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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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Eslite Spectrum's Beneish M-Score or its related term are showing as below:
ROCO:2926'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.4 Med: -2.83 Max: -2.47
Current: -2.64
During the past 13 years, the highest Beneish M-Score of Eslite Spectrum was -2.47. The lowest was -3.40. And the median was -2.83.
Eslite Spectrum Beneish M-Score Related Terms
Eslite Spectrum Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Eslite Spectrum'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 Department Stores subindustry, Eslite Spectrum'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.
Eslite Spectrum Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Eslite Spectrum's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eslite Spectrum'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 Eslite Spectrum 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 * 1.3579
+
0.528 * 1.0034
+
0.404 * 0.9076
+
0.892 * 1.0184
+
0.115 * 0.9726
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9432
+
4.679 * -0.101817
-
0.327 * 1.0031
=
-2.64
* 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))
=
(1568.695 / (1568.695 + 10518.913))
/
(1549.364 / (1549.364 + 10061.669))
=
0.129777
/
0.133439
=
0.9726
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
=
(25.574 - 0
-
1651.949)
/
15973.568
=
-0.101817
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.
Eslite Spectrum has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
Eslite Spectrum (ROCO:2926) has a Beneish M-Score of -2.64 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eslite Spectrum and its competitors. According to the industry distribution chart, Eslite Spectrum ranks #478 out of 1083 companies in the Retail - Cyclical industry, placing it in the top 44.1%.
Is Eslite Spectrum's Beneish M-Score too high?
Eslite Spectrum's current Beneish M-Score is -2.64. Based on the distribution chart, Eslite Spectrum ranks #478 out of 1083 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Eslite Spectrum has a GF Score™ of 51/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Eslite Spectrum's Beneish M-Score compare to DDS and M?
According to the Retail - Cyclical industry distribution chart, Eslite Spectrum ranks #478 out of 1083 companies for Beneish M-Score. This puts Eslite Spectrum 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 Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical 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 Eslite Spectrum and its competitors. Eslite Spectrum's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eslite Spectrum stock overvalued right now?
Based on GuruFocus' analysis, Eslite Spectrum (ROCO:2926) is currently considered Possible Value Trap. The stock's GF Value™ is NT$59.23, compared to a current price of NT$31.30 — trading 47.2% below its estimated fair value. The current Beneish M-Score is -2.64. Eslite Spectrum's overall GF Score™ is 51/100 with 5 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 Eslite Spectrum (ROCO:2926), the current Beneish M-Score is -2.64 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 Eslite Spectrum (ROCO:2926) Overvalued in 2026?
Based on GuruFocus' analysis, Eslite Spectrum stock appears to be undervalued.
The current stock price of NT$31.30 is trading 47.2% below its estimated GF Value™ of NT$59.23.
GuruFocus considers Eslite Spectrum to be Possible Value Trap.
Key valuation signals for ROCO:2926:
Beneish M-Score: -2.64
GF Value™: NT$59.23 vs. price of NT$31.30 (47.2% below fair value)
No single metric tells the full story. See the ROCO:2926 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Eslite Spectrum Corp mainly engaged in channels of cultural and creative industry, operation entrustment and management counseling services of department stores, trading and import of appliances and equipment for hotel use, trading and installation of appliances and equipment for kitchen use, import agency and retail of foods, as well as the operation of cafes and restaurants, as well as online retail, operation of logistics and warehousing services and others. The business segments of the company include the Omni-channel development business, Hotel business, and the Hospitality business of which majority of revenue comes from Omni-channel development business. It has presence in Taiwan, Hong Kong, China, and Malaysia. The company generates majority of revenue from Taiwan.
51GF Score
Get the complete analysis for ROCO:2926
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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