Tanwan (HKSE:09890) Beneish M-Score: -0.91 (As of Aug. 25, 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:09890 Tanwan Inc HKSE:09890
35 GF Score
Price HK$10.10
! 6 Warning Signs
View Full Analysis

What is Tanwan Beneish M-Score?

Tanwan HKSE:09890 +2.33% 35 Beneish M-Score is -0.91 as of Aug. 25, 2026. GuruFocus rates HKSE:09890 with a GF Score™ of 35/100. The stock has 6 warning signs investors should review. Among 529 Interactive Media companies, Tanwan ranks worse than 92.44% 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.

Warning Sign:

Beneish M-Score -0.91 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:09890' s Beneish M-Score Range Over the Past 10 Years
Min: -3.02   Med: -1.02   Max: -0.91
Current: -0.91

During the past 6 years, the highest Beneish M-Score of Tanwan was -0.91. The lowest was -3.02. And the median was -1.02.

Tanwan Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Tanwan'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.

Tanwan Beneish M-Score Chart

Tanwan Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -3.02 -1.08 -0.95 -0.91

Tanwan Semi-Annual Data
Dec20 Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -1.08 0.00 -0.95 0.00 -0.91

HKSE:09890 vs NTES, EA, TTWO: Beneish M-Score Comparison

For the Electronic Gaming & Multimedia subindustry, Tanwan'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.

Tanwan Beneish M-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Tanwan's Beneish M-Score distribution charts can be found below:

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


HKSE:09890
35GF Score
Tanwan Inc HKSE:09890
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tanwan 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 Tanwan 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 * 1.4549+0.528 * 1.2633+0.404 * 1.0007+0.892 * 0.771+0.115 * 1.4278
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7404+4.679 * 0.218001-0.327 * 0.6786
=-0.91

* 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$464 Mil.
Revenue was HK$4,594 Mil.
Gross Profit was HK$2,622 Mil.
Total Current Assets was HK$5,747 Mil.
Total Assets was HK$8,156 Mil.
Property, Plant and Equipment(Net PPE) was HK$504 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$73 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,261 Mil.
Total Current Liabilities was HK$3,066 Mil.
Long-Term Debt & Capital Lease Obligation was HK$58 Mil.
Net Income was HK$1,642 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-136 Mil.
 Total Receivables was HK$413 Mil.
Revenue was HK$5,958 Mil.
Gross Profit was HK$4,297 Mil.
Total Current Assets was HK$4,233 Mil.
Total Assets was HK$5,940 Mil.
Property, Plant and Equipment(Net PPE) was HK$322 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$71 Mil.
Selling, General, & Admin. Expense(SGA) was HK$3,960 Mil.
Total Current Liabilities was HK$3,311 Mil.
Long-Term Debt & Capital Lease Obligation was HK$42 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)
=(463.756 / 4593.667) / (413.397 / 5957.73)
=0.100956 / 0.069388
=1.4549

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)
=(4296.679 / 5957.73) / (2622.458 / 4593.667)
=0.721194 / 0.570886
=1.2633

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 - (5747.117 + 504.077) / 8155.504) / (1 - (4232.521 + 321.605) / 5940.179)
=0.2335 / 0.233335
=1.0007

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
=4593.667 / 5957.73
=0.771

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))
=(70.56 / (70.56 + 321.605)) / (72.681 / (72.681 + 504.077))
=0.179924 / 0.126016
=1.4278

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)
=(2260.612 / 4593.667) / (3959.778 / 5957.73)
=0.492115 / 0.664645
=0.7404

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)
=((58.325 + 3065.572) / 8155.504) / ((42.137 + 3311.004) / 5940.179)
=0.383042 / 0.564485
=0.6786

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
=(1642.184 - 0 - -135.725) / 8155.504
=0.218001

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.

Tanwan has a M-score of -0.91 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -0.91 mean?
Tanwan (HKSE:09890) has a Beneish M-Score of -0.91 as of Aug. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tanwan and its competitors. According to the industry distribution chart, Tanwan ranks #489 out of 529 companies in the Interactive Media industry, placing it in the top 92.4%.
Is Tanwan's Beneish M-Score too high?
Tanwan's current Beneish M-Score is -0.91. Based on the distribution chart, Tanwan ranks #489 out of 529 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, Tanwan has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.
How does Tanwan's Beneish M-Score compare to NTES and EA?
According to the Interactive Media industry distribution chart, Tanwan ranks #489 out of 529 companies for Beneish M-Score. This places Tanwan 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 Interactive Media company?
A good Beneish M-Score depends on the Interactive Media 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 Tanwan and its competitors. Tanwan's current Beneish M-Score is -0.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tanwan stock overvalued right now?
Tanwan (HKSE:09890) has a current Beneish M-Score of -0.91. The current Beneish M-Score is -0.91. Tanwan's overall GF Score™ is 35/100 with 6 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 Tanwan (HKSE:09890), the current Beneish M-Score is -0.91 as of Aug. 25, 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.

Tanwan Business Description

Address 656 Huangpu Avenue, Floors 41, 62 to 66, Canton Financial Center, Tianhe District, Guangdong Province, Guangzhou, CHN
Tanwan Inc Formerly ZX Inc is a publisher of online game products in China. It is devoted to marketing and operating online games (in particular mobile games) in China. The online games developed by its clients marketed and operated by the company are delivered to players under the Tan Wan brand. The company has enabled the marketing and operation of game products. Its geographic markets are Mainland China, Hong Kong, and Others. It generates revenue from marketing and operating online games and consumer product business, including sales of private-label and local-flavor rice noodle products and other fast consumer foods under the brand Zha Zha Hui.
35GF Score

Get the complete analysis for HKSE:09890

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

HK$10.10
Price