China CITIC Financial Asset Management Co (HKSE:02799) Beneish M-Score: -1.10 (As of Jul. 26, 2026)

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HKSE:02799 China CITIC Financial Asset Management Co Ltd HKSE:02799
34 GF Score
Price HK$0.58
! 4 Warning Signs
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What is China CITIC Financial Asset Management Co Beneish M-Score?

China CITIC Financial Asset Management Co HKSE:02799 -3.33% 34 Beneish M-Score is -1.10 as of Jul. 26, 2026. GuruFocus rates HKSE:02799 with a GF Score™ of 34/100. The stock has 4 warning signs investors should review. Among 953 Asset Management companies, China CITIC Financial Asset Management Co ranks worse than 77.75% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -1.1 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for China CITIC Financial Asset Management Co's Beneish M-Score or its related term are showing as below:

HKSE:02799' s Beneish M-Score Range Over the Past 10 Years
Min: -8.32   Med: -2.43   Max: 11.03
Current: -1.1

During the past 12 years, the highest Beneish M-Score of China CITIC Financial Asset Management Co was 11.03. The lowest was -8.32. And the median was -2.43.

HKSE:02799
34GF Score
China CITIC Financial Asset Management Co Ltd HKSE:02799
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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China CITIC Financial Asset Management 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 CITIC Financial Asset Management 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+0.528 * 1+0.404 * 1.0006+0.892 * 2.3955+0.115 * 1.5272
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.41+4.679 * -0.005419-0.327 * 1.0137
=-1.10

* 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$0 Mil.
Revenue was HK$23,590 Mil.
Gross Profit was HK$23,590 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$1,167,721 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,232 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$399 Mil.
Selling, General, & Admin. Expense(SGA) was HK$3,113 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,055,258 Mil.
Net Income was HK$12,247 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$18,575 Mil.
 Total Receivables was HK$0 Mil.
Revenue was HK$9,848 Mil.
Gross Profit was HK$9,848 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$1,050,940 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,511 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$709 Mil.
Selling, General, & Admin. Expense(SGA) was HK$3,169 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$936,934 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)
=(0 / 23590.38) / (0 / 9847.725)
=0 / 0
=1

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)
=(9847.725 / 9847.725) / (23590.38 / 23590.38)
=1 / 1
=1

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 - (0 + 3231.984) / 1167720.862) / (1 - (0 + 3510.566) / 1050940.095)
=0.997232 / 0.99666
=1.0006

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
=23590.38 / 9847.725
=2.3955

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))
=(708.741 / (708.741 + 3510.566)) / (399.429 / (399.429 + 3231.984))
=0.167976 / 0.109993
=1.5272

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)
=(3113.099 / 23590.38) / (3169.311 / 9847.725)
=0.131965 / 0.321832
=0.41

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)
=((1055258.17 + 0) / 1167720.862) / ((936934.433 + 0) / 1050940.095)
=0.90369 / 0.89152
=1.0137

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
=(12246.948 - 0 - 18575.321) / 1167720.862
=-0.005419

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 CITIC Financial Asset Management Co has a M-score of -1.10 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 -1.10 mean?
China CITIC Financial Asset Management Co (HKSE:02799) has a Beneish M-Score of -1.10 as of Jul. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China CITIC Financial Asset Management Co and its competitors. According to the industry distribution chart, China CITIC Financial Asset Management Co ranks #741 out of 953 companies in the Asset Management industry, placing it in the top 77.8%.
Is China CITIC Financial Asset Management Co's Beneish M-Score too high?
China CITIC Financial Asset Management Co's current Beneish M-Score is -1.10. Based on the distribution chart, China CITIC Financial Asset Management Co ranks #741 out of 953 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, China CITIC Financial Asset Management Co has a GF Score™ of 34/100, reflecting its overall financial health beyond just this single metric.
How does China CITIC Financial Asset Management Co's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, China CITIC Financial Asset Management Co ranks #741 out of 953 companies for Beneish M-Score. This places China CITIC Financial Asset Management 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 an Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 CITIC Financial Asset Management Co and its competitors. China CITIC Financial Asset Management Co's current Beneish M-Score is -1.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China CITIC Financial Asset Management Co stock overvalued right now?
China CITIC Financial Asset Management Co (HKSE:02799) has a current Beneish M-Score of -1.10. The current Beneish M-Score is -1.10. China CITIC Financial Asset Management Co's overall GF Score™ is 34/100 with 4 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 CITIC Financial Asset Management Co (HKSE:02799), the current Beneish M-Score is -1.10 as of Jul. 26, 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 CITIC Financial Asset Management Co Business Description

Other Exchanges CHE:Germany
Address No. 8, Financial Street, Xicheng District, Beijing, CHN, 100033
China CITIC Financial Asset Management Co Ltd engages in distressed asset management, financial services, and asset management and investment businesses in the PRC. It has two operating segments: Distressed asset management segment: mainly includes acquisition-and-disposal business, relief and revitalization business, equity business, and assets acquisition-and-restructuring business of the Company, and distressed asset-related business conducted by its subsidiaries; the Asset management and investment segment, which mainly includes international business and other business. Geographically, operates in Mainland China and Hong Kong, maximum from Mainland China.
34GF Score

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