Capital Securities (SHSE:601136) Beneish M-Score: -2.34 (As of Jul. 17, 2026)

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SHSE:601136 Capital Securities Corp Ltd SHSE:601136
50 GF Score
Price ¥13.94
GF Value ¥23.56
Valuation Significantly Undervalued
! 2 Warning Signs
View Full Analysis

What is Capital Securities Beneish M-Score?

Capital Securities SHSE:601136 -0.92% 50 Beneish M-Score is -2.34 as of Jul. 17, 2026. GuruFocus rates SHSE:601136 with a GF Score™ of 50/100 and a GF Value™ of ¥23.56 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 703 Capital Markets companies, Capital Securities ranks better than 58.61% 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.

Good Sign:

Beneish M-Score -2.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SHSE:601136' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28   Med: -2.19   Max: -0.37
Current: -2.34

During the past 13 years, the highest Beneish M-Score of Capital Securities was -0.37. The lowest was -3.28. And the median was -2.19.

SHSE:601136
50GF Score
Capital Securities Corp Ltd SHSE:601136
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Capital Securities 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 Capital Securities 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+0.528 * 1+0.404 * 0.9997+0.892 * 1.1564+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.6075+4.679 * 0.030248-0.327 * 1.1064
=-2.34

* 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 553.273 + 515.659 + 717.806 + 844.912 = ¥2,632 Mil.
Gross Profit was 553.273 + 515.659 + 717.806 + 844.912 = ¥2,632 Mil.
Total Current Assets was ¥0 Mil.
Total Assets was ¥58,535 Mil.
Property, Plant and Equipment(Net PPE) was ¥401 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥337 Mil.
Total Current Liabilities was ¥0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥19,835 Mil.
Net Income was 196.655 + 252.772 + 313.388 + 339.189 = ¥1,102 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -2073.347 + 1779.319 + -658.298 + 283.751 = ¥-669 Mil.
 Total Receivables was ¥0 Mil.
Revenue was 425.332 + 558.16 + 607.561 + 684.735 = ¥2,276 Mil.
Gross Profit was 425.332 + 558.16 + 607.561 + 684.735 = ¥2,276 Mil.
Total Current Assets was ¥0 Mil.
Total Assets was ¥51,311 Mil.
Property, Plant and Equipment(Net PPE) was ¥335 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥181 Mil.
Total Current Liabilities was ¥0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥15,715 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 / 2631.65) / (0 / 2275.788)
=0 / 0
=1

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)
=(2275.788 / 2275.788) / (2631.65 / 2631.65)
=1 / 1
=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 + 401.359) / 58534.817) / (1 - (0 + 334.851) / 51310.732)
=0.993143 / 0.993474
=0.9997

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
=2631.65 / 2275.788
=1.1564

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 + 334.851)) / (0 / (0 + 401.359))
=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

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)
=(336.66 / 2631.65) / (181.112 / 2275.788)
=0.127927 / 0.079582
=1.6075

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)
=((19835.405 + 0) / 58534.817) / ((15715.107 + 0) / 51310.732)
=0.338865 / 0.306273
=1.1064

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
=(1102.004 - 0 - -668.575) / 58534.817
=0.030248

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.

Capital Securities has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.34 mean?
Capital Securities (SHSE:601136) has a Beneish M-Score of -2.34 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Capital Securities and its competitors. According to the industry distribution chart, Capital Securities ranks #291 out of 703 companies in the Capital Markets industry, placing it in the top 41.4%.
Is Capital Securities' Beneish M-Score too high?
Capital Securities' current Beneish M-Score is -2.34. Based on the distribution chart, Capital Securities ranks #291 out of 703 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Capital Securities has a GF Score™ of 50/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Capital Securities' Beneish M-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Capital Securities ranks #291 out of 703 companies for Beneish M-Score. This puts Capital Securities 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 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 Capital Securities and its competitors. Capital Securities's current Beneish M-Score is -2.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Capital Securities stock overvalued right now?
Based on GuruFocus' analysis, Capital Securities (SHSE:601136) is currently considered Significantly Undervalued. The stock's GF Value™ is ¥23.56, compared to a current price of ¥13.94 — trading 40.8% below its estimated fair value. The current Beneish M-Score is -2.34. Capital Securities' overall GF Score™ is 50/100 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 Capital Securities (SHSE:601136), the current Beneish M-Score is -2.34 as of Jul. 17, 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 Capital Securities (SHSE:601136) Overvalued in 2026?

Based on GuruFocus' analysis, Capital Securities stock appears to be undervalued. The current stock price of ¥13.94 is trading 40.8% below its estimated GF Value™ of ¥23.56. GuruFocus considers Capital Securities to be Significantly Undervalued.

Key valuation signals for SHSE:601136:

  • Beneish M-Score: -2.34
  • GF Value™: ¥23.56 vs. price of ¥13.94 (40.8% below fair value)
  • GF Score™: 50/100 with 2 warning signs

No single metric tells the full story. See the SHSE:601136 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Capital Securities Business Description

Address Yard 5, Anding Road, Floor 11-21, Block A, Building 13, Chaoyang District, Beijing, CHN, 100029
Capital Securities Corp Ltd is a security company. The company's business scope includes securities brokerage, securities investment consulting, financial advisory related to securities trading and securities investment activities, securities underwriting and sponsorship, securities proprietary trading, securities investment fund sales, securities asset management, margin financing and securities lending, agency sales of financial products, Futures companies provide various financial services such as intermediary introduction business.
50GF Score

Get the complete analysis for SHSE:601136

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

¥13.94
Price
¥23.56
GF Value