Feiyang International Holdings Group (HKSE:01901) Beneish M-Score: -2.62 (As of Aug. 05, 2026)

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HKSE:01901 Feiyang International Holdings Group Ltd HKSE:01901
48 GF Score
Price HK$0.20
GF Value HK$0.34
Valuation Possible Value Trap
! 6 Warning Signs
View Full Analysis

What is Feiyang International Holdings Group Beneish M-Score?

Feiyang International Holdings Group HKSE:01901 -4.67% 48 Beneish M-Score is -2.62 as of Aug. 05, 2026. GuruFocus rates HKSE:01901 with a GF Score™ of 48/100 and a GF Value™ of HK$0.34 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 818 Travel & Leisure companies, Feiyang International Holdings Group ranks worse than 51.83% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01901' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87   Med: -2.05   Max: 2.27
Current: -2.62

During the past 10 years, the highest Beneish M-Score of Feiyang International Holdings Group was 2.27. The lowest was -2.87. And the median was -2.05.

Feiyang International Holdings Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Feiyang International Holdings 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.

Feiyang International Holdings Group Beneish M-Score Chart

Feiyang International Holdings 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 -2.87 -2.76 2.27 -2.11 -2.62

Feiyang International Holdings Group Semi-Annual Data
Dec16 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 2.27 0.00 -2.11 0.00 -2.62

HKSE:01901 vs BKNG, ABNB, RCL: Beneish M-Score Comparison

For the Travel Services subindustry, Feiyang International Holdings 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.

Feiyang International Holdings Group Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Feiyang International Holdings Group's Beneish M-Score distribution charts can be found below:

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


HKSE:01901
48GF Score
Feiyang International Holdings Group Ltd HKSE:01901
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Feiyang International Holdings 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 Feiyang International Holdings 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 * 0.973+0.528 * 1.0488+0.404 * 1.2583+0.892 * 1.1319+0.115 * 0.6278
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7946+4.679 * -0.074186-0.327 * 1.0279
=-2.62

* 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$216.3 Mil.
Revenue was HK$865.1 Mil.
Gross Profit was HK$55.9 Mil.
Total Current Assets was HK$450.7 Mil.
Total Assets was HK$505.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$10.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$65.3 Mil.
Total Current Liabilities was HK$451.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2.4 Mil.
Net Income was HK$-43.2 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-5.8 Mil.
 Total Receivables was HK$196.4 Mil.
Revenue was HK$764.3 Mil.
Gross Profit was HK$51.8 Mil.
Total Current Assets was HK$360.3 Mil.
Total Assets was HK$433.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$43.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$18.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$72.6 Mil.
Total Current Liabilities was HK$374.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5.0 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)
=(216.271 / 865.101) / (196.368 / 764.312)
=0.249995 / 0.256921
=0.973

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)
=(51.771 / 764.312) / (55.87 / 865.101)
=0.067735 / 0.064582
=1.0488

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 - (450.734 + 10.665) / 505.071) / (1 - (360.272 + 43.691) / 433.772)
=0.086467 / 0.06872
=1.2583

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
=865.101 / 764.312
=1.1319

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))
=(18.506 / (18.506 + 43.691)) / (9.608 / (9.608 + 10.665))
=0.297538 / 0.473931
=0.6278

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)
=(65.307 / 865.101) / (72.61 / 764.312)
=0.075491 / 0.095
=0.7946

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)
=((2.404 + 451.511) / 505.071) / ((5.019 + 374.246) / 433.772)
=0.898715 / 0.874342
=1.0279

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
=(-43.238 - 0 - -5.769) / 505.071
=-0.074186

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.

Feiyang International Holdings Group has a M-score of -2.62 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 -2.62 mean?
Feiyang International Holdings Group (HKSE:01901) has a Beneish M-Score of -2.62 as of Aug. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Feiyang International Holdings Group and its competitors. According to the industry distribution chart, Feiyang International Holdings Group ranks #424 out of 818 companies in the Travel & Leisure industry, placing it in the top 51.8%.
Is Feiyang International Holdings Group's Beneish M-Score too high?
Feiyang International Holdings Group's current Beneish M-Score is -2.62. Based on the distribution chart, Feiyang International Holdings Group ranks #424 out of 818 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Feiyang International Holdings Group has a GF Score™ of 48/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Feiyang International Holdings Group's Beneish M-Score compare to BKNG and ABNB?
According to the Travel & Leisure industry distribution chart, Feiyang International Holdings Group ranks #424 out of 818 companies for Beneish M-Score. This places Feiyang International Holdings Group 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Feiyang International Holdings Group and its competitors. Feiyang International Holdings Group's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Feiyang International Holdings Group stock overvalued right now?
Based on GuruFocus' analysis, Feiyang International Holdings Group (HKSE:01901) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.34, compared to a current price of HK$0.20 — trading 40% below its estimated fair value. The current Beneish M-Score is -2.62. Feiyang International Holdings Group's overall GF Score™ is 48/100 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 Feiyang International Holdings Group (HKSE:01901), the current Beneish M-Score is -2.62 as of Aug. 05, 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 Feiyang International Holdings Group (HKSE:01901) Overvalued in 2026?

Based on GuruFocus' analysis, Feiyang International Holdings Group stock appears to be undervalued. The current stock price of HK$0.20 is trading 40% below its estimated GF Value™ of HK$0.34. GuruFocus considers Feiyang International Holdings Group to be Possible Value Trap.

Key valuation signals for HKSE:01901:

  • Beneish M-Score: -2.62
  • GF Value™: HK$0.34 vs. price of HK$0.20 (40% below fair value)
  • GF Score™: 48/100 with 6 warning signs

No single metric tells the full story. See the HKSE:01901 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Feiyang International Holdings Group Business Description

Address No. 2437, Zhongshan East Road, East Mansion, Wuyi Plaza, Zhejiang Province, Ningbo, CHN
Feiyang International Holdings Group Ltd is an investment holding company. The Group is a well-established travel service provider and offers diversified products that cater for different travellers needs. It is principally involved the design, development and sales of outbound, domestic and surrounding travel package tours; the design, development and sales of FIT products, which mainly include provision of air tickets and/or hotel accommodation; the provision of ancillary travel-related products and services, admission tickets to tourist attractions, conferencing services and arranging purchase of travel insurance for the customers; the sales of health products; and the provision of information system development products and services. It has presence in Mainland China, and Hong Kong.
48GF Score

Get the complete analysis for HKSE:01901

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

HK$0.20
Price
HK$0.34
GF Value