New Advanced Electronics Technologies Co (ROCO:3465) Beneish M-Score: -3.13 (As of Jul. 15, 2026)

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ROCO:3465 New Advanced Electronics Technologies Co Ltd ROCO:3465
59 GF Score
Price NT$31.80
GF Value NT$83.63
Valuation Significantly Undervalued
! 9 Warning Signs
View Full Analysis

What is New Advanced Electronics Technologies Co Beneish M-Score?

New Advanced Electronics Technologies Co ROCO:3465 -6.98% 59 Beneish M-Score is -3.13 as of Jul. 15, 2026. GuruFocus rates ROCO:3465 with a GF Score™ of 59/100 and a GF Value™ of NT$83.63 (Significantly Undervalued). The stock has 9 warning signs investors should review. Among 2,408 Hardware companies, New Advanced Electronics Technologies Co ranks better than 86.09% on this metric.

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 -3.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for New Advanced Electronics Technologies Co's Beneish M-Score or its related term are showing as below:

ROCO:3465' s Beneish M-Score Range Over the Past 10 Years
Min: -5.61   Med: -2.01   Max: 65.54
Current: -3.13

During the past 13 years, the highest Beneish M-Score of New Advanced Electronics Technologies Co was 65.54. The lowest was -5.61. And the median was -2.01.

New Advanced Electronics Technologies Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for New Advanced Electronics Technologies 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.

New Advanced Electronics Technologies Co Beneish M-Score Chart

New Advanced Electronics Technologies Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.68 -3.67 -2.24 -1.77 -3.13

New Advanced Electronics Technologies Co Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.77 -2.22 -2.00 -2.75 -3.13

ROCO:3465 vs AAPL: Beneish M-Score Comparison

For the Consumer Electronics subindustry, New Advanced Electronics Technologies 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.

New Advanced Electronics Technologies Co Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, New Advanced Electronics Technologies Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where New Advanced Electronics Technologies Co's Beneish M-Score falls into.


ROCO:3465
59GF Score
New Advanced Electronics Technologies Co Ltd ROCO:3465
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

New Advanced Electronics Technologies 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 New Advanced Electronics Technologies 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 * 0.6404+0.528 * 0.8674+0.404 * 1.0165+0.892 * 1.0568+0.115 * 0.9535
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0892+4.679 * -0.057243-0.327 * 1.0504
=-3.13

* 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 NT$340 Mil.
Revenue was 351.171 + 490.373 + 391.792 + 442.613 = NT$1,676 Mil.
Gross Profit was 70.792 + 83.195 + 89.444 + 90.099 = NT$334 Mil.
Total Current Assets was NT$952 Mil.
Total Assets was NT$1,913 Mil.
Property, Plant and Equipment(Net PPE) was NT$889 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$91 Mil.
Selling, General, & Admin. Expense(SGA) was NT$250 Mil.
Total Current Liabilities was NT$629 Mil.
Long-Term Debt & Capital Lease Obligation was NT$421 Mil.
Net Income was 4.626 + 10.234 + -38.506 + 24.884 = NT$1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 152.898 + -87.739 + -39.984 + 85.544 = NT$111 Mil.
 Total Receivables was NT$502 Mil.
Revenue was 455.616 + 570.459 + 238.056 + 321.707 = NT$1,586 Mil.
Gross Profit was 92.467 + 115.311 + 19.943 + 46.042 = NT$274 Mil.
Total Current Assets was NT$1,077 Mil.
Total Assets was NT$2,013 Mil.
Property, Plant and Equipment(Net PPE) was NT$862 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$84 Mil.
Selling, General, & Admin. Expense(SGA) was NT$217 Mil.
Total Current Liabilities was NT$847 Mil.
Long-Term Debt & Capital Lease Obligation was NT$206 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)
=(340.002 / 1675.949) / (502.343 / 1585.838)
=0.202871 / 0.316768
=0.6404

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)
=(273.763 / 1585.838) / (333.53 / 1675.949)
=0.17263 / 0.19901
=0.8674

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 - (951.691 + 889.202) / 1912.574) / (1 - (1076.658 + 862.154) / 2013.033)
=0.037479 / 0.03687
=1.0165

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
=1675.949 / 1585.838
=1.0568

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))
=(84.019 / (84.019 + 862.154)) / (91.315 / (91.315 + 889.202))
=0.088799 / 0.093129
=0.9535

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)
=(250.066 / 1675.949) / (217.245 / 1585.838)
=0.149209 / 0.136991
=1.0892

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)
=((421.305 + 629.398) / 1912.574) / ((205.723 + 847.058) / 2013.033)
=0.549366 / 0.522982
=1.0504

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
=(1.238 - 0 - 110.719) / 1912.574
=-0.057243

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.

New Advanced Electronics Technologies Co has a M-score of -3.13 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 -3.13 mean?
New Advanced Electronics Technologies Co (ROCO:3465) has a Beneish M-Score of -3.13 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on New Advanced Electronics Technologies Co and its competitors. According to the industry distribution chart, New Advanced Electronics Technologies Co ranks #335 out of 2408 companies in the Hardware industry, placing it in the top 13.9%.
Is New Advanced Electronics Technologies Co's Beneish M-Score too high?
New Advanced Electronics Technologies Co's current Beneish M-Score is -3.13. Based on the distribution chart, New Advanced Electronics Technologies Co ranks #335 out of 2408 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, New Advanced Electronics Technologies Co has a GF Score™ of 59/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does New Advanced Electronics Technologies Co's Beneish M-Score compare to AAPL?
According to the Hardware industry distribution chart, New Advanced Electronics Technologies Co ranks #335 out of 2408 companies for Beneish M-Score. This places New Advanced Electronics Technologies Co in the top 14% of its industry — outperforming the majority of peers. 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 New Advanced Electronics Technologies Co and its competitors. New Advanced Electronics Technologies Co's current Beneish M-Score is -3.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is New Advanced Electronics Technologies Co stock overvalued right now?
Based on GuruFocus' analysis, New Advanced Electronics Technologies Co (ROCO:3465) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$83.63, compared to a current price of NT$31.80 — trading 62% below its estimated fair value. The current Beneish M-Score is -3.13. New Advanced Electronics Technologies Co's overall GF Score™ is 59/100 with 9 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 New Advanced Electronics Technologies Co (ROCO:3465), the current Beneish M-Score is -3.13 as of Jul. 15, 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 New Advanced Electronics Technologies Co (ROCO:3465) Overvalued in 2026?

Based on GuruFocus' analysis, New Advanced Electronics Technologies Co stock appears to be undervalued. The current stock price of NT$31.80 is trading 62% below its estimated GF Value™ of NT$83.63. GuruFocus considers New Advanced Electronics Technologies Co to be Significantly Undervalued.

Key valuation signals for ROCO:3465:

  • Beneish M-Score: -3.13
  • GF Value™: NT$83.63 vs. price of NT$31.80 (62% below fair value)
  • GF Score™: 59/100 with 9 warning signs

No single metric tells the full story. See the ROCO:3465 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

New Advanced Electronics Technologies Co Business Description

Address No. 251, Min-Cyuan 1st Road, Room 1, 19th Floor, Asia Commercial Center, Xinxing District, Kaohsiung City, TWN, 800
New Advanced Electronics Technologies Co Ltd is mainly engaged in the research and development, manufacture and sale of speakers and related products. The Company is an international brand specializing in professional audio solutions, with expertise in acoustics, mechanics, electronics, woodworking and software, providing customers with product design, development and manufacturing solutions. Its product range includes home theatre systems, floorstanding speakers, bookshelf speakers, subwoofers, surround speakers and other related products. Its segments include Taiwan, which generates maximum revenue, China and Vietnam. The Company operates across America, Asia and Europe, with America generating maximum revenue.
59GF Score

Get the complete analysis for ROCO:3465

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

NT$31.80
Price
NT$83.63
GF Value