BeijingWest Industries International (HKSE:02339) Beneish M-Score: -3.18 (As of Aug. 11, 2026)

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HKSE:02339 BeijingWest Industries International Ltd HKSE:02339
38 GF Score
Price HK$4.54
GF Value HK$0.19
Valuation Significantly Overvalued
! 2 Warning Signs
View Full Analysis

What is BeijingWest Industries International Beneish M-Score?

BeijingWest Industries International HKSE:02339 -10.55% 38 Beneish M-Score is -3.18 as of Aug. 11, 2026. GuruFocus rates HKSE:02339 with a GF Score™ of 38/100 and a GF Value™ of HK$0.19 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 1,275 Vehicles & Parts companies, BeijingWest Industries International ranks better than 91.22% 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 -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02339' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18   Med: -2.69   Max: -2.06
Current: -3.18

During the past 13 years, the highest Beneish M-Score of BeijingWest Industries International was -2.06. The lowest was -3.18. And the median was -2.69.

BeijingWest Industries International Beneish M-Score Historical Data

* Premium members only.

The historical data trend for BeijingWest Industries International'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.

BeijingWest Industries International Beneish M-Score Chart

BeijingWest Industries International 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 -2.23 -2.83 -2.74 -2.89 -3.18

BeijingWest Industries International Semi-Annual Data
Jun16 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 -2.74 0.00 -2.89 0.00 -3.18

HKSE:02339 vs ORLY, AZO: Beneish M-Score Comparison

For the Auto Parts subindustry, BeijingWest Industries International'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.

BeijingWest Industries International Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, BeijingWest Industries International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BeijingWest Industries International's Beneish M-Score falls into.


HKSE:02339
38GF Score
BeijingWest Industries International Ltd HKSE:02339
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

BeijingWest Industries International 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 BeijingWest Industries International 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 * 0.5597+0.528 * 1.4508+0.404 * 0.7394+0.892 * 1.0697+0.115 * 1.0499
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0114+4.679 * -0.109638-0.327 * 0.9453
=-3.18

* 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$375 Mil.
Revenue was HK$2,968 Mil.
Gross Profit was HK$338 Mil.
Total Current Assets was HK$906 Mil.
Total Assets was HK$1,914 Mil.
Property, Plant and Equipment(Net PPE) was HK$800 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$110 Mil.
Selling, General, & Admin. Expense(SGA) was HK$219 Mil.
Total Current Liabilities was HK$769 Mil.
Long-Term Debt & Capital Lease Obligation was HK$231 Mil.
Net Income was HK$-42 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$168 Mil.
 Total Receivables was HK$626 Mil.
Revenue was HK$2,775 Mil.
Gross Profit was HK$458 Mil.
Total Current Assets was HK$1,056 Mil.
Total Assets was HK$2,033 Mil.
Property, Plant and Equipment(Net PPE) was HK$679 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$99 Mil.
Selling, General, & Admin. Expense(SGA) was HK$202 Mil.
Total Current Liabilities was HK$904 Mil.
Long-Term Debt & Capital Lease Obligation was HK$220 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)
=(374.871 / 2968.139) / (626.097 / 2774.721)
=0.126298 / 0.225643
=0.5597

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)
=(458.257 / 2774.721) / (337.886 / 2968.139)
=0.165154 / 0.113838
=1.4508

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 - (906.462 + 800.146) / 1914.264) / (1 - (1055.853 + 678.557) / 2032.635)
=0.108478 / 0.146718
=0.7394

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
=2968.139 / 2774.721
=1.0697

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))
=(98.811 / (98.811 + 678.557)) / (110.217 / (110.217 + 800.146))
=0.12711 / 0.121069
=1.0499

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)
=(218.818 / 2968.139) / (202.25 / 2774.721)
=0.073722 / 0.07289
=1.0114

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)
=((231.295 + 769.1) / 1914.264) / ((220.047 + 903.687) / 2032.635)
=0.5226 / 0.552846
=0.9453

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
=(-41.908 - 0 - 167.968) / 1914.264
=-0.109638

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.

BeijingWest Industries International has a M-score of -3.18 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 -3.18 mean?
BeijingWest Industries International (HKSE:02339) has a Beneish M-Score of -3.18 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BeijingWest Industries International and its competitors. According to the industry distribution chart, BeijingWest Industries International ranks #112 out of 1275 companies in the Vehicles & Parts industry, placing it in the top 8.8%.
Is BeijingWest Industries International's Beneish M-Score too high?
BeijingWest Industries International's current Beneish M-Score is -3.18. Based on the distribution chart, BeijingWest Industries International ranks #112 out of 1275 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, BeijingWest Industries International has a GF Score™ of 38/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does BeijingWest Industries International's Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, BeijingWest Industries International ranks #112 out of 1275 companies for Beneish M-Score. This places BeijingWest Industries International in the top 9% 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 BeijingWest Industries International and its competitors. BeijingWest Industries International's current Beneish M-Score is -3.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BeijingWest Industries International stock overvalued right now?
Based on GuruFocus' analysis, BeijingWest Industries International (HKSE:02339) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.19, compared to a current price of HK$4.54 — trading 2286.8% above its estimated fair value. The current Beneish M-Score is -3.18. BeijingWest Industries International's overall GF Score™ is 38/100 with 2 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 BeijingWest Industries International (HKSE:02339), the current Beneish M-Score is -3.18 as of Aug. 11, 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 BeijingWest Industries International (HKSE:02339) Overvalued in 2026?

Based on GuruFocus' analysis, BeijingWest Industries International stock appears to be overvalued. The current stock price of HK$4.54 is trading 2286.8% above its estimated GF Value™ of HK$0.19. GuruFocus considers BeijingWest Industries International to be Significantly Overvalued.

Key valuation signals for HKSE:02339:

  • Beneish M-Score: -3.18
  • GF Value™: HK$0.19 vs. price of HK$4.54 (2286.8% above fair value)
  • GF Score™: 38/100 with 2 warning signs

No single metric tells the full story. See the HKSE:02339 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

BeijingWest Industries International Business Description

Address 6-8 Harbour Road, Rooms 304-305, 3rd Floor, Shui On Centre, Wanchai, Hong Kong, HKG
BeijingWest Industries International Ltd principal activity of the Company is investment holding. It is principally involved in the manufacturing, sale and trading of automotive parts and components, and the provision of technical services. The company has single operating segment. The company's products include Suspension products. It also provides technical services related to its products. The company operates in the United Kingdom, Germany, United States, Mainland China, and other countries. The company generates the majority of its revenue from Germany.
38GF Score

Get the complete analysis for HKSE:02339

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

HK$4.54
Price
HK$0.19
GF Value