Huaibei GreenGold Industry Investment Co (HKSE:02450) Beneish M-Score: -2.24 (As of Jul. 22, 2026)

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HKSE:02450 Huaibei GreenGold Industry Investment Co Ltd HKSE:02450
46 GF Score
Price HK$4.79
GF Value HK$0.81
Valuation Significantly Overvalued
! 12 Warning Signs
View Full Analysis

What is Huaibei GreenGold Industry Investment Co Beneish M-Score?

Huaibei GreenGold Industry Investment Co HKSE:02450 +2.79% 46 Beneish M-Score is -2.24 as of Jul. 22, 2026. GuruFocus rates HKSE:02450 with a GF Score™ of 46/100 and a GF Value™ of HK$0.81 (Significantly Overvalued). The stock has 12 warning signs investors should review. Among 387 Building Materials companies, Huaibei GreenGold Industry Investment Co ranks worse than 78.04% 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Huaibei GreenGold Industry Investment Co's Beneish M-Score or its related term are showing as below:

HKSE:02450' s Beneish M-Score Range Over the Past 10 Years
Min: -7.21   Med: -3.08   Max: -0.31
Current: -2.24

During the past 7 years, the highest Beneish M-Score of Huaibei GreenGold Industry Investment Co was -0.31. The lowest was -7.21. And the median was -3.08.

Huaibei GreenGold Industry Investment Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Huaibei GreenGold Industry Investment 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.

Huaibei GreenGold Industry Investment Co Beneish M-Score Chart

Huaibei GreenGold Industry Investment Co Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -7.21 -0.31 -3.34 -3.08 -2.24

Huaibei GreenGold Industry Investment Co Semi-Annual Data
Dec19 Dec20 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 -3.34 0.00 -3.08 0.00 -2.24

HKSE:02450 vs CRH, VMC, MLM: Beneish M-Score Comparison

For the Building Materials subindustry, Huaibei GreenGold Industry Investment 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.

Huaibei GreenGold Industry Investment Co Beneish M-Score vs Building Materials Industry

For the Building Materials industry and Basic Materials sector, Huaibei GreenGold Industry Investment Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Huaibei GreenGold Industry Investment Co's Beneish M-Score falls into.


HKSE:02450
46GF Score
Huaibei GreenGold Industry Investment Co Ltd HKSE:02450
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Huaibei GreenGold Industry Investment 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 Huaibei GreenGold Industry Investment 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 * 0.7941+0.528 * 1.3262+0.404 * 1.1204+0.892 * 0.9594+0.115 * 0.6809
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2951+4.679 * 0.072658-0.327 * 1.0379
=-2.24

* 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$21.0 Mil.
Revenue was HK$241.9 Mil.
Gross Profit was HK$64.7 Mil.
Total Current Assets was HK$359.2 Mil.
Total Assets was HK$2,358.1 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,836.8 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$108.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$30.0 Mil.
Total Current Liabilities was HK$399.3 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,181.1 Mil.
Net Income was HK$-31.8 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-203.2 Mil.
 Total Receivables was HK$27.5 Mil.
Revenue was HK$252.2 Mil.
Gross Profit was HK$89.4 Mil.
Total Current Assets was HK$623.3 Mil.
Total Assets was HK$2,642.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,857.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$73.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$24.2 Mil.
Total Current Liabilities was HK$391.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,314.9 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)
=(20.967 / 241.912) / (27.521 / 252.15)
=0.086672 / 0.109145
=0.7941

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)
=(89.424 / 252.15) / (64.689 / 241.912)
=0.354646 / 0.267407
=1.3262

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 - (359.168 + 1836.767) / 2358.099) / (1 - (623.306 + 1857.037) / 2642.533)
=0.068769 / 0.061377
=1.1204

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
=241.912 / 252.15
=0.9594

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))
=(73.188 / (73.188 + 1857.037)) / (108.308 / (108.308 + 1836.767))
=0.037917 / 0.055683
=0.6809

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)
=(30.043 / 241.912) / (24.18 / 252.15)
=0.12419 / 0.095895
=1.2951

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)
=((1181.128 + 399.271) / 2358.099) / ((1314.924 + 391.451) / 2642.533)
=0.6702 / 0.645735
=1.0379

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
=(-31.841 - 0 - -203.176) / 2358.099
=0.072658

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.

Huaibei GreenGold Industry Investment Co has a M-score of -2.24 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 -2.24 mean?
Huaibei GreenGold Industry Investment Co (HKSE:02450) has a Beneish M-Score of -2.24 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Huaibei GreenGold Industry Investment Co and its competitors. According to the industry distribution chart, Huaibei GreenGold Industry Investment Co ranks #302 out of 387 companies in the Building Materials industry, placing it in the top 78%.
Is Huaibei GreenGold Industry Investment Co's Beneish M-Score too high?
Huaibei GreenGold Industry Investment Co's current Beneish M-Score is -2.24. Based on the distribution chart, Huaibei GreenGold Industry Investment Co ranks #302 out of 387 companies in the Building Materials industry, which is in the bottom quartile relative to peers. Overall, Huaibei GreenGold Industry Investment Co has a GF Score™ of 46/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Huaibei GreenGold Industry Investment Co's Beneish M-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, Huaibei GreenGold Industry Investment Co ranks #302 out of 387 companies for Beneish M-Score. This places Huaibei GreenGold Industry Investment 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 Building Materials company?
A good Beneish M-Score depends on the Building Materials 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 Huaibei GreenGold Industry Investment Co and its competitors. Huaibei GreenGold Industry Investment Co's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Huaibei GreenGold Industry Investment Co stock overvalued right now?
Based on GuruFocus' analysis, Huaibei GreenGold Industry Investment Co (HKSE:02450) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.81, compared to a current price of HK$4.79 — trading 491.4% above its estimated fair value. The current Beneish M-Score is -2.24. Huaibei GreenGold Industry Investment Co's overall GF Score™ is 46/100 with 12 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 Huaibei GreenGold Industry Investment Co (HKSE:02450), the current Beneish M-Score is -2.24 as of Jul. 22, 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 Huaibei GreenGold Industry Investment Co (HKSE:02450) Overvalued in 2026?

Based on GuruFocus' analysis, Huaibei GreenGold Industry Investment Co stock appears to be overvalued. The current stock price of HK$4.79 is trading 491.4% above its estimated GF Value™ of HK$0.81. GuruFocus considers Huaibei GreenGold Industry Investment Co to be Significantly Overvalued.

Key valuation signals for HKSE:02450:

  • Beneish M-Score: -2.24
  • GF Value™: HK$0.81 vs. price of HK$4.79 (491.4% above fair value)
  • GF Score™: 46/100 with 12 warning signs

No single metric tells the full story. See the HKSE:02450 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Huaibei GreenGold Industry Investment Co Business Description

Address No. 3 Taobo Road, 4th Floor, Shuangchuang Service Centre, Song Tuan Town, Lieshan District, Anhui Province, Huaibei, CHN
Huaibei GreenGold Industry Investment Co Ltd is a China-based company chiefly engaged in the production and sales of construction material products. The company's main products include aggregate products, concrete products, and agency services for concrete products. The company derives maximum revenue from the sales of aggregate products and others.
46GF Score

Get the complete analysis for HKSE:02450

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

HK$4.79
Price
HK$0.81
GF Value