Guming Holdings (HKSE:01364) Beneish M-Score: -1.61 (As of Sep. 18, 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:01364 Guming Holdings Ltd HKSE:01364
22 GF Score
Price HK$21.88
! 2 Warning Signs
View Full Analysis

What is Guming Holdings Beneish M-Score?

Guming Holdings HKSE:01364 +0.55% 22 Beneish M-Score is -1.61 as of Sep. 18, 2026. GuruFocus rates HKSE:01364 with a GF Score™ of 22/100. The stock has 2 warning signs investors should review. Among 359 Restaurants companies, Guming Holdings ranks worse than 92.2% 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.

Warning Sign:

Beneish M-Score -1.61 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:01364' s Beneish M-Score Range Over the Past 10 Years
Min: -2.47   Med: -1.61   Max: 0.6
Current: -1.61

During the past 5 years, the highest Beneish M-Score of Guming Holdings was 0.60. The lowest was -2.47. And the median was -1.61.

Guming Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Guming 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.

Guming Holdings Beneish M-Score Chart

Guming Holdings Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 -2.71 -2.17 -0.63 -1.97

Guming Holdings Semi-Annual Data
Dec22 Dec23 Dec24 Jun25 Dec25
Beneish M-Score 0.00 0.00 0.00 0.00 0.00

HKSE:01364 vs MCD, SBUX, CMG: Beneish M-Score Comparison

For the Restaurants subindustry, Guming 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.

Guming Holdings Beneish M-Score vs Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Guming Holdings's Beneish M-Score distribution charts can be found below:

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


HKSE:01364
22GF Score
Guming Holdings Ltd HKSE:01364
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Guming Holdings 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 Guming 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 * 1.3392+0.528 * 0.9262+0.404 * 0.4074+0.892 * 1.4693+0.115 * 0.964
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8497+4.679 * 0.034574-0.327 * 0.9616
=-1.83

* 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$954 Mil.
Revenue was HK$14,005 Mil.
Gross Profit was HK$4,622 Mil.
Total Current Assets was HK$16,219 Mil.
Total Assets was HK$18,545 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,342 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$179 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,037 Mil.
Total Current Liabilities was HK$11,708 Mil.
Long-Term Debt & Capital Lease Obligation was HK$155 Mil.
Net Income was HK$3,372 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$2,731 Mil.
 Total Receivables was HK$485 Mil.
Revenue was HK$9,532 Mil.
Gross Profit was HK$2,914 Mil.
Total Current Assets was HK$5,172 Mil.
Total Assets was HK$7,316 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,192 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$152 Mil.
Selling, General, & Admin. Expense(SGA) was HK$830 Mil.
Total Current Liabilities was HK$4,738 Mil.
Long-Term Debt & Capital Lease Obligation was HK$129 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)
=(953.879 / 14005.29) / (484.778 / 9531.797)
=0.068109 / 0.050859
=1.3392

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)
=(2913.51 / 9531.797) / (4622.203 / 14005.29)
=0.305662 / 0.330033
=0.9262

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 - (16219.369 + 1342.137) / 18545.373) / (1 - (5171.693 + 1191.562) / 7316.07)
=0.053052 / 0.130236
=0.4074

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
=14005.29 / 9531.797
=1.4693

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))
=(152.163 / (152.163 + 1191.562)) / (178.651 / (178.651 + 1342.137))
=0.11324 / 0.117473
=0.964

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)
=(1036.719 / 14005.29) / (830.378 / 9531.797)
=0.074023 / 0.087117
=0.8497

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)
=((155.209 + 11708.371) / 18545.373) / ((129.018 + 4738.179) / 7316.07)
=0.639706 / 0.665275
=0.9616

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
=(3371.911 - 0 - 2730.728) / 18545.373
=0.034574

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.

Guming Holdings has a M-score of -1.83 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 -1.61 mean?
Guming Holdings (HKSE:01364) has a Beneish M-Score of -1.61 as of Sep. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Guming Holdings and its competitors. According to the industry distribution chart, Guming Holdings ranks #331 out of 359 companies in the Restaurants industry, placing it in the top 92.2%.
Is Guming Holdings' Beneish M-Score too high?
Guming Holdings' current Beneish M-Score is -1.61. Based on the distribution chart, Guming Holdings ranks #331 out of 359 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, Guming Holdings has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Guming Holdings' Beneish M-Score compare to MCD and SBUX?
According to the Restaurants industry distribution chart, Guming Holdings ranks #331 out of 359 companies for Beneish M-Score. This places Guming 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 a Restaurants company?
A good Beneish M-Score depends on the Restaurants 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 Guming Holdings and its competitors. Guming Holdings's current Beneish M-Score is -1.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Guming Holdings stock overvalued right now?
Guming Holdings (HKSE:01364) has a current Beneish M-Score of -1.61. The current Beneish M-Score is -1.61. Guming Holdings' overall GF Score™ is 22/100 with 2 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 Guming Holdings (HKSE:01364), the current Beneish M-Score is -1.61 as of Sep. 18, 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.

Guming Holdings Business Description

Other Exchanges AY3:Germany
Address 618 Boxue Road, 5th Floor, Tower A, Science and Technology Innovation Center, Xiaoshan District, Zhejiang Province, Hangzhou, CHN, 310000
Guming Holdings Ltd is a company in China. It operates under a franchise model under the Good Me brand. The Good Me stores offer three categories of beverages: Fruit tea beverages, Milk tea beverages, Coffee beverages, and others. It is principally engaged in the operation of a franchised retail network and the trading of ingredients and other related products of freshly-made beverages and equipment. The geographic revenue is generated from Chinese mainland.
22GF Score

Get the complete analysis for HKSE:01364

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

HK$21.88
Price