Tuhu Car (HKSE:09690) Beneish M-Score: -2.30 (As of Aug. 09, 2026)

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HKSE:09690 Tuhu Car Inc HKSE:09690
38 GF Score
Price HK$11.62
! 3 Warning Signs
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What is Tuhu Car Beneish M-Score?

Tuhu Car HKSE:09690 -0.34% 38 Beneish M-Score is -2.30 as of Aug. 09, 2026. GuruFocus rates HKSE:09690 with a GF Score™ of 38/100. The stock has 3 warning signs investors should review. Among 1,274 Vehicles & Parts companies, Tuhu Car ranks worse than 70.02% 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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:09690' s Beneish M-Score Range Over the Past 10 Years
Min: -5.14   Med: -2.66   Max: -0.37
Current: -2.3

During the past 7 years, the highest Beneish M-Score of Tuhu Car was -0.37. The lowest was -5.14. And the median was -2.66.

Tuhu Car Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Tuhu Car'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.

Tuhu Car Beneish M-Score Chart

Tuhu Car Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial -5.14 -3.84 -0.37 -2.66 -2.30

Tuhu Car Semi-Annual Data
Dec19 Dec20 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 -0.37 0.00 -2.66 0.00 -2.30

HKSE:09690 vs ORLY, AZO: Beneish M-Score Comparison

For the Auto Parts subindustry, Tuhu Car'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.

Tuhu Car Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Tuhu Car's Beneish M-Score distribution charts can be found below:

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


HKSE:09690
38GF Score
Tuhu Car Inc HKSE:09690
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tuhu Car 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 Tuhu Car 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 * 1.2233+0.528 * 1.0531+0.404 * 1.0037+0.892 * 1.1541+0.115 * 1.0368
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9573+4.679 * -0.042626-0.327 * 1.0099
=-2.30

* 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$500 Mil.
Revenue was HK$18,186 Mil.
Gross Profit was HK$4,383 Mil.
Total Current Assets was HK$9,814 Mil.
Total Assets was HK$14,915 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,607 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$336 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,679 Mil.
Total Current Liabilities was HK$8,495 Mil.
Long-Term Debt & Capital Lease Obligation was HK$196 Mil.
Net Income was HK$464 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,100 Mil.
 Total Receivables was HK$354 Mil.
Revenue was HK$15,757 Mil.
Gross Profit was HK$3,999 Mil.
Total Current Assets was HK$8,931 Mil.
Total Assets was HK$13,663 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,542 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$337 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,425 Mil.
Total Current Liabilities was HK$7,686 Mil.
Long-Term Debt & Capital Lease Obligation was HK$198 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)
=(499.511 / 18185.555) / (353.817 / 15757.445)
=0.027467 / 0.022454
=1.2233

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)
=(3999.476 / 15757.445) / (4383.027 / 18185.555)
=0.253815 / 0.241017
=1.0531

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 - (9813.712 + 1606.6) / 14914.989) / (1 - (8931.371 + 1542.438) / 13663.255)
=0.234306 / 0.233432
=1.0037

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
=18185.555 / 15757.445
=1.1541

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))
=(337.051 / (337.051 + 1542.438)) / (336.004 / (336.004 + 1606.6))
=0.179331 / 0.172966
=1.0368

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)
=(2678.855 / 18185.555) / (2424.837 / 15757.445)
=0.147307 / 0.153885
=0.9573

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)
=((196.325 + 8495.459) / 14914.989) / ((198.148 + 7686.095) / 13663.255)
=0.582755 / 0.57704
=1.0099

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
=(464.42 - 0 - 1100.181) / 14914.989
=-0.042626

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.

Tuhu Car has a M-score of -2.30 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 -2.30 mean?
Tuhu Car (HKSE:09690) has a Beneish M-Score of -2.30 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tuhu Car and its competitors. According to the industry distribution chart, Tuhu Car ranks #892 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 70%.
Is Tuhu Car's Beneish M-Score too high?
Tuhu Car's current Beneish M-Score is -2.30. Based on the distribution chart, Tuhu Car ranks #892 out of 1274 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, Tuhu Car has a GF Score™ of 38/100, reflecting its overall financial health beyond just this single metric.
How does Tuhu Car's Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Tuhu Car ranks #892 out of 1274 companies for Beneish M-Score. This places Tuhu Car 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Tuhu Car and its competitors. Tuhu Car's current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tuhu Car stock overvalued right now?
Tuhu Car (HKSE:09690) has a current Beneish M-Score of -2.30. The current Beneish M-Score is -2.30. Tuhu Car's overall GF Score™ is 38/100 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 Tuhu Car (HKSE:09690), the current Beneish M-Score is -2.30 as of Aug. 09, 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.

Tuhu Car Business Description

Other Exchanges L83:Germany
Address 1999 Yishan Road, 8th Floor Building 24, Minhang District, Shanghai, CHN
Tuhu Car Inc operates an integrated online and offline platform for automotive services in China. Through its flagship TUHU Automotive Service app and other online interfaces, the company streamlines diverse car service needs, delivering a digital and on-demand experience. Its offline network includes self-operated Tuhu workshops, franchised Tuhu workshops, and third-party partner stores. The company serves the majority of passenger vehicle models, offering products and services such as tires and chassis parts, auto maintenance, repair, car detailing, auto accessories, and related installation services. It also provides advertising, franchise, and SaaS solutions to participants on its platform. All operations are conducted within the People's Republic of China.
38GF Score

Get the complete analysis for HKSE:09690

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

HK$11.62
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