ZXZN Qi-House Holdings (HKSE:08395) Beneish M-Score: -2.32 (As of Sep. 06, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HKSE:08395 ZXZN Qi-House Holdings Ltd HKSE:08395
47 GF Score
Price HK$2.15
GF Value HK$1.31
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is ZXZN Qi-House Holdings Beneish M-Score?

ZXZN Qi-House Holdings HKSE:08395 -2.94% 47 Beneish M-Score is -2.32 as of Sep. 06, 2026. GuruFocus rates HKSE:08395 with a GF Score™ of 47/100 and a GF Value™ of HK$1.31 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,090 Retail - Cyclical companies, ZXZN Qi-House Holdings ranks worse than 69.17% 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:08395' s Beneish M-Score Range Over the Past 10 Years
Min: -4.31   Med: -2.58   Max: 16.44
Current: -2.32

During the past 12 years, the highest Beneish M-Score of ZXZN Qi-House Holdings was 16.44. The lowest was -4.31. And the median was -2.58.

ZXZN Qi-House Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ZXZN Qi-House 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.

ZXZN Qi-House Holdings Beneish M-Score Chart

ZXZN Qi-House Holdings Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.31 -2.84 -3.39 -0.07 -2.32

ZXZN Qi-House Holdings Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.39 0.00 -0.07 0.00 -2.32

HKSE:08395 vs CASY, WSM, ULTA: Beneish M-Score Comparison

For the Specialty Retail subindustry, ZXZN Qi-House 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.

ZXZN Qi-House Holdings Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, ZXZN Qi-House Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ZXZN Qi-House Holdings's Beneish M-Score falls into.


HKSE:08395
47GF Score
ZXZN Qi-House Holdings Ltd HKSE:08395
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ZXZN Qi-House 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 ZXZN Qi-House Holdings 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 * 0.8428+0.528 * 2.2571+0.404 * 0.9119+0.892 * 1.4088+0.115 * 0.9758
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.671+4.679 * -0.152195-0.327 * 1.0959
=-2.32

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was HK$75.1 Mil.
Revenue was HK$139.8 Mil.
Gross Profit was HK$42.9 Mil.
Total Current Assets was HK$89.1 Mil.
Total Assets was HK$118.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$7.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$8.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$51.3 Mil.
Total Current Liabilities was HK$87.3 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1.9 Mil.
Net Income was HK$-8.9 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$9.1 Mil.
 Total Receivables was HK$63.2 Mil.
Revenue was HK$99.2 Mil.
Gross Profit was HK$68.8 Mil.
Total Current Assets was HK$84.9 Mil.
Total Assets was HK$118.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$9.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$10.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$54.2 Mil.
Total Current Liabilities was HK$79.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2.5 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)
=(75.078 / 139.774) / (63.232 / 99.218)
=0.537139 / 0.637304
=0.8428

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)
=(68.792 / 99.218) / (42.936 / 139.774)
=0.693342 / 0.307182
=2.2571

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 - (89.142 + 7.037) / 118.44) / (1 - (84.896 + 9.35) / 118.714)
=0.187952 / 0.206109
=0.9119

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
=139.774 / 99.218
=1.4088

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))
=(10.24 / (10.24 + 9.35)) / (8.119 / (8.119 + 7.037))
=0.522716 / 0.535695
=0.9758

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)
=(51.274 / 139.774) / (54.242 / 99.218)
=0.366835 / 0.546695
=0.671

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)
=((1.877 + 87.275) / 118.44) / ((2.471 + 79.071) / 118.714)
=0.752719 / 0.686878
=1.0959

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
=(-8.931 - 0 - 9.095) / 118.44
=-0.152195

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.

ZXZN Qi-House Holdings has a M-score of -2.32 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 -2.32 mean?
ZXZN Qi-House Holdings (HKSE:08395) has a Beneish M-Score of -2.32 as of Sep. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ZXZN Qi-House Holdings and its competitors. According to the industry distribution chart, ZXZN Qi-House Holdings ranks #754 out of 1090 companies in the Retail - Cyclical industry, placing it in the top 69.2%.
Is ZXZN Qi-House Holdings' Beneish M-Score too high?
ZXZN Qi-House Holdings' current Beneish M-Score is -2.32. Based on the distribution chart, ZXZN Qi-House Holdings ranks #754 out of 1090 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, ZXZN Qi-House Holdings has a GF Score™ of 47/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ZXZN Qi-House Holdings' Beneish M-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, ZXZN Qi-House Holdings ranks #754 out of 1090 companies for Beneish M-Score. This places ZXZN Qi-House Holdings 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 ZXZN Qi-House Holdings and its competitors. ZXZN Qi-House Holdings's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ZXZN Qi-House Holdings stock overvalued right now?
Based on GuruFocus' analysis, ZXZN Qi-House Holdings (HKSE:08395) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$1.31, compared to a current price of HK$2.15 — trading 63.7% above its estimated fair value. The current Beneish M-Score is -2.32. ZXZN Qi-House Holdings' overall GF Score™ is 47/100 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 ZXZN Qi-House Holdings (HKSE:08395), the current Beneish M-Score is -2.32 as of Sep. 06, 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 ZXZN Qi-House Holdings (HKSE:08395) Overvalued in 2026?

Based on GuruFocus' analysis, ZXZN Qi-House Holdings stock appears to be overvalued. The current stock price of HK$2.15 is trading 63.7% above its estimated GF Value™ of HK$1.31. GuruFocus considers ZXZN Qi-House Holdings to be Significantly Overvalued.

Key valuation signals for HKSE:08395:

  • Beneish M-Score: -2.32
  • GF Value™: HK$1.31 vs. price of HK$2.15 (63.7% above fair value)
  • GF Score™: 47/100 with 3 warning signs

No single metric tells the full story. See the HKSE:08395 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

ZXZN Qi-House Holdings Business Description

Address 2 Lee Wing Street, 28th Floor, Horizon Plaza, Ap Lei Chau, Hong Kong, HKG
ZXZN Qi-House Holdings Ltd is an investment holding company and its subsidiaries are principally engaged in the sale, distribution, and rental of furniture and home accessories, the distribution and licensing of intellectual property rights, provision of consumer loan services, sale of trading parts and automation equipment, the provision of styling, consulting and furniture agency services and the operation of a cafe.
47GF Score

Get the complete analysis for HKSE:08395

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

HK$2.15
Price
HK$1.31
GF Value