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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 -2.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Anchun International Holdings's Beneish M-Score or its related term are showing as below:
SGX:BTX'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.19 Med: -2.42 Max: 0.1
Current: -2.03
During the past 13 years, the highest Beneish M-Score of Anchun International Holdings was 0.10. The lowest was -3.19. And the median was -2.42.
* 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.
Anchun International Holdings Beneish M-Score Chart
For the Chemicals subindustry, Anchun International 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.
Anchun International Holdings Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Anchun International Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Anchun International Holdings's Beneish M-Score falls into.
Anchun International 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 Anchun International Holdings 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 * 1.3337
+
0.528 * 0.8859
+
0.404 * 1.0205
+
0.892 * 0.8356
+
0.115 * 1.0238
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1598
+
4.679 * 0.061041
-
0.327 * 0.763
=
-2.03
* 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))
=
(1.546 / (1.546 + 6.866))
/
(1.358 / (1.358 + 6.207))
=
0.183785
/
0.179511
=
1.0238
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
=
(2.659 - 0
-
-1.789)
/
72.869
=
0.061041
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.
Anchun International Holdings has a M-score of -2.03 suggests that the company is unlikely to be a manipulator.
Anchun International Holdings (SGX:BTX) has a Beneish M-Score of -2.03 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Anchun International Holdings and its competitors. According to the industry distribution chart, Anchun International Holdings ranks #1188 out of 1527 companies in the Chemicals industry, placing it in the top 77.8%.
Is Anchun International Holdings' Beneish M-Score too high?
Anchun International Holdings' current Beneish M-Score is -2.03. Based on the distribution chart, Anchun International Holdings ranks #1188 out of 1527 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Anchun International Holdings has a GF Score™ of 34/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Anchun International Holdings' Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, Anchun International Holdings ranks #1188 out of 1527 companies for Beneish M-Score. This places Anchun International Holdings 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Anchun International Holdings and its competitors. Anchun International Holdings's current Beneish M-Score is -2.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Anchun International Holdings stock overvalued right now?
Based on GuruFocus' analysis, Anchun International Holdings (SGX:BTX) is currently considered Fairly Valued. The stock's GF Value™ is S$0.30, compared to a current price of S$0.33 — trading 10% above its estimated fair value. The current Beneish M-Score is -2.03. Anchun International Holdings' overall GF Score™ is 34/100 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 Anchun International Holdings (SGX:BTX), the current Beneish M-Score is -2.03 as of Aug. 15, 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 Anchun International Holdings (SGX:BTX) Overvalued in 2026?
Based on GuruFocus' analysis, Anchun International Holdings stock appears to be overvalued.
The current stock price of S$0.33 is trading 10% above its estimated GF Value™ of S$0.30.
GuruFocus considers Anchun International Holdings to be Fairly Valued.
Key valuation signals for SGX:BTX:
Beneish M-Score: -2.03
GF Value™: S$0.30 vs. price of S$0.33 (10% above fair value)
No single metric tells the full story. See the SGX:BTX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Anchun International Holdings Ltd is an investment holding company. The group is an integrated EPC provider of process technology, design, manufacturing, and engineering services. The company has aggregated its operations into reportable segments as: Catalyst Business, Chemical Engineering and Technology Engineering Services; and Chemical Systems and Components Business. The catalyst business segment involves manufacturing a variety of catalysts for use in the process of gas making. The Chemical Engineering segment involves providing chemical systems engineering and technology design services for the production of ammonia and methanol-related products. The Chemical Systems segment involves the manufacturing of chemical equipment. It derives maximum revenue from the PRC from CSC business.
34GF Score
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