CPM Group (HKSE:01932) Beneish M-Score: -3.09 (As of Jul. 07, 2026)

What is CPM Group Beneish M-Score?

CPM Group HKSE:01932 +2.27% 32 Beneish M-Score is -3.09 as of Jul. 07, 2026. GuruFocus rates HKSE:01932 with a GF Score™ of 32/100 and a GF Value™ of HK$0.12 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 1,524 Chemicals companies, CPM Group ranks better than 87.86% 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 -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01932' s Beneish M-Score Range Over the Past 10 Years
Min: -3.67 Med: -2.39 Max: -1.5
Current: -3.09

During the past 12 years, the highest Beneish M-Score of CPM Group was -1.50. The lowest was -3.67. And the median was -2.39.

CPM Group Beneish M-Score Related Terms

CPM Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for CPM 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.

CPM Group Beneish M-Score Chart

CPM Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.47

-2.31

-3.67

-2.93

-3.09

CPM 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															-3.67	0.00	-2.93	0.00	-3.09

HKSE:01932 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, CPM 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.

CPM Group Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, CPM Group's Beneish M-Score distribution charts can be found below:

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

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32GF Score

CPM Group Ltd HKSE:01932

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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CPM 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 CPM Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8956

0.528 * 0.9646

0.404 * 1.1248

0.892 * 0.7502

0.115 * 1.0088

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3161

4.679 * -0.063207

0.327 * 0.9185

-3.09

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was HK$102.6 Mil.
Revenue was HK$241.1 Mil.
Gross Profit was HK$100.6 Mil.
Total Current Assets was HK$281.0 Mil.
Total Assets was HK$706.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$114.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$16.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$128.7 Mil.
Total Current Liabilities was HK$169.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$138.0 Mil.
Net Income was HK$-46.0 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-1.3 Mil.

Total Receivables was HK$152.8 Mil.
Revenue was HK$321.4 Mil.
Gross Profit was HK$129.3 Mil.
Total Current Assets was HK$365.3 Mil.
Total Assets was HK$804.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$124.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$17.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$130.4 Mil.
Total Current Liabilities was HK$270.3 Mil.
Long-Term Debt & Capital Lease Obligation was HK$110.7 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)
	=	(102.643 / 241.091)	/	(152.758 / 321.352)
	=	0.425744	/	0.47536
	=	0.8956

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)
	=	(129.318 / 321.352)	/	(100.578 / 241.091)
	=	0.402419	/	0.417179
	=	0.9646

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 - (280.955 + 114.916) / 706.675)	/	(1 - (365.313 + 124.313) / 803.996)
	=	0.439812	/	0.391009
	=	1.1248

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
	=	241.091	/	321.352
	=	0.7502

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))
	=	(17.471 / (17.471 + 124.313))	/	(15.99 / (15.99 + 114.916))
	=	0.123223	/	0.122149
	=	1.0088

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)
	=	(128.73 / 241.091)	/	(130.374 / 321.352)
	=	0.533948	/	0.405705
	=	1.3161

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)
	=	((138.04 + 169.55) / 706.675)	/	((110.747 + 270.259) / 803.996)
	=	0.435264	/	0.47389
	=	0.9185

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
	=	(-45.982 - 0	-	-1.315)	/	706.675
	=	-0.063207

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.

CPM Group has a M-score of -3.09 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 -3.09 mean?

CPM Group (HKSE:01932) has a Beneish M-Score of -3.09 as of Jul. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CPM Group and its competitors. According to the industry distribution chart, CPM Group ranks #185 out of 1524 companies in the Chemicals industry, placing it in the top 12.1%.

Is CPM Group's Beneish M-Score too high?

CPM Group's current Beneish M-Score is -3.09. Based on the distribution chart, CPM Group ranks #185 out of 1524 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, CPM Group has a GF Score™ of 32/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does CPM Group's Beneish M-Score compare to LIN and SHW?

According to the Chemicals industry distribution chart, CPM Group ranks #185 out of 1524 companies for Beneish M-Score. This places CPM Group in the top 12% 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 Chemicals company?

A good Beneish M-Score depends on the Chemicals 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 CPM Group and its competitors. CPM Group's current Beneish M-Score is -3.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is CPM Group stock overvalued right now?

Based on GuruFocus' analysis, CPM Group (HKSE:01932) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.12, compared to a current price of HK$0.18 — trading 50% above its estimated fair value. The current Beneish M-Score is -3.09. CPM Group's overall GF Score™ is 32/100 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 CPM Group (HKSE:01932), the current Beneish M-Score is -3.09 as of Jul. 07, 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 CPM Group (HKSE:01932) Overvalued in 2026?

Based on GuruFocus' analysis, CPM Group stock appears to be overvalued. The current stock price of HK$0.18 is trading 50% above its estimated GF Value™ of HK$0.12. GuruFocus considers CPM Group to be Significantly Overvalued.

Key valuation signals for HKSE:01932:

Beneish M-Score: -3.09
GF Value™: HK$0.12 vs. price of HK$0.18 (50% above fair value)
GF Score™: 32/100 with 2 warning signs

No single metric tells the full story. See the HKSE:01932 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CPM Group Business Description

Industry Basic Materials Chemicals

Comparable Companies HKSE:00701 HKSE:00954 HKSE:01002 HKSE:01047 HKSE:00377 HKSE:02116 HKSE:01000 HKSE:02439 HKSE:01950 HKSE:01561 LIN XPAR:AI SHW ECL APD SHSE:603256 XSWX:GIVN TPE:1303 XSWX:SIKA SHSE:600309

Address 338 Hennessy Road, 31st Floor, CNT Tower, Wanchai, Hong Kong, HKG

Website http://www.cpmgroup.com.hk

CPM Group Ltd is an investment holding company mainly engaged in the manufacture and sale of paint and coating products. The company has two reportable operating segments: the Paint Products segment which derives key revenue and participates in manufacturing and selling paint and coating products; and the Property Investment segment invests in industrial properties for their rental income potential. The company's principal products include industrial paint and coating products, architectural paint and coating products, general paint and coating, and ancillary products. It mainly distributes its products in the Mainland China and Hong Kong markets. The company derives the majority of revenue from Mainland China.

32GF Score

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

HK$0.18

Price

HK$0.12

GF Value

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