FFHMY (First Financial Holding Co) Beneish M-Score: -2.45 (As of Jun. 25, 2026)


FFHMY First Financial Holding Co Ltd FFHMY
76 GF Score
Price $9.77
GF Value $9.05
! 7 Warning Signs
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What is First Financial Holding Co Beneish M-Score?

First Financial Holding Co FFHMY 76 Beneish M-Score is -2.45 as of Jun. 25, 2026. GuruFocus rates FFHMY with a GF Score™ of 76/100 and a GF Value™ of $9.05. The stock has 7 warning signs investors should review. Among 1,396 Banks companies, First Financial Holding Co ranks better than 60.67% 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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FFHMY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.56   Med: -2.43   Max: -2.26
Current: -2.45

During the past 13 years, the highest Beneish M-Score of First Financial Holding Co was -2.26. The lowest was -2.56. And the median was -2.43.

FFHMY
76GF Score
First Financial Holding Co Ltd FFHMY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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First Financial Holding 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 First Financial Holding 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 * 1.0004+0.892 * 1.1169+0.115 * 0.9945
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9665+4.679 * -0.006693-0.327 * 1.0313
=-2.41

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $0 Mil.
Revenue was 643.669 + 707.378 + 593.612 + 547.312 = $2,492 Mil.
Gross Profit was 643.669 + 707.378 + 593.612 + 547.312 = $2,492 Mil.
Total Current Assets was $0 Mil.
Total Assets was $160,810 Mil.
Property, Plant and Equipment(Net PPE) was $979 Mil.
Depreciation, Depletion and Amortization(DDA) was $79 Mil.
Selling, General, & Admin. Expense(SGA) was $336 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $4,109 Mil.
Net Income was 166.944 + 255.277 + 227.538 + 218.496 = $868 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 315.769 + -797.369 + 731.035 + 1695.055 = $1,944 Mil.
 Total Receivables was $0 Mil.
Revenue was 515.645 + 600.467 + 536.708 + 578.409 = $2,231 Mil.
Gross Profit was 515.645 + 600.467 + 536.708 + 578.409 = $2,231 Mil.
Total Current Assets was $0 Mil.
Total Assets was $144,421 Mil.
Property, Plant and Equipment(Net PPE) was $934 Mil.
Depreciation, Depletion and Amortization(DDA) was $75 Mil.
Selling, General, & Admin. Expense(SGA) was $311 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,578 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 / 2491.971) / (0 / 2231.229)
=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)
=(2231.229 / 2231.229) / (2491.971 / 2491.971)
=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 + 978.668) / 160809.692) / (1 - (0 + 934.445) / 144421.287)
=0.993914 / 0.99353
=1.0004

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
=2491.971 / 2231.229
=1.1169

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))
=(74.908 / (74.908 + 934.445)) / (78.926 / (78.926 + 978.668))
=0.074214 / 0.074628
=0.9945

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)
=(336.204 / 2491.971) / (311.47 / 2231.229)
=0.134915 / 0.139596
=0.9665

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)
=((4108.664 + 0) / 160809.692) / ((3577.889 + 0) / 144421.287)
=0.02555 / 0.024774
=1.0313

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
=(868.255 - 0 - 1944.49) / 160809.692
=-0.006693

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.

First Financial Holding Co has a M-score of -2.41 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 -2.45 mean?
First Financial Holding Co (FFHMY) has a Beneish M-Score of -2.45 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Financial Holding Co and its competitors. According to the industry distribution chart, First Financial Holding Co ranks #549 out of 1396 companies in the Banks industry, placing it in the top 39.3%.
Is First Financial Holding Co's Beneish M-Score too high?
First Financial Holding Co's current Beneish M-Score is -2.45. Based on the distribution chart, First Financial Holding Co ranks #549 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, First Financial Holding Co has a GF Score™ of 76/100, reflecting its overall financial health beyond just this single metric.
How does First Financial Holding Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, First Financial Holding Co ranks #549 out of 1396 companies for Beneish M-Score. This puts First Financial Holding 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 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 First Financial Holding Co and its competitors. First Financial Holding Co's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Financial Holding Co stock overvalued right now?
First Financial Holding Co (FFHMY) has a current Beneish M-Score of -2.45. The stock's GF Value™ is $9.05, compared to a current price of $9.77 — trading 8% above its estimated fair value. The current Beneish M-Score is -2.45. First Financial Holding Co's overall GF Score™ is 76/100 with 7 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 First Financial Holding Co (FFHMY), the current Beneish M-Score is -2.45 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 First Financial Holding Co (FFHMY) Overvalued in 2026?

Based on GuruFocus' analysis, First Financial Holding Co stock appears to be overvalued. The current stock price of $9.77 is trading 8% above its estimated GF Value™ of $9.05.

Key valuation signals for FFHMY:

  • Beneish M-Score: -2.45
  • GF Value™: $9.05 vs. price of $9.77 (8% above fair value)
  • GF Score™: 76/100 with 7 warning signs

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

First Financial Holding Co Business Description

Other Exchanges 2892:Taiwan
Address 30, Chung King South Road, Sector 1, Taipei, TWN, 100
First Financial Holding Co Ltd is a financial services holding company that consists of various subsidiaries. The majority of the group's activities are overwhelmingly concentrated in Taiwan. Its key revenue contributing subsidiary, First Bank, derives its net revenue from net interest income through the provision of banking and other financial services. The Group operates globally in three business segments: Banking business, Securities business, Investment trust business and Insurance business. Maximum revenue is generated from the Banking business, which provides various banking and financial services such as corporate and personal banking, internet banking, remittance services, investment products, etc. Geographically, it derives key revenue from Taiwan.
76GF Score

Get the complete analysis for FFHMY

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

$9.77
Price
$9.05
GF Value