Yongan Futures Co (SHSE:600927) Beneish M-Score: 0.00 (As of Jul. 05, 2026)


SHSE:600927 Yongan Futures Co Ltd SHSE:600927
40 GF Score
Price ¥12.78
! 3 Warning Signs
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What is Yongan Futures Co Beneish M-Score?

Yongan Futures Co SHSE:600927 -0.70% 40 Beneish M-Score is 0.00 as of Jul. 05, 2026. GuruFocus rates SHSE:600927 with a GF Score™ of 40/100. The stock has 3 warning signs investors should review. Among 705 Capital Markets companies, Yongan Futures Co ranks worse than 141843.83% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

The historical rank and industry rank for Yongan Futures Co's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Yongan Futures Co was 4.68. The lowest was -6.25. And the median was -2.02.

SHSE:600927
40GF Score
Yongan Futures Co Ltd SHSE:600927
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Yongan Futures Co Beneish M-Score Calculation

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 Yongan Futures 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ¥0 Mil.
Revenue was 409.964 + -6522.91 + 2752.691 + 5376.277 = ¥2,016 Mil.
Gross Profit was 409.964 + -6522.91 + 2752.691 + 5376.277 = ¥2,016 Mil.
Total Current Assets was ¥0 Mil.
Total Assets was ¥95,941 Mil.
Property, Plant and Equipment(Net PPE) was ¥659 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥291 Mil.
Total Current Liabilities was ¥0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥4,329 Mil.
Net Income was 193.986 + 176.935 + 304.715 + 138.171 = ¥814 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 655.46 + 7924.996 + -349.494 + -6050.627 = ¥2,180 Mil.
 Total Receivables was ¥0 Mil.
Revenue was 174.202 + -17108.275 + 6520.119 + 7752.863 = ¥-2,661 Mil.
Gross Profit was 174.202 + -17108.275 + 6520.119 + 7752.863 = ¥-2,661 Mil.
Total Current Assets was ¥0 Mil.
Total Assets was ¥62,061 Mil.
Property, Plant and Equipment(Net PPE) was ¥500 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥144 Mil.
Total Current Liabilities was ¥0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,692 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 2016.022) / (0 / -2661.091)
=0 /
=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(-2661.091 / -2661.091) / (2016.022 / 2016.022)
= / 1
=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 659.053) / 95941.067) / (1 - (0 + 499.762) / 62060.776)
=0.993131 / 0.991947
=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=2016.022 / -2661.091
=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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 + 499.762)) / (0 / (0 + 659.053))
=0 / 0
=

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(291.386 / 2016.022) / (143.564 / -2661.091)
=0.144535 /
=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((4329.31 + 0) / 95941.067) / ((1691.792 + 0) / 62060.776)
=0.045125 / 0.02726
=

8. TATA = Total Accruals to Total Assets

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
=(813.807 - 0 - 2180.335) / 95941.067
=-0.014243

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Yongan Futures Co (SHSE:600927) has a Beneish M-Score of 0.00 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Yongan Futures Co and its competitors. According to the industry distribution chart, Yongan Futures Co ranks #999999 out of 705 companies in the Capital Markets industry.
Is Yongan Futures Co's Beneish M-Score too high?
Yongan Futures Co's current Beneish M-Score is 0.00. Based on the distribution chart, Yongan Futures Co ranks #999999 out of 705 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Yongan Futures Co has a GF Score™ of 40/100, reflecting its overall financial health beyond just this single metric.
How does Yongan Futures Co's Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Yongan Futures Co ranks #999999 out of 705 companies for Beneish M-Score. This places Yongan Futures 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 Capital Markets company?
A good Beneish M-Score depends on the Capital Markets 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 Yongan Futures Co and its competitors. Yongan Futures Co's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Yongan Futures Co stock overvalued right now?
Yongan Futures Co (SHSE:600927) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Yongan Futures Co's overall GF Score™ is 40/100 with 3 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 Yongan Futures Co (SHSE:600927), the current Beneish M-Score is 0.00 as of Jul. 05, 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.

Yongan Futures Co Business Description

Address No. 200 Xinye Road, 16-17 Floor, Huafeng International Business Building, 10th Floor, Room 1101, Room 1102, Room 1104, Jianggan District, Zhejiang Province, Hangzhou, CHN, 310016
Yongan Futures Co Ltd is engaged in the commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, fund sales.
40GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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