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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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Rich Development Co's Beneish M-Score or its related term are showing as below:
ROCO:5512'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.14 Max: -1.61
Current: -2.3
During the past 13 years, the highest Beneish M-Score of Rich Development Co was -1.61. The lowest was -3.01. And the median was -2.14.
Rich Development Co Beneish M-Score Related Terms
Rich Development Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Rich Development 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.
Rich Development Co Beneish M-Score Competitor Comparison
For the Real Estate - Diversified subindustry, Rich 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.
Rich Development Co Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Rich Development Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rich Development 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 Rich 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 * 0.9579
+
0.528 * 0.8186
+
0.404 * 1.0196
+
0.892 * 1.1758
+
0.115 * 0.9919
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8586
+
4.679 * 0.032425
-
0.327 * 1.0688
=
-2.30
* 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))
=
(480.946 / (480.946 + 6527.671))
/
(441.477 / (441.477 + 5939.836))
=
0.068622
/
0.069183
=
0.9919
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
=
(118.299 - 0
-
-1333.685)
/
44780.454
=
0.032425
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.
Rich Development Co has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
Rich Development Co (ROCO:5512) has a Beneish M-Score of -2.30 as of Jul. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Rich Development Co and its competitors. According to the industry distribution chart, Rich Development Co ranks #907 out of 1682 companies in the Real Estate industry, placing it in the top 53.9%.
Is Rich Development Co's Beneish M-Score too high?
Rich Development Co's current Beneish M-Score is -2.30. Based on the distribution chart, Rich Development Co ranks #907 out of 1682 companies in the Real Estate industry, which is below the industry midpoint. Overall, Rich Development Co has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Rich Development Co's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Rich Development Co ranks #907 out of 1682 companies for Beneish M-Score. This places Rich 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 Rich Development Co and its competitors. Rich Development Co's current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Rich Development Co stock overvalued right now?
Based on GuruFocus' analysis, Rich Development Co (ROCO:5512) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$10.44, compared to a current price of NT$7.85 — trading 24.8% below its estimated fair value. The current Beneish M-Score is -2.30. Rich Development Co's overall GF Score™ is 67/100 with 8 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 Rich Development Co (ROCO:5512), the current Beneish M-Score is -2.30 as of Jul. 18, 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 Rich Development Co (ROCO:5512) Overvalued in 2026?
Based on GuruFocus' analysis, Rich Development Co stock appears to be undervalued.
The current stock price of NT$7.85 is trading 24.8% below its estimated GF Value™ of NT$10.44.
GuruFocus considers Rich Development Co to be Modestly Undervalued.
Key valuation signals for ROCO:5512:
Beneish M-Score: -2.30
GF Value™: NT$10.44 vs. price of NT$7.85 (24.8% below fair value)
No single metric tells the full story. See the ROCO:5512 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Rich Development Co Ltd is a Taiwan-based company engaged in the construction, development, leasing, and distribution of residential and commercial buildings. The company's main business includes commissioning manufacturers to build commercial buildings and lease and sale of public housing; commissioned by government industrial authorities to handle the development, leasing, and management of industrial areas; construction of sewage treatment plants and operation of sewage treatment projects; operation of resort hotels and travel agency operations and others. Its segments include the Construction segment, the Sewage treatment segment: and the Tourist hotel segment.
67GF Score
Get the complete analysis for ROCO:5512
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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