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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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for China Feihe's Beneish M-Score or its related term are showing as below:
HKSE:06186'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -2.51 Max: -2.12
Current: -2.42
During the past 10 years, the highest Beneish M-Score of China Feihe was -2.12. The lowest was -2.90. And the median was -2.51.
The historical data trend for China Feihe'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:06186 vs KHC, GIS: Beneish M-Score Comparison
For the Packaged Foods subindustry, China Feihe'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 Feihe Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, China Feihe's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Feihe'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 Feihe 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 * 1.1513
+
0.528 * 1.0204
+
0.404 * 1.0969
+
0.892 * 0.9033
+
0.115 * 1.2631
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1507
+
4.679 * -0.008058
-
0.327 * 1.0304
=
-2.42
* 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))
=
(692.389 / (692.389 + 10522.673))
/
(567.526 / (567.526 + 11043.674))
=
0.061737
/
0.048877
=
1.2631
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
=
(2142.568 - 0
-
2445.589)
/
37603.458
=
-0.008058
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 Feihe has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
China Feihe (HKSE:06186) has a Beneish M-Score of -2.42 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Feihe and its competitors. According to the industry distribution chart, China Feihe ranks #1090 out of 1854 companies in the Consumer Packaged Goods industry, placing it in the top 58.8%.
Is China Feihe's Beneish M-Score too high?
China Feihe's current Beneish M-Score is -2.42. Based on the distribution chart, China Feihe ranks #1090 out of 1854 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, China Feihe has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China Feihe's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, China Feihe ranks #1090 out of 1854 companies for Beneish M-Score. This places China Feihe 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Feihe and its competitors. China Feihe's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Feihe stock overvalued right now?
Based on GuruFocus' analysis, China Feihe (HKSE:06186) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$4.10, compared to a current price of HK$3.28 — trading 20% below its estimated fair value. The current Beneish M-Score is -2.42. China Feihe's overall GF Score™ is 90/100 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 Feihe (HKSE:06186), the current Beneish M-Score is -2.42 as of Aug. 10, 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 Feihe (HKSE:06186) Overvalued in 2026?
Based on GuruFocus' analysis, China Feihe stock appears to be undervalued.
The current stock price of HK$3.28 is trading 20% below its estimated GF Value™ of HK$4.10.
GuruFocus considers China Feihe to be Modestly Undervalued.
Key valuation signals for HKSE:06186:
Beneish M-Score: -2.42
GF Value™: HK$4.10 vs. price of HK$3.28 (20% below fair value)
No single metric tells the full story. See the HKSE:06186 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Feihe is China's largest infant milk formula producer, with a premium market positioning among domestic and foreign competing brands. The company utilizes the flagship Astrobaby lineup to promote its "more suitable for Chinese babies" proposition. It has a nationwide distributor network covering maternity stores, supermarkets and traditional retailers, as well as a direct sales network in e-commerce.
90GF Score
Get the complete analysis for HKSE:06186
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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