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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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for China Spacesat Co's Beneish M-Score or its related term are showing as below:
SHSE:600118'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.32 Max: -1.62
Current: -2.49
During the past 13 years, the highest Beneish M-Score of China Spacesat Co was -1.62. The lowest was -2.98. And the median was -2.32.
China Spacesat Co Beneish M-Score Related Terms
China Spacesat Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for China Spacesat 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.
SHSE:600118 vs SPCX, GE, RTX: Beneish M-Score Comparison
For the Aerospace & Defense subindustry, China Spacesat 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.
China Spacesat Co Beneish M-Score vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, China Spacesat Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Spacesat Co'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 Spacesat 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 * 0.733
+
0.528 * 1.3025
+
0.404 * 1.0893
+
0.892 * 1.1904
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9415
+
4.679 * -0.031878
-
0.327 * 0.9869
=
-2.49
* 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))
=
(0 / (0 + 1229.311))
/
(0 / (0 + 1198.213))
=
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
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
=
(16.976 - 0
-
440.7)
/
13291.908
=
-0.031878
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 Spacesat Co has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
China Spacesat Co (SHSE:600118) has a Beneish M-Score of -2.49 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Spacesat Co and its competitors. According to the industry distribution chart, China Spacesat Co ranks #140 out of 326 companies in the Aerospace & Defense industry, placing it in the top 42.9%.
Is China Spacesat Co's Beneish M-Score too high?
China Spacesat Co's current Beneish M-Score is -2.49. Based on the distribution chart, China Spacesat Co ranks #140 out of 326 companies in the Aerospace & Defense industry, which is above the industry midpoint. Overall, China Spacesat Co has a GF Score™ of 61/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does China Spacesat Co's Beneish M-Score compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, China Spacesat Co ranks #140 out of 326 companies for Beneish M-Score. This puts China Spacesat Co in the upper 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 an Aerospace & Defense company?
A good Beneish M-Score depends on the Aerospace & Defense 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 Spacesat Co and its competitors. China Spacesat Co's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Spacesat Co stock overvalued right now?
Based on GuruFocus' analysis, China Spacesat Co (SHSE:600118) is currently considered Significantly Overvalued. The stock's GF Value™ is ¥33.82, compared to a current price of ¥59.61 — trading 76.3% above its estimated fair value. The current Beneish M-Score is -2.49. China Spacesat Co's overall GF Score™ is 61/100 with 7 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 Spacesat Co (SHSE:600118), the current Beneish M-Score is -2.49 as of Jul. 22, 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 China Spacesat Co (SHSE:600118) Overvalued in 2026?
Based on GuruFocus' analysis, China Spacesat Co stock appears to be overvalued.
The current stock price of ¥59.61 is trading 76.3% above its estimated GF Value™ of ¥33.82.
GuruFocus considers China Spacesat Co to be Significantly Overvalued.
Key valuation signals for SHSE:600118:
Beneish M-Score: -2.49
GF Value™: ¥33.82 vs. price of ¥59.61 (76.3% above fair value)
No single metric tells the full story. See the SHSE:600118 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Spacesat Co Ltd is a China-based company engages in the development of small satellites, satellite ground systems, and related equipment. Its products offer aerospace system integration, large-scale ground station systems integration, satellite communications applications, satellite navigation applications and information transmission. The company operates its business in North China, northwest of China and South China.
61GF Score
Get the complete analysis for SHSE:600118
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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