Canggang Railway (HKSE:02169) Beneish M-Score: -2.46 (As of Jul. 04, 2026)


HKSE:02169 Canggang Railway Ltd HKSE:02169
50 GF Score
Price HK$0.52
GF Value HK$0.94
Valuation Possible Value Trap
! 8 Warning Signs
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What is Canggang Railway Beneish M-Score?

Canggang Railway HKSE:02169 -1.89% 50 Beneish M-Score is -2.46 as of Jul. 04, 2026. GuruFocus rates HKSE:02169 with a GF Score™ of 50/100 and a GF Value™ of HK$0.94 (Possible Value Trap). The stock has 8 warning signs investors should review. Among 964 Transportation companies, Canggang Railway ranks worse than 61% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02169' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37   Med: -2.57   Max: -1.24
Current: -2.46

During the past 9 years, the highest Beneish M-Score of Canggang Railway was -1.24. The lowest was -3.37. And the median was -2.57.

Canggang Railway Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Canggang Railway'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.

Canggang Railway Beneish M-Score Chart

Canggang Railway Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.34 -2.89 -2.57 -1.24 -2.46

Canggang Railway Semi-Annual Data
Dec17 Dec18 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 -2.57 0.00 -1.24 0.00 -2.46

HKSE:02169 vs UNP, CSX, NSC: Beneish M-Score Comparison

For the Railroads subindustry, Canggang Railway'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.

Canggang Railway Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Canggang Railway's Beneish M-Score distribution charts can be found below:

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


HKSE:02169
50GF Score
Canggang Railway Ltd HKSE:02169
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Canggang Railway 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 Canggang Railway 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 * 0.8704+0.528 * 0.9698+0.404 * 1.734+0.892 * 1.1115+0.115 * 1.1267
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.0628+4.679 * -0.017818-0.327 * 0.9818
=-2.46

* 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$90.8 Mil.
Revenue was HK$307.3 Mil.
Gross Profit was HK$112.7 Mil.
Total Current Assets was HK$328.9 Mil.
Total Assets was HK$1,622.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,213.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$38.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$10.4 Mil.
Total Current Liabilities was HK$308.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$348.9 Mil.
Net Income was HK$63.9 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$92.9 Mil.
 Total Receivables was HK$93.9 Mil.
Revenue was HK$276.5 Mil.
Gross Profit was HK$98.3 Mil.
Total Current Assets was HK$352.3 Mil.
Total Assets was HK$1,467.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,073.2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$38.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$4.5 Mil.
Total Current Liabilities was HK$216.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$389.3 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)
=(90.848 / 307.291) / (93.897 / 276.457)
=0.295642 / 0.339644
=0.8704

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)
=(98.332 / 276.457) / (112.707 / 307.291)
=0.355686 / 0.366776
=0.9698

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 - (328.891 + 1212.964) / 1622.456) / (1 - (352.285 + 1073.239) / 1467.568)
=0.049678 / 0.028649
=1.734

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
=307.291 / 276.457
=1.1115

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))
=(38.085 / (38.085 + 1073.239)) / (38.051 / (38.051 + 1212.964))
=0.03427 / 0.030416
=1.1267

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)
=(10.398 / 307.291) / (4.535 / 276.457)
=0.033838 / 0.016404
=2.0628

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)
=((348.916 + 308.789) / 1622.456) / ((389.286 + 216.676) / 1467.568)
=0.405376 / 0.412902
=0.9818

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
=(63.944 - 0 - 92.853) / 1622.456
=-0.017818

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.

Canggang Railway has a M-score of -2.46 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 -2.46 mean?
Canggang Railway (HKSE:02169) has a Beneish M-Score of -2.46 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Canggang Railway and its competitors. According to the industry distribution chart, Canggang Railway ranks #588 out of 964 companies in the Transportation industry, placing it in the top 61%.
Is Canggang Railway's Beneish M-Score too high?
Canggang Railway's current Beneish M-Score is -2.46. Based on the distribution chart, Canggang Railway ranks #588 out of 964 companies in the Transportation industry, which is below the industry midpoint. Overall, Canggang Railway has a GF Score™ of 50/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Canggang Railway's Beneish M-Score compare to UNP and CSX?
According to the Transportation industry distribution chart, Canggang Railway ranks #588 out of 964 companies for Beneish M-Score. This places Canggang Railway 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Canggang Railway and its competitors. Canggang Railway's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Canggang Railway stock overvalued right now?
Based on GuruFocus' analysis, Canggang Railway (HKSE:02169) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.94, compared to a current price of HK$0.52 — trading 44.7% below its estimated fair value. The current Beneish M-Score is -2.46. Canggang Railway's overall GF Score™ is 50/100 with 8 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 Canggang Railway (HKSE:02169), the current Beneish M-Score is -2.46 as of Jul. 04, 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 Canggang Railway (HKSE:02169) Overvalued in 2026?

Based on GuruFocus' analysis, Canggang Railway stock appears to be undervalued. The current stock price of HK$0.52 is trading 44.7% below its estimated GF Value™ of HK$0.94. GuruFocus considers Canggang Railway to be Possible Value Trap.

Key valuation signals for HKSE:02169:

  • Beneish M-Score: -2.46
  • GF Value™: HK$0.94 vs. price of HK$0.52 (44.7% below fair value)
  • GF Score™: 50/100 with 8 warning signs

No single metric tells the full story. See the HKSE:02169 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Canggang Railway Business Description

Address Yangzhuang Station, Yangerzhuang Town, Huanghua, Hebei Province, Cangzhou, CHN
Canggang Railway Ltd is a local railway operator based in Hebei Province. The company operates in two segments, rail freight transportation services, which provides rail freight transportation in the PRC; and other ancillary services, which includes provides freight loading and unloading services, road freight transportation and other services in the PRC. Its services also include loading and unloading, road freight transportation, construction, repair and maintenance of Special Service Lines, railway roadbed and other railway facility construction, and certain other businesses. The company earns its revenue from rail freight transportation services and ancillary services in the PRC.
50GF 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$0.52
Price
HK$0.94
GF Value