E-House (China) Enterprise Holdings (HKSE:02048) Beneish M-Score: -4.38 (As of Aug. 20, 2026)

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What is E-House (China) Enterprise Holdings Beneish M-Score?

E-House (China) Enterprise Holdings HKSE:02048 +7.41% Beneish M-Score is -4.38 as of Aug. 20, 2026. The stock has 4 warning signs investors should review. Among 1,677 Real Estate companies, E-House (China) Enterprise Holdings ranks better than 96.72% 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 -4.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for E-House (China) Enterprise Holdings's Beneish M-Score or its related term are showing as below:

HKSE:02048' s Beneish M-Score Range Over the Past 10 Years
Min: -6.69   Med: -3.86   Max: -0.36
Current: -4.38

During the past 11 years, the highest Beneish M-Score of E-House (China) Enterprise Holdings was -0.36. The lowest was -6.69. And the median was -3.86.

E-House (China) Enterprise Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for E-House (China) Enterprise Holdings'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.

E-House (China) Enterprise Holdings Beneish M-Score Chart

E-House (China) Enterprise Holdings 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 -6.69 -5.73 -3.86 -5.57 -4.38

E-House (China) Enterprise Holdings Semi-Annual Data
Dec15 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 -3.86 0.00 -5.57 0.00 -4.38

HKSE:02048 vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, E-House (China) Enterprise Holdings'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.

E-House (China) Enterprise Holdings Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, E-House (China) Enterprise Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where E-House (China) Enterprise Holdings's Beneish M-Score falls into.


E-House (China) Enterprise 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 E-House (China) Enterprise 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 * 1.0932+0.528 * 1+0.404 * 1.0957+0.892 * 0.647+0.115 * 1.565
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9479+4.679 * -0.35006-0.327 * 1.4312
=-4.38

* 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$466 Mil.
Revenue was HK$2,624 Mil.
Gross Profit was HK$2,624 Mil.
Total Current Assets was HK$711 Mil.
Total Assets was HK$1,615 Mil.
Property, Plant and Equipment(Net PPE) was HK$792 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$110 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,034 Mil.
Total Current Liabilities was HK$10,906 Mil.
Long-Term Debt & Capital Lease Obligation was HK$177 Mil.
Net Income was HK$-676 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-111 Mil.
 Total Receivables was HK$658 Mil.
Revenue was HK$4,055 Mil.
Gross Profit was HK$4,055 Mil.
Total Current Assets was HK$1,133 Mil.
Total Assets was HK$2,247 Mil.
Property, Plant and Equipment(Net PPE) was HK$972 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$228 Mil.
Selling, General, & Admin. Expense(SGA) was HK$3,317 Mil.
Total Current Liabilities was HK$10,523 Mil.
Long-Term Debt & Capital Lease Obligation was HK$252 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)
=(465.528 / 2623.724) / (658.151 / 4054.946)
=0.17743 / 0.162308
=1.0932

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)
=(4054.946 / 4054.946) / (2623.724 / 2623.724)
=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 - (711.25 + 791.85) / 1614.84) / (1 - (1132.66 + 972.36) / 2246.917)
=0.069196 / 0.063152
=1.0957

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
=2623.724 / 4054.946
=0.647

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))
=(228.377 / (228.377 + 972.36)) / (109.549 / (109.549 + 791.85))
=0.190197 / 0.121532
=1.565

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)
=(2034.296 / 2623.724) / (3316.663 / 4054.946)
=0.775347 / 0.81793
=0.9479

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)
=((177.018 + 10905.797) / 1614.84) / ((251.901 + 10523.137) / 2246.917)
=6.863104 / 4.795477
=1.4312

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
=(-676.018 - 0 - -110.727) / 1614.84
=-0.35006

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.

E-House (China) Enterprise Holdings has a M-score of -4.38 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 -4.38 mean?
E-House (China) Enterprise Holdings (HKSE:02048) has a Beneish M-Score of -4.38 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on E-House (China) Enterprise Holdings and its competitors. According to the industry distribution chart, E-House (China) Enterprise Holdings ranks #55 out of 1677 companies in the Real Estate industry, placing it in the top 3.3%.
Is E-House (China) Enterprise Holdings' Beneish M-Score too high?
E-House (China) Enterprise Holdings' current Beneish M-Score is -4.38. Based on the distribution chart, E-House (China) Enterprise Holdings ranks #55 out of 1677 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers.
How does E-House (China) Enterprise Holdings' Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, E-House (China) Enterprise Holdings ranks #55 out of 1677 companies for Beneish M-Score. This places E-House (China) Enterprise Holdings in the top 3% 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 E-House (China) Enterprise Holdings and its competitors. E-House (China) Enterprise Holdings's current Beneish M-Score is -4.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is E-House (China) Enterprise Holdings stock overvalued right now?
Based on GuruFocus' analysis, E-House (China) Enterprise Holdings (HKSE:02048) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.08, compared to a current price of HK$0.03 — trading 63.8% below its estimated fair value. The current Beneish M-Score is -4.38. 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 E-House (China) Enterprise Holdings (HKSE:02048), the current Beneish M-Score is -4.38 as of Aug. 20, 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.

E-House (China) Enterprise Holdings Business Description

Address 788 Guangzhong Road, 11th Floor, Yinli Building, Jing\'an District, Shanghai, CHN, 200072
E-House (China) Enterprise Holdings Ltd is a real estate transaction service provider. The company's operating segment includes Real estate agency services in the primary market, Real estate data and consulting services, Real estate brokerage network services, and Digital marketing services. It generates a majority of its revenue from the Digital Marketing services segment, which provides E-commerce, online advertising services, and listing services to property developers and buyers. The company's operations are located in the People's Republic of China.