China Everbright Bank Co (SHSE:601818) Beneish M-Score: -2.25 (As of Jul. 28, 2026)

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SHSE:601818 China Everbright Bank Co Ltd SHSE:601818
47 GF Score
Price ¥3.18
GF Value ¥3.16
Valuation Fairly Valued
! 4 Warning Signs
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What is China Everbright Bank Co Beneish M-Score?

China Everbright Bank Co SHSE:601818 +0.32% 47 Beneish M-Score is -2.25 as of Jul. 28, 2026. GuruFocus rates SHSE:601818 with a GF Score™ of 47/100 and a GF Value™ of ¥3.16 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,394 Banks companies, China Everbright Bank Co ranks worse than 74.89% 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 -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SHSE:601818' s Beneish M-Score Range Over the Past 10 Years
Min: -10.14   Med: -2.42   Max: 39.84
Current: -2.25

During the past 13 years, the highest Beneish M-Score of China Everbright Bank Co was 39.84. The lowest was -10.14. And the median was -2.42.

SHSE:601818
47GF Score
China Everbright Bank Co Ltd SHSE:601818
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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China Everbright Bank 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 China Everbright Bank 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 * 1+0.528 * 1+0.404 * 1+0.892 * 0.933+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * -0.9511+4.679 * -0.004442-0.327 * 1.0736
=-2.25

* 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 31811 + 32041 + 28352 + 32832 = ¥125,036 Mil.
Gross Profit was 31811 + 32041 + 28352 + 32832 = ¥125,036 Mil.
Total Current Assets was ¥0 Mil.
Total Assets was ¥7,201,145 Mil.
Property, Plant and Equipment(Net PPE) was ¥40,351 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥-5,115 Mil.
Total Current Liabilities was ¥0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,535,952 Mil.
Net Income was 11459 + 1808 + 12396 + 12158 = ¥37,821 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -36015 + -55590 + 6212 + 155205 = ¥69,812 Mil.
 Total Receivables was ¥0 Mil.
Revenue was 33086 + 33015 + 32589 + 35318 = ¥134,008 Mil.
Gross Profit was 33086 + 33015 + 32589 + 35318 = ¥134,008 Mil.
Total Current Assets was ¥0 Mil.
Total Assets was ¥7,228,859 Mil.
Property, Plant and Equipment(Net PPE) was ¥40,459 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥5,764 Mil.
Total Current Liabilities was ¥0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,436,212 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 / 125036) / (0 / 134008)
=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)
=(134008 / 134008) / (125036 / 125036)
=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 + 40351) / 7201145) / (1 - (0 + 40459) / 7228859)
=0.994397 / 0.994403
=1

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
=125036 / 134008
=0.933

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 + 40459)) / (0 / (0 + 40351))
=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)
=(-5115 / 125036) / (5764 / 134008)
=-0.040908 / 0.043012
=-0.9511

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)
=((1535952 + 0) / 7201145) / ((1436212 + 0) / 7228859)
=0.213293 / 0.198678
=1.0736

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
=(37821 - 0 - 69812) / 7201145
=-0.004442

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 Everbright Bank Co has a M-score of -2.25 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 -2.25 mean?
China Everbright Bank Co (SHSE:601818) has a Beneish M-Score of -2.25 as of Jul. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Everbright Bank Co and its competitors. According to the industry distribution chart, China Everbright Bank Co ranks #1044 out of 1394 companies in the Banks industry, placing it in the top 74.9%.
Is China Everbright Bank Co's Beneish M-Score too high?
China Everbright Bank Co's current Beneish M-Score is -2.25. Based on the distribution chart, China Everbright Bank Co ranks #1044 out of 1394 companies in the Banks industry, which is below the industry midpoint. Overall, China Everbright Bank Co has a GF Score™ of 47/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does China Everbright Bank Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, China Everbright Bank Co ranks #1044 out of 1394 companies for Beneish M-Score. This places China Everbright Bank 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Everbright Bank Co and its competitors. China Everbright Bank Co's current Beneish M-Score is -2.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Everbright Bank Co stock overvalued right now?
Based on GuruFocus' analysis, China Everbright Bank Co (SHSE:601818) is currently considered Fairly Valued. The stock's GF Value™ is ¥3.16, compared to a current price of ¥3.18 — trading 0.6% above its estimated fair value. The current Beneish M-Score is -2.25. China Everbright Bank Co's overall GF Score™ is 47/100 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 China Everbright Bank Co (SHSE:601818), the current Beneish M-Score is -2.25 as of Jul. 28, 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 Everbright Bank Co (SHSE:601818) Overvalued in 2026?

Based on GuruFocus' analysis, China Everbright Bank Co stock appears to be overvalued. The current stock price of ¥3.18 is trading 0.6% above its estimated GF Value™ of ¥3.16. GuruFocus considers China Everbright Bank Co to be Fairly Valued.

Key valuation signals for SHSE:601818:

  • Beneish M-Score: -2.25
  • GF Value™: ¥3.16 vs. price of ¥3.18 (0.6% above fair value)
  • GF Score™: 47/100 with 4 warning signs

No single metric tells the full story. See the SHSE:601818 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

China Everbright Bank Co Business Description

Other Exchanges CEBCF:USA06818:Hong Kong
Address No. 25 and No. 25 A Taipingqiao Street, China Everbright Center, Xicheng District, Beijing, CHN, 100033
China Everbright Bank Co Ltd is a licensed bank financial institution. The principal activities of the Bank and its subsidiaries are the provision of corporate and retail deposits, loans and advances, settlement, treasury business, and other financial services as approved by the CBIRC. The group mainly operates in Mainland China and also has a number of overseas branches and subsidiaries. The group manages its business by business lines and geographical areas. Its segments include Corporate banking, Retail banking, Financial market business, and Others.
47GF Score

Get the complete analysis for SHSE:601818

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

¥3.18
Price
¥3.16
GF Value