VCredit Holdings (HKSE:02003) Beneish M-Score: -5.17 (As of Jul. 24, 2026)

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HKSE:02003 VCredit Holdings Ltd HKSE:02003
21 GF Score
Price HK$0.89
GF Value HK$0.59
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is VCredit Holdings Beneish M-Score?

VCredit Holdings HKSE:02003 21 Beneish M-Score is -5.17 as of Jul. 24, 2026. GuruFocus rates HKSE:02003 with a GF Score™ of 21/100 and a GF Value™ of HK$0.59 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 487 Credit Services companies, VCredit Holdings ranks better than 95.89% 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 -5.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02003' s Beneish M-Score Range Over the Past 10 Years
Min: -5.17   Med: -2.86   Max: -1.63
Current: -5.17

During the past 11 years, the highest Beneish M-Score of VCredit Holdings was -1.63. The lowest was -5.17. And the median was -2.86.

HKSE:02003
21GF Score
VCredit Holdings Ltd HKSE:02003
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

VCredit 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 VCredit 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+0.528 * 1+0.404 * 0.9985+0.892 * 0.2484+0.115 * 0.9524
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 4.079+4.679 * -0.335625-0.327 * 0.7218
=-5.17

* 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$0.0 Mil.
Revenue was HK$399.7 Mil.
Gross Profit was HK$399.7 Mil.
Total Current Assets was HK$0.0 Mil.
Total Assets was HK$10,304.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$136.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$65.7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$469.0 Mil.
Total Current Liabilities was HK$0.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,378.1 Mil.
Net Income was HK$-618.4 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$2,840.1 Mil.
 Total Receivables was HK$0.0 Mil.
Revenue was HK$1,609.2 Mil.
Gross Profit was HK$1,609.2 Mil.
Total Current Assets was HK$0.0 Mil.
Total Assets was HK$12,498.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$146.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$65.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$462.8 Mil.
Total Current Liabilities was HK$0.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5,676.3 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 / 399.74) / (0 / 1609.174)
=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)
=(1609.174 / 1609.174) / (399.74 / 399.74)
=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 + 136.386) / 10304.859) / (1 - (0 + 146.894) / 12498.544)
=0.986765 / 0.988247
=0.9985

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
=399.74 / 1609.174
=0.2484

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))
=(65.907 / (65.907 + 146.894)) / (65.729 / (65.729 + 136.386))
=0.309712 / 0.325206
=0.9524

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)
=(468.969 / 399.74) / (462.827 / 1609.174)
=1.173185 / 0.287618
=4.079

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)
=((3378.055 + 0) / 10304.859) / ((5676.252 + 0) / 12498.544)
=0.327812 / 0.454153
=0.7218

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
=(-618.438 - 0 - 2840.127) / 10304.859
=-0.335625

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.

VCredit Holdings has a M-score of -5.17 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 -5.17 mean?
VCredit Holdings (HKSE:02003) has a Beneish M-Score of -5.17 as of Jul. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on VCredit Holdings and its competitors. According to the industry distribution chart, VCredit Holdings ranks #20 out of 487 companies in the Credit Services industry, placing it in the top 4.1%.
Is VCredit Holdings' Beneish M-Score too high?
VCredit Holdings' current Beneish M-Score is -5.17. Based on the distribution chart, VCredit Holdings ranks #20 out of 487 companies in the Credit Services industry, which is in the top quartile — a strong position relative to peers. Overall, VCredit Holdings has a GF Score™ of 21/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does VCredit Holdings' Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, VCredit Holdings ranks #20 out of 487 companies for Beneish M-Score. This places VCredit Holdings in the top 4% 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 VCredit Holdings and its competitors. VCredit Holdings's current Beneish M-Score is -5.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is VCredit Holdings stock overvalued right now?
Based on GuruFocus' analysis, VCredit Holdings (HKSE:02003) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.59, compared to a current price of HK$0.89 — trading 50.8% above its estimated fair value. The current Beneish M-Score is -5.17. VCredit Holdings' overall GF Score™ is 21/100 with 3 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 VCredit Holdings (HKSE:02003), the current Beneish M-Score is -5.17 as of Jul. 24, 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 VCredit Holdings (HKSE:02003) Overvalued in 2026?

Based on GuruFocus' analysis, VCredit Holdings stock appears to be overvalued. The current stock price of HK$0.89 is trading 50.8% above its estimated GF Value™ of HK$0.59. GuruFocus considers VCredit Holdings to be Significantly Overvalued.

Key valuation signals for HKSE:02003:

  • Beneish M-Score: -5.17
  • GF Value™: HK$0.59 vs. price of HK$0.89 (50.8% above fair value)
  • GF Score™: 21/100 with 3 warning signs

No single metric tells the full story. See the HKSE:02003 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

VCredit Holdings Business Description

Other Exchanges 5R6:Germany
Address 19th Floor, Two Pacific Place, Suite 1918, 88 Queensway, Hong Kong, HKG, 200085
VCredit Holdings Ltd is an investment holding company and has one operating segment. The Group is a technology-driven consumer financial service provider in the People's Republic of China. The Group offers tailored consumer finance products to prime and near-prime borrowers who are underserved by traditional financial institutions. The Group also offers consumer finance products by facilitating transactions between borrowers and financial institutions. The company generates the majority of its revenue from Interest and similar income.
21GF Score

Get the complete analysis for HKSE:02003

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

HK$0.89
Price
HK$0.59
GF Value