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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 -2.05 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Golden Win International's Beneish M-Score or its related term are showing as below:
ROCO:4950'
s Beneish M-Score Range Over the Past 10 Years
Min: -9.03 Med: -3.16 Max: 1.92
Current: -2.05
During the past 13 years, the highest Beneish M-Score of Golden Win International was 1.92. The lowest was -9.03. And the median was -3.16.
Golden Win International Beneish M-Score Related Terms
Golden Win International 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.
ROCO:4950 vs SN, SGI, MHK: Beneish M-Score Comparison
For the Furnishings, Fixtures & Appliances subindustry, Golden Win International'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.
Golden Win International Beneish M-Score vs Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Golden Win International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Golden Win International's Beneish M-Score falls into.
Golden Win International 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 Golden Win International 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 * 0.315
+
0.528 * 0.6076
+
0.404 * 1.0514
+
0.892 * 2.9186
+
0.115 * 1.155
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.4613
+
4.679 * -0.120382
-
0.327 * 1.0407
=
-2.05
* 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))
=
(22.167 / (22.167 + 228.213))
/
(12.801 / (12.801 + 154.207))
=
0.088533
/
0.076649
=
1.155
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
=
(-20.646 - 0
-
112.48)
/
1105.865
=
-0.120382
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.
Golden Win International has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
Golden Win International (ROCO:4950) has a Beneish M-Score of -2.05 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Golden Win International and its competitors. According to the industry distribution chart, Golden Win International ranks #337 out of 417 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 80.8%.
Is Golden Win International's Beneish M-Score too high?
Golden Win International's current Beneish M-Score is -2.05. Based on the distribution chart, Golden Win International ranks #337 out of 417 companies in the Furnishings, Fixtures & Appliances industry, which is in the bottom quartile relative to peers. Overall, Golden Win International has a GF Score™ of 56/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Golden Win International's Beneish M-Score compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, Golden Win International ranks #337 out of 417 companies for Beneish M-Score. This places Golden Win International 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 Furnishings, Fixtures & Appliances company?
A good Beneish M-Score depends on the Furnishings, Fixtures & Appliances 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 Golden Win International and its competitors. Golden Win International's current Beneish M-Score is -2.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Golden Win International stock overvalued right now?
Based on GuruFocus' analysis, Golden Win International (ROCO:4950) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$89.60, compared to a current price of NT$16.00 — trading 82.1% below its estimated fair value. The current Beneish M-Score is -2.05. Golden Win International's overall GF Score™ is 56/100 with 3 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 Golden Win International (ROCO:4950), the current Beneish M-Score is -2.05 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 Golden Win International (ROCO:4950) Overvalued in 2026?
Based on GuruFocus' analysis, Golden Win International stock appears to be undervalued.
The current stock price of NT$16.00 is trading 82.1% below its estimated GF Value™ of NT$89.60.
GuruFocus considers Golden Win International to be Significantly Undervalued.
Key valuation signals for ROCO:4950:
Beneish M-Score: -2.05
GF Value™: NT$89.60 vs. price of NT$16.00 (82.1% below fair value)
No single metric tells the full story. See the ROCO:4950 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Golden Win International Corp Formerly Mutto Optronics Corp is engaged in the sales of steel cutlery and touch display panels with relevant parts and components, producing and supplying a wide array of metals such as stainless steel, bearing steel, high-speed steel, and non-ferrous alloys for industrial use.
56GF Score
Get the complete analysis for ROCO:4950
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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