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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.
Warning Sign:
Beneish M-Score -1.59 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Sun Brothers Development Co's Beneish M-Score or its related term are showing as below:
ROCO:3489'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.61 Med: -1.97 Max: -0.45
Current: -1.59
During the past 13 years, the highest Beneish M-Score of Sun Brothers Development Co was -0.45. The lowest was -3.61. And the median was -1.97.
Sun Brothers Development Co Beneish M-Score Related Terms
Sun Brothers Development Co Beneish M-Score Historical Data
* 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.
Sun Brothers Development Co Beneish M-Score Competitor Comparison
For the Real Estate - Development subindustry, Sun Brothers Development 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.
Sun Brothers Development Co Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Sun Brothers Development Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sun Brothers Development Co's Beneish M-Score falls into.
Sun Brothers Development 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 Sun Brothers Development 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 * 2.4199
+
0.528 * 0.528
+
0.404 * 0.9532
+
0.892 * 0.3016
+
0.115 * 1.1986
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9358
+
4.679 * 0.09585
-
0.327 * 1.0299
=
-1.59
* 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))
=
(2.181 / (2.181 + 0.254))
/
(0.964 / (0.964 + 0.326))
=
0.895688
/
0.747287
=
1.1986
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
=
(-8.451 - 0
-
-383.936)
/
3917.412
=
0.09585
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.
Sun Brothers Development Co has a M-score of -1.59 signals that the company is likely to be a manipulator.
Sun Brothers Development Co (ROCO:3489) has a Beneish M-Score of -1.59 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sun Brothers Development Co and its competitors. According to the industry distribution chart, Sun Brothers Development Co ranks #1322 out of 1685 companies in the Real Estate industry, placing it in the top 78.5%.
Is Sun Brothers Development Co's Beneish M-Score too high?
Sun Brothers Development Co's current Beneish M-Score is -1.59. Based on the distribution chart, Sun Brothers Development Co ranks #1322 out of 1685 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Sun Brothers Development Co has a GF Score™ of 52/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Sun Brothers Development Co's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Sun Brothers Development Co ranks #1322 out of 1685 companies for Beneish M-Score. This places Sun Brothers Development 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Sun Brothers Development Co and its competitors. Sun Brothers Development Co's current Beneish M-Score is -1.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sun Brothers Development Co stock overvalued right now?
Based on GuruFocus' analysis, Sun Brothers Development Co (ROCO:3489) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$9.16, compared to a current price of NT$19.85 — trading 116.7% above its estimated fair value. The current Beneish M-Score is -1.59. Sun Brothers Development Co's overall GF Score™ is 52/100 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 Sun Brothers Development Co (ROCO:3489), the current Beneish M-Score is -1.59 as of Jul. 14, 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 Sun Brothers Development Co (ROCO:3489) Overvalued in 2026?
Based on GuruFocus' analysis, Sun Brothers Development Co stock appears to be overvalued.
The current stock price of NT$19.85 is trading 116.7% above its estimated GF Value™ of NT$9.16.
GuruFocus considers Sun Brothers Development Co to be Significantly Overvalued.
Key valuation signals for ROCO:3489:
Beneish M-Score: -1.59
GF Value™: NT$9.16 vs. price of NT$19.85 (116.7% above fair value)
No single metric tells the full story. See the ROCO:3489 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Sun Brothers Development Co Ltd is engaged in wholesale of building materials, developing, constructing, leasing and selling for residential, commercial or industrial buildings and others. It is also involved in the development and construction of collective housing and public works contract construction. The company's segments are: Real property section, and Construction section. It derives revenue from Construction segment.
52GF Score
Get the complete analysis for ROCO:3489
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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