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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 -3.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for China Harmony Auto Holding's Beneish M-Score or its related term are showing as below:
HKSE:03836'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.35 Med: -2.56 Max: -0.49
Current: -3.01
During the past 13 years, the highest Beneish M-Score of China Harmony Auto Holding was -0.49. The lowest was -3.35. And the median was -2.56.
* 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.
HKSE:03836 vs CVNA, PAG, ALTB: Beneish M-Score Comparison
For the Auto & Truck Dealerships subindustry, China Harmony Auto Holding'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 Harmony Auto Holding Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, China Harmony Auto Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Harmony Auto Holding's Beneish M-Score falls into.
China Harmony Auto Holding 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 Harmony Auto Holding 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 * 0.6869
+
0.528 * 0.7618
+
0.404 * 0.9752
+
0.892 * 1.3268
+
0.115 * 0.7701
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1324
+
4.679 * -0.069639
-
0.327 * 1.0659
=
-3.01
* 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.
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.
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))
=
(410.984 / (410.984 + 4657.099))
/
(599.618 / (599.618 + 5094.4))
=
0.081093
/
0.105307
=
0.7701
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
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
=
(-701.491 - 0
-
291.241)
/
14255.356
=
-0.069639
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 Harmony Auto Holding has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
China Harmony Auto Holding (HKSE:03836) has a Beneish M-Score of -3.01 as of Sep. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Harmony Auto Holding and its competitors. According to the industry distribution chart, China Harmony Auto Holding ranks #176 out of 1292 companies in the Vehicles & Parts industry, placing it in the top 13.6%.
Is China Harmony Auto Holding's Beneish M-Score too high?
China Harmony Auto Holding's current Beneish M-Score is -3.01. Based on the distribution chart, China Harmony Auto Holding ranks #176 out of 1292 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, China Harmony Auto Holding has a GF Score™ of 36/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does China Harmony Auto Holding's Beneish M-Score compare to CVNA and PAG?
According to the Vehicles & Parts industry distribution chart, China Harmony Auto Holding ranks #176 out of 1292 companies for Beneish M-Score. This places China Harmony Auto Holding in the top 14% of its industry — outperforming the majority of peers. 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Harmony Auto Holding and its competitors. China Harmony Auto Holding's current Beneish M-Score is -3.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Harmony Auto Holding stock overvalued right now?
Based on GuruFocus' analysis, China Harmony Auto Holding (HKSE:03836) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.88, compared to a current price of HK$0.53 — trading 39.8% below its estimated fair value. The current Beneish M-Score is -3.01. China Harmony Auto Holding's overall GF Score™ is 36/100 with 4 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 China Harmony Auto Holding (HKSE:03836), the current Beneish M-Score is -3.01 as of Sep. 08, 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 China Harmony Auto Holding (HKSE:03836) Overvalued in 2026?
Based on GuruFocus' analysis, China Harmony Auto Holding stock appears to be undervalued.
The current stock price of HK$0.53 is trading 39.8% below its estimated GF Value™ of HK$0.88.
GuruFocus considers China Harmony Auto Holding to be Possible Value Trap.
Key valuation signals for HKSE:03836:
Beneish M-Score: -3.01
GF Value™: HK$0.88 vs. price of HK$0.53 (39.8% below fair value)
No single metric tells the full story. See the HKSE:03836 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Harmony Auto Holding Ltd is a China car dealer involved mainly in the business of high-end luxury and ultra-luxury vehicles. The company distributes luxury and ultra-luxury cars in China, including Rolls-Royce, Aston Martin, BMW, Lexus, Land Rover, Ferrari, and Maserati, through more than 70 dealerships dispersed across large and midsize cities such as Beijing, Shanghai, Xiamen, Guangzhou, and Wuhan. The majority of revenue is from mainland China.
36GF Score
Get the complete analysis for HKSE:03836
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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