Shenzhen Pagoda Industrial (Group) (HKSE:02411) Beneish M-Score: -2.79 (As of Jul. 21, 2026)

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HKSE:02411 Shenzhen Pagoda Industrial (Group) Corp Ltd HKSE:02411
79 GF Score
Price HK$1.50
GF Value HK$1.99
Valuation Modestly Undervalued
! 7 Warning Signs
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What is Shenzhen Pagoda Industrial (Group) Beneish M-Score?

Shenzhen Pagoda Industrial (Group) HKSE:02411 -1.32% 79 Beneish M-Score is -2.79 as of Jul. 21, 2026. GuruFocus rates HKSE:02411 with a GF Score™ of 79/100 and a GF Value™ of HK$1.99 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 1,084 Retail - Cyclical companies, Shenzhen Pagoda Industrial (Group) ranks better than 66.51% 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Shenzhen Pagoda Industrial (Group)'s Beneish M-Score or its related term are showing as below:

HKSE:02411' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18   Med: -2.75   Max: -2.22
Current: -2.79

During the past 7 years, the highest Beneish M-Score of Shenzhen Pagoda Industrial (Group) was -2.22. The lowest was -3.18. And the median was -2.75.

Shenzhen Pagoda Industrial (Group) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shenzhen Pagoda Industrial (Group)'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.

Shenzhen Pagoda Industrial (Group) Beneish M-Score Chart

Shenzhen Pagoda Industrial (Group) Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -3.18 -2.22 -2.60 -2.75 -2.79

Shenzhen Pagoda Industrial (Group) 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 -2.60 0.00 -2.75 0.00 -2.79

HKSE:02411 vs CASY, WSM, DKS: Beneish M-Score Comparison

For the Specialty Retail subindustry, Shenzhen Pagoda Industrial (Group)'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.

Shenzhen Pagoda Industrial (Group) Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Shenzhen Pagoda Industrial (Group)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shenzhen Pagoda Industrial (Group)'s Beneish M-Score falls into.


HKSE:02411
79GF Score
Shenzhen Pagoda Industrial (Group) Corp Ltd HKSE:02411
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Shenzhen Pagoda Industrial (Group) 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 Shenzhen Pagoda Industrial (Group) 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 * 1.0517+0.528 * 1.0184+0.404 * 0.7822+0.892 * 0.8233+0.115 * 0.8532
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.993+4.679 * -0.022016-0.327 * 0.9982
=-2.79

* 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$958 Mil.
Revenue was HK$9,031 Mil.
Gross Profit was HK$660 Mil.
Total Current Assets was HK$6,243 Mil.
Total Assets was HK$8,400 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,068 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$155 Mil.
Selling, General, & Admin. Expense(SGA) was HK$816 Mil.
Total Current Liabilities was HK$4,566 Mil.
Long-Term Debt & Capital Lease Obligation was HK$688 Mil.
Net Income was HK$-351 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-166 Mil.
 Total Receivables was HK$1,106 Mil.
Revenue was HK$10,968 Mil.
Gross Profit was HK$816 Mil.
Total Current Assets was HK$5,868 Mil.
Total Assets was HK$8,349 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,098 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$133 Mil.
Selling, General, & Admin. Expense(SGA) was HK$998 Mil.
Total Current Liabilities was HK$4,654 Mil.
Long-Term Debt & Capital Lease Obligation was HK$577 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)
=(958.043 / 9030.507) / (1106.48 / 10968.465)
=0.10609 / 0.100878
=1.0517

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)
=(816.079 / 10968.465) / (659.75 / 9030.507)
=0.074402 / 0.073058
=1.0184

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 - (6243.428 + 1068.396) / 8400.042) / (1 - (5868.438 + 1097.603) / 8348.756)
=0.129549 / 0.165619
=0.7822

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
=9030.507 / 10968.465
=0.8233

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))
=(132.919 / (132.919 + 1097.603)) / (154.868 / (154.868 + 1068.396))
=0.108018 / 0.126602
=0.8532

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)
=(815.916 / 9030.507) / (997.973 / 10968.465)
=0.090351 / 0.090986
=0.993

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)
=((687.68 + 4565.77) / 8400.042) / ((576.566 + 4654.239) / 8348.756)
=0.625408 / 0.626537
=0.9982

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
=(-350.736 - 0 - -165.798) / 8400.042
=-0.022016

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.

Shenzhen Pagoda Industrial (Group) has a M-score of -2.79 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 -2.79 mean?
Shenzhen Pagoda Industrial (Group) (HKSE:02411) has a Beneish M-Score of -2.79 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shenzhen Pagoda Industrial (Group) and its competitors. According to the industry distribution chart, Shenzhen Pagoda Industrial (Group) ranks #363 out of 1084 companies in the Retail - Cyclical industry, placing it in the top 33.5%.
Is Shenzhen Pagoda Industrial (Group)'s Beneish M-Score too high?
Shenzhen Pagoda Industrial (Group)'s current Beneish M-Score is -2.79. Based on the distribution chart, Shenzhen Pagoda Industrial (Group) ranks #363 out of 1084 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Shenzhen Pagoda Industrial (Group) has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Shenzhen Pagoda Industrial (Group)'s Beneish M-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Shenzhen Pagoda Industrial (Group) ranks #363 out of 1084 companies for Beneish M-Score. This puts Shenzhen Pagoda Industrial (Group) 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Shenzhen Pagoda Industrial (Group) and its competitors. Shenzhen Pagoda Industrial (Group)'s current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shenzhen Pagoda Industrial (Group) stock overvalued right now?
Based on GuruFocus' analysis, Shenzhen Pagoda Industrial (Group) (HKSE:02411) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$1.99, compared to a current price of HK$1.50 — trading 24.6% below its estimated fair value. The current Beneish M-Score is -2.79. Shenzhen Pagoda Industrial (Group)'s overall GF Score™ is 79/100 with 7 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 Shenzhen Pagoda Industrial (Group) (HKSE:02411), the current Beneish M-Score is -2.79 as of Jul. 21, 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 Shenzhen Pagoda Industrial (Group) (HKSE:02411) Overvalued in 2026?

Based on GuruFocus' analysis, Shenzhen Pagoda Industrial (Group) stock appears to be undervalued. The current stock price of HK$1.50 is trading 24.6% below its estimated GF Value™ of HK$1.99. GuruFocus considers Shenzhen Pagoda Industrial (Group) to be Modestly Undervalued.

Key valuation signals for HKSE:02411:

  • Beneish M-Score: -2.79
  • GF Value™: HK$1.99 vs. price of HK$1.50 (24.6% below fair value)
  • GF Score™: 79/100 with 7 warning signs

No single metric tells the full story. See the HKSE:02411 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Shenzhen Pagoda Industrial (Group) Business Description

Address No. 2005 Shenyan Road, Haishan Street, Pagoda Technology Building, Yantian District, Pengwan Community, Shenzhen, CHN
Shenzhen Pagoda Industrial (Group) Corp Ltd is principally engaged in operating a franchised retail network and trading of fruits. The group has three reportable segments which include Operation of franchised and self-owned retail networks(Franchising). Sales of fruit and other food products trading of fruits(Trading), and others. The majority of its revenue derives from the Franchising segment which includes the operation of franchised and self-owned retail networks.
79GF Score

Get the complete analysis for HKSE:02411

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

HK$1.50
Price
HK$1.99
GF Value