SL Gemini Energy Co (HKSE:02481) Beneish M-Score: -2.60 (As of Jul. 05, 2026)


HKSE:02481 SL Gemini Energy Co Ltd HKSE:02481
61 GF Score
Price HK$2.51
GF Value HK$2.50
Valuation Fairly Valued
! 3 Warning Signs
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What is SL Gemini Energy Co Beneish M-Score?

SL Gemini Energy Co HKSE:02481 +0.80% 61 Beneish M-Score is -2.60 as of Jul. 05, 2026. GuruFocus rates HKSE:02481 with a GF Score™ of 61/100 and a GF Value™ of HK$2.50 (Fairly Valued). The stock has 3 warning signs investors should review. Among 391 Utilities - Independent Power Producers companies, SL Gemini Energy Co ranks better than 50.38% 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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SL Gemini Energy Co's Beneish M-Score or its related term are showing as below:

HKSE:02481' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29   Med: -2.72   Max: -2.6
Current: -2.6

During the past 6 years, the highest Beneish M-Score of SL Gemini Energy Co was -2.60. The lowest was -3.29. And the median was -2.72.

SL Gemini Energy Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SL Gemini Energy 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.

SL Gemini Energy Co Beneish M-Score Chart

SL Gemini Energy Co Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.83 -3.29 -2.60 -2.60

SL Gemini Energy 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 -3.29 0.00 -2.60 0.00 -2.60

HKSE:02481 vs CEG, VST, NRG: Beneish M-Score Comparison

For the Utilities - Independent Power Producers subindustry, SL Gemini Energy 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.

SL Gemini Energy Co Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, SL Gemini Energy Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SL Gemini Energy Co's Beneish M-Score falls into.


HKSE:02481
61GF Score
SL Gemini Energy Co Ltd HKSE:02481
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

SL Gemini Energy 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 SL Gemini Energy 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 * 1.1912+0.528 * 0.9947+0.404 * 0.9642+0.892 * 0.9258+0.115 * 0.9265
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.134+4.679 * -0.03551-0.327 * 1.0313
=-2.60

* 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$671 Mil.
Revenue was HK$1,452 Mil.
Gross Profit was HK$278 Mil.
Total Current Assets was HK$1,867 Mil.
Total Assets was HK$6,755 Mil.
Property, Plant and Equipment(Net PPE) was HK$204 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$272 Mil.
Selling, General, & Admin. Expense(SGA) was HK$188 Mil.
Total Current Liabilities was HK$2,332 Mil.
Long-Term Debt & Capital Lease Obligation was HK$418 Mil.
Net Income was HK$188 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$428 Mil.
 Total Receivables was HK$608 Mil.
Revenue was HK$1,568 Mil.
Gross Profit was HK$298 Mil.
Total Current Assets was HK$1,569 Mil.
Total Assets was HK$6,370 Mil.
Property, Plant and Equipment(Net PPE) was HK$219 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$247 Mil.
Selling, General, & Admin. Expense(SGA) was HK$179 Mil.
Total Current Liabilities was HK$2,043 Mil.
Long-Term Debt & Capital Lease Obligation was HK$472 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)
=(671.091 / 1451.548) / (608.49 / 1567.806)
=0.462328 / 0.388116
=1.1912

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)
=(298.309 / 1567.806) / (277.669 / 1451.548)
=0.190272 / 0.191292
=0.9947

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 - (1867.02 + 204.105) / 6755.449) / (1 - (1569.465 + 219.4) / 6370.445)
=0.693414 / 0.719193
=0.9642

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
=1451.548 / 1567.806
=0.9258

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))
=(246.813 / (246.813 + 219.4)) / (272.116 / (272.116 + 204.105))
=0.5294 / 0.571407
=0.9265

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)
=(187.592 / 1451.548) / (178.675 / 1567.806)
=0.129236 / 0.113965
=1.134

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)
=((417.927 + 2331.874) / 6755.449) / ((471.668 + 2042.63) / 6370.445)
=0.407049 / 0.394682
=1.0313

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
=(188.04 - 0 - 427.925) / 6755.449
=-0.03551

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.

SL Gemini Energy Co has a M-score of -2.60 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 -2.60 mean?
SL Gemini Energy Co (HKSE:02481) has a Beneish M-Score of -2.60 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SL Gemini Energy Co and its competitors. According to the industry distribution chart, SL Gemini Energy Co ranks #194 out of 391 companies in the Utilities - Independent Power Producers industry, placing it in the top 49.6%.
Is SL Gemini Energy Co's Beneish M-Score too high?
SL Gemini Energy Co's current Beneish M-Score is -2.60. Based on the distribution chart, SL Gemini Energy Co ranks #194 out of 391 companies in the Utilities - Independent Power Producers industry, which is above the industry midpoint. Overall, SL Gemini Energy Co has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does SL Gemini Energy Co's Beneish M-Score compare to CEG and VST?
According to the Utilities - Independent Power Producers industry distribution chart, SL Gemini Energy Co ranks #194 out of 391 companies for Beneish M-Score. This puts SL Gemini Energy Co 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 an Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 SL Gemini Energy Co and its competitors. SL Gemini Energy Co's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SL Gemini Energy Co stock overvalued right now?
Based on GuruFocus' analysis, SL Gemini Energy Co (HKSE:02481) is currently considered Fairly Valued. The stock's GF Value™ is HK$2.50, compared to a current price of HK$2.51 — trading 0.4% above its estimated fair value. The current Beneish M-Score is -2.60. SL Gemini Energy Co's overall GF Score™ is 61/100 with 3 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 SL Gemini Energy Co (HKSE:02481), the current Beneish M-Score is -2.60 as of Jul. 05, 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 SL Gemini Energy Co (HKSE:02481) Overvalued in 2026?

Based on GuruFocus' analysis, SL Gemini Energy Co stock appears to be overvalued. The current stock price of HK$2.51 is trading 0.4% above its estimated GF Value™ of HK$2.50. GuruFocus considers SL Gemini Energy Co to be Fairly Valued.

Key valuation signals for HKSE:02481:

  • Beneish M-Score: -2.60
  • GF Value™: HK$2.50 vs. price of HK$2.51 (0.4% above fair value)
  • GF Score™: 61/100 with 3 warning signs

No single metric tells the full story. See the HKSE:02481 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SL Gemini Energy Co Business Description

Address No. 15 Shuangliang Road, Ligang Street, Room 202, 2nd Floor, Jiangsu Province, Jiangyin, CHN
SL Gemini Energy Co Ltd is engaged in clean energy and combined energy heating in China. Its activities include clean energy heating projects involving renewable and new energy sources, as well as technologies such as combined heat and power, waste heat recovery, and geothermal heating. The company develops and applies integrated energy and heating technologies across multiple regions in China.
61GF Score

Get the complete analysis for HKSE:02481

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

HK$2.51
Price
HK$2.50
GF Value