Radiance Holdings (Group) Co (HKSE:09993) Beneish M-Score: -2.23 (As of Aug. 28, 2026)

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HKSE:09993 Radiance Holdings (Group) Co Ltd HKSE:09993
64 GF Score
Price HK$1.16
GF Value HK$1.28
Valuation Modestly Undervalued
! 3 Warning Signs
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What is Radiance Holdings (Group) Co Beneish M-Score?

Radiance Holdings (Group) Co HKSE:09993 +1.76% 64 Beneish M-Score is -2.23 as of Aug. 28, 2026. GuruFocus rates HKSE:09993 with a GF Score™ of 64/100 and a GF Value™ of HK$1.28 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,678 Real Estate companies, Radiance Holdings (Group) Co ranks worse than 58.82% 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Radiance Holdings (Group) Co's Beneish M-Score or its related term are showing as below:

HKSE:09993' s Beneish M-Score Range Over the Past 10 Years
Min: -3.64   Med: -2.32   Max: -1.73
Current: -2.23

During the past 9 years, the highest Beneish M-Score of Radiance Holdings (Group) Co was -1.73. The lowest was -3.64. And the median was -2.32.

Radiance Holdings (Group) Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Radiance Holdings (Group) 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.

Radiance Holdings (Group) Co Beneish M-Score Chart

Radiance Holdings (Group) Co Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -1.73 -2.43 -2.48 -3.64 -2.23

Radiance Holdings (Group) Co Semi-Annual Data
Dec17 Dec18 Dec19 Jun20 Dec20 Jun21 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.48 0.00 -3.64 0.00 -2.23

Radiance Holdings (Group) Co Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Radiance Holdings (Group) 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.

Radiance Holdings (Group) Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Radiance Holdings (Group) Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Radiance Holdings (Group) Co's Beneish M-Score falls into.


HKSE:09993
64GF Score
Radiance Holdings (Group) Co Ltd HKSE:09993
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Radiance Holdings (Group) Co 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 Radiance Holdings (Group) 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 * 1.6099+0.528 * 2.1301+0.404 * 1.0904+0.892 * 0.593+0.115 * 0.6965
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4247+4.679 * -0.097383-0.327 * 1.0605
=-2.23

* 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$8,648 Mil.
Revenue was HK$15,680 Mil.
Gross Profit was HK$-1,724 Mil.
Total Current Assets was HK$57,056 Mil.
Total Assets was HK$86,040 Mil.
Property, Plant and Equipment(Net PPE) was HK$783 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$96 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,219 Mil.
Total Current Liabilities was HK$55,140 Mil.
Long-Term Debt & Capital Lease Obligation was HK$11,215 Mil.
Net Income was HK$-7,644 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$735 Mil.
 Total Receivables was HK$9,059 Mil.
Revenue was HK$26,442 Mil.
Gross Profit was HK$-6,192 Mil.
Total Current Assets was HK$71,123 Mil.
Total Assets was HK$103,198 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,056 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$87 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,442 Mil.
Total Current Liabilities was HK$56,821 Mil.
Long-Term Debt & Capital Lease Obligation was HK$18,226 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)
=(8648.475 / 15680.241) / (9059.1 / 26442.013)
=0.551552 / 0.342603
=1.6099

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)
=(-6191.685 / 26442.013) / (-1723.698 / 15680.241)
=-0.234161 / -0.109928
=2.1301

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 - (57056.47 + 783.089) / 86039.515) / (1 - (71123.237 + 1055.756) / 103198.348)
=0.327756 / 0.30058
=1.0904

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
=15680.241 / 26442.013
=0.593

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))
=(87.178 / (87.178 + 1055.756)) / (96.303 / (96.303 + 783.089))
=0.076276 / 0.109511
=0.6965

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)
=(1218.633 / 15680.241) / (1442.46 / 26442.013)
=0.077718 / 0.054552
=1.4247

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)
=((11214.88 + 55139.538) / 86039.515) / ((18225.519 + 56821.265) / 103198.348)
=0.771209 / 0.727209
=1.0605

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
=(-7644.026 - 0 - 734.764) / 86039.515
=-0.097383

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.

Radiance Holdings (Group) Co has a M-score of -2.23 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 -2.23 mean?
Radiance Holdings (Group) Co (HKSE:09993) has a Beneish M-Score of -2.23 as of Aug. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Radiance Holdings (Group) Co and its competitors. According to the industry distribution chart, Radiance Holdings (Group) Co ranks #987 out of 1678 companies in the Real Estate industry, placing it in the top 58.8%.
Is Radiance Holdings (Group) Co's Beneish M-Score too high?
Radiance Holdings (Group) Co's current Beneish M-Score is -2.23. Based on the distribution chart, Radiance Holdings (Group) Co ranks #987 out of 1678 companies in the Real Estate industry, which is below the industry midpoint. Overall, Radiance Holdings (Group) Co has a GF Score™ of 64/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Radiance Holdings (Group) Co's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Radiance Holdings (Group) Co ranks #987 out of 1678 companies for Beneish M-Score. This places Radiance Holdings (Group) 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Radiance Holdings (Group) Co and its competitors. Radiance Holdings (Group) Co's current Beneish M-Score is -2.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Radiance Holdings (Group) Co stock overvalued right now?
Based on GuruFocus' analysis, Radiance Holdings (Group) Co (HKSE:09993) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$1.28, compared to a current price of HK$1.16 — trading 9.8% below its estimated fair value. The current Beneish M-Score is -2.23. Radiance Holdings (Group) Co's overall GF Score™ is 64/100 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 Radiance Holdings (Group) Co (HKSE:09993), the current Beneish M-Score is -2.23 as of Aug. 28, 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 Radiance Holdings (Group) Co (HKSE:09993) Overvalued in 2026?

Based on GuruFocus' analysis, Radiance Holdings (Group) Co stock appears to be undervalued. The current stock price of HK$1.16 is trading 9.8% below its estimated GF Value™ of HK$1.28. GuruFocus considers Radiance Holdings (Group) Co to be Modestly Undervalued.

Key valuation signals for HKSE:09993:

  • Beneish M-Score: -2.23
  • GF Value™: HK$1.28 vs. price of HK$1.16 (9.8% below fair value)
  • GF Score™: 64/100 with 3 warning signs

No single metric tells the full story. See the HKSE:09993 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Radiance Holdings (Group) Co Business Description

Other Exchanges RDH:Germany
Address Qiyang Road, 42nd Floor, Radiance Plaza, Wangjing, Chaoyang District, Beijing, CHN, 100029
Radiance Holdings (Group) Co Ltd is an investment holding company. Along with its subsidiaries, it is engaged in the development and sale of properties, property leasing, the provision of management consulting services, and hotel services. A majority of its revenue is generated from the property development business, which is involved in the development and sale of residential and commercial properties in Mainland China.
64GF Score

Get the complete analysis for HKSE:09993

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

HK$1.16
Price
HK$1.28
GF Value