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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.
Warning Sign:
Beneish M-Score -1.55 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for China BlueChemical's Beneish M-Score or its related term are showing as below:
HKSE:03983'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.62 Med: -1.83 Max: -0.76
Current: -1.55
During the past 13 years, the highest Beneish M-Score of China BlueChemical was -0.76. The lowest was -3.62. And the median was -1.83.
China BlueChemical Beneish M-Score Historical Data
* Premium members only.
The historical data trend for China BlueChemical'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.
HKSE:03983 vs CTVA, CF, MOS: Beneish M-Score Comparison
For the Agricultural Inputs subindustry, China BlueChemical'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 BlueChemical Beneish M-Score vs Agriculture Industry
For the Agriculture industry and Basic Materials sector, China BlueChemical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China BlueChemical's Beneish M-Score falls into.
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 BlueChemical 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 * 2.0455
+
0.528 * 1.0934
+
0.404 * 0.9404
+
0.892 * 1.0423
+
0.115 * 1.0046
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0758
+
4.679 * -0.016277
-
0.327 * 1.0284
=
-1.55
* 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))
=
(711.121 / (711.121 + 7899.032))
/
(710.875 / (710.875 + 7935.634))
=
0.082591
/
0.082215
=
1.0046
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
=
(1076.489 - 0
-
1523.117)
/
27438.803
=
-0.016277
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 BlueChemical has a M-score of -1.55 signals that the company is likely to be a manipulator.
China BlueChemical (HKSE:03983) has a Beneish M-Score of -1.55 as of Aug. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China BlueChemical and its competitors. According to the industry distribution chart, China BlueChemical ranks #200 out of 240 companies in the Agriculture industry, placing it in the top 83.3%.
Is China BlueChemical's Beneish M-Score too high?
China BlueChemical's current Beneish M-Score is -1.55. Based on the distribution chart, China BlueChemical ranks #200 out of 240 companies in the Agriculture industry, which is in the bottom quartile relative to peers. Overall, China BlueChemical has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China BlueChemical's Beneish M-Score compare to CTVA and CF?
According to the Agriculture industry distribution chart, China BlueChemical ranks #200 out of 240 companies for Beneish M-Score. This places China BlueChemical 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 an Agriculture company?
A good Beneish M-Score depends on the Agriculture 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 BlueChemical and its competitors. China BlueChemical's current Beneish M-Score is -1.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China BlueChemical stock overvalued right now?
Based on GuruFocus' analysis, China BlueChemical (HKSE:03983) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$2.28, compared to a current price of HK$1.95 — trading 14.5% below its estimated fair value. The current Beneish M-Score is -1.55. China BlueChemical's overall GF Score™ is 81/100 with 6 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 BlueChemical (HKSE:03983), the current Beneish M-Score is -1.55 as of Aug. 31, 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 BlueChemical (HKSE:03983) Overvalued in 2026?
Based on GuruFocus' analysis, China BlueChemical stock appears to be undervalued.
The current stock price of HK$1.95 is trading 14.5% below its estimated GF Value™ of HK$2.28.
GuruFocus considers China BlueChemical to be Modestly Undervalued.
Key valuation signals for HKSE:03983:
Beneish M-Score: -1.55
GF Value™: HK$2.28 vs. price of HK$1.95 (14.5% below fair value)
No single metric tells the full story. See the HKSE:03983 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China BlueChemical Ltd is engaged in the development, production, and sales of mineral fertilizers and chemical products. The firm's segments are urea, methanol, phosphorus and compound fertilizer, acrylonitrile, and others. It generates maximum revenue from the Urea segment, which is engaged in the manufacture and sale of urea. Geographically, it derives the majority of its revenue from the PRC. The company's products include Chemical Fertilizers such as Urea (H2N-CO-NH2) Phosphate, Phosphate Fertilizer, Complex Fertilizers; Chemical Products such as Methanol, Acrylonitrile; and Other products such as Woven Plastic Bags, and Transportation Services.
81GF Score
Get the complete analysis for HKSE:03983
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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