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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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for CITIC Heavy Industries Co's Beneish M-Score or its related term are showing as below:
SHSE:601608'
s Beneish M-Score Range Over the Past 10 Years
Min: -8.43 Med: -2.41 Max: 4.78
Current: -2.56
During the past 13 years, the highest Beneish M-Score of CITIC Heavy Industries Co was 4.78. The lowest was -8.43. And the median was -2.41.
CITIC Heavy Industries Co Beneish M-Score Related Terms
CITIC Heavy Industries Co Beneish M-Score Historical Data
* 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:601608 vs GEV, ETN, PH: Beneish M-Score Comparison
For the Specialty Industrial Machinery subindustry, CITIC Heavy Industries 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.
CITIC Heavy Industries Co Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, CITIC Heavy Industries Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CITIC Heavy Industries Co's Beneish M-Score falls into.
CITIC Heavy Industries 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 CITIC Heavy Industries 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 * 0.9858
+
0.528 * 1.2919
+
0.404 * 0.9989
+
0.892 * 1.0087
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1231
+
4.679 * -0.044119
-
0.327 * 1.0096
=
-2.56
* 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 + 3960.239))
/
(0 / (0 + 4225.388))
=
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
=
(379.62 - 0
-
1265.158)
/
20071.676
=
-0.044119
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.
CITIC Heavy Industries Co has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
CITIC Heavy Industries Co (SHSE:601608) has a Beneish M-Score of -2.56 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CITIC Heavy Industries Co and its competitors. According to the industry distribution chart, CITIC Heavy Industries Co ranks #1166 out of 2909 companies in the Industrial Products industry, placing it in the top 40.1%.
Is CITIC Heavy Industries Co's Beneish M-Score too high?
CITIC Heavy Industries Co's current Beneish M-Score is -2.56. Based on the distribution chart, CITIC Heavy Industries Co ranks #1166 out of 2909 companies in the Industrial Products industry, which is above the industry midpoint. Overall, CITIC Heavy Industries Co has a GF Score™ of 63/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CITIC Heavy Industries Co's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, CITIC Heavy Industries Co ranks #1166 out of 2909 companies for Beneish M-Score. This puts CITIC Heavy Industries 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 CITIC Heavy Industries Co and its competitors. CITIC Heavy Industries Co's current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CITIC Heavy Industries Co stock overvalued right now?
Based on GuruFocus' analysis, CITIC Heavy Industries Co (SHSE:601608) is currently considered Modestly Overvalued. The stock's GF Value™ is ¥4.07, compared to a current price of ¥4.50 — trading 10.6% above its estimated fair value. The current Beneish M-Score is -2.56. CITIC Heavy Industries Co's overall GF Score™ is 63/100 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 CITIC Heavy Industries Co (SHSE:601608), the current Beneish M-Score is -2.56 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 CITIC Heavy Industries Co (SHSE:601608) Overvalued in 2026?
Based on GuruFocus' analysis, CITIC Heavy Industries Co stock appears to be overvalued.
The current stock price of ¥4.50 is trading 10.6% above its estimated GF Value™ of ¥4.07.
GuruFocus considers CITIC Heavy Industries Co to be Modestly Overvalued.
Key valuation signals for SHSE:601608:
Beneish M-Score: -2.56
GF Value™: ¥4.07 vs. price of ¥4.50 (10.6% above fair value)
No single metric tells the full story. See the SHSE:601608 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CITIC Heavy Industries Co Ltd manufactures and distributes large-scale equipment, large complete sets of technical equipment, large castings and forging. Its products include building materials, mining, metallurgy and environmental protection equipment. Geographically, it operates through China, however, its products are sold in both China and internationally.
63GF Score
Get the complete analysis for SHSE:601608
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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