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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Chunghwa Telecom Co's Beneish M-Score or its related term are showing as below:
CHT'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -2.82 Max: -2.46
Current: -2.61
During the past 13 years, the highest Beneish M-Score of Chunghwa Telecom Co was -2.46. The lowest was -3.09. And the median was -2.82.
Chunghwa Telecom Co Beneish M-Score Related Terms
Chunghwa Telecom Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Chunghwa Telecom Co'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.
For the Telecom Services subindustry, Chunghwa Telecom 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.
Chunghwa Telecom Co Beneish M-Score vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Chunghwa Telecom Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chunghwa Telecom Co'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 Chunghwa Telecom 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 * 1.1871
+
0.528 * 0.9957
+
0.404 * 0.9753
+
0.892 * 1.0983
+
0.115 * 0.9563
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0054
+
4.679 * -0.070825
-
0.327 * 1.0564
=
-2.59
* 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))
=
(1224.401 / (1224.401 + 9033.34))
/
(1312.559 / (1312.559 + 9203.282))
=
0.119364
/
0.124817
=
0.9563
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
=
(1267.867 - 32.672
-
2452.61)
/
17189.006
=
-0.070825
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.
Chunghwa Telecom Co has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
Chunghwa Telecom Co (CHT) has a Beneish M-Score of -2.61 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chunghwa Telecom Co and its competitors. According to the industry distribution chart, Chunghwa Telecom Co ranks #237 out of 355 companies in the Telecommunication Services industry, placing it in the top 66.8%.
Is Chunghwa Telecom Co's Beneish M-Score too high?
Chunghwa Telecom Co's current Beneish M-Score is -2.61. Based on the distribution chart, Chunghwa Telecom Co ranks #237 out of 355 companies in the Telecommunication Services industry, which is below the industry midpoint. Overall, Chunghwa Telecom Co has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Chunghwa Telecom Co's Beneish M-Score compare to TMUS and VZ?
According to the Telecommunication Services industry distribution chart, Chunghwa Telecom Co ranks #237 out of 355 companies for Beneish M-Score. This places Chunghwa Telecom 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 Telecommunication Services company?
A good Beneish M-Score depends on the Telecommunication Services 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 Chunghwa Telecom Co and its competitors. Chunghwa Telecom Co's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chunghwa Telecom Co stock overvalued right now?
Based on GuruFocus' analysis, Chunghwa Telecom Co (CHT) is currently considered Fairly Valued. The stock's GF Value™ is $42.34, compared to a current price of $44.79 — trading 5.8% above its estimated fair value. The current Beneish M-Score is -2.61. Chunghwa Telecom Co's overall GF Score™ is 78/100 with 6 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 Chunghwa Telecom Co (CHT), the current Beneish M-Score is -2.61 as of Jun. 25, 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 Chunghwa Telecom Co (CHT) Overvalued in 2026?
Based on GuruFocus' analysis, Chunghwa Telecom Co stock appears to be overvalued.
The current stock price of $44.79 is trading 5.8% above its estimated GF Value™ of $42.34.
GuruFocus considers Chunghwa Telecom Co to be Fairly Valued.
Key valuation signals for CHT:
Beneish M-Score: -2.61
GF Value™: $42.34 vs. price of $44.79 (5.8% above fair value)
No single metric tells the full story. See the CHT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Chunghwa Telecom Co Ltd is Taiwan's integrated telecom operator, providing fixed-line, wireless, and Internet and data services. The company's reportable segments are: Consumer Business, Enterprise Business, International Business, and Others. The majority of its revenue comes from the Consumer Business, which focuses on individual and home-centric businesses, such as mobile, fixed broadband, Wi-Fi, IPTV (MOD), and OTT services. The Enterprise business offers IDC, cloud, cybersecurity, 5G, AIoT, data, AI, enterprise digital transformation, and system integration services to businesses, and the International business segment represents services offered to international customers. Geographically, the company generates maximum revenue from its business in Taiwan.
78GF Score
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