Chongqing Rural Commercial Bank Co (HKSE:03618) Beneish M-Score: -2.37 (As of Sep. 16, 2026)

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HKSE:03618 Chongqing Rural Commercial Bank Co Ltd HKSE:03618
66 GF Score
Price HK$6.26
GF Value HK$4.55
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is Chongqing Rural Commercial Bank Co Beneish M-Score?

Chongqing Rural Commercial Bank Co HKSE:03618 +0.24% 66 Beneish M-Score is -2.37 as of Sep. 16, 2026. GuruFocus rates HKSE:03618 with a GF Score™ of 66/100 and a GF Value™ of HK$4.55 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,388 Banks companies, Chongqing Rural Commercial Bank Co ranks worse than 55.19% 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.

Good Sign:

Beneish M-Score -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:03618' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94   Med: -2.5   Max: -1.26
Current: -2.37

During the past 13 years, the highest Beneish M-Score of Chongqing Rural Commercial Bank Co was -1.26. The lowest was -2.94. And the median was -2.50.

HKSE:03618
66GF Score
Chongqing Rural Commercial Bank Co Ltd HKSE:03618
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Chongqing Rural Commercial Bank 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 Chongqing Rural Commercial Bank 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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$31,335 Mil.
Gross Profit was HK$0 Mil.
Total Current Assets was HK$350,349 Mil.
Total Assets was HK$1,855,329 Mil.
Property, Plant and Equipment(Net PPE) was HK$6,118 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$959 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0 Mil.
Total Current Liabilities was HK$823,392 Mil.
Long-Term Debt & Capital Lease Obligation was HK$11,831 Mil.
Net Income was HK$13,111 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$20,775 Mil.
 Total Receivables was HK$0 Mil.
Revenue was HK$30,821 Mil.
Gross Profit was HK$0 Mil.
Total Current Assets was HK$286,862 Mil.
Total Assets was HK$1,612,219 Mil.
Property, Plant and Equipment(Net PPE) was HK$4,862 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$863 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0 Mil.
Total Current Liabilities was HK$704,862 Mil.
Long-Term Debt & Capital Lease Obligation was HK$19,923 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 / 31334.766) / (0 / 30821.008)
=0 / 0
=

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)
=(0 / 30821.008) / (0 / 31334.766)
=0 / 0
=

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 - (350348.88 + 6117.635) / 1855329.304) / (1 - (286861.773 + 4861.688) / 1612219.221)
=0.807869 / 0.819055
=

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
=31334.766 / 30821.008
=

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))
=(863.1 / (863.1 + 4861.688)) / (959.335 / (959.335 + 6117.635))
=0.150765 / 0.135557
=

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)
=(0 / 31334.766) / (0 / 30821.008)
=0 / 0
=

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)
=((11831.098 + 823392.344) / 1855329.304) / ((19923.483 + 704861.627) / 1612219.221)
=0.450175 / 0.449557
=

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
=(13110.863 - 0 - 20775.168) / 1855329.304
=-0.004131

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.37 mean?
Chongqing Rural Commercial Bank Co (HKSE:03618) has a Beneish M-Score of -2.37 as of Sep. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chongqing Rural Commercial Bank Co and its competitors. According to the industry distribution chart, Chongqing Rural Commercial Bank Co ranks #766 out of 1388 companies in the Banks industry, placing it in the top 55.2%.
Is Chongqing Rural Commercial Bank Co's Beneish M-Score too high?
Chongqing Rural Commercial Bank Co's current Beneish M-Score is -2.37. Based on the distribution chart, Chongqing Rural Commercial Bank Co ranks #766 out of 1388 companies in the Banks industry, which is below the industry midpoint. Overall, Chongqing Rural Commercial Bank Co has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Chongqing Rural Commercial Bank Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Chongqing Rural Commercial Bank Co ranks #766 out of 1388 companies for Beneish M-Score. This places Chongqing Rural Commercial Bank 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Chongqing Rural Commercial Bank Co and its competitors. Chongqing Rural Commercial Bank Co's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chongqing Rural Commercial Bank Co stock overvalued right now?
Based on GuruFocus' analysis, Chongqing Rural Commercial Bank Co (HKSE:03618) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$4.55, compared to a current price of HK$6.26 — trading 37.5% above its estimated fair value. The current Beneish M-Score is -2.37. Chongqing Rural Commercial Bank Co's overall GF Score™ is 66/100 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 Chongqing Rural Commercial Bank Co (HKSE:03618), the current Beneish M-Score is -2.37 as of Sep. 16, 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.

Is Chongqing Rural Commercial Bank Co (HKSE:03618) Overvalued in 2026?

Based on GuruFocus' analysis, Chongqing Rural Commercial Bank Co stock appears to be overvalued. The current stock price of HK$6.26 is trading 37.5% above its estimated GF Value™ of HK$4.55. GuruFocus considers Chongqing Rural Commercial Bank Co to be Significantly Overvalued.

Key valuation signals for HKSE:03618:

  • Beneish M-Score: -2.37
  • GF Value™: HK$4.55 vs. price of HK$6.26 (37.5% above fair value)
  • GF Score™: 66/100 with 3 warning signs

No single metric tells the full story. See the HKSE:03618 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Chongqing Rural Commercial Bank Co Business Description

Other Exchanges 601077:China
Address No. 36 Jinshamen Road, Jiangbei District, Chongqing, CHN, 400023
Chongqing Rural Commercial Bank Co Ltd provides a range of banking and related services in China. The company operates in three segments: Corporate banking, which includes corporate loans, trade financing, deposit takings, financial leasing, and other services; Personal banking segment includes personal loans, deposit products, card business, personal wealth management services, and other services; and Financial market operations, which conducts money market or repurchase transactions and debt instruments investment. Its geographical segments are the County Area and Urban Area.
66GF Score

Get the complete analysis for HKSE:03618

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

HK$6.26
Price
HK$4.55
GF Value