Xinji Shaxi Group Co (HKSE:03603) Beneish M-Score: -2.28 (As of Sep. 15, 2026)

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What is Xinji Shaxi Group Co Beneish M-Score?

Xinji Shaxi Group Co HKSE:03603 Beneish M-Score is -2.28 as of Sep. 15, 2026. The stock has 6 warning signs investors should review. Among 1,676 Real Estate companies, Xinji Shaxi Group Co ranks worse than 55.67% 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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:03603' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47   Med: -2.88   Max: -0.45
Current: -2.28

During the past 10 years, the highest Beneish M-Score of Xinji Shaxi Group Co was -0.45. The lowest was -3.47. And the median was -2.88.

Xinji Shaxi Group Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Xinji Shaxi Group 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.

Xinji Shaxi Group Co Beneish M-Score Chart

Xinji Shaxi Group Co 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 -2.28 -2.86 -1.97 -2.64 -2.35

Xinji Shaxi Group Co Semi-Annual Data
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 0.00 0.00 0.00 0.00 0.00

HKSE:03603 vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Xinji Shaxi Group 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.

Xinji Shaxi Group Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Xinji Shaxi Group Co's Beneish M-Score distribution charts can be found below:

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


Xinji Shaxi Group 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 Xinji Shaxi Group 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 * 1.3065+0.528 * 1.0405+0.404 * 0.9257+0.892 * 0.8388+0.115 * 1.5485
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1508+4.679 * -0.041262-0.327 * 1.0587
=-2.53

* 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$105.9 Mil.
Revenue was HK$234.8 Mil.
Gross Profit was HK$182.7 Mil.
Total Current Assets was HK$888.2 Mil.
Total Assets was HK$3,021.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$11.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$48.5 Mil.
Total Current Liabilities was HK$948.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$373.6 Mil.
Net Income was HK$-30.0 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$94.6 Mil.
 Total Receivables was HK$96.7 Mil.
Revenue was HK$279.9 Mil.
Gross Profit was HK$226.6 Mil.
Total Current Assets was HK$694.3 Mil.
Total Assets was HK$2,899.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$5.8 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$50.2 Mil.
Total Current Liabilities was HK$587.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$611.3 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)
=(105.933 / 234.806) / (96.666 / 279.938)
=0.45115 / 0.345311
=1.3065

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)
=(226.576 / 279.938) / (182.655 / 234.806)
=0.809378 / 0.7779
=1.0405

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 - (888.229 + 11.686) / 3021.545) / (1 - (694.288 + 5.85) / 2899.419)
=0.702167 / 0.758525
=0.9257

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
=234.806 / 279.938
=0.8388

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))
=(6.3 / (6.3 + 5.85)) / (5.884 / (5.884 + 11.686))
=0.518536 / 0.334869
=1.5485

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)
=(48.499 / 234.806) / (50.243 / 279.938)
=0.206549 / 0.179479
=1.1508

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)
=((373.583 + 948.94) / 3021.545) / ((611.305 + 587.457) / 2899.419)
=0.437698 / 0.413449
=1.0587

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
=(-30.025 - 0 - 94.65) / 3021.545
=-0.041262

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.

Xinji Shaxi Group Co has a M-score of -2.53 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 -2.28 mean?
Xinji Shaxi Group Co (HKSE:03603) has a Beneish M-Score of -2.28 as of Sep. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Xinji Shaxi Group Co and its competitors. According to the industry distribution chart, Xinji Shaxi Group Co ranks #933 out of 1676 companies in the Real Estate industry, placing it in the top 55.7%.
Is Xinji Shaxi Group Co's Beneish M-Score too high?
Xinji Shaxi Group Co's current Beneish M-Score is -2.28. Based on the distribution chart, Xinji Shaxi Group Co ranks #933 out of 1676 companies in the Real Estate industry, which is below the industry midpoint.
How does Xinji Shaxi Group Co's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Xinji Shaxi Group Co ranks #933 out of 1676 companies for Beneish M-Score. This places Xinji Shaxi Group 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Xinji Shaxi Group Co and its competitors. Xinji Shaxi Group Co's current Beneish M-Score is -2.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Xinji Shaxi Group Co stock overvalued right now?
Based on GuruFocus' analysis, Xinji Shaxi Group Co (HKSE:03603) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.04, compared to a current price of HK$0.09 — trading 112.5% above its estimated fair value. The current Beneish M-Score is -2.28. 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 Xinji Shaxi Group Co (HKSE:03603), the current Beneish M-Score is -2.28 as of Sep. 15, 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.

Xinji Shaxi Group Co Business Description

Address Intersection of Nanda Road, No. 250, 1st Floor, Xinjicheng Club, Panyu District, Guangzhou, CHN
Xinji Shaxi Group Co Ltd is engaged in managing its owned and leased portfolio of shopping malls, which derives revenue from leasing floor areas to the tenants and providing comprehensive and continuous operation and management support to them in the PRC. It operates and manages hospitality supplies and home furnishing shopping malls, exhibition management services, and online shopping malls. The company has two operating segments, which are Property leasing and Property management services, of which it generates the majority of its revenue from Property leasing. Geographically, the company operates in Hong Kong and the People's Republic of China.