Gushengtang Holdings (HKSE:02273) Beneish M-Score: -2.85 (As of Aug. 20, 2026)

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HKSE:02273 Gushengtang Holdings Ltd HKSE:02273
88 GF Score
Price HK$27.06
GF Value HK$59.18
Valuation Significantly Undervalued
! 4 Warning Signs
View Full Analysis

What is Gushengtang Holdings Beneish M-Score?

Gushengtang Holdings HKSE:02273 -0.07% 88 Beneish M-Score is -2.85 as of Aug. 20, 2026. GuruFocus rates HKSE:02273 with a GF Score™ of 88/100 and a GF Value™ of HK$59.18 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 627 Healthcare Providers & Services companies, Gushengtang Holdings ranks better than 72.41% 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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02273' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03   Med: -2.59   Max: -2.16
Current: -2.85

During the past 8 years, the highest Beneish M-Score of Gushengtang Holdings was -2.16. The lowest was -3.03. And the median was -2.59.

Gushengtang Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Gushengtang 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.

Gushengtang Holdings Beneish M-Score Chart

Gushengtang Holdings Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -3.03 -2.16 -2.57 -2.28 -2.85

Gushengtang Holdings Semi-Annual Data
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 -2.57 0.00 -2.28 0.00 -2.85

HKSE:02273 vs HCA, THC, DVA: Beneish M-Score Comparison

For the Medical Care Facilities subindustry, Gushengtang 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.

Gushengtang Holdings Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Gushengtang Holdings's Beneish M-Score distribution charts can be found below:

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


HKSE:02273
88GF Score
Gushengtang Holdings Ltd HKSE:02273
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Gushengtang 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 Gushengtang 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 * 0.9347+0.528 * 0.9656+0.404 * 1.0466+0.892 * 1.1123+0.115 * 0.9697
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9487+4.679 * -0.065037-0.327 * 1.3313
=-2.85

* 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$386 Mil.
Revenue was HK$3,589 Mil.
Gross Profit was HK$1,118 Mil.
Total Current Assets was HK$2,051 Mil.
Total Assets was HK$4,411 Mil.
Property, Plant and Equipment(Net PPE) was HK$735 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$207 Mil.
Selling, General, & Admin. Expense(SGA) was HK$623 Mil.
Total Current Liabilities was HK$1,273 Mil.
Long-Term Debt & Capital Lease Obligation was HK$628 Mil.
Net Income was HK$390 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$677 Mil.
 Total Receivables was HK$372 Mil.
Revenue was HK$3,227 Mil.
Gross Profit was HK$971 Mil.
Total Current Assets was HK$1,935 Mil.
Total Assets was HK$3,904 Mil.
Property, Plant and Equipment(Net PPE) was HK$594 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$161 Mil.
Selling, General, & Admin. Expense(SGA) was HK$591 Mil.
Total Current Liabilities was HK$815 Mil.
Long-Term Debt & Capital Lease Obligation was HK$449 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)
=(386.301 / 3589.329) / (371.563 / 3226.907)
=0.107625 / 0.115145
=0.9347

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)
=(970.882 / 3226.907) / (1118.436 / 3589.329)
=0.300871 / 0.3116
=0.9656

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 - (2050.664 + 734.501) / 4410.604) / (1 - (1935.261 + 593.774) / 3903.539)
=0.36853 / 0.352117
=1.0466

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
=3589.329 / 3226.907
=1.1123

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))
=(161.198 / (161.198 + 593.774)) / (207.404 / (207.404 + 734.501))
=0.213515 / 0.220196
=0.9697

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)
=(623.442 / 3589.329) / (590.824 / 3226.907)
=0.173693 / 0.183093
=0.9487

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)
=((627.926 + 1272.777) / 4410.604) / ((448.611 + 814.967) / 3903.539)
=0.430939 / 0.323701
=1.3313

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
=(389.708 - 0 - 676.56) / 4410.604
=-0.065037

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.

Gushengtang Holdings has a M-score of -2.85 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 -2.85 mean?
Gushengtang Holdings (HKSE:02273) has a Beneish M-Score of -2.85 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Gushengtang Holdings and its competitors. According to the industry distribution chart, Gushengtang Holdings ranks #173 out of 627 companies in the Healthcare Providers & Services industry, placing it in the top 27.6%.
Is Gushengtang Holdings' Beneish M-Score too high?
Gushengtang Holdings' current Beneish M-Score is -2.85. Based on the distribution chart, Gushengtang Holdings ranks #173 out of 627 companies in the Healthcare Providers & Services industry, which is above the industry midpoint. Overall, Gushengtang Holdings has a GF Score™ of 88/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Gushengtang Holdings' Beneish M-Score compare to HCA and THC?
According to the Healthcare Providers & Services industry distribution chart, Gushengtang Holdings ranks #173 out of 627 companies for Beneish M-Score. This puts Gushengtang Holdings 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & 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 Gushengtang Holdings and its competitors. Gushengtang Holdings's current Beneish M-Score is -2.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gushengtang Holdings stock overvalued right now?
Based on GuruFocus' analysis, Gushengtang Holdings (HKSE:02273) is currently considered Significantly Undervalued. The stock's GF Value™ is HK$59.18, compared to a current price of HK$27.06 — trading 54.3% below its estimated fair value. The current Beneish M-Score is -2.85. Gushengtang Holdings' overall GF Score™ is 88/100 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 Gushengtang Holdings (HKSE:02273), the current Beneish M-Score is -2.85 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.

Is Gushengtang Holdings (HKSE:02273) Overvalued in 2026?

Based on GuruFocus' analysis, Gushengtang Holdings stock appears to be undervalued. The current stock price of HK$27.06 is trading 54.3% below its estimated GF Value™ of HK$59.18. GuruFocus considers Gushengtang Holdings to be Significantly Undervalued.

Key valuation signals for HKSE:02273:

  • Beneish M-Score: -2.85
  • GF Value™: HK$59.18 vs. price of HK$27.06 (54.3% below fair value)
  • GF Score™: 88/100 with 4 warning signs

No single metric tells the full story. See the HKSE:02273 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Gushengtang Holdings Business Description

Address No. 419, Qingsha Road, Room 005, Dongchong Town, Nansha District, Guangzhou, CHN
Gushengtang Holdings Ltd is a traditional chinese medicine (TCM) company. Through offline medical institutions and online healthcare platforms, it provides customers with a comprehensive range of TCM healthcare services and products to address diverse medical and healthcare management needs. All of the group's revenue is derived from the PRC.
88GF Score

Get the complete analysis for HKSE:02273

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

HK$27.06
Price
HK$59.18
GF Value