China Sunshine Paper Holdings Co. (HKSE:02002) Beneish M-Score: -2.31 (As of Jul. 17, 2026)

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HKSE:02002 China Sunshine Paper Holdings Co. Ltd HKSE:02002
62 GF Score
Price HK$0.90
GF Value HK$1.81
Valuation Possible Value Trap
! 6 Warning Signs
View Full Analysis

What is China Sunshine Paper Holdings Co. Beneish M-Score?

China Sunshine Paper Holdings Co. HKSE:02002 -1.10% 62 Beneish M-Score is -2.31 as of Jul. 17, 2026. GuruFocus rates HKSE:02002 with a GF Score™ of 62/100 and a GF Value™ of HK$1.81 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 271 Forest Products companies, China Sunshine Paper Holdings Co. ranks worse than 69.74% 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China Sunshine Paper Holdings Co.'s Beneish M-Score or its related term are showing as below:

HKSE:02002' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48   Med: -2.61   Max: -1.84
Current: -2.31

During the past 13 years, the highest Beneish M-Score of China Sunshine Paper Holdings Co. was -1.84. The lowest was -3.48. And the median was -2.61.

China Sunshine Paper Holdings Co. Beneish M-Score Historical Data

* Premium members only.

The historical data trend for China Sunshine Paper Holdings Co.'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.

China Sunshine Paper Holdings Co. Beneish M-Score Chart

China Sunshine Paper Holdings Co. 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 -2.60 -1.84 -3.24 -2.36 -2.31

China Sunshine Paper Holdings Co. 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 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 Premium Member Only Premium Member Only -3.24 0.00 -2.36 0.00 -2.31

China Sunshine Paper Holdings Co. Beneish M-Score Competitor Comparison

For the Paper & Paper Products subindustry, China Sunshine Paper Holdings Co.'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.

China Sunshine Paper Holdings Co. Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, China Sunshine Paper Holdings Co.'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China Sunshine Paper Holdings Co.'s Beneish M-Score falls into.


HKSE:02002
62GF Score
China Sunshine Paper Holdings Co. Ltd HKSE:02002
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

China Sunshine Paper Holdings 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 China Sunshine Paper Holdings 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 * 1.4417+0.528 * 1.0546+0.404 * 0.7297+0.892 * 1.0014+0.115 * 1.1049
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0331+4.679 * -0.028599-0.327 * 1.0829
=-2.31

* 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$1,713 Mil.
Revenue was HK$8,604 Mil.
Gross Profit was HK$1,212 Mil.
Total Current Assets was HK$6,057 Mil.
Total Assets was HK$14,957 Mil.
Property, Plant and Equipment(Net PPE) was HK$7,349 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$520 Mil.
Selling, General, & Admin. Expense(SGA) was HK$956 Mil.
Total Current Liabilities was HK$6,790 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,921 Mil.
Net Income was HK$177 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$604 Mil.
 Total Receivables was HK$1,186 Mil.
Revenue was HK$8,592 Mil.
Gross Profit was HK$1,277 Mil.
Total Current Assets was HK$4,863 Mil.
Total Assets was HK$12,928 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,228 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$490 Mil.
Selling, General, & Admin. Expense(SGA) was HK$924 Mil.
Total Current Liabilities was HK$5,530 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,422 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)
=(1712.515 / 8604.278) / (1186.192 / 8592.203)
=0.199031 / 0.138054
=1.4417

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)
=(1276.854 / 8592.203) / (1212.45 / 8604.278)
=0.148606 / 0.140912
=1.0546

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 - (6056.579 + 7349.276) / 14956.763) / (1 - (4862.618 + 6228.078) / 12927.739)
=0.103693 / 0.142101
=0.7297

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
=8604.278 / 8592.203
=1.0014

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))
=(490.396 / (490.396 + 6228.078)) / (519.835 / (519.835 + 7349.276))
=0.072992 / 0.06606
=1.1049

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)
=(955.728 / 8604.278) / (923.849 / 8592.203)
=0.111076 / 0.107522
=1.0331

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)
=((1921.126 + 6789.642) / 14956.763) / ((1422.392 + 5530.005) / 12927.739)
=0.582397 / 0.537789
=1.0829

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
=(176.64 - 0 - 604.381) / 14956.763
=-0.028599

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.

China Sunshine Paper Holdings Co. has a M-score of -2.31 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 -2.31 mean?
China Sunshine Paper Holdings Co. (HKSE:02002) has a Beneish M-Score of -2.31 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Sunshine Paper Holdings Co. and its competitors. According to the industry distribution chart, China Sunshine Paper Holdings Co. ranks #189 out of 271 companies in the Forest Products industry, placing it in the top 69.7%.
Is China Sunshine Paper Holdings Co.'s Beneish M-Score too high?
China Sunshine Paper Holdings Co.'s current Beneish M-Score is -2.31. Based on the distribution chart, China Sunshine Paper Holdings Co. ranks #189 out of 271 companies in the Forest Products industry, which is below the industry midpoint. Overall, China Sunshine Paper Holdings Co. has a GF Score™ of 62/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does China Sunshine Paper Holdings Co.'s Beneish M-Score compare to competitors?
According to the Forest Products industry distribution chart, China Sunshine Paper Holdings Co. ranks #189 out of 271 companies for Beneish M-Score. This places China Sunshine Paper Holdings Co. 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 China Sunshine Paper Holdings Co. and its competitors. China Sunshine Paper Holdings Co.'s current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Sunshine Paper Holdings Co. stock overvalued right now?
Based on GuruFocus' analysis, China Sunshine Paper Holdings Co. (HKSE:02002) is currently considered Possible Value Trap. The stock's GF Value™ is HK$1.81, compared to a current price of HK$0.90 — trading 50.3% below its estimated fair value. The current Beneish M-Score is -2.31. China Sunshine Paper Holdings Co.'s overall GF Score™ is 62/100 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 China Sunshine Paper Holdings Co. (HKSE:02002), the current Beneish M-Score is -2.31 as of Jul. 17, 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 China Sunshine Paper Holdings Co. (HKSE:02002) Overvalued in 2026?

Based on GuruFocus' analysis, China Sunshine Paper Holdings Co. stock appears to be undervalued. The current stock price of HK$0.90 is trading 50.3% below its estimated GF Value™ of HK$1.81. GuruFocus considers China Sunshine Paper Holdings Co. to be Possible Value Trap.

Key valuation signals for HKSE:02002:

  • Beneish M-Score: -2.31
  • GF Value™: HK$1.81 vs. price of HK$0.90 (50.3% below fair value)
  • GF Score™: 62/100 with 6 warning signs

No single metric tells the full story. See the HKSE:02002 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

China Sunshine Paper Holdings Co. Business Description

Address Changle Economic Development Zone, Shandong, Weifang, CHN, 262400
China Sunshine Paper Holdings Co. Ltd is principally engaged in the production & sale of paper products, electricity, & steam. The business activity of the firm is operated through White Top Linerboard, Coated white top liner board, Core Board, Specialised Paper Products, Corrugated Paper, and Electricity & Steam segments. Key revenue is generated from Specialised Paper Products. The company offers products under three categories: Paper, which includes an Uncoated white top test liner, coated white top liner, core board base paper, medium, & specialty paper; Preprint products; & Carton products. Geographically, the company operates in the PRC & Overseas, in which the PRC generates the majority of its revenue.
62GF Score

Get the complete analysis for HKSE:02002

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

HK$0.90
Price
HK$1.81
GF Value