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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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Gold Rain Enterprises's Beneish M-Score or its related term are showing as below:
ROCO:4503'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.31 Med: -2.16 Max: -0.1
Current: -2.57
During the past 13 years, the highest Beneish M-Score of Gold Rain Enterprises was -0.10. The lowest was -3.31. And the median was -2.16.
Gold Rain Enterprises Beneish M-Score Related Terms
Gold Rain Enterprises Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Gold Rain Enterprises'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 Business Equipment & Supplies subindustry, Gold Rain Enterprises'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.
Gold Rain Enterprises Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Gold Rain Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gold Rain Enterprises'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 Gold Rain Enterprises 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 * 0.463
+
0.528 * -0.2434
+
0.404 * 1.3072
+
0.892 * 1.9201
+
0.115 * 0.8521
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.4552
+
4.679 * -0.017572
-
0.327 * 0.6236
=
-2.57
* 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))
=
(42.506 / (42.506 + 432.507))
/
(51.147 / (51.147 + 435.892))
=
0.089484
/
0.105016
=
0.8521
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
=
(107.453 - 0
-
138.09)
/
1743.549
=
-0.017572
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.
Gold Rain Enterprises has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
Gold Rain Enterprises (ROCO:4503) has a Beneish M-Score of -2.57 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Gold Rain Enterprises and its competitors. According to the industry distribution chart, Gold Rain Enterprises ranks #1145 out of 2909 companies in the Industrial Products industry, placing it in the top 39.4%.
Is Gold Rain Enterprises' Beneish M-Score too high?
Gold Rain Enterprises' current Beneish M-Score is -2.57. Based on the distribution chart, Gold Rain Enterprises ranks #1145 out of 2909 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Gold Rain Enterprises has a GF Score™ of 64/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Gold Rain Enterprises' Beneish M-Score compare to competitors?
According to the Industrial Products industry distribution chart, Gold Rain Enterprises ranks #1145 out of 2909 companies for Beneish M-Score. This puts Gold Rain Enterprises 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 Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Gold Rain Enterprises and its competitors. Gold Rain Enterprises's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gold Rain Enterprises stock overvalued right now?
Based on GuruFocus' analysis, Gold Rain Enterprises (ROCO:4503) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$95.22, compared to a current price of NT$36.00 — trading 62.2% below its estimated fair value. The current Beneish M-Score is -2.57. Gold Rain Enterprises' overall GF Score™ is 64/100 with 1 warning sign 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 Gold Rain Enterprises (ROCO:4503), the current Beneish M-Score is -2.57 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 Gold Rain Enterprises (ROCO:4503) Overvalued in 2026?
Based on GuruFocus' analysis, Gold Rain Enterprises stock appears to be undervalued.
The current stock price of NT$36.00 is trading 62.2% below its estimated GF Value™ of NT$95.22.
GuruFocus considers Gold Rain Enterprises to be Significantly Undervalued.
Key valuation signals for ROCO:4503:
Beneish M-Score: -2.57
GF Value™: NT$95.22 vs. price of NT$36.00 (62.2% below fair value)
No single metric tells the full story. See the ROCO:4503 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Gold Rain Enterprises Corp is a Taiwan-based manufacturer of vending machines. It offers various service machines comprising digital vending machines, post machines, digital photo printers, knocking gamers, lottery machines, parking ticket machines, and coin meters. In addition to the research and development and manufacturing of vending machines, it provides a complete line of mechanical foundry and assembly services with full production line tools, such as various types of molds, punching beds, laser cutting, painting, welding, and assembly lines. Geographically, the company generates maximum revenue from Taiwan and the rest from other parts of Asia.
64GF Score
Get the complete analysis for ROCO:4503
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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