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.
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.
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 -7.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for JTF International Holdings's Beneish M-Score or its related term are showing as below:
HKSE:09689'
s Beneish M-Score Range Over the Past 10 Years
Min: -7.06 Med: -0.55 Max: 0.78
Current: -7.06
During the past 11 years, the highest Beneish M-Score of JTF International Holdings was 0.78. The lowest was -7.06. And the median was -0.55.
* 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.
HKSE:09689 vs MPC, VLO, PSX: Beneish M-Score Comparison
For the Oil & Gas Refining & Marketing subindustry, JTF International 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.
JTF International Holdings Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, JTF International Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JTF International Holdings's Beneish M-Score falls into.
JTF International 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 JTF International 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 * 1.7836
+
0.528 * 0.7057
+
0.404 * 0.2908
+
0.892 * 1.1011
+
0.115 * 0.8348
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9679
+
4.679 * -0.397401
-
0.327 * 10.3924
=
-7.06
* 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))
=
(1.298 / (1.298 + 18.49))
/
(1.369 / (1.369 + 16.053))
=
0.065595
/
0.078579
=
0.8348
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
=
(-11.574 - 0
-
332.478)
/
865.755
=
-0.397401
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.
JTF International Holdings has a M-score of -7.06 suggests that the company is unlikely to be a manipulator.
JTF International Holdings (HKSE:09689) has a Beneish M-Score of -7.06 as of Aug. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on JTF International Holdings and its competitors. According to the industry distribution chart, JTF International Holdings ranks #15 out of 821 companies in the Oil & Gas industry, placing it in the top 1.8%.
Is JTF International Holdings' Beneish M-Score too high?
JTF International Holdings' current Beneish M-Score is -7.06. Based on the distribution chart, JTF International Holdings ranks #15 out of 821 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, JTF International Holdings has a GF Score™ of 50/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does JTF International Holdings' Beneish M-Score compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, JTF International Holdings ranks #15 out of 821 companies for Beneish M-Score. This places JTF International Holdings in the top 2% of its industry — outperforming the majority of peers. 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 Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas 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 JTF International Holdings and its competitors. JTF International Holdings's current Beneish M-Score is -7.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is JTF International Holdings stock overvalued right now?
Based on GuruFocus' analysis, JTF International Holdings (HKSE:09689) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.43, compared to a current price of HK$0.60 — trading 39.5% above its estimated fair value. The current Beneish M-Score is -7.06. JTF International Holdings' overall GF Score™ is 50/100 with 2 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 JTF International Holdings (HKSE:09689), the current Beneish M-Score is -7.06 as of Aug. 05, 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 JTF International Holdings (HKSE:09689) Overvalued in 2026?
Based on GuruFocus' analysis, JTF International Holdings stock appears to be overvalued.
The current stock price of HK$0.60 is trading 39.5% above its estimated GF Value™ of HK$0.43.
GuruFocus considers JTF International Holdings to be Significantly Overvalued.
Key valuation signals for HKSE:09689:
Beneish M-Score: -7.06
GF Value™: HK$0.43 vs. price of HK$0.60 (39.5% above fair value)
No single metric tells the full story. See the HKSE:09689 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
JTF International Holdings Ltd is engaged in the sale of refined oil, other petrochemical products, and the blending and sale of fuel oil in the People's Republic of China (the PRC). Its product portfolio includes fuel oil, refined oil, and other petrochemical products. It operates in a single segment and geographically derives the majority of the revenue from the PRC.
50GF Score
Get the complete analysis for HKSE:09689
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
HKSE:09689 has been successfully added to your 
