Hua Xia Bank Co (SHSE:600015) Beneish M-Score: -2.31 (As of Jun. 27, 2026)


SHSE:600015 Hua Xia Bank Co Ltd SHSE:600015
52 GF Score
Price ¥6.51
GF Value ¥7.33
Valuation Modestly Undervalued
! 1 Warning Sign
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What is Hua Xia Bank Co Beneish M-Score?

Hua Xia Bank Co SHSE:600015 -2.11% 52 Beneish M-Score is -2.31 as of Jun. 27, 2026. GuruFocus rates SHSE:600015 with a GF Score™ of 52/100 and a GF Value™ of ¥7.33 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,397 Banks companies, Hua Xia Bank Co ranks worse than 66.43% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SHSE:600015' s Beneish M-Score Range Over the Past 10 Years
Min: -4.72   Med: -2.39   Max: -1.45
Current: -2.31

During the past 13 years, the highest Beneish M-Score of Hua Xia Bank Co was -1.45. The lowest was -4.72. And the median was -2.39.

SHSE:600015
52GF Score
Hua Xia Bank Co Ltd SHSE:600015
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Hua Xia Bank 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 Hua Xia Bank 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+0.528 * 1+0.404 * 0.9992+0.892 * 1.0575+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6857+4.679 * 0.00634-0.327 * 0.9039
=-2.31

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ¥0 Mil.
Revenue was 24623 + 27039 + 19359 + 27328 = ¥98,349 Mil.
Gross Profit was 24623 + 27039 + 19359 + 27328 = ¥98,349 Mil.
Total Current Assets was ¥0 Mil.
Total Assets was ¥4,878,502 Mil.
Property, Plant and Equipment(Net PPE) was ¥82,873 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥-2,849 Mil.
Total Current Liabilities was ¥0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥857,389 Mil.
Net Income was 4987 + 9218 + 6512 + 6407 = ¥27,124 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -36125 + -19808 + -43007 + 95135 = ¥-3,805 Mil.
 Total Receivables was ¥0 Mil.
Revenue was 17997 + 25988 + 22779 + 26235 = ¥92,999 Mil.
Gross Profit was 17997 + 25988 + 22779 + 26235 = ¥92,999 Mil.
Total Current Assets was ¥0 Mil.
Total Assets was ¥4,521,199 Mil.
Property, Plant and Equipment(Net PPE) was ¥73,195 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥-3,929 Mil.
Total Current Liabilities was ¥0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥879,072 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)
=(0 / 98349) / (0 / 92999)
=0 / 0
=1

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)
=(92999 / 92999) / (98349 / 98349)
=1 / 1
=1

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 - (0 + 82873) / 4878502) / (1 - (0 + 73195) / 4521199)
=0.983013 / 0.983811
=0.9992

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
=98349 / 92999
=1.0575

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))
=(0 / (0 + 73195)) / (0 / (0 + 82873))
=0 / 0
=1

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)
=(-2849 / 98349) / (-3929 / 92999)
=-0.028968 / -0.042248
=0.6857

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)
=((857389 + 0) / 4878502) / ((879072 + 0) / 4521199)
=0.175748 / 0.194433
=0.9039

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
=(27124 - 0 - -3805) / 4878502
=0.00634

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.

Hua Xia Bank Co has a M-score of -2.31 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 -2.31 mean?
Hua Xia Bank Co (SHSE:600015) has a Beneish M-Score of -2.31 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hua Xia Bank Co and its competitors. According to the industry distribution chart, Hua Xia Bank Co ranks #928 out of 1397 companies in the Banks industry, placing it in the top 66.4%.
Is Hua Xia Bank Co's Beneish M-Score too high?
Hua Xia Bank Co's current Beneish M-Score is -2.31. Based on the distribution chart, Hua Xia Bank Co ranks #928 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Hua Xia Bank Co has a GF Score™ of 52/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Hua Xia Bank Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Hua Xia Bank Co ranks #928 out of 1397 companies for Beneish M-Score. This places Hua Xia Bank 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Hua Xia Bank Co and its competitors. Hua Xia Bank Co's current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hua Xia Bank Co stock overvalued right now?
Based on GuruFocus' analysis, Hua Xia Bank Co (SHSE:600015) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥7.33, compared to a current price of ¥6.51 — trading 11.2% below its estimated fair value. The current Beneish M-Score is -2.31. Hua Xia Bank Co's overall GF Score™ is 52/100 with 1 warning sign 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 Hua Xia Bank Co (SHSE:600015), the current Beneish M-Score is -2.31 as of Jun. 27, 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 Hua Xia Bank Co (SHSE:600015) Overvalued in 2026?

Based on GuruFocus' analysis, Hua Xia Bank Co stock appears to be undervalued. The current stock price of ¥6.51 is trading 11.2% below its estimated GF Value™ of ¥7.33. GuruFocus considers Hua Xia Bank Co to be Modestly Undervalued.

Key valuation signals for SHSE:600015:

  • Beneish M-Score: -2.31
  • GF Value™: ¥7.33 vs. price of ¥6.51 (11.2% below fair value)
  • GF Score™: 52/100 with 1 warning sign

No single metric tells the full story. See the SHSE:600015 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Hua Xia Bank Co Business Description

Address No. 22, Jianguomennei Street, Hua Xia Bank Plaza, Dongcheng District, Beijing, CHN, 100005
Hua Xia Bank Co Ltd is a commercial bank. It provides services in corporate banking, personal banking, and businesses related to financial markets.
52GF Score

Get the complete analysis for SHSE:600015

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

¥6.51
Price
¥7.33
GF Value