Neutech Group (HKSE:09616) Beneish M-Score: -2.44 (As of Aug. 10, 2026)

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HKSE:09616 Neutech Group Ltd HKSE:09616
84 GF Score
Price HK$2.14
GF Value HK$3.46
Valuation Possible Value Trap
! 4 Warning Signs
View Full Analysis

What is Neutech Group Beneish M-Score?

Neutech Group HKSE:09616 +0.23% 84 Beneish M-Score is -2.44 as of Aug. 10, 2026. GuruFocus rates HKSE:09616 with a GF Score™ of 84/100 and a GF Value™ of HK$3.46 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 240 Education companies, Neutech Group ranks worse than 64.58% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Neutech Group's Beneish M-Score or its related term are showing as below:

HKSE:09616' s Beneish M-Score Range Over the Past 10 Years
Min: -3.57   Med: -2.44   Max: -0.93
Current: -2.44

During the past 9 years, the highest Beneish M-Score of Neutech Group was -0.93. The lowest was -3.57. And the median was -2.44.

Neutech Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Neutech Group'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.

Neutech Group Beneish M-Score Chart

Neutech Group Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.42 -1.81 -3.03 -2.76 -2.44

Neutech Group Semi-Annual Data
Dec17 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 -3.03 0.00 -2.76 0.00 -2.44

HKSE:09616 vs EDU, TAL, LAUR: Beneish M-Score Comparison

For the Education & Training Services subindustry, Neutech Group'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.

Neutech Group Beneish M-Score vs Education Industry

For the Education industry and Consumer Defensive sector, Neutech Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Neutech Group's Beneish M-Score falls into.


HKSE:09616
84GF Score
Neutech Group Ltd HKSE:09616
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Neutech Group 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 Neutech Group 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 * 1.228+0.528 * 1.0855+0.404 * 1.0473+0.892 * 1.0193+0.115 * 0.9396
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9274+4.679 * -0.057613-0.327 * 0.9676
=-2.44

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was HK$89 Mil.
Revenue was HK$2,253 Mil.
Gross Profit was HK$997 Mil.
Total Current Assets was HK$2,291 Mil.
Total Assets was HK$8,345 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,267 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$267 Mil.
Selling, General, & Admin. Expense(SGA) was HK$265 Mil.
Total Current Liabilities was HK$2,526 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,870 Mil.
Net Income was HK$447 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$928 Mil.
 Total Receivables was HK$71 Mil.
Revenue was HK$2,210 Mil.
Gross Profit was HK$1,062 Mil.
Total Current Assets was HK$2,288 Mil.
Total Assets was HK$7,853 Mil.
Property, Plant and Equipment(Net PPE) was HK$4,858 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$231 Mil.
Selling, General, & Admin. Expense(SGA) was HK$280 Mil.
Total Current Liabilities was HK$2,582 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,666 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)
=(88.796 / 2252.719) / (70.939 / 2210.088)
=0.039417 / 0.032098
=1.228

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)
=(1062.211 / 2210.088) / (997.414 / 2252.719)
=0.480619 / 0.44276
=1.0855

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 - (2290.724 + 5267.118) / 8344.633) / (1 - (2287.67 + 4858.132) / 7852.785)
=0.094287 / 0.09003
=1.0473

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
=2252.719 / 2210.088
=1.0193

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))
=(230.692 / (230.692 + 4858.132)) / (267.01 / (267.01 + 5267.118))
=0.045333 / 0.048248
=0.9396

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)
=(264.672 / 2252.719) / (279.98 / 2210.088)
=0.11749 / 0.126683
=0.9274

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)
=((2870.243 + 2525.993) / 8344.633) / ((2666.495 + 2581.836) / 7852.785)
=0.646671 / 0.66834
=0.9676

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
=(447.192 - 0 - 927.953) / 8344.633
=-0.057613

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.

Neutech Group has a M-score of -2.44 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 -2.44 mean?
Neutech Group (HKSE:09616) has a Beneish M-Score of -2.44 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Neutech Group and its competitors. According to the industry distribution chart, Neutech Group ranks #155 out of 240 companies in the Education industry, placing it in the top 64.6%.
Is Neutech Group's Beneish M-Score too high?
Neutech Group's current Beneish M-Score is -2.44. Based on the distribution chart, Neutech Group ranks #155 out of 240 companies in the Education industry, which is below the industry midpoint. Overall, Neutech Group has a GF Score™ of 84/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Neutech Group's Beneish M-Score compare to EDU and TAL?
According to the Education industry distribution chart, Neutech Group ranks #155 out of 240 companies for Beneish M-Score. This places Neutech Group 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 Education company?
A good Beneish M-Score depends on the Education 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 Neutech Group and its competitors. Neutech Group's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Neutech Group stock overvalued right now?
Based on GuruFocus' analysis, Neutech Group (HKSE:09616) is currently considered Possible Value Trap. The stock's GF Value™ is HK$3.46, compared to a current price of HK$2.14 — trading 38.2% below its estimated fair value. The current Beneish M-Score is -2.44. Neutech Group's overall GF Score™ is 84/100 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 Neutech Group (HKSE:09616), the current Beneish M-Score is -2.44 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 Neutech Group (HKSE:09616) Overvalued in 2026?

Based on GuruFocus' analysis, Neutech Group stock appears to be undervalued. The current stock price of HK$2.14 is trading 38.2% below its estimated GF Value™ of HK$3.46. GuruFocus considers Neutech Group to be Possible Value Trap.

Key valuation signals for HKSE:09616:

  • Beneish M-Score: -2.44
  • GF Value™: HK$3.46 vs. price of HK$2.14 (38.2% below fair value)
  • GF Score™: 84/100 with 4 warning signs

No single metric tells the full story. See the HKSE:09616 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Neutech Group Business Description

Address No. 8, Software Park Road, Ganjingzi District, Liaoning, Dalian, CHN
Neutech Group Ltd is a China-based investment holding company principally engaged in providing full-time formal higher education services, continuing education services, as well as education resources and apprenticeship programmes. Its full-time formal higher education services and continuing education services are operated by three universities and eight training schools. Its education resources and apprenticeship programme are offered by few of its subsidiaries. Its operating segments are as follows: education services; medical services; industry management and services; and elderly care technology and services. It generates maximum revenue from Education services segment. The Group operated within one geographical location and all of its revenue is also generated from Chinese mainland.
84GF Score

Get the complete analysis for HKSE:09616

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

HK$2.14
Price
HK$3.46
GF Value