China Merchants Securities Asset Management Co.,Ltd (HKSE:06099) Beneish M-Score: -1.92 (As of Sep. 04, 2026)

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HKSE:06099 China Merchants Securities Asset Management Co.,Ltd HKSE:06099
75 GF Score
Price HK$15.76
GF Value HK$24.11
Valuation Significantly Undervalued
! 3 Warning Signs
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What is China Merchants Securities Asset Management Co.,Ltd Beneish M-Score?

China Merchants Securities Asset Management Co.,Ltd HKSE:06099 +2.01% 75 Beneish M-Score is -1.92 as of Sep. 04, 2026. GuruFocus rates HKSE:06099 with a GF Score™ of 75/100 and a GF Value™ of HK$24.11 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 701 Capital Markets companies, China Merchants Securities Asset Management Co.,Ltd ranks worse than 60.34% 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 -1.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China Merchants Securities Asset Management Co.,Ltd's Beneish M-Score or its related term are showing as below:

HKSE:06099' s Beneish M-Score Range Over the Past 10 Years
Min: -6.24   Med: -2.33   Max: 13.78
Current: -1.92

During the past 13 years, the highest Beneish M-Score of China Merchants Securities Asset Management Co.,Ltd was 13.78. The lowest was -6.24. And the median was -2.33.

HKSE:06099
75GF Score
China Merchants Securities Asset Management Co.,Ltd HKSE:06099
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

China Merchants Securities Asset Management Co.,Ltd 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 Merchants Securities Asset Management Co.,Ltd 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+0.528 * 1+0.404 * 1.0007+0.892 * 1.7909+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6075+4.679 * -0.023194-0.327 * 1.0888
=-1.84

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was HK$0 Mil.
Revenue was 16804.443 + 7521.016 + 7119.645 + 8010.75 = HK$39,456 Mil.
Gross Profit was 16804.443 + 7521.016 + 7119.645 + 8010.75 = HK$39,456 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$1,007,974 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,771 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,730 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$269,815 Mil.
Net Income was 8506.242 + 3714.116 + 3842.337 + 4027.622 = HK$20,090 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 50949.198 + 22361.877 + -16607.428 + -13234.211 = HK$43,469 Mil.
 Total Receivables was HK$0 Mil.
Revenue was 5958.218 + 4655.976 + 6673.53 + 4744.035 = HK$22,032 Mil.
Gross Profit was 5958.218 + 4655.976 + 6673.53 + 4744.035 = HK$22,032 Mil.
Total Current Assets was HK$0 Mil.
Total Assets was HK$735,475 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,561 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,509 Mil.
Total Current Liabilities was HK$0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$180,812 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 / 39455.854) / (0 / 22031.759)
=0 / 0
=1

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)
=(22031.759 / 22031.759) / (39455.854 / 39455.854)
=1 / 1
=1

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 - (0 + 2770.609) / 1007974.196) / (1 - (0 + 2560.662) / 735475.361)
=0.997251 / 0.996518
=1.0007

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
=39455.854 / 22031.759
=1.7909

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))
=(0 / (0 + 2560.662)) / (0 / (0 + 2770.609))
=0 / 0
=1

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)
=(2729.682 / 39455.854) / (2509.052 / 22031.759)
=0.069183 / 0.113883
=0.6075

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)
=((269814.699 + 0) / 1007974.196) / ((180812.014 + 0) / 735475.361)
=0.26768 / 0.245844
=1.0888

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
=(20090.317 - 0 - 43469.436) / 1007974.196
=-0.023194

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 Merchants Securities Asset Management Co.,Ltd has a M-score of -1.84 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 -1.92 mean?
China Merchants Securities Asset Management Co.,Ltd (HKSE:06099) has a Beneish M-Score of -1.92 as of Sep. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Merchants Securities Asset Management Co.,Ltd and its competitors. According to the industry distribution chart, China Merchants Securities Asset Management Co.,Ltd ranks #423 out of 701 companies in the Capital Markets industry, placing it in the top 60.3%.
Is China Merchants Securities Asset Management Co.,Ltd's Beneish M-Score too high?
China Merchants Securities Asset Management Co.,Ltd's current Beneish M-Score is -1.92. Based on the distribution chart, China Merchants Securities Asset Management Co.,Ltd ranks #423 out of 701 companies in the Capital Markets industry, which is below the industry midpoint. Overall, China Merchants Securities Asset Management Co.,Ltd has a GF Score™ of 75/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China Merchants Securities Asset Management Co.,Ltd's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, China Merchants Securities Asset Management Co.,Ltd ranks #423 out of 701 companies for Beneish M-Score. This places China Merchants Securities Asset Management Co.,Ltd 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Merchants Securities Asset Management Co.,Ltd and its competitors. China Merchants Securities Asset Management Co.,Ltd's current Beneish M-Score is -1.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Merchants Securities Asset Management Co.,Ltd stock overvalued right now?
Based on GuruFocus' analysis, China Merchants Securities Asset Management Co.,Ltd (HKSE:06099) is currently considered Significantly Undervalued. The stock's GF Value™ is HK$24.11, compared to a current price of HK$15.76 — trading 34.6% below its estimated fair value. The current Beneish M-Score is -1.92. China Merchants Securities Asset Management Co.,Ltd's overall GF Score™ is 75/100 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 China Merchants Securities Asset Management Co.,Ltd (HKSE:06099), the current Beneish M-Score is -1.92 as of Sep. 04, 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 Merchants Securities Asset Management Co.,Ltd (HKSE:06099) Overvalued in 2026?

Based on GuruFocus' analysis, China Merchants Securities Asset Management Co.,Ltd stock appears to be undervalued. The current stock price of HK$15.76 is trading 34.6% below its estimated GF Value™ of HK$24.11. GuruFocus considers China Merchants Securities Asset Management Co.,Ltd to be Significantly Undervalued.

Key valuation signals for HKSE:06099:

  • Beneish M-Score: -1.92
  • GF Value™: HK$24.11 vs. price of HK$15.76 (34.6% below fair value)
  • GF Score™: 75/100 with 3 warning signs

No single metric tells the full story. See the HKSE:06099 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

China Merchants Securities Asset Management Co.,Ltd Business Description

Other Exchanges 195H:Germany600999:China
Address No. 111, Fuhua Yi Road, Futian Street, Futian District, Guangdong Province, Shenzhen, CHN, 518046
China Merchants Securities Asset Management Co.,Ltd is a financial service provider. The company provides services like investment banking, financial advisory, equity underwriting, asset management, investment advisory, and trading equity securities, among others. Its business is divided into four segments: Wealth management and institutional business; Investment banking; Investment management; and Investment and trading. The Wealth management and institutional business segment, which generates key revenue, engages in the trading of stocks and futures contracts on behalf of clients and includes margin financing, securities lending, and selling financial and other wealth management products.
75GF Score

Get the complete analysis for HKSE:06099

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

HK$15.76
Price
HK$24.11
GF Value