XXF Group Holdings (HKSE:02473) Beneish M-Score: -1.13 (As of Jul. 19, 2026)

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HKSE:02473 XXF Group Holdings Ltd HKSE:02473
39 GF Score
Price HK$0.54
! 8 Warning Signs
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What is XXF Group Holdings Beneish M-Score?

XXF Group Holdings HKSE:02473 -12.90% 39 Beneish M-Score is -1.13 as of Jul. 19, 2026. GuruFocus rates HKSE:02473 with a GF Score™ of 39/100. The stock has 8 warning signs investors should review. Among 487 Credit Services companies, XXF Group Holdings ranks worse than 74.54% 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 -1.13 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:02473' s Beneish M-Score Range Over the Past 10 Years
Min: -2.56   Med: -2.13   Max: -1.13
Current: -1.13

During the past 6 years, the highest Beneish M-Score of XXF Group Holdings was -1.13. The lowest was -2.56. And the median was -2.13.

XXF Group Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for XXF Group Holdings'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.

XXF Group Holdings Beneish M-Score Chart

XXF Group Holdings Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.56 -2.38 -1.88 -1.13

XXF Group Holdings 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 -2.38 0.00 -1.88 0.00 -1.13

HKSE:02473 vs V, MA, AXP: Beneish M-Score Comparison

For the Credit Services subindustry, XXF Group Holdings'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.

XXF Group Holdings Beneish M-Score vs Credit Services Industry

For the Credit Services industry and Financial Services sector, XXF Group Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where XXF Group Holdings's Beneish M-Score falls into.


HKSE:02473
39GF Score
XXF Group Holdings Ltd HKSE:02473
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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XXF Group Holdings 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 XXF Group Holdings 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 * 1.5879+0.528 * 1.1639+0.404 * 0.9042+0.892 * 1.3163+0.115 * 1.1705
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8348+4.679 * 0.093154-0.327 * 1.0283
=-1.13

* 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$130 Mil.
Revenue was HK$2,058 Mil.
Gross Profit was HK$529 Mil.
Total Current Assets was HK$2,190 Mil.
Total Assets was HK$4,228 Mil.
Property, Plant and Equipment(Net PPE) was HK$708 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$169 Mil.
Selling, General, & Admin. Expense(SGA) was HK$273 Mil.
Total Current Liabilities was HK$1,785 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,468 Mil.
Net Income was HK$51 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-343 Mil.
 Total Receivables was HK$62 Mil.
Revenue was HK$1,563 Mil.
Gross Profit was HK$468 Mil.
Total Current Assets was HK$1,778 Mil.
Total Assets was HK$3,534 Mil.
Property, Plant and Equipment(Net PPE) was HK$528 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$154 Mil.
Selling, General, & Admin. Expense(SGA) was HK$248 Mil.
Total Current Liabilities was HK$1,433 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,212 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)
=(130.185 / 2057.514) / (62.288 / 1563.162)
=0.063273 / 0.039847
=1.5879

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)
=(468.015 / 1563.162) / (529.264 / 2057.514)
=0.299403 / 0.257235
=1.1639

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 - (2190.463 + 708.425) / 4227.597) / (1 - (1777.607 + 527.784) / 3533.708)
=0.314294 / 0.3476
=0.9042

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
=2057.514 / 1563.162
=1.3163

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))
=(153.5 / (153.5 + 527.784)) / (168.877 / (168.877 + 708.425))
=0.22531 / 0.192496
=1.1705

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)
=(272.909 / 2057.514) / (248.373 / 1563.162)
=0.13264 / 0.158891
=0.8348

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)
=((1467.966 + 1785.47) / 4227.597) / ((1211.928 + 1432.572) / 3533.708)
=0.769571 / 0.748364
=1.0283

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
=(50.657 - 0 - -343.159) / 4227.597
=0.093154

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.

XXF Group Holdings has a M-score of -1.13 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 -1.13 mean?
XXF Group Holdings (HKSE:02473) has a Beneish M-Score of -1.13 as of Jul. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on XXF Group Holdings and its competitors. According to the industry distribution chart, XXF Group Holdings ranks #363 out of 487 companies in the Credit Services industry, placing it in the top 74.5%.
Is XXF Group Holdings' Beneish M-Score too high?
XXF Group Holdings' current Beneish M-Score is -1.13. Based on the distribution chart, XXF Group Holdings ranks #363 out of 487 companies in the Credit Services industry, which is below the industry midpoint. Overall, XXF Group Holdings has a GF Score™ of 39/100, reflecting its overall financial health beyond just this single metric.
How does XXF Group Holdings' Beneish M-Score compare to V and MA?
According to the Credit Services industry distribution chart, XXF Group Holdings ranks #363 out of 487 companies for Beneish M-Score. This places XXF Group Holdings 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 Credit Services company?
A good Beneish M-Score depends on the Credit 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 XXF Group Holdings and its competitors. XXF Group Holdings's current Beneish M-Score is -1.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is XXF Group Holdings stock overvalued right now?
XXF Group Holdings (HKSE:02473) has a current Beneish M-Score of -1.13. The current Beneish M-Score is -1.13. XXF Group Holdings' overall GF Score™ is 39/100 with 8 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 XXF Group Holdings (HKSE:02473), the current Beneish M-Score is -1.13 as of Jul. 19, 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.

XXF Group Holdings Business Description

Address No. 318 Fuguang Road, Building 3, Fuxing Economic Development Zone, Fuzhou Software Park Jin’an Branch, Jin’an District, Fujian Province, Fuzhou, CHN
XXF Group Holdings Ltd is an established automobile retailer providing automobile finance lease service through its self-operated sales outlets in the PRC. The Group's principal businesses comprise automobile retail and finance, where it sells non-luxury automobiles mostly on direct finance lease; and automobile-related businesses, where it principally offers automobile operating lease service and other automobile-related services, and (iii) an outright car sales business, where it sells cars on a one-off basis. The Group's revenue is mainly derived from customers in the PRC.
39GF 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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