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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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Tsingtao Brewery Co's Beneish M-Score or its related term are showing as below:
SHSE:600600'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.29 Med: -2.72 Max: -0.29
Current: -2.72
During the past 13 years, the highest Beneish M-Score of Tsingtao Brewery Co was -0.29. The lowest was -3.29. And the median was -2.72.
Tsingtao Brewery Co Beneish M-Score Related Terms
Tsingtao Brewery Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Tsingtao Brewery 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:600600 vs BUD, STZ: Beneish M-Score Comparison
For the Beverages - Brewers subindustry, Tsingtao Brewery 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.
Tsingtao Brewery Co Beneish M-Score vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Tsingtao Brewery Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tsingtao Brewery 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 Tsingtao Brewery 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 * 0.8932
+
0.528 * 0.9625
+
0.404 * 0.8764
+
0.892 * 0.9963
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8926
+
4.679 * -0.02103
-
0.327 * 0.965
=
-2.72
* 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 + 12661.167))
/
(0 / (0 + 13696.125))
=
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
=
(4677.528 - 0
-
5799.843)
/
53368.25
=
-0.02103
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.
Tsingtao Brewery Co has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
Tsingtao Brewery Co (SHSE:600600) has a Beneish M-Score of -2.72 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tsingtao Brewery Co and its competitors. According to the industry distribution chart, Tsingtao Brewery Co ranks #79 out of 199 companies in the Beverages - Alcoholic industry, placing it in the top 39.7%.
Is Tsingtao Brewery Co's Beneish M-Score too high?
Tsingtao Brewery Co's current Beneish M-Score is -2.72. Based on the distribution chart, Tsingtao Brewery Co ranks #79 out of 199 companies in the Beverages - Alcoholic industry, which is above the industry midpoint. Overall, Tsingtao Brewery Co has a GF Score™ of 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tsingtao Brewery Co's Beneish M-Score compare to BUD and STZ?
According to the Beverages - Alcoholic industry distribution chart, Tsingtao Brewery Co ranks #79 out of 199 companies for Beneish M-Score. This puts Tsingtao Brewery 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 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 Tsingtao Brewery Co and its competitors. Tsingtao Brewery Co's current Beneish M-Score is -2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tsingtao Brewery Co stock overvalued right now?
Based on GuruFocus' analysis, Tsingtao Brewery Co (SHSE:600600) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥71.16, compared to a current price of ¥52.82 — trading 25.8% below its estimated fair value. The current Beneish M-Score is -2.72. Tsingtao Brewery Co's overall GF Score™ is 91/100 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 Tsingtao Brewery Co (SHSE:600600), the current Beneish M-Score is -2.72 as of Jul. 25, 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 Tsingtao Brewery Co (SHSE:600600) Overvalued in 2026?
Based on GuruFocus' analysis, Tsingtao Brewery Co stock appears to be undervalued.
The current stock price of ¥52.82 is trading 25.8% below its estimated GF Value™ of ¥71.16.
GuruFocus considers Tsingtao Brewery Co to be Modestly Undervalued.
Key valuation signals for SHSE:600600:
Beneish M-Score: -2.72
GF Value™: ¥71.16 vs. price of ¥52.82 (25.8% below fair value)
No single metric tells the full story. See the SHSE:600600 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
With over 100 years of history, Tsingtao Brewery has become one of the leading brewers in China with its core Tsingtao brand. The company commands a dominant position in its core market, Shandong province, which contributed close to 60% of its revenue and net profit in 2024. Unlike other major brewers, Tsingtao Brewery's brand umbrellas consist entirely of domestic brands. The Tsingtao brand has a mid-range to high-end market positioning and contributed over half of its volume whereas the mass market Laoshan brand targets the mainstream segment, with a declining volume mix as the company sought to premiumize its portfolio.
91GF Score
Get the complete analysis for SHSE:600600
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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