Haitong Unitrust International Financial Leasing Co (HKSE:01905) Beneish M-Score: -2.81 (As of Aug. 16, 2026)

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HKSE:01905 Haitong Unitrust International Financial Leasing Co Ltd HKSE:01905
41 GF Score
Price HK$0.91
GF Value HK$0.75
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Haitong Unitrust International Financial Leasing Co Beneish M-Score?

Haitong Unitrust International Financial Leasing Co HKSE:01905 +9.64% 41 Beneish M-Score is -2.81 as of Aug. 16, 2026. GuruFocus rates HKSE:01905 with a GF Score™ of 41/100 and a GF Value™ of HK$0.75 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 486 Credit Services companies, Haitong Unitrust International Financial Leasing Co ranks better than 82.92% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Haitong Unitrust International Financial Leasing Co's Beneish M-Score or its related term are showing as below:

HKSE:01905' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85   Med: -2.31   Max: -1.56
Current: -2.81

During the past 10 years, the highest Beneish M-Score of Haitong Unitrust International Financial Leasing Co was -1.56. The lowest was -2.85. And the median was -2.31.

HKSE:01905
41GF Score
Haitong Unitrust International Financial Leasing Co Ltd HKSE:01905
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Haitong Unitrust International Financial Leasing Co 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 Haitong Unitrust International Financial Leasing Co 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+0.528 * 1+0.404 * 1.0041+0.892 * 0.873+0.115 * 0.9478
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.057+4.679 * -0.04331-0.327 * 0.9968
=-2.81

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was HK$0 Mil.
Revenue was HK$5,401 Mil.
Gross Profit was HK$5,401 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$119,041 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,966 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$413 Mil.
Selling, General, & Admin. Expense(SGA) was HK$87 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$88,279 Mil.
Net Income was HK$1,575 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$6,730 Mil.
 Total Receivables was HK$0 Mil.
Revenue was HK$6,186 Mil.
Gross Profit was HK$6,186 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$118,828 Mil.
Property, Plant and Equipment(Net PPE) was HK$7,414 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$416 Mil.
Selling, General, & Admin. Expense(SGA) was HK$94 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$88,400 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)
=(0 / 5400.552) / (0 / 6186.283)
=0 / 0
=1

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)
=(6186.283 / 6186.283) / (5400.552 / 5400.552)
=1 / 1
=1

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 - (0 + 6966.156) / 119040.595) / (1 - (0 + 7414.125) / 118828.463)
=0.941481 / 0.937606
=1.0041

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
=5400.552 / 6186.283
=0.873

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))
=(415.791 / (415.791 + 7414.125)) / (413.453 / (413.453 + 6966.156))
=0.053103 / 0.056026
=0.9478

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)
=(87.188 / 5400.552) / (94.49 / 6186.283)
=0.016144 / 0.015274
=1.057

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)
=((88278.539 + 0) / 119040.595) / ((88400.279 + 0) / 118828.463)
=0.741583 / 0.743932
=0.9968

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
=(1574.65 - 0 - 6730.319) / 119040.595
=-0.04331

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.

Haitong Unitrust International Financial Leasing Co has a M-score of -2.81 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 -2.81 mean?
Haitong Unitrust International Financial Leasing Co (HKSE:01905) has a Beneish M-Score of -2.81 as of Aug. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Haitong Unitrust International Financial Leasing Co and its competitors. According to the industry distribution chart, Haitong Unitrust International Financial Leasing Co ranks #83 out of 486 companies in the Credit Services industry, placing it in the top 17.1%.
Is Haitong Unitrust International Financial Leasing Co's Beneish M-Score too high?
Haitong Unitrust International Financial Leasing Co's current Beneish M-Score is -2.81. Based on the distribution chart, Haitong Unitrust International Financial Leasing Co ranks #83 out of 486 companies in the Credit Services industry, which is in the top quartile — a strong position relative to peers. Overall, Haitong Unitrust International Financial Leasing Co has a GF Score™ of 41/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Haitong Unitrust International Financial Leasing Co's Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, Haitong Unitrust International Financial Leasing Co ranks #83 out of 486 companies for Beneish M-Score. This places Haitong Unitrust International Financial Leasing Co in the top 17% 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 Credit Services company?
A good Beneish M-Score depends on the Credit Services 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 Haitong Unitrust International Financial Leasing Co and its competitors. Haitong Unitrust International Financial Leasing Co's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Haitong Unitrust International Financial Leasing Co stock overvalued right now?
Based on GuruFocus' analysis, Haitong Unitrust International Financial Leasing Co (HKSE:01905) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.75, compared to a current price of HK$0.91 — trading 21.3% above its estimated fair value. The current Beneish M-Score is -2.81. Haitong Unitrust International Financial Leasing Co's overall GF Score™ is 41/100 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 Haitong Unitrust International Financial Leasing Co (HKSE:01905), the current Beneish M-Score is -2.81 as of Aug. 16, 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 Haitong Unitrust International Financial Leasing Co (HKSE:01905) Overvalued in 2026?

Based on GuruFocus' analysis, Haitong Unitrust International Financial Leasing Co stock appears to be overvalued. The current stock price of HK$0.91 is trading 21.3% above its estimated GF Value™ of HK$0.75. GuruFocus considers Haitong Unitrust International Financial Leasing Co to be Modestly Overvalued.

Key valuation signals for HKSE:01905:

  • Beneish M-Score: -2.81
  • GF Value™: HK$0.75 vs. price of HK$0.91 (21.3% above fair value)
  • GF Score™: 41/100 with 6 warning signs

No single metric tells the full story. See the HKSE:01905 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Haitong Unitrust International Financial Leasing Co Business Description

Other Exchanges HA6:Germany
Address No. 599 South Zhongshan Road, Haitong Unitrust Tower, Huangpu District, Shanghai, CHN, 200001
Haitong Unitrust International Financial Leasing Co Ltd is engaged in the finance lease business, lease business, purchase of leased assets from both domestic and international suppliers, residual value disposal and maintenance of leased assets, advisory services and guarantee of lease transactions, commercial factoring business related to the main business and other services. It operates in one reportable segment and derives revenue mainly from its operations and services rendered in the PRC.
41GF Score

Get the complete analysis for HKSE:01905

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

HK$0.91
Price
HK$0.75
GF Value