Dowell Service Group Co (HKSE:02352) Beneish M-Score: -2.73 (As of Sep. 12, 2026)

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HKSE:02352 Dowell Service Group Co Ltd HKSE:02352
70 GF Score
Price HK$3.80
GF Value HK$7.07
Valuation Possible Value Trap
! 6 Warning Signs
View Full Analysis

What is Dowell Service Group Co Beneish M-Score?

Dowell Service Group Co HKSE:02352 70 Beneish M-Score is -2.73 as of Sep. 12, 2026. GuruFocus rates HKSE:02352 with a GF Score™ of 70/100 and a GF Value™ of HK$7.07 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 1,678 Real Estate companies, Dowell Service Group Co ranks better than 73.84% 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dowell Service Group Co's Beneish M-Score or its related term are showing as below:

HKSE:02352' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06   Med: -2.37   Max: -1.56
Current: -2.73

During the past 7 years, the highest Beneish M-Score of Dowell Service Group Co was -1.56. The lowest was -3.06. And the median was -2.37.

Dowell Service Group Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Dowell Service Group 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.

Dowell Service Group Co Beneish M-Score Chart

Dowell Service Group Co Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -2.26 -1.56 -2.37 -3.06 -2.73

Dowell Service Group Co Semi-Annual Data
Dec19 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -3.06 0.00 -2.73 0.00

HKSE:02352 vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Dowell Service Group 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.

Dowell Service Group Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Dowell Service Group Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dowell Service Group Co's Beneish M-Score falls into.


HKSE:02352
70GF Score
Dowell Service Group Co Ltd HKSE:02352
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Dowell Service Group 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 Dowell Service Group 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 * 1.0043+0.528 * 1.0157+0.404 * 0.9841+0.892 * 1.0311+0.115 * 1.0248
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9202+4.679 * -0.065791-0.327 * 0.9866
=-2.73

* 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$680 Mil.
Revenue was HK$1,685 Mil.
Gross Profit was HK$225 Mil.
Total Current Assets was HK$1,143 Mil.
Total Assets was HK$1,680 Mil.
Property, Plant and Equipment(Net PPE) was HK$137 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$51 Mil.
Selling, General, & Admin. Expense(SGA) was HK$207 Mil.
Total Current Liabilities was HK$1,142 Mil.
Long-Term Debt & Capital Lease Obligation was HK$37 Mil.
Net Income was HK$31 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$141 Mil.
 Total Receivables was HK$657 Mil.
Revenue was HK$1,634 Mil.
Gross Profit was HK$222 Mil.
Total Current Assets was HK$1,068 Mil.
Total Assets was HK$1,585 Mil.
Property, Plant and Equipment(Net PPE) was HK$133 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$52 Mil.
Selling, General, & Admin. Expense(SGA) was HK$218 Mil.
Total Current Liabilities was HK$1,042 Mil.
Long-Term Debt & Capital Lease Obligation was HK$85 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)
=(679.906 / 1684.634) / (656.545 / 1633.753)
=0.403593 / 0.401863
=1.0043

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)
=(221.944 / 1633.753) / (225.312 / 1684.634)
=0.135849 / 0.133745
=1.0157

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 - (1142.791 + 136.949) / 1680.002) / (1 - (1067.865 + 133.16) / 1584.695)
=0.238251 / 0.24211
=0.9841

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
=1684.634 / 1633.753
=1.0311

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))
=(51.799 / (51.799 + 133.16)) / (51.499 / (51.499 + 136.949))
=0.280057 / 0.27328
=1.0248

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)
=(207.031 / 1684.634) / (218.187 / 1633.753)
=0.122894 / 0.13355
=0.9202

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)
=((37.034 + 1141.727) / 1680.002) / ((84.551 + 1042.402) / 1584.695)
=0.701643 / 0.711148
=0.9866

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
=(30.73 - 0 - 141.259) / 1680.002
=-0.065791

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.

Dowell Service Group Co has a M-score of -2.73 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 -2.73 mean?
Dowell Service Group Co (HKSE:02352) has a Beneish M-Score of -2.73 as of Sep. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dowell Service Group Co and its competitors. According to the industry distribution chart, Dowell Service Group Co ranks #439 out of 1678 companies in the Real Estate industry, placing it in the top 26.2%.
Is Dowell Service Group Co's Beneish M-Score too high?
Dowell Service Group Co's current Beneish M-Score is -2.73. Based on the distribution chart, Dowell Service Group Co ranks #439 out of 1678 companies in the Real Estate industry, which is above the industry midpoint. Overall, Dowell Service Group Co has a GF Score™ of 70/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Dowell Service Group Co's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Dowell Service Group Co ranks #439 out of 1678 companies for Beneish M-Score. This puts Dowell Service Group 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Dowell Service Group Co and its competitors. Dowell Service Group Co's current Beneish M-Score is -2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dowell Service Group Co stock overvalued right now?
Based on GuruFocus' analysis, Dowell Service Group Co (HKSE:02352) is currently considered Possible Value Trap. The stock's GF Value™ is HK$7.07, compared to a current price of HK$3.80 — trading 46.3% below its estimated fair value. The current Beneish M-Score is -2.73. Dowell Service Group Co's overall GF Score™ is 70/100 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 Dowell Service Group Co (HKSE:02352), the current Beneish M-Score is -2.73 as of Sep. 12, 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 Dowell Service Group Co (HKSE:02352) Overvalued in 2026?

Based on GuruFocus' analysis, Dowell Service Group Co stock appears to be undervalued. The current stock price of HK$3.80 is trading 46.3% below its estimated GF Value™ of HK$7.07. GuruFocus considers Dowell Service Group Co to be Possible Value Trap.

Key valuation signals for HKSE:02352:

  • Beneish M-Score: -2.73
  • GF Value™: HK$7.07 vs. price of HK$3.80 (46.3% below fair value)
  • GF Score™: 70/100 with 6 warning signs

No single metric tells the full story. See the HKSE:02352 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Dowell Service Group Co Business Description

Address No. 108 Baihe Road, Room 206, Commercial Building B1 Floor, Nanping Town, Nan’an District, Chongqing, CHN, 400000
Dowell Service Group Co Ltd is an investment holding. The company, along with its subsidiaries, is engaged in the provision of property management services and related value-added services in the PRC. The company has six business formats: urban integrated services, residential integrated services, international customized services, medical and health services, community value-added services, and multi-format services. It provides diversified services through four main business lines: City Operations Services, Lifestyle Services, Comprehensive Health Services, and Other Comprehensive Services. The company's revenue was principally derived from City Operations Services in the PRC.
70GF Score

Get the complete analysis for HKSE:02352

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

HK$3.80
Price
HK$7.07
GF Value