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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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Huitongda Network Co's Beneish M-Score or its related term are showing as below:
HKSE:09878'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.25 Med: -2.25 Max: 0.15
Current: -2.32
During the past 8 years, the highest Beneish M-Score of Huitongda Network Co was 0.15. The lowest was -3.25. And the median was -2.25.
Huitongda Network Co Beneish M-Score Related Terms
Huitongda Network Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Huitongda Network Co'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:09878 vs QH, SHOP, UBER: Beneish M-Score Comparison
For the Software - Application subindustry, Huitongda Network Co'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.
Huitongda Network Co Beneish M-Score vs Software Industry
For the Software industry and Technology sector, Huitongda Network Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Huitongda Network Co'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 Huitongda Network Co 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 * 1.2525
+
0.528 * 0.8623
+
0.404 * 1.2273
+
0.892 * 0.901
+
0.115 * 1.219
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0292
+
4.679 * -0.00389
-
0.327 * 1.0094
=
-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.
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))
=
(71.57 / (71.57 + 169.696))
/
(67.617 / (67.617 + 210.237))
=
0.296644
/
0.243354
=
1.219
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
=
(331.742 - 0
-
462.848)
/
33701.131
=
-0.00389
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.
Huitongda Network Co has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
Huitongda Network Co (HKSE:09878) has a Beneish M-Score of -2.32 as of Aug. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Huitongda Network Co and its competitors. According to the industry distribution chart, Huitongda Network Co ranks #1660 out of 2640 companies in the Software industry, placing it in the top 62.9%.
Is Huitongda Network Co's Beneish M-Score too high?
Huitongda Network Co's current Beneish M-Score is -2.32. Based on the distribution chart, Huitongda Network Co ranks #1660 out of 2640 companies in the Software industry, which is below the industry midpoint. Overall, Huitongda Network Co has a GF Score™ of 76/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Huitongda Network Co's Beneish M-Score compare to QH and SHOP?
According to the Software industry distribution chart, Huitongda Network Co ranks #1660 out of 2640 companies for Beneish M-Score. This places Huitongda Network Co 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 Software company?
A good Beneish M-Score depends on the Software 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 Huitongda Network Co and its competitors. Huitongda Network Co'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 Huitongda Network Co stock overvalued right now?
Based on GuruFocus' analysis, Huitongda Network Co (HKSE:09878) is currently considered Significantly Undervalued. The stock's GF Value™ is HK$17.57, compared to a current price of HK$8.42 — trading 52.1% below its estimated fair value. The current Beneish M-Score is -2.32. Huitongda Network Co's overall GF Score™ is 76/100 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 Huitongda Network Co (HKSE:09878), the current Beneish M-Score is -2.32 as of Aug. 27, 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 Huitongda Network Co (HKSE:09878) Overvalued in 2026?
Based on GuruFocus' analysis, Huitongda Network Co stock appears to be undervalued.
The current stock price of HK$8.42 is trading 52.1% below its estimated GF Value™ of HK$17.57.
GuruFocus considers Huitongda Network Co to be Significantly Undervalued.
Key valuation signals for HKSE:09878:
Beneish M-Score: -2.32
GF Value™: HK$17.57 vs. price of HK$8.42 (52.1% below fair value)
No single metric tells the full story. See the HKSE:09878 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Huitongda Network Co Ltd principally engaged in sale of a comprehensive suite of merchandise in the PRC and provision of intelligent business and marketing subscription services, offering merchant solutions and rendering other various services. The company has three reportable segments, The commerce business segment, which mainly represents the direct sales of merchandise; The service business segment, which mainly represents the provision of intelligent business and marketing subscription service and a collection of merchant solutions; and Others Revenues from the others are mainly derived from other services rendered by the Group. The company generates majority of revenue from Commerce business.
76GF Score
Get the complete analysis for HKSE:09878
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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