During the past 13 years, the highest Beneish M-Score of CITIC Resources Holdings was -0.03. The lowest was -3.13. And the median was -2.48.
* 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.
For the Oil & Gas Refining & Marketing subindustry, CITIC Resources 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.
CITIC Resources Holdings Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, CITIC Resources Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CITIC Resources 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 CITIC Resources 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 * 0.3521
+
0.528 * 2.6173
+
0.404 * 1.0469
+
0.892 * 1.5756
+
0.115 * 0.9603
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.5254
+
4.679 * -0.03508
-
0.327 * 1.0902
=
-1.81
* 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.
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))
=
(560.187 / (560.187 + 4063.233))
/
(568.485 / (568.485 + 3936.97))
=
0.121163
/
0.126177
=
0.9603
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
=
(170.647 - 0
-
683.087)
/
14607.552
=
-0.03508
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.
CITIC Resources Holdings has a M-score of -1.81 suggests that the company is unlikely to be a manipulator.
CITIC Resources Holdings (HKSE:01205) has a Beneish M-Score of -1.81 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CITIC Resources Holdings and its competitors. According to the industry distribution chart, CITIC Resources Holdings ranks #694 out of 831 companies in the Oil & Gas industry, placing it in the top 83.5%.
Is CITIC Resources Holdings' Beneish M-Score too high?
CITIC Resources Holdings' current Beneish M-Score is -1.81. Based on the distribution chart, CITIC Resources Holdings ranks #694 out of 831 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, CITIC Resources Holdings has a GF Score™ of 80/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does CITIC Resources Holdings' Beneish M-Score compare to competitors?
According to the Oil & Gas industry distribution chart, CITIC Resources Holdings ranks #694 out of 831 companies for Beneish M-Score. This places CITIC Resources Holdings 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 an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 CITIC Resources Holdings and its competitors. CITIC Resources Holdings's current Beneish M-Score is -1.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CITIC Resources Holdings stock overvalued right now?
Based on GuruFocus' analysis, CITIC Resources Holdings (HKSE:01205) is currently considered Significantly Undervalued. The stock's GF Value™ is HK$1.14, compared to a current price of HK$0.49 — trading 57% below its estimated fair value. The current Beneish M-Score is -1.81. CITIC Resources Holdings' overall GF Score™ is 80/100 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 CITIC Resources Holdings (HKSE:01205), the current Beneish M-Score is -1.81 as of Aug. 11, 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 CITIC Resources Holdings (HKSE:01205) Overvalued in 2026?
Based on GuruFocus' analysis, CITIC Resources Holdings stock appears to be undervalued.
The current stock price of HK$0.49 is trading 57% below its estimated GF Value™ of HK$1.14.
GuruFocus considers CITIC Resources Holdings to be Significantly Undervalued.
Key valuation signals for HKSE:01205:
Beneish M-Score: -1.81
GF Value™: HK$1.14 vs. price of HK$0.49 (57% below fair value)
No single metric tells the full story. See the HKSE:01205 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CITIC Resources Holdings Ltd is a provider of strategic natural resources and key commodities. Its activities are the export of commodity products, including aluminum ingots, coal, iron ore, alumina, and copper; and the import of other commodity products and manufactured goods, including steel, vehicle, and industrial batteries. It has four operating segments; the Aluminum Smelting segment comprises the operation of the PAS which sources alumina and produces aluminum ingots in Australia, the Coal segment comprises the operation of coal mines and the sale of coal in Australia, the Import and Export of Commodities segment derives key revenue, comprises trading of crude oil and oil products around the world, and Crude Oil segment comprises the operation of oilfields and the sale of crude oil.
80GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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