Zhongyu Energy Holdings (HKSE:03633) Beneish M-Score: -2.66 (As of Jun. 24, 2026)

What is Zhongyu Energy Holdings Beneish M-Score?

Zhongyu Energy Holdings HKSE:03633 +2.22% 71 Beneish M-Score is -2.66 as of Jun. 24, 2026. GuruFocus rates HKSE:03633 with a GF Score™ of 71/100 and a GF Value™ of HK$4.26 (Possible Value Trap). The stock has 8 warning signs investors should review. Among 485 Utilities - Regulated companies, Zhongyu Energy Holdings ranks better than 60% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:03633' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -2.49 Max: -1.9
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Zhongyu Energy Holdings was -1.90. The lowest was -2.90. And the median was -2.49.

Zhongyu Energy Holdings Beneish M-Score Related Terms

Zhongyu Energy Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Zhongyu Energy 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.

Zhongyu Energy Holdings Beneish M-Score Chart

Zhongyu Energy Holdings Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.35

-2.55

-2.90

-2.64

-2.66

Zhongyu Energy 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															-2.90	0.00	-2.64	0.00	-2.66

HKSE:03633 vs ATO, NI: Beneish M-Score Comparison

For the Utilities - Regulated Gas subindustry, Zhongyu Energy 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.

Zhongyu Energy Holdings Beneish M-Score vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Zhongyu Energy Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Zhongyu Energy Holdings's Beneish M-Score falls into.

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71GF Score

Zhongyu Energy Holdings Ltd HKSE:03633

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Zhongyu Energy 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 Zhongyu Energy Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0438

0.528 * 0.9971

0.404 * 1.0188

0.892 * 0.9237

0.115 * 1.013

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0175

4.679 * -0.032756

0.327 * 0.9961

-2.66

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was HK$2,901 Mil.
Revenue was HK$12,444 Mil.
Gross Profit was HK$1,631 Mil.
Total Current Assets was HK$5,246 Mil.
Total Assets was HK$25,559 Mil.
Property, Plant and Equipment(Net PPE) was HK$16,983 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$636 Mil.
Selling, General, & Admin. Expense(SGA) was HK$818 Mil.
Total Current Liabilities was HK$10,834 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5,299 Mil.
Net Income was HK$247 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,084 Mil.

Total Receivables was HK$3,009 Mil.
Revenue was HK$13,472 Mil.
Gross Profit was HK$1,761 Mil.
Total Current Assets was HK$6,558 Mil.
Total Assets was HK$26,223 Mil.
Property, Plant and Equipment(Net PPE) was HK$16,310 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$619 Mil.
Selling, General, & Admin. Expense(SGA) was HK$870 Mil.
Total Current Liabilities was HK$9,676 Mil.
Long-Term Debt & Capital Lease Obligation was HK$6,940 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)
	=	(2901.482 / 12444.246)	/	(3009.234 / 13472.199)
	=	0.233159	/	0.223366
	=	1.0438

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)
	=	(1760.669 / 13472.199)	/	(1631.111 / 12444.246)
	=	0.130689	/	0.131074
	=	0.9971

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 - (5245.59 + 16982.627) / 25559.313)	/	(1 - (6557.744 + 16310.274) / 26222.624)
	=	0.130328	/	0.127928
	=	1.0188

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
	=	12444.246	/	13472.199
	=	0.9237

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))
	=	(618.595 / (618.595 + 16310.274))	/	(635.516 / (635.516 + 16982.627))
	=	0.036541	/	0.036072
	=	1.013

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)
	=	(817.555 / 12444.246)	/	(869.859 / 13472.199)
	=	0.065697	/	0.064567
	=	1.0175

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)
	=	((5298.717 + 10834.491) / 25559.313)	/	((6940.259 + 9675.694) / 26222.624)
	=	0.631207	/	0.63365
	=	0.9961

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
	=	(247.278 - 0	-	1084.492)	/	25559.313
	=	-0.032756

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.

Zhongyu Energy Holdings has a M-score of -2.66 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 -2.66 mean?

Zhongyu Energy Holdings (HKSE:03633) has a Beneish M-Score of -2.66 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zhongyu Energy Holdings and its competitors. According to the industry distribution chart, Zhongyu Energy Holdings ranks #194 out of 485 companies in the Utilities - Regulated industry, placing it in the top 40%.

Is Zhongyu Energy Holdings' Beneish M-Score too high?

Zhongyu Energy Holdings' current Beneish M-Score is -2.66. Based on the distribution chart, Zhongyu Energy Holdings ranks #194 out of 485 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Zhongyu Energy Holdings has a GF Score™ of 71/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Zhongyu Energy Holdings' Beneish M-Score compare to ATO and NI?

According to the Utilities - Regulated industry distribution chart, Zhongyu Energy Holdings ranks #194 out of 485 companies for Beneish M-Score. This puts Zhongyu Energy 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 an Utilities - Regulated company?

A good Beneish M-Score depends on the Utilities - Regulated 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 Zhongyu Energy Holdings and its competitors. Zhongyu Energy Holdings's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Zhongyu Energy Holdings stock overvalued right now?

Based on GuruFocus' analysis, Zhongyu Energy Holdings (HKSE:03633) is currently considered Possible Value Trap. The stock's GF Value™ is HK$4.26, compared to a current price of HK$2.76 — trading 35.2% below its estimated fair value. The current Beneish M-Score is -2.66. Zhongyu Energy Holdings' overall GF Score™ is 71/100 with 8 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 Zhongyu Energy Holdings (HKSE:03633), the current Beneish M-Score is -2.66 as of Jun. 24, 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 Zhongyu Energy Holdings (HKSE:03633) Overvalued in 2026?

Based on GuruFocus' analysis, Zhongyu Energy Holdings stock appears to be undervalued. The current stock price of HK$2.76 is trading 35.2% below its estimated GF Value™ of HK$4.26. GuruFocus considers Zhongyu Energy Holdings to be Possible Value Trap.

Key valuation signals for HKSE:03633:

Beneish M-Score: -2.66
GF Value™: HK$4.26 vs. price of HK$2.76 (35.2% below fair value)
GF Score™: 71/100 with 8 warning signs

No single metric tells the full story. See the HKSE:03633 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Zhongyu Energy Holdings Business Description

Industry Utilities Utilities - Regulated

Comparable Companies HKSE:01600 HKSE:01083 HKSE:02886 HKSE:01940 HKSE:09908 HKSE:06661 HKSE:06828 HKSE:08246 HKSE:01265 HKSE:01407 XMAD:NTGY ATO MIL:SRG XTER:UN0 NI HKSE:00003 TSE:9531 TSE:9532 MIL:IG BOM:532155

Address 168-200 Connaught Road Central, Room 02-06, 24th Floor, China Merchants Building, Shun Tak Centre, Hong Kong, HKG

Website https://www.zhongyuenergy.com

Zhongyu Energy Holdings Ltd is an investment holding company that is mainly engaged in the sales of piped gas. Its business segments include sales of gas, gas pipeline construction, value-added services (including sales of stoves and provision of other related services); operation of CNG/LNG vehicle filling stations; and smart energy. The majority of revenue is derived from the sale of gas segment. Geographically, the company generates key revenue from PRC.

71GF Score

Get the complete analysis for HKSE:03633

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

HK$2.76

Price

HK$4.26

GF Value

View HKSE:03633 Analysis

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