BenQ BM Holding Cayman (HKSE:02581) Beneish M-Score: -2.50 (As of Aug. 23, 2026)

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HKSE:02581 BenQ BM Holding Cayman Corp HKSE:02581
16 GF Score
Price HK$2.58
! 3 Warning Signs
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What is BenQ BM Holding Cayman Beneish M-Score?

BenQ BM Holding Cayman HKSE:02581 -1.71% 16 Beneish M-Score is -2.50 as of Aug. 23, 2026. GuruFocus rates HKSE:02581 with a GF Score™ of 16/100. The stock has 3 warning signs investors should review. Among 629 Healthcare Providers & Services companies, BenQ BM Holding Cayman ranks worse than 58.82% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for BenQ BM Holding Cayman's Beneish M-Score or its related term are showing as below:

HKSE:02581' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07   Med: -2.79   Max: -2.5
Current: -2.5

During the past 4 years, the highest Beneish M-Score of BenQ BM Holding Cayman was -2.50. The lowest was -3.07. And the median was -2.79.

BenQ BM Holding Cayman Beneish M-Score Historical Data

* Premium members only.

The historical data trend for BenQ BM Holding Cayman'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.

BenQ BM Holding Cayman Beneish M-Score Chart

BenQ BM Holding Cayman Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.07 -2.50

BenQ BM Holding Cayman Semi-Annual Data
Dec22 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Beneish M-Score Get a 7-Day Free Trial 0.00 -3.07 0.00 -2.50 0.00

HKSE:02581 vs HCA, THC, DVA: Beneish M-Score Comparison

For the Medical Care Facilities subindustry, BenQ BM Holding Cayman'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.

BenQ BM Holding Cayman Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, BenQ BM Holding Cayman's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BenQ BM Holding Cayman's Beneish M-Score falls into.


HKSE:02581
16GF Score
BenQ BM Holding Cayman Corp HKSE:02581
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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BenQ BM Holding Cayman 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 BenQ BM Holding Cayman 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 * 1.2166+0.528 * 1.1621+0.404 * 0.7756+0.892 * 1.0578+0.115 * 0.9494
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9254+4.679 * -0.066101-0.327 * 0.8763
=-2.50

* 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$407 Mil.
Revenue was HK$3,003 Mil.
Gross Profit was HK$468 Mil.
Total Current Assets was HK$1,214 Mil.
Total Assets was HK$4,254 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,626 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$212 Mil.
Selling, General, & Admin. Expense(SGA) was HK$302 Mil.
Total Current Liabilities was HK$1,540 Mil.
Long-Term Debt & Capital Lease Obligation was HK$226 Mil.
Net Income was HK$105 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$386 Mil.
 Total Receivables was HK$316 Mil.
Revenue was HK$2,839 Mil.
Gross Profit was HK$515 Mil.
Total Current Assets was HK$539 Mil.
Total Assets was HK$3,311 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,357 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$180 Mil.
Selling, General, & Admin. Expense(SGA) was HK$308 Mil.
Total Current Liabilities was HK$1,388 Mil.
Long-Term Debt & Capital Lease Obligation was HK$181 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)
=(406.92 / 3003.025) / (316.187 / 2838.911)
=0.135503 / 0.111376
=1.2166

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)
=(514.663 / 2838.911) / (468.476 / 3003.025)
=0.181289 / 0.156001
=1.1621

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 - (1214.32 + 2626.271) / 4254.474) / (1 - (538.754 + 2357.133) / 3311.181)
=0.097282 / 0.125422
=0.7756

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
=3003.025 / 2838.911
=1.0578

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))
=(180.106 / (180.106 + 2357.133)) / (212.23 / (212.23 + 2626.271))
=0.070985 / 0.074768
=0.9494

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)
=(301.892 / 3003.025) / (308.4 / 2838.911)
=0.100529 / 0.108633
=0.9254

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)
=((226.448 + 1540.038) / 4254.474) / ((181.054 + 1387.811) / 3311.181)
=0.415207 / 0.473808
=0.8763

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
=(104.878 - 0 - 386.103) / 4254.474
=-0.066101

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.

BenQ BM Holding Cayman has a M-score of -2.50 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 -2.50 mean?
BenQ BM Holding Cayman (HKSE:02581) has a Beneish M-Score of -2.50 as of Aug. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BenQ BM Holding Cayman and its competitors. According to the industry distribution chart, BenQ BM Holding Cayman ranks #370 out of 629 companies in the Healthcare Providers & Services industry, placing it in the top 58.8%.
Is BenQ BM Holding Cayman's Beneish M-Score too high?
BenQ BM Holding Cayman's current Beneish M-Score is -2.50. Based on the distribution chart, BenQ BM Holding Cayman ranks #370 out of 629 companies in the Healthcare Providers & Services industry, which is below the industry midpoint. Overall, BenQ BM Holding Cayman has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does BenQ BM Holding Cayman's Beneish M-Score compare to HCA and THC?
According to the Healthcare Providers & Services industry distribution chart, BenQ BM Holding Cayman ranks #370 out of 629 companies for Beneish M-Score. This places BenQ BM Holding Cayman 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 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 BenQ BM Holding Cayman and its competitors. BenQ BM Holding Cayman's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BenQ BM Holding Cayman stock overvalued right now?
BenQ BM Holding Cayman (HKSE:02581) has a current Beneish M-Score of -2.50. The current Beneish M-Score is -2.50. BenQ BM Holding Cayman's overall GF Score™ is 16/100 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 BenQ BM Holding Cayman (HKSE:02581), the current Beneish M-Score is -2.50 as of Aug. 23, 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.

BenQ BM Holding Cayman Business Description

Address 71 Hexi Avenue, Jianye District, Jiangsu Province, Nanjing, CHN
BenQ BM Holding Cayman Corp is a healthcare services provider focusing on the provision of medical services in Mainland China. It provides diversified medical services to patients through the operation of general hospitals, covering disease diagnosis and treatment, health management and medical support services. It operates Nanjing BenQ Hospital and Suzhou BenQ Hospital in Mainland China. Its service offerings cover outpatient services, inpatient services, surgical services and related medical support services, and extend to ancillary medical services such as laboratory testing, imaging, nursing and other supporting services built around its core medical services. It operates in single segment and generates revenue from provision of hospital healthcare services in the PRC.
16GF Score

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

HK$2.58
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