China Resources Beverage (Holdings) Co (HKSE:02460) Beneish M-Score: 1.55 (As of Jul. 17, 2026)

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HKSE:02460 China Resources Beverage (Holdings) Co Ltd HKSE:02460
21 GF Score
Price HK$7.49
! 5 Warning Signs
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What is China Resources Beverage (Holdings) Co Beneish M-Score?

China Resources Beverage (Holdings) Co HKSE:02460 -2.22% 21 Beneish M-Score is 1.55 as of Jul. 17, 2026. GuruFocus rates HKSE:02460 with a GF Score™ of 21/100. The stock has 5 warning signs investors should review. Among 110 Beverages - Non-Alcoholic companies, China Resources Beverage (Holdings) Co ranks worse than 96.36% 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.

Warning Sign:

Beneish M-Score 1.55 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for China Resources Beverage (Holdings) Co's Beneish M-Score or its related term are showing as below:

HKSE:02460' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85   Med: -2.02   Max: 1.55
Current: 1.55

During the past 5 years, the highest Beneish M-Score of China Resources Beverage (Holdings) Co was 1.55. The lowest was -2.85. And the median was -2.02.

China Resources Beverage (Holdings) Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for China Resources Beverage (Holdings) 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.

China Resources Beverage (Holdings) Co Beneish M-Score Chart

China Resources Beverage (Holdings) Co Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.02 -2.85 1.55

China Resources Beverage (Holdings) Co Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -2.02 0.00 -2.85 0.00 1.55

HKSE:02460 vs KO, PEP, MNST: Beneish M-Score Comparison

For the Beverages - Non-Alcoholic subindustry, China Resources Beverage (Holdings) 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.

China Resources Beverage (Holdings) Co Beneish M-Score vs Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, China Resources Beverage (Holdings) Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China Resources Beverage (Holdings) Co's Beneish M-Score falls into.


HKSE:02460
21GF Score
China Resources Beverage (Holdings) Co Ltd HKSE:02460
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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China Resources Beverage (Holdings) 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 China Resources Beverage (Holdings) 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 * 1.2594+0.528 * 1.0358+0.404 * 10.98+0.892 * 0.8419+0.115 * 0.7438
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.162+4.679 * -0.034165-0.327 * 0.6924
=1.55

* 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$383 Mil.
Revenue was HK$12,154 Mil.
Gross Profit was HK$5,552 Mil.
Total Current Assets was HK$8,474 Mil.
Total Assets was HK$17,000 Mil.
Property, Plant and Equipment(Net PPE) was HK$7,574 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$910 Mil.
Selling, General, & Admin. Expense(SGA) was HK$4,548 Mil.
Total Current Liabilities was HK$3,972 Mil.
Long-Term Debt & Capital Lease Obligation was HK$32 Mil.
Net Income was HK$1,089 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,669 Mil.
 Total Receivables was HK$361 Mil.
Revenue was HK$14,436 Mil.
Gross Profit was HK$6,830 Mil.
Total Current Assets was HK$12,770 Mil.
Total Assets was HK$19,959 Mil.
Property, Plant and Equipment(Net PPE) was HK$7,088 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$614 Mil.
Selling, General, & Admin. Expense(SGA) was HK$4,649 Mil.
Total Current Liabilities was HK$6,750 Mil.
Long-Term Debt & Capital Lease Obligation was HK$39 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)
=(382.608 / 12154.308) / (360.843 / 14436.257)
=0.031479 / 0.024996
=1.2594

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)
=(6830.18 / 14436.257) / (5551.622 / 12154.308)
=0.473127 / 0.456762
=1.0358

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 - (8473.551 + 7574.431) / 17000.151) / (1 - (12770.029 + 7087.537) / 19959.375)
=0.056009 / 0.005101
=10.98

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
=12154.308 / 14436.257
=0.8419

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))
=(614.223 / (614.223 + 7087.537)) / (909.715 / (909.715 + 7574.431))
=0.079751 / 0.107225
=0.7438

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)
=(4548.083 / 12154.308) / (4648.682 / 14436.257)
=0.374195 / 0.322014
=1.162

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)
=((31.754 + 3972.176) / 17000.151) / ((39.008 + 6749.857) / 19959.375)
=0.235523 / 0.340134
=0.6924

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
=(1088.531 - 0 - 1669.335) / 17000.151
=-0.034165

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.

China Resources Beverage (Holdings) Co has a M-score of 1.55 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 1.55 mean?
China Resources Beverage (Holdings) Co (HKSE:02460) has a Beneish M-Score of 1.55 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Resources Beverage (Holdings) Co and its competitors. According to the industry distribution chart, China Resources Beverage (Holdings) Co ranks #106 out of 110 companies in the Beverages - Non-Alcoholic industry, placing it in the top 96.4%.
Is China Resources Beverage (Holdings) Co's Beneish M-Score too high?
China Resources Beverage (Holdings) Co's current Beneish M-Score is 1.55. Based on the distribution chart, China Resources Beverage (Holdings) Co ranks #106 out of 110 companies in the Beverages - Non-Alcoholic industry, which is in the bottom quartile relative to peers. Overall, China Resources Beverage (Holdings) Co has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does China Resources Beverage (Holdings) Co's Beneish M-Score compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, China Resources Beverage (Holdings) Co ranks #106 out of 110 companies for Beneish M-Score. This places China Resources Beverage (Holdings) 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 Beverages - Non-Alcoholic company?
A good Beneish M-Score depends on the Beverages - Non-Alcoholic 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 China Resources Beverage (Holdings) Co and its competitors. China Resources Beverage (Holdings) Co's current Beneish M-Score is 1.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Resources Beverage (Holdings) Co stock overvalued right now?
China Resources Beverage (Holdings) Co (HKSE:02460) has a current Beneish M-Score of 1.55. The current Beneish M-Score is 1.55. China Resources Beverage (Holdings) Co's overall GF Score™ is 21/100 with 5 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 China Resources Beverage (Holdings) Co (HKSE:02460), the current Beneish M-Score is 1.55 as of Jul. 17, 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.

China Resources Beverage (Holdings) Co Business Description

Address 22 Langshan Road, Shenzhen High-tech Industrial Park, North District, Nanshan District, Guangdong Province, Shenzhen, CHN
China Resources Beverage is the second-largest bottled water producer in China and a subsidiary of China Resources Group, a state-owned conglomerate. The bottled water business accounts for around 90% of the company's revenue, with C'estbon being the flagship product. The company has been leveraging its distribution network developed for water products to expand the scale of its nonwater beverages products, which accounts for roughly 10% of the company's revenue.
21GF 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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