MicroTech Medical (Hangzhou) Co (HKSE:02235) Beneish M-Score: 0.39 (As of Aug. 24, 2026)

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HKSE:02235 MicroTech Medical (Hangzhou) Co Ltd HKSE:02235
80 GF Score
Price HK$7.26
GF Value HK$15.94
Valuation Possible Value Trap
! 6 Warning Signs
View Full Analysis

What is MicroTech Medical (Hangzhou) Co Beneish M-Score?

MicroTech Medical (Hangzhou) Co HKSE:02235 +1.47% 80 Beneish M-Score is 0.39 as of Aug. 24, 2026. GuruFocus rates HKSE:02235 with a GF Score™ of 80/100 and a GF Value™ of HK$15.94 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 769 Medical Devices & Instruments companies, MicroTech Medical (Hangzhou) Co ranks worse than 93.76% 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.

Warning Sign:

Beneish M-Score 0.39 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for MicroTech Medical (Hangzhou) Co's Beneish M-Score or its related term are showing as below:

HKSE:02235' s Beneish M-Score Range Over the Past 10 Years
Min: -2.01   Med: -1.4   Max: 0.39
Current: 0.39

During the past 7 years, the highest Beneish M-Score of MicroTech Medical (Hangzhou) Co was 0.39. The lowest was -2.01. And the median was -1.40.

MicroTech Medical (Hangzhou) Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for MicroTech Medical (Hangzhou) 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.

MicroTech Medical (Hangzhou) Co Beneish M-Score Chart

MicroTech Medical (Hangzhou) Co Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -1.30 -1.40 -1.84 -2.01 0.39

MicroTech Medical (Hangzhou) Co Semi-Annual Data
Dec19 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 -1.84 0.00 -2.01 0.00 0.39

HKSE:02235 vs ABT, SYK, MDT: Beneish M-Score Comparison

For the Medical Devices subindustry, MicroTech Medical (Hangzhou) 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.

MicroTech Medical (Hangzhou) Co Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, MicroTech Medical (Hangzhou) Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where MicroTech Medical (Hangzhou) Co's Beneish M-Score falls into.


HKSE:02235
80GF Score
MicroTech Medical (Hangzhou) Co Ltd HKSE:02235
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

MicroTech Medical (Hangzhou) 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 MicroTech Medical (Hangzhou) 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 * 0.6385+0.528 * 0.9731+0.404 * 7.0739+0.892 * 1.9822+0.115 * 0.9351
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.585+4.679 * 0.003265-0.327 * 1.5779
=0.39

* 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$160.5 Mil.
Revenue was HK$720.3 Mil.
Gross Profit was HK$391.8 Mil.
Total Current Assets was HK$1,997.7 Mil.
Total Assets was HK$2,552.3 Mil.
Property, Plant and Equipment(Net PPE) was HK$244.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$187.8 Mil.
Total Current Liabilities was HK$312.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.4 Mil.
Net Income was HK$44.4 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$36.0 Mil.
 Total Receivables was HK$126.8 Mil.
Revenue was HK$363.4 Mil.
Gross Profit was HK$192.3 Mil.
Total Current Assets was HK$2,033.7 Mil.
Total Assets was HK$2,291.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$218.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$162.0 Mil.
Total Current Liabilities was HK$178.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 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)
=(160.493 / 720.307) / (126.801 / 363.388)
=0.222812 / 0.348941
=0.6385

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)
=(192.33 / 363.388) / (391.764 / 720.307)
=0.529269 / 0.543885
=0.9731

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 - (1997.681 + 243.997) / 2552.292) / (1 - (2033.717 + 218.459) / 2291.601)
=0.1217 / 0.017204
=7.0739

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
=720.307 / 363.388
=1.9822

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))
=(4.912 / (4.912 + 218.459)) / (5.876 / (5.876 + 243.997))
=0.02199 / 0.023516
=0.9351

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)
=(187.83 / 720.307) / (161.993 / 363.388)
=0.260764 / 0.445785
=0.585

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)
=((0.38 + 312.837) / 2552.292) / ((0 + 178.224) / 2291.601)
=0.12272 / 0.077773
=1.5779

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
=(44.357 - 0 - 36.025) / 2552.292
=0.003265

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.

MicroTech Medical (Hangzhou) Co has a M-score of 0.39 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.39 mean?
MicroTech Medical (Hangzhou) Co (HKSE:02235) has a Beneish M-Score of 0.39 as of Aug. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MicroTech Medical (Hangzhou) Co and its competitors. According to the industry distribution chart, MicroTech Medical (Hangzhou) Co ranks #721 out of 769 companies in the Medical Devices & Instruments industry, placing it in the top 93.8%.
Is MicroTech Medical (Hangzhou) Co's Beneish M-Score too high?
MicroTech Medical (Hangzhou) Co's current Beneish M-Score is 0.39. Based on the distribution chart, MicroTech Medical (Hangzhou) Co ranks #721 out of 769 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, MicroTech Medical (Hangzhou) Co has a GF Score™ of 80/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does MicroTech Medical (Hangzhou) Co's Beneish M-Score compare to ABT and SYK?
According to the Medical Devices & Instruments industry distribution chart, MicroTech Medical (Hangzhou) Co ranks #721 out of 769 companies for Beneish M-Score. This places MicroTech Medical (Hangzhou) 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 Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments 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 MicroTech Medical (Hangzhou) Co and its competitors. MicroTech Medical (Hangzhou) Co's current Beneish M-Score is 0.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MicroTech Medical (Hangzhou) Co stock overvalued right now?
Based on GuruFocus' analysis, MicroTech Medical (Hangzhou) Co (HKSE:02235) is currently considered Possible Value Trap. The stock's GF Value™ is HK$15.94, compared to a current price of HK$7.26 — trading 54.5% below its estimated fair value. The current Beneish M-Score is 0.39. MicroTech Medical (Hangzhou) Co's overall GF Score™ is 80/100 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 MicroTech Medical (Hangzhou) Co (HKSE:02235), the current Beneish M-Score is 0.39 as of Aug. 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 MicroTech Medical (Hangzhou) Co (HKSE:02235) Overvalued in 2026?

Based on GuruFocus' analysis, MicroTech Medical (Hangzhou) Co stock appears to be undervalued. The current stock price of HK$7.26 is trading 54.5% below its estimated GF Value™ of HK$15.94. GuruFocus considers MicroTech Medical (Hangzhou) Co to be Possible Value Trap.

Key valuation signals for HKSE:02235:

  • Beneish M-Score: 0.39
  • GF Value™: HK$15.94 vs. price of HK$7.26 (54.5% below fair value)
  • GF Score™: 80/100 with 6 warning signs

No single metric tells the full story. See the HKSE:02235 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

MicroTech Medical (Hangzhou) Co Business Description

Address No. 108 Liuze Street, Cangqian Street, Yuhang District, Zhejiang Province, Hangzhou, CHN
MicroTech Medical (Hangzhou) Co Ltd is focused on diabetes management, providing both diabetes treatment and diabetes monitoring medical devices to improve the diabetes management in China and globally. The Group operates in a large and fast-growing diabetes monitoring, treatment and management market in China and globally with unmet clinical needs. The company derives a majority of its revenue from China.
80GF Score

Get the complete analysis for HKSE:02235

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

HK$7.26
Price
HK$15.94
GF Value