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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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Userjoy Technology Co's Beneish M-Score or its related term are showing as below:
ROCO:3546'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.41 Max: -1.08
Current: -2.68
During the past 13 years, the highest Beneish M-Score of Userjoy Technology Co was -1.08. The lowest was -3.04. And the median was -2.41.
Userjoy Technology Co Beneish M-Score Related Terms
Userjoy Technology Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Userjoy Technology 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.
ROCO:3546 vs NTES, EA, TTWO: Beneish M-Score Comparison
For the Electronic Gaming & Multimedia subindustry, Userjoy Technology 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.
Userjoy Technology Co Beneish M-Score vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Userjoy Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Userjoy Technology 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 Userjoy Technology 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 * 0.9897
+
0.528 * 1.0456
+
0.404 * 1.3071
+
0.892 * 1.0209
+
0.115 * 0.7417
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0928
+
4.679 * -0.051642
-
0.327 * 1.2102
=
-2.68
* 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))
=
(43.028 / (43.028 + 650.291))
/
(64.689 / (64.689 + 708.376))
=
0.062061
/
0.083679
=
0.7417
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
=
(115.073 - 0
-
240.473)
/
2428.237
=
-0.051642
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.
Userjoy Technology Co has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
Userjoy Technology Co (ROCO:3546) has a Beneish M-Score of -2.68 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Userjoy Technology Co and its competitors. According to the industry distribution chart, Userjoy Technology Co ranks #257 out of 532 companies in the Interactive Media industry, placing it in the top 48.3%.
Is Userjoy Technology Co's Beneish M-Score too high?
Userjoy Technology Co's current Beneish M-Score is -2.68. Based on the distribution chart, Userjoy Technology Co ranks #257 out of 532 companies in the Interactive Media industry, which is above the industry midpoint. Overall, Userjoy Technology Co has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Userjoy Technology Co's Beneish M-Score compare to NTES and EA?
According to the Interactive Media industry distribution chart, Userjoy Technology Co ranks #257 out of 532 companies for Beneish M-Score. This puts Userjoy Technology 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 an Interactive Media company?
A good Beneish M-Score depends on the Interactive Media 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 Userjoy Technology Co and its competitors. Userjoy Technology Co's current Beneish M-Score is -2.68. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Userjoy Technology Co stock overvalued right now?
Based on GuruFocus' analysis, Userjoy Technology Co (ROCO:3546) is currently considered Fairly Valued. The stock's GF Value™ is NT$71.78, compared to a current price of NT$71.00 — trading 1.1% below its estimated fair value. The current Beneish M-Score is -2.68. Userjoy Technology Co's overall GF Score™ is 75/100 with 4 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 Userjoy Technology Co (ROCO:3546), the current Beneish M-Score is -2.68 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 Userjoy Technology Co (ROCO:3546) Overvalued in 2026?
Based on GuruFocus' analysis, Userjoy Technology Co stock appears to be undervalued.
The current stock price of NT$71.00 is trading 1.1% below its estimated GF Value™ of NT$71.78.
GuruFocus considers Userjoy Technology Co to be Fairly Valued.
Key valuation signals for ROCO:3546:
Beneish M-Score: -2.68
GF Value™: NT$71.78 vs. price of NT$71.00 (1.1% below fair value)
No single metric tells the full story. See the ROCO:3546 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Userjoy Technology Co Ltd engaged in the design, research and development and sale of game software. The company only has a single operating segment, which is mainly engaged in the design, research and development and sales of game software in Taiwan.
75GF Score
Get the complete analysis for ROCO:3546
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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