Dashan Education Holdings (HKSE:09986) Beneish M-Score: -2.52 (As of Jun. 29, 2026)

What is Dashan Education Holdings Beneish M-Score?

Dashan Education Holdings HKSE:09986 55 Beneish M-Score is -2.52 as of Jun. 29, 2026. GuruFocus rates HKSE:09986 with a GF Score™ of 55/100 and a GF Value™ of HK$4.83. The stock has 5 warning signs investors should review.

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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:09986' s Beneish M-Score Range Over the Past 10 Years
Min: -103.29 Med: -2.74 Max: 20.99
Current: -2.52

During the past 8 years, the highest Beneish M-Score of Dashan Education Holdings was 20.99. The lowest was -103.29. And the median was -2.74.

Dashan Education Holdings Beneish M-Score Related Terms

Dashan Education Holdings Beneish M-Score Historical Data

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The historical data trend for Dashan Education Holdings'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.

Dashan Education Holdings Beneish M-Score Chart

Dashan Education Holdings Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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20.99

-1.93

-103.29

-3.43

-2.52

Dashan Education Holdings Semi-Annual Data
	Dec17	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25
Beneish M-Score	Get a 7-Day Free Trial										0.00	-3.43	0.00	-2.52	0.00

HKSE:09986 vs EDU, TAL, GHC: Beneish M-Score Comparison

For the Education & Training Services subindustry, Dashan Education 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.

Dashan Education Holdings Beneish M-Score vs Education Industry

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

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

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55GF Score

Dashan Education Holdings Ltd HKSE:09986

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Dashan Education 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 Dashan Education Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8394

0.528 * 0.5742

0.404 * 1.1618

0.892 * 2.1085

0.115 * 0.7687

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6169

4.679 * -0.136887

0.327 * 1.3602

-2.52

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was HK$15.0 Mil.
Revenue was HK$126.5 Mil.
Gross Profit was HK$36.2 Mil.
Total Current Assets was HK$76.9 Mil.
Total Assets was HK$208.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$48.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$18.7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$68.3 Mil.
Total Current Liabilities was HK$120.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$13.9 Mil.
Net Income was HK$-26.5 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$1.9 Mil.

Total Receivables was HK$8.5 Mil.
Revenue was HK$60.0 Mil.
Gross Profit was HK$9.9 Mil.
Total Current Assets was HK$141.7 Mil.
Total Assets was HK$293.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$50.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$13.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$52.5 Mil.
Total Current Liabilities was HK$122.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$16.5 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)
	=	(15.036 / 126.507)	/	(8.495 / 59.998)
	=	0.118855	/	0.141588
	=	0.8394

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)
	=	(9.854 / 59.998)	/	(36.183 / 126.507)
	=	0.164239	/	0.286016
	=	0.5742

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 - (76.877 + 47.991) / 207.989)	/	(1 - (141.686 + 50.674) / 293.227)
	=	0.399641	/	0.343989
	=	1.1618

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
	=	126.507	/	59.998
	=	2.1085

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))
	=	(13.94 / (13.94 + 50.674))	/	(18.723 / (18.723 + 47.991))
	=	0.215743	/	0.280646
	=	0.7687

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)
	=	(68.266 / 126.507)	/	(52.485 / 59.998)
	=	0.539622	/	0.874779
	=	0.6169

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)
	=	((13.855 + 120.544) / 207.989)	/	((16.53 + 122.77) / 293.227)
	=	0.646183	/	0.475059
	=	1.3602

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
	=	(-26.548 - 0	-	1.923)	/	207.989
	=	-0.136887

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.

Dashan Education Holdings has a M-score of -2.52 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 -2.52 mean?

Dashan Education Holdings (HKSE:09986) has a Beneish M-Score of -2.52 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dashan Education Holdings and its competitors.

Is Dashan Education Holdings' Beneish M-Score too high?

Dashan Education Holdings' current Beneish M-Score is -2.52. Overall, Dashan Education Holdings has a GF Score™ of 55/100, reflecting its overall financial health beyond just this single metric.

How does Dashan Education Holdings' Beneish M-Score compare to EDU and TAL?

Dashan Education Holdings' Beneish M-Score of -2.52 can be compared against companies in the Education 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 Dashan Education Holdings and its competitors. Dashan Education Holdings's current Beneish M-Score is -2.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Dashan Education Holdings stock overvalued right now?

Dashan Education Holdings (HKSE:09986) has a current Beneish M-Score of -2.52. The stock's GF Value™ is HK$4.83, compared to a current price of HK$1.88 — trading 61.1% below its estimated fair value. The current Beneish M-Score is -2.52. Dashan Education Holdings' overall GF Score™ is 55/100 with 5 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 Dashan Education Holdings (HKSE:09986), the current Beneish M-Score is -2.52 as of Jun. 29, 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 Dashan Education Holdings (HKSE:09986) Overvalued in 2026?

Based on GuruFocus' analysis, Dashan Education Holdings stock appears to be undervalued. The current stock price of HK$1.88 is trading 61.1% below its estimated GF Value™ of HK$4.83.

Key valuation signals for HKSE:09986:

Beneish M-Score: -2.52
GF Value™: HK$4.83 vs. price of HK$1.88 (61.1% below fair value)
GF Score™: 55/100 with 5 warning signs

No single metric tells the full story. See the HKSE:09986 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Dashan Education Holdings Business Description

Industry Consumer Defensive Education

Comparable Companies HKSE:09616 HKSE:01981 HKSE:00382 HKSE:01765 HKSE:01851 HKSE:02001 HKSE:01935 HKSE:02175 HKSE:01769 HKSE:01593 EDU TAL GHC LAUR LOPE ATGE NSE:PWL SZSE:300364 HKSE:09636 LRN

Address Crossroad of Zhongzhou Avenue and Minghong Road, 19th Floor Guoxin Plaza, Jinshui District, Henan Province, Zhengzhou, CHN

Website https://www.dashanedu.com

Dashan Education Holdings Ltd is principally engaged in (i) the provision of extracurricular programmes for personal attainment and overseas education consultation services; and (ii) the provision of diversified consultancy services for entities. The Group's operating and reportable segments are the extracurricular programs segment, the brand operation and management segment, the overseas education segment, the training and consultancy segment, and the Others segment. The majority of its revenue is generated from the overseas education segment. All of the Group's revenue are derived from the PRC.

55GF Score

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

HK$1.88

Price

HK$4.83

GF Value

View HKSE:09986 Analysis

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