Sinolink Securities Co (SHSE:600109) Beneish M-Score: -2.83 (As of Jun. 28, 2026)


SHSE:600109 Sinolink Securities Co Ltd SHSE:600109
66 GF Score
Price ¥8.73
GF Value ¥12.00
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Sinolink Securities Co Beneish M-Score?

Sinolink Securities Co SHSE:600109 -3.54% 66 Beneish M-Score is -2.83 as of Jun. 28, 2026. GuruFocus rates SHSE:600109 with a GF Score™ of 66/100 and a GF Value™ of ¥12.00 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 954 Asset Management companies, Sinolink Securities Co ranks better than 76.83% 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 -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SHSE:600109' s Beneish M-Score Range Over the Past 10 Years
Min: -5.2   Med: -2.28   Max: -0.33
Current: -2.83

During the past 13 years, the highest Beneish M-Score of Sinolink Securities Co was -0.33. The lowest was -5.20. And the median was -2.28.

SHSE:600109
66GF Score
Sinolink Securities Co Ltd SHSE:600109
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Sinolink Securities 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 Sinolink Securities 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 * 1.0006+0.892 * 1.2663+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0836+4.679 * -0.126204-0.327 * 0.9476
=-2.83

* 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 2452.027 + 2298.629 + 2286.139 + 2012.548 = ¥9,049 Mil.
Gross Profit was 2452.027 + 2298.629 + 2286.139 + 2012.548 = ¥9,049 Mil.
Total Current Assets was ¥0 Mil.
Total Assets was ¥170,901 Mil.
Property, Plant and Equipment(Net PPE) was ¥316 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,501 Mil.
Total Current Liabilities was ¥0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥38,986 Mil.
Net Income was 692.334 + 576.564 + 589.55 + 528.137 = ¥2,387 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 17439.536 + 2944.585 + -549.11 + 4119.936 = ¥23,955 Mil.
 Total Receivables was ¥0 Mil.
Revenue was 1858.05 + 2409.701 + 1534.269 + 1344.303 = ¥7,146 Mil.
Gross Profit was 1858.05 + 2409.701 + 1534.269 + 1344.303 = ¥7,146 Mil.
Total Current Assets was ¥0 Mil.
Total Assets was ¥140,624 Mil.
Property, Plant and Equipment(Net PPE) was ¥345 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,094 Mil.
Total Current Liabilities was ¥0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥33,854 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 / 9049.343) / (0 / 7146.323)
=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)
=(7146.323 / 7146.323) / (9049.343 / 9049.343)
=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 + 316.415) / 170901.399) / (1 - (0 + 345.465) / 140623.923)
=0.998149 / 0.997543
=1.0006

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
=9049.343 / 7146.323
=1.2663

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 + 345.465)) / (0 / (0 + 316.415))
=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)
=(1500.719 / 9049.343) / (1093.664 / 7146.323)
=0.165837 / 0.153039
=1.0836

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)
=((38986.367 + 0) / 170901.399) / ((33854.001 + 0) / 140623.923)
=0.228122 / 0.240741
=0.9476

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
=(2386.585 - 0 - 23954.947) / 170901.399
=-0.126204

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.

Sinolink Securities Co has a M-score of -2.83 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 -2.83 mean?
Sinolink Securities Co (SHSE:600109) has a Beneish M-Score of -2.83 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sinolink Securities Co and its competitors. According to the industry distribution chart, Sinolink Securities Co ranks #221 out of 954 companies in the Asset Management industry, placing it in the top 23.2%.
Is Sinolink Securities Co's Beneish M-Score too high?
Sinolink Securities Co's current Beneish M-Score is -2.83. Based on the distribution chart, Sinolink Securities Co ranks #221 out of 954 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Sinolink Securities Co has a GF Score™ of 66/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Sinolink Securities Co's Beneish M-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Sinolink Securities Co ranks #221 out of 954 companies for Beneish M-Score. This places Sinolink Securities Co in the top 23% 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 Asset Management company?
A good Beneish M-Score depends on the Asset Management 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 Sinolink Securities Co and its competitors. Sinolink Securities Co's current Beneish M-Score is -2.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sinolink Securities Co stock overvalued right now?
Based on GuruFocus' analysis, Sinolink Securities Co (SHSE:600109) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥12.00, compared to a current price of ¥8.73 — trading 27.3% below its estimated fair value. The current Beneish M-Score is -2.83. Sinolink Securities Co's overall GF Score™ is 66/100 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 Sinolink Securities Co (SHSE:600109), the current Beneish M-Score is -2.83 as of Jun. 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 Sinolink Securities Co (SHSE:600109) Overvalued in 2026?

Based on GuruFocus' analysis, Sinolink Securities Co stock appears to be undervalued. The current stock price of ¥8.73 is trading 27.3% below its estimated GF Value™ of ¥12.00. GuruFocus considers Sinolink Securities Co to be Modestly Undervalued.

Key valuation signals for SHSE:600109:

  • Beneish M-Score: -2.83
  • GF Value™: ¥12.00 vs. price of ¥8.73 (27.3% below fair value)
  • GF Score™: 66/100 with 2 warning signs

No single metric tells the full story. See the SHSE:600109 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Sinolink Securities Co Business Description

Address No. 95, Dongchenggen Shang Street, Qingyang District, Sichuan Province, Chengdu, CHN, 610015
Sinolink Securities Co Ltd is engaged in investment banking, research, consulting, and brokerage services in China. The company provides securities brokerage; securities investment consulting; financial advisory services related to securities trading and securities investment activities; securities underwriting and sponsorship; securities proprietary trading; securities asset management; margin trading; agency sales of financial products; agency sales of securities investment funds; and provision of intermediary introduction services for futures companies.
66GF Score

Get the complete analysis for SHSE:600109

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

¥8.73
Price
¥12.00
GF Value