Huaqin Co (HKSE:03296) Beneish M-Score: -1.78 (As of Sep. 10, 2026)

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HKSE:03296 Huaqin Co Ltd HKSE:03296
16 GF Score
Price HK$72.35
! 1 Warning Sign
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What is Huaqin Co Beneish M-Score?

Huaqin Co HKSE:03296 -2.82% 16 Beneish M-Score is -1.78 as of Sep. 10, 2026. GuruFocus rates HKSE:03296 with a GF Score™ of 16/100. The stock has 1 warning sign investors should review. Among 2,404 Hardware companies, Huaqin Co ranks worse than 80.87% 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 -1.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:03296' s Beneish M-Score Range Over the Past 10 Years
Min: -1.78   Med: -1.78   Max: -1.78
Current: -1.78

During the past 3 years, the highest Beneish M-Score of Huaqin Co was -1.78. The lowest was -1.78. And the median was -1.78.

Huaqin Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Huaqin 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.

Huaqin Co Beneish M-Score Chart

Huaqin Co Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.78

Huaqin Co Semi-Annual Data
Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -1.78

HKSE:03296 vs AAPL: Beneish M-Score Comparison

For the Consumer Electronics subindustry, Huaqin 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.

Huaqin Co Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Huaqin Co's Beneish M-Score distribution charts can be found below:

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


HKSE:03296
16GF Score
Huaqin Co Ltd HKSE:03296
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Huaqin 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 Huaqin 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 * 0.872+0.528 * 1.1655+0.404 * 0.9355+0.892 * 1.6144+0.115 * 1.0174
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9608+4.679 * 0.044744-0.327 * 1.039
=-1.78

* 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$43,389 Mil.
Revenue was HK$189,391 Mil.
Gross Profit was HK$14,616 Mil.
Total Current Assets was HK$78,156 Mil.
Total Assets was HK$106,281 Mil.
Property, Plant and Equipment(Net PPE) was HK$15,297 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,823 Mil.
Selling, General, & Admin. Expense(SGA) was HK$869 Mil.
Total Current Liabilities was HK$70,372 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5,761 Mil.
Net Income was HK$4,509 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-247 Mil.
 Total Receivables was HK$30,822 Mil.
Revenue was HK$117,314 Mil.
Gross Profit was HK$10,552 Mil.
Total Current Assets was HK$60,026 Mil.
Total Assets was HK$81,460 Mil.
Property, Plant and Equipment(Net PPE) was HK$10,923 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,327 Mil.
Selling, General, & Admin. Expense(SGA) was HK$560 Mil.
Total Current Liabilities was HK$53,030 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,133 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)
=(43388.52 / 189390.681) / (30822.192 / 117313.657)
=0.229095 / 0.262733
=0.872

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)
=(10552.36 / 117313.657) / (14616.061 / 189390.681)
=0.08995 / 0.077174
=1.1655

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 - (78155.98 + 15296.54) / 106280.774) / (1 - (60026.185 + 10923.125) / 81459.987)
=0.120702 / 0.129029
=0.9355

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
=189390.681 / 117313.657
=1.6144

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))
=(1327.162 / (1327.162 + 10923.125)) / (1822.87 / (1822.87 + 15296.54))
=0.108337 / 0.10648
=1.0174

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)
=(868.955 / 189390.681) / (560.167 / 117313.657)
=0.004588 / 0.004775
=0.9608

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)
=((5761.25 + 70371.676) / 106280.774) / ((3133.055 + 53030.132) / 81459.987)
=0.716338 / 0.689457
=1.039

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
=(4508.757 - 0 - -246.698) / 106280.774
=0.044744

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.

Huaqin Co has a M-score of -1.78 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 -1.78 mean?
Huaqin Co (HKSE:03296) has a Beneish M-Score of -1.78 as of Sep. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Huaqin Co and its competitors. According to the industry distribution chart, Huaqin Co ranks #1944 out of 2404 companies in the Hardware industry, placing it in the top 80.9%.
Is Huaqin Co's Beneish M-Score too high?
Huaqin Co's current Beneish M-Score is -1.78. Based on the distribution chart, Huaqin Co ranks #1944 out of 2404 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Huaqin Co has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Huaqin Co's Beneish M-Score compare to AAPL?
According to the Hardware industry distribution chart, Huaqin Co ranks #1944 out of 2404 companies for Beneish M-Score. This places Huaqin 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Huaqin Co and its competitors. Huaqin Co's current Beneish M-Score is -1.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Huaqin Co stock overvalued right now?
Huaqin Co (HKSE:03296) has a current Beneish M-Score of -1.78. The current Beneish M-Score is -1.78. Huaqin Co's overall GF Score™ is 16/100 with 1 warning sign 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 Huaqin Co (HKSE:03296), the current Beneish M-Score is -1.78 as of Sep. 10, 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.

Huaqin Co Business Description

Address No. 699, Lvke Road, Pudong New District, Shanghai, CHN
Huaqin Co Ltd, along with its subsidiaries, is principally engaged in design, development, manufacture and sales of smart products, including mobile terminals, computing and data center business, AIoT, and communication systems. Its product offerings include mobile devices, computing and data center solutions, AIoT products, and other related technologies. The company generates the majority of revenue from mobile terminals, which include smartphones, tablets and smart wearables.
16GF Score

Get the complete analysis for HKSE:03296

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

HK$72.35
Price