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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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Kweichow Moutai Co's Beneish M-Score or its related term are showing as below:
SHSE:600519'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.39 Med: -2.33 Max: 92.43
Current: -2.36
During the past 13 years, the highest Beneish M-Score of Kweichow Moutai Co was 92.43. The lowest was -4.39. And the median was -2.33.
Kweichow Moutai Co Beneish M-Score Related Terms
Kweichow Moutai Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Kweichow Moutai 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.
For the Beverages - Wineries & Distilleries subindustry, Kweichow Moutai 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.
Kweichow Moutai Co Beneish M-Score vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Kweichow Moutai Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kweichow Moutai 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 Kweichow Moutai 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 * 1.0367
+
0.528 * 1.0138
+
0.404 * 1.0649
+
0.892 * 0.9788
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1429
+
4.679 * 0.009666
-
0.327 * 0.8554
=
-2.36
* 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 + 24608.543))
/
(0 / (0 + 25214.444))
=
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
=
(82715.105 - 0
-
79622.9)
/
319918.845
=
0.009666
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.
Kweichow Moutai Co has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
Kweichow Moutai Co (SHSE:600519) has a Beneish M-Score of -2.36 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kweichow Moutai Co and its competitors. According to the industry distribution chart, Kweichow Moutai Co ranks #138 out of 199 companies in the Beverages - Alcoholic industry, placing it in the top 69.3%.
Is Kweichow Moutai Co's Beneish M-Score too high?
Kweichow Moutai Co's current Beneish M-Score is -2.36. Based on the distribution chart, Kweichow Moutai Co ranks #138 out of 199 companies in the Beverages - Alcoholic industry, which is below the industry midpoint. Overall, Kweichow Moutai Co has a GF Score™ of 99/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kweichow Moutai Co's Beneish M-Score compare to BF.B?
According to the Beverages - Alcoholic industry distribution chart, Kweichow Moutai Co ranks #138 out of 199 companies for Beneish M-Score. This places Kweichow Moutai 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 Beverages - Alcoholic company?
A good Beneish M-Score depends on the Beverages - Alcoholic 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 Kweichow Moutai Co and its competitors. Kweichow Moutai Co's current Beneish M-Score is -2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kweichow Moutai Co stock overvalued right now?
Based on GuruFocus' analysis, Kweichow Moutai Co (SHSE:600519) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥1,594.27, compared to a current price of ¥1,292.01 — trading 19% below its estimated fair value. The current Beneish M-Score is -2.36. Kweichow Moutai Co's overall GF Score™ is 99/100 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 Kweichow Moutai Co (SHSE:600519), the current Beneish M-Score is -2.36 as of Jul. 23, 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 Kweichow Moutai Co (SHSE:600519) Overvalued in 2026?
Based on GuruFocus' analysis, Kweichow Moutai Co stock appears to be undervalued.
The current stock price of ¥1,292.01 is trading 19% below its estimated GF Value™ of ¥1,594.27.
GuruFocus considers Kweichow Moutai Co to be Modestly Undervalued.
Key valuation signals for SHSE:600519:
Beneish M-Score: -2.36
GF Value™: ¥1,594.27 vs. price of ¥1,292.01 (19% below fair value)
No single metric tells the full story. See the SHSE:600519 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kweichow Moutai is China's largest baijiu producer, with sales revenue of over CNY 170 billion in 2024. Established in 1951, Moutai is headquartered in Moutai Town, Renhuai City, Guizhou province, in southwest China. Its core product, 53-degree Feitian Moutai, is known as China's national drink and has been consumed during many high-profile historical and political events. Moutai's unparalleled brand strength and premium product quality have led to remarkable pricing power, allowing it to achieve the industry's highest retail prices and profit margins. The State-owned Assets Supervision and Administration Commission of Guizhou province, through Moutai Group, controls a 49% stake in Kweichow Moutai.
99GF Score
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