Concord Healthcare Group Co (HKSE:02453) Beneish M-Score: -4.60 (As of Jul. 21, 2026)

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HKSE:02453 Concord Healthcare Group Co Ltd HKSE:02453
30 GF Score
Price HK$0.71
! 6 Warning Signs
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What is Concord Healthcare Group Co Beneish M-Score?

Concord Healthcare Group Co HKSE:02453 +1.43% 30 Beneish M-Score is -4.60 as of Jul. 21, 2026. GuruFocus rates HKSE:02453 with a GF Score™ of 30/100. The stock has 6 warning signs investors should review. Among 628 Healthcare Providers & Services companies, Concord Healthcare Group Co ranks better than 95.06% 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 -4.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02453' s Beneish M-Score Range Over the Past 10 Years
Min: -4.6   Med: -3.37   Max: -2.91
Current: -4.6

During the past 6 years, the highest Beneish M-Score of Concord Healthcare Group Co was -2.91. The lowest was -4.60. And the median was -3.37.

Concord Healthcare Group Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Concord Healthcare 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.

Concord Healthcare Group Co Beneish M-Score Chart

Concord Healthcare Group Co Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -3.61 -2.91 -3.12 -4.60

Concord Healthcare Group Co Semi-Annual Data
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 -2.91 0.00 -3.12 0.00 -4.60

HKSE:02453 vs HCA, THC, DVA: Beneish M-Score Comparison

For the Medical Care Facilities subindustry, Concord Healthcare 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.

Concord Healthcare Group Co Beneish M-Score vs Healthcare Providers & Services Industry

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

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


HKSE:02453
30GF Score
Concord Healthcare Group Co Ltd HKSE:02453
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Concord Healthcare 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 Concord Healthcare 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 * 0.537+0.528 * -2.493+0.404 * 0.9883+0.892 * 1.2255+0.115 * 0.9108
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6074+4.679 * -0.024799-0.327 * 0.9586
=-4.60

* 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$135.6 Mil.
Revenue was HK$508.1 Mil.
Gross Profit was HK$35.3 Mil.
Total Current Assets was HK$739.8 Mil.
Total Assets was HK$6,393.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,921.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$169.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$206.1 Mil.
Total Current Liabilities was HK$1,376.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,715.2 Mil.
Net Income was HK$-283.5 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-124.9 Mil.
 Total Receivables was HK$206.1 Mil.
Revenue was HK$414.6 Mil.
Gross Profit was HK$-71.8 Mil.
Total Current Assets was HK$761.9 Mil.
Total Assets was HK$6,306.3 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,815.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$149.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$276.9 Mil.
Total Current Liabilities was HK$1,212.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,997.3 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)
=(135.648 / 508.087) / (206.115 / 414.582)
=0.266978 / 0.497163
=0.537

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)
=(-71.799 / 414.582) / (35.296 / 508.087)
=-0.173184 / 0.069468
=-2.493

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 - (739.799 + 3921.371) / 6393.494) / (1 - (761.912 + 3815.413) / 6306.271)
=0.270951 / 0.274163
=0.9883

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
=508.087 / 414.582
=1.2255

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))
=(149.302 / (149.302 + 3815.413)) / (169.13 / (169.13 + 3921.371))
=0.037658 / 0.041347
=0.9108

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)
=(206.119 / 508.087) / (276.908 / 414.582)
=0.405677 / 0.667921
=0.6074

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)
=((2715.192 + 1376.161) / 6393.494) / ((2997.278 + 1212.73) / 6306.271)
=0.639924 / 0.667591
=0.9586

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
=(-283.476 - 0 - -124.925) / 6393.494
=-0.024799

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.

Concord Healthcare Group Co has a M-score of -4.60 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 -4.60 mean?
Concord Healthcare Group Co (HKSE:02453) has a Beneish M-Score of -4.60 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Concord Healthcare Group Co and its competitors. According to the industry distribution chart, Concord Healthcare Group Co ranks #31 out of 628 companies in the Healthcare Providers & Services industry, placing it in the top 4.9%.
Is Concord Healthcare Group Co's Beneish M-Score too high?
Concord Healthcare Group Co's current Beneish M-Score is -4.60. Based on the distribution chart, Concord Healthcare Group Co ranks #31 out of 628 companies in the Healthcare Providers & Services industry, which is in the top quartile — a strong position relative to peers. Overall, Concord Healthcare Group Co has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does Concord Healthcare Group Co's Beneish M-Score compare to HCA and THC?
According to the Healthcare Providers & Services industry distribution chart, Concord Healthcare Group Co ranks #31 out of 628 companies for Beneish M-Score. This places Concord Healthcare Group Co in the top 5% 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 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 Concord Healthcare Group Co and its competitors. Concord Healthcare Group Co's current Beneish M-Score is -4.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Concord Healthcare Group Co stock overvalued right now?
Concord Healthcare Group Co (HKSE:02453) has a current Beneish M-Score of -4.60. The current Beneish M-Score is -4.60. Concord Healthcare Group Co's overall GF Score™ is 30/100 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 Concord Healthcare Group Co (HKSE:02453), the current Beneish M-Score is -4.60 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.

Concord Healthcare Group Co Business Description

Address No. 7 Guanghua Road, Room 26A1-26A5, East Tower, Hanwei Building, Chaoyang, Beijing, CHN, 100020
Concord Healthcare Group Co Ltd is a healthcare service provider in China that specializes in oncology. The Group owns and operates four offline self-operated medical institutions and one medical institution under construction, dedicated to providing comprehensive and specialized medical services to cancer patients. It also provides medical equipment, software, and related services to third-party medical institutions. The company's revenue is generated from its hospital business and its medical equipment, software, and related services segment. Substantially all of the company's revenue is generated from the PRC.
30GF Score

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

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