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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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for China Security Co's Beneish M-Score or its related term are showing as below:
SHSE:600654'
s Beneish M-Score Range Over the Past 10 Years
Min: -5.33 Med: -2.37 Max: -0.67
Current: -2.6
During the past 13 years, the highest Beneish M-Score of China Security Co was -0.67. The lowest was -5.33. And the median was -2.37.
China Security Co Beneish M-Score Related Terms
China Security Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for China Security 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:600654 vs ALLE, MSA, ADT: Beneish M-Score Comparison
For the Security & Protection Services subindustry, China Security 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 Security Co Beneish M-Score vs Business Services Industry
For the Business Services industry and Industrials sector, China Security Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Security 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 Security 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 * 0.9338
+
0.528 * 1.0554
+
0.404 * 0.9198
+
0.892 * 0.9342
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8091
+
4.679 * -0.01167
-
0.327 * 0.9365
=
-2.60
* 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 + 444.808))
/
(0 / (0 + 370.019))
=
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
=
(72.748 - 0
-
112.115)
/
3373.379
=
-0.01167
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 Security Co has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
China Security Co (SHSE:600654) has a Beneish M-Score of -2.60 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Security Co and its competitors. According to the industry distribution chart, China Security Co ranks #462 out of 1020 companies in the Business Services industry, placing it in the top 45.3%.
Is China Security Co's Beneish M-Score too high?
China Security Co's current Beneish M-Score is -2.60. Based on the distribution chart, China Security Co ranks #462 out of 1020 companies in the Business Services industry, which is above the industry midpoint. Overall, China Security Co has a GF Score™ of 58/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China Security Co's Beneish M-Score compare to ALLE and MSA?
According to the Business Services industry distribution chart, China Security Co ranks #462 out of 1020 companies for Beneish M-Score. This puts China Security 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 Security Co and its competitors. China Security Co's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Security Co stock overvalued right now?
Based on GuruFocus' analysis, China Security Co (SHSE:600654) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥2.86, compared to a current price of ¥2.53 — trading 11.5% below its estimated fair value. The current Beneish M-Score is -2.60. China Security Co's overall GF Score™ is 58/100 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 China Security Co (SHSE:600654), the current Beneish M-Score is -2.60 as of Jul. 13, 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 Security Co (SHSE:600654) Overvalued in 2026?
Based on GuruFocus' analysis, China Security Co stock appears to be undervalued.
The current stock price of ¥2.53 is trading 11.5% below its estimated GF Value™ of ¥2.86.
GuruFocus considers China Security Co to be Modestly Undervalued.
Key valuation signals for SHSE:600654:
Beneish M-Score: -2.60
GF Value™: ¥2.86 vs. price of ¥2.53 (11.5% below fair value)
No single metric tells the full story. See the SHSE:600654 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Security Co Ltd is a professional smart city system integrator and comprehensive security service provider in China. It is involved in system integration and product manufacture. Its domestic business includes Public Safety, Smart Living, Smart Industry, and Smart Integration. Its international business includes Cash Logistics Management, Property Security Service, Electronic Security Service, Guard Security Services, Facility Management Service, and Extended Security Services.
58GF Score
Get the complete analysis for SHSE:600654
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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