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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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Top Energy Co shanxi's Beneish M-Score or its related term are showing as below:
SHSE:600780'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.18 Med: -2.61 Max: 2.15
Current: -2.57
During the past 13 years, the highest Beneish M-Score of Top Energy Co shanxi was 2.15. The lowest was -3.18. And the median was -2.61.
Top Energy Co shanxi Beneish M-Score Related Terms
Top Energy Co shanxi Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Top Energy Co shanxi'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:600780 vs NEE, SO, DUK: Beneish M-Score Comparison
For the Utilities - Regulated Electric subindustry, Top Energy Co shanxi'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.
Top Energy Co shanxi Beneish M-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Top Energy Co shanxi's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Top Energy Co shanxi'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 Top Energy Co shanxi 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 * 1.0348
+
0.528 * 0.8795
+
0.404 * 1.0717
+
0.892 * 1.0116
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * -0.4995
+
4.679 * -0.061259
-
0.327 * 1.2164
=
-2.57
* 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 + 4536.251))
/
(0 / (0 + 5271.724))
=
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
=
(651.862 - 0
-
1397.652)
/
12174.406
=
-0.061259
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.
Top Energy Co shanxi has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
Top Energy Co shanxi (SHSE:600780) has a Beneish M-Score of -2.57 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Top Energy Co shanxi and its competitors. According to the industry distribution chart, Top Energy Co shanxi ranks #255 out of 487 companies in the Utilities - Regulated industry, placing it in the top 52.4%.
Is Top Energy Co shanxi's Beneish M-Score too high?
Top Energy Co shanxi's current Beneish M-Score is -2.57. Based on the distribution chart, Top Energy Co shanxi ranks #255 out of 487 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Top Energy Co shanxi has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Top Energy Co shanxi's Beneish M-Score compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Top Energy Co shanxi ranks #255 out of 487 companies for Beneish M-Score. This places Top Energy Co shanxi 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 an Utilities - Regulated company?
A good Beneish M-Score depends on the Utilities - Regulated 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 Top Energy Co shanxi and its competitors. Top Energy Co shanxi's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Top Energy Co shanxi stock overvalued right now?
Based on GuruFocus' analysis, Top Energy Co shanxi (SHSE:600780) is currently considered Fairly Valued. The stock's GF Value™ is ¥6.31, compared to a current price of ¥5.90 — trading 6.5% below its estimated fair value. The current Beneish M-Score is -2.57. Top Energy Co shanxi's overall GF Score™ is 76/100 with 4 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 Top Energy Co shanxi (SHSE:600780), the current Beneish M-Score is -2.57 as of Jul. 14, 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 Top Energy Co shanxi (SHSE:600780) Overvalued in 2026?
Based on GuruFocus' analysis, Top Energy Co shanxi stock appears to be undervalued.
The current stock price of ¥5.90 is trading 6.5% below its estimated GF Value™ of ¥6.31.
GuruFocus considers Top Energy Co shanxi to be Fairly Valued.
Key valuation signals for SHSE:600780:
Beneish M-Score: -2.57
GF Value™: ¥6.31 vs. price of ¥5.90 (6.5% below fair value)
No single metric tells the full story. See the SHSE:600780 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Top Energy Co Ltd shanxi is a Chinese company engaged in the generation of thermal electric power and heat. Its main distribution market is Shanxi province, China.
76GF Score
Get the complete analysis for SHSE:600780
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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