China Ting Group Holdings (HKSE:03398) Beneish M-Score: -2.58 (As of Jul. 27, 2026)

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What is China Ting Group Holdings Beneish M-Score?

China Ting Group Holdings HKSE:03398 -16.24% Beneish M-Score is -2.58 as of Jul. 27, 2026. The stock has 7 warning signs investors should review. Among 1,000 Manufacturing - Apparel & Accessories companies, China Ting Group Holdings ranks better than 54.4% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:03398' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19   Med: -2.61   Max: -1.04
Current: -2.58

During the past 13 years, the highest Beneish M-Score of China Ting Group Holdings was -1.04. The lowest was -3.19. And the median was -2.61.

China Ting Group Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for China Ting 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.

China Ting Group Holdings Beneish M-Score Chart

China Ting Group Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.55 -3.00 -3.19 -2.86 -2.58

China Ting Group Holdings Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.19 0.00 -2.86 0.00 -2.58

HKSE:03398 vs RL, LEVI, VFC: Beneish M-Score Comparison

For the Apparel Manufacturing subindustry, China Ting 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.

China Ting Group Holdings Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, China Ting Group Holdings's Beneish M-Score distribution charts can be found below:

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


China Ting 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 China Ting 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 * 0.9678+0.528 * 0.9393+0.404 * 1.1435+0.892 * 1.0189+0.115 * 1.1153
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9373+4.679 * -0.028781-0.327 * 1.008
=-2.58

* 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$386 Mil.
Revenue was HK$1,636 Mil.
Gross Profit was HK$315 Mil.
Total Current Assets was HK$1,288 Mil.
Total Assets was HK$3,268 Mil.
Property, Plant and Equipment(Net PPE) was HK$749 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$83 Mil.
Selling, General, & Admin. Expense(SGA) was HK$523 Mil.
Total Current Liabilities was HK$1,348 Mil.
Long-Term Debt & Capital Lease Obligation was HK$212 Mil.
Net Income was HK$-141 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-47 Mil.
 Total Receivables was HK$392 Mil.
Revenue was HK$1,605 Mil.
Gross Profit was HK$290 Mil.
Total Current Assets was HK$1,326 Mil.
Total Assets was HK$3,285 Mil.
Property, Plant and Equipment(Net PPE) was HK$877 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$110 Mil.
Selling, General, & Admin. Expense(SGA) was HK$548 Mil.
Total Current Liabilities was HK$1,341 Mil.
Long-Term Debt & Capital Lease Obligation was HK$214 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)
=(386.488 / 1635.653) / (391.95 / 1605.353)
=0.23629 / 0.244152
=0.9678

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)
=(290.386 / 1605.353) / (314.992 / 1635.653)
=0.180886 / 0.192579
=0.9393

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 - (1288.351 + 749.103) / 3268.345) / (1 - (1326.044 + 876.982) / 3284.947)
=0.37661 / 0.329357
=1.1435

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
=1635.653 / 1605.353
=1.0189

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))
=(110.194 / (110.194 + 876.982)) / (83.314 / (83.314 + 749.103))
=0.111625 / 0.100087
=1.1153

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)
=(523.046 / 1635.653) / (547.71 / 1605.353)
=0.319778 / 0.341177
=0.9373

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)
=((211.514 + 1348.024) / 3268.345) / ((213.561 + 1341.398) / 3284.947)
=0.477164 / 0.473359
=1.008

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
=(-140.594 - 0 - -46.528) / 3268.345
=-0.028781

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 Ting Group Holdings has a M-score of -2.58 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 -2.58 mean?
China Ting Group Holdings (HKSE:03398) has a Beneish M-Score of -2.58 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Ting Group Holdings and its competitors. According to the industry distribution chart, China Ting Group Holdings ranks #456 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 45.6%.
Is China Ting Group Holdings' Beneish M-Score too high?
China Ting Group Holdings' current Beneish M-Score is -2.58. Based on the distribution chart, China Ting Group Holdings ranks #456 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint.
How does China Ting Group Holdings' Beneish M-Score compare to RL and LEVI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, China Ting Group Holdings ranks #456 out of 1000 companies for Beneish M-Score. This puts China Ting Group Holdings 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 a Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Ting Group Holdings and its competitors. China Ting Group Holdings's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Ting Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, China Ting Group Holdings (HKSE:03398) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.18, compared to a current price of HK$0.10 — trading 45.6% below its estimated fair value. The current Beneish M-Score is -2.58. 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 Ting Group Holdings (HKSE:03398), the current Beneish M-Score is -2.58 as of Jul. 27, 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 Ting Group Holdings Business Description

Address 55 King Yip Street, 27th Floor, King Palace Plaza, Kwun Tong, Kowloon, Hong Kong, HKG
China Ting Group Holdings Ltd is an investment holding company. Along with its subsidiaries, the firm is engaged in garment manufacturing for export and retailing branded fashion apparel in Mainland China. It operates in three reportable segments, including manufacturing and sale of garments on an original equipment manufacturer (OEM), manufacturing and retailing of branded fashion apparel (Retail), and property investment in the Chinese Mainland (Property investment). The Group derives the majority of its revenue from the OEM segment. Geographically, it derives maximum revenue from the Chinese mainland and also has operations in North America, the European Union, Hong Kong, and Other regions.