Bank of Gansu Co (HKSE:02139) Beneish M-Score: -2.44 (As of Aug. 23, 2026)

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HKSE:02139 Bank of Gansu Co Ltd HKSE:02139
44 GF Score
Price HK$0.25
GF Value HK$0.32
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Bank of Gansu Co Beneish M-Score?

Bank of Gansu Co HKSE:02139 +2.51% 44 Beneish M-Score is -2.44 as of Aug. 23, 2026. GuruFocus rates HKSE:02139 with a GF Score™ of 44/100 and a GF Value™ of HK$0.32 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,394 Banks companies, Bank of Gansu Co ranks better than 57.96% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Bank of Gansu Co's Beneish M-Score or its related term are showing as below:

HKSE:02139' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9   Med: -2.61   Max: -1.68
Current: -2.44

During the past 12 years, the highest Beneish M-Score of Bank of Gansu Co was -1.68. The lowest was -2.90. And the median was -2.61.

HKSE:02139
44GF Score
Bank of Gansu Co Ltd HKSE:02139
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bank of Gansu 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 Bank of Gansu 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 * 1.0008+0.892 * 1.089+0.115 * 0.9908
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9542+4.679 * 0.000767-0.327 * 1.167
=-2.44

* 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$5,798 Mil.
Gross Profit was HK$5,798 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$481,545 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,237 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$432 Mil.
Selling, General, & Admin. Expense(SGA) was HK$641 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$37,506 Mil.
Net Income was HK$650 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$280 Mil.
 Total Receivables was HK$0 Mil.
Revenue was HK$5,325 Mil.
Gross Profit was HK$5,325 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$442,772 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,325 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$440 Mil.
Selling, General, & Admin. Expense(SGA) was HK$617 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$29,551 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 / 5798.427) / (0 / 5324.731)
=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)
=(5324.731 / 5324.731) / (5798.427 / 5798.427)
=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 + 3237.33) / 481545.196) / (1 - (0 + 3325.374) / 442771.687)
=0.993277 / 0.99249
=1.0008

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
=5798.427 / 5324.731
=1.089

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))
=(439.506 / (439.506 + 3325.374)) / (432.388 / (432.388 + 3237.33))
=0.116738 / 0.117826
=0.9908

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)
=(641.287 / 5798.427) / (617.149 / 5324.731)
=0.110597 / 0.115902
=0.9542

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)
=((37505.581 + 0) / 481545.196) / ((29550.993 + 0) / 442771.687)
=0.077886 / 0.066741
=1.167

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
=(649.686 - 0 - 280.114) / 481545.196
=0.000767

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.

Bank of Gansu Co has a M-score of -2.44 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 -2.44 mean?
Bank of Gansu Co (HKSE:02139) has a Beneish M-Score of -2.44 as of Aug. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bank of Gansu Co and its competitors. According to the industry distribution chart, Bank of Gansu Co ranks #586 out of 1394 companies in the Banks industry, placing it in the top 42%.
Is Bank of Gansu Co's Beneish M-Score too high?
Bank of Gansu Co's current Beneish M-Score is -2.44. Based on the distribution chart, Bank of Gansu Co ranks #586 out of 1394 companies in the Banks industry, which is above the industry midpoint. Overall, Bank of Gansu Co has a GF Score™ of 44/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Bank of Gansu Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Bank of Gansu Co ranks #586 out of 1394 companies for Beneish M-Score. This puts Bank of Gansu Co in the upper 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Bank of Gansu Co and its competitors. Bank of Gansu Co's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank of Gansu Co stock overvalued right now?
Based on GuruFocus' analysis, Bank of Gansu Co (HKSE:02139) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.32, compared to a current price of HK$0.25 — trading 23.4% below its estimated fair value. The current Beneish M-Score is -2.44. Bank of Gansu Co's overall GF Score™ is 44/100 with 4 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 Bank of Gansu Co (HKSE:02139), the current Beneish M-Score is -2.44 as of Aug. 23, 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 Bank of Gansu Co (HKSE:02139) Overvalued in 2026?

Based on GuruFocus' analysis, Bank of Gansu Co stock appears to be undervalued. The current stock price of HK$0.25 is trading 23.4% below its estimated GF Value™ of HK$0.32. GuruFocus considers Bank of Gansu Co to be Modestly Undervalued.

Key valuation signals for HKSE:02139:

  • Beneish M-Score: -2.44
  • GF Value™: HK$0.32 vs. price of HK$0.25 (23.4% below fair value)
  • GF Score™: 44/100 with 4 warning signs

No single metric tells the full story. See the HKSE:02139 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Bank of Gansu Co Business Description

Address No. 525-1 Donggang West Road, Bank of Gansu Tower, Chengguan District, Gansu Province, Lanzhou City, CHN, 730030
Bank of Gansu Co Ltd is a commercial bank based in China. The principal activities of the Bank and its subsidiary are the provision of corporate and retail deposits, loans and advances, payment and settlement services, as well as other banking services. The company operates through three segments: Corporate banking, Retail banking, and Financial market operations. The majority of revenue is generated from the Corporate banking segment, which represents the provision of a range of financial products and services to corporations and government agencies. These products and services include corporate loans and advances, deposit taking activities, agency services, consulting and advisory services, remittance and settlement services and guarantee services.
44GF Score

Get the complete analysis for HKSE:02139

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

HK$0.25
Price
HK$0.32
GF Value