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China XLX FertiliserSGX:B9R 9 Beneish M-Score is -2.89 as of Aug. 19, 2026. GuruFocus rates SGX:B9R with a GF Score™ of 9/100. The stock has 6 warning signs investors should review. Among 243 Agriculture companies, China XLX Fertiliser ranks better than 81.07% 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for China XLX Fertiliser's Beneish M-Score or its related term are showing as below:
SGX:B9R'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.52 Max: -1.25
Current: -2.89
During the past 13 years, the highest Beneish M-Score of China XLX Fertiliser was -1.25. The lowest was -3.28. And the median was -2.52.
China XLX Fertiliser Beneish M-Score Related Terms
China XLX Fertiliser Beneish M-Score Historical Data
* Premium members only.
The historical data trend for China XLX Fertiliser'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.
SGX:B9R vs CTVA, CF, MOS: Beneish M-Score Comparison
For the Agricultural Inputs subindustry, China XLX Fertiliser'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.
China XLX Fertiliser Beneish M-Score vs Agriculture Industry
For the Agriculture industry and Basic Materials sector, China XLX Fertiliser's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China XLX Fertiliser'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 China XLX Fertiliser 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 * 1.2346
+
0.528 * 1.1316
+
0.404 * 0.9211
+
0.892 * 1.083
+
0.115 * 1.0732
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9465
+
4.679 * -0.063073
-
0.327 * 1.0609
=
-2.45
* 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))
=
(309.034 / (309.034 + 4776.714))
/
(345.798 / (345.798 + 5761.272))
=
0.060765
/
0.056623
=
1.0732
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
=
(170.797 - 0
-
618.808)
/
7103.033
=
-0.063073
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.
China XLX Fertiliser has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
China XLX Fertiliser (SGX:B9R) has a Beneish M-Score of -2.89 as of Aug. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China XLX Fertiliser and its competitors. According to the industry distribution chart, China XLX Fertiliser ranks #46 out of 243 companies in the Agriculture industry, placing it in the top 18.9%.
Is China XLX Fertiliser's Beneish M-Score too high?
China XLX Fertiliser's current Beneish M-Score is -2.89. Based on the distribution chart, China XLX Fertiliser ranks #46 out of 243 companies in the Agriculture industry, which is in the top quartile — a strong position relative to peers. Overall, China XLX Fertiliser has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does China XLX Fertiliser's Beneish M-Score compare to CTVA and CF?
According to the Agriculture industry distribution chart, China XLX Fertiliser ranks #46 out of 243 companies for Beneish M-Score. This places China XLX Fertiliser in the top 19% of its industry — outperforming the majority of peers. 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 Agriculture company?
A good Beneish M-Score depends on the Agriculture 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 China XLX Fertiliser and its competitors. China XLX Fertiliser's current Beneish M-Score is -2.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China XLX Fertiliser stock overvalued right now?
China XLX Fertiliser (SGX:B9R) has a current Beneish M-Score of -2.89. The current Beneish M-Score is -2.89. China XLX Fertiliser's overall GF Score™ is 9/100 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 China XLX Fertiliser (SGX:B9R), the current Beneish M-Score is -2.89 as of Aug. 19, 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.
China XLX Fertiliser Ltd is an investment holding company. Along with its subsidiaries, it is engaged in the manufacturing and sale of fertilizers. It operates in the following segments: Manufacturing of Urea, Compound fertilizer, DMF, Methanol, Melamine, Urea Solution for vehicles, Liquid ammonia, Medical Intermediate, Dimethylformamide, Polyoxymethylene, and Others . Its geographical segments are China and Overseas, of which China accounts for the vast majority of its revenue.
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