Donutes International Co (ROCO:7756) Beneish M-Score: -2.13 (As of Jun. 29, 2026)


ROCO:7756 Donutes International Co Ltd ROCO:7756
15 GF Score
Price NT$39.40
! 7 Warning Signs
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What is Donutes International Co Beneish M-Score?

Donutes International Co ROCO:7756 -0.25% 15 Beneish M-Score is -2.13 as of Jun. 29, 2026. GuruFocus rates ROCO:7756 with a GF Score™ of 15/100. The stock has 7 warning signs investors should review. Among 291 Retail - Defensive companies, Donutes International Co ranks worse than 80.76% on this metric.

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 -2.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Donutes International Co's Beneish M-Score or its related term are showing as below:

ROCO:7756' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06   Med: -2.99   Max: -2.13
Current: -2.13

During the past 5 years, the highest Beneish M-Score of Donutes International Co was -2.13. The lowest was -3.06. And the median was -2.99.

Donutes International Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Donutes International 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.

Donutes International Co Beneish M-Score Chart

Donutes International Co Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.06 -2.99 -2.13

Donutes International Co Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -3.06 0.00 -2.99 0.00 -2.13

ROCO:7756 vs KR, SFM: Beneish M-Score Comparison

For the Grocery Stores subindustry, Donutes International 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.

Donutes International Co Beneish M-Score vs Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Donutes International Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Donutes International Co's Beneish M-Score falls into.


ROCO:7756
15GF Score
Donutes International Co Ltd ROCO:7756
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Donutes International 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 Donutes International 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 * 1.4+0.528 * 1.0927+0.404 * 1.7143+0.892 * 1.0365+0.115 * 1.1535
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9834+4.679 * -0.080572-0.327 * 1.0911
=-2.13

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was NT$36 Mil.
Revenue was NT$1,254 Mil.
Gross Profit was NT$464 Mil.
Total Current Assets was NT$297 Mil.
Total Assets was NT$1,552 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,200 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$145 Mil.
Selling, General, & Admin. Expense(SGA) was NT$418 Mil.
Total Current Liabilities was NT$271 Mil.
Long-Term Debt & Capital Lease Obligation was NT$747 Mil.
Net Income was NT$25 Mil.
Gross Profit was NT$0 Mil.
Cash Flow from Operations was NT$150 Mil.
 Total Receivables was NT$25 Mil.
Revenue was NT$1,210 Mil.
Gross Profit was NT$490 Mil.
Total Current Assets was NT$360 Mil.
Total Assets was NT$1,323 Mil.
Property, Plant and Equipment(Net PPE) was NT$936 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$133 Mil.
Selling, General, & Admin. Expense(SGA) was NT$410 Mil.
Total Current Liabilities was NT$232 Mil.
Long-Term Debt & Capital Lease Obligation was NT$564 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(36.491 / 1254.142) / (25.146 / 1209.929)
=0.029096 / 0.020783
=1.4

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(489.676 / 1209.929) / (464.498 / 1254.142)
=0.404715 / 0.370371
=1.0927

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (297.032 + 1199.597) / 1551.539) / (1 - (359.95 + 935.936) / 1323.203)
=0.035391 / 0.020645
=1.7143

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1254.142 / 1209.929
=1.0365

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
=(133.327 / (133.327 + 935.936)) / (145.384 / (145.384 + 1199.597))
=0.124691 / 0.108094
=1.1535

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(417.916 / 1254.142) / (409.986 / 1209.929)
=0.333229 / 0.338851
=0.9834

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((747.078 + 271.215) / 1551.539) / ((563.602 + 232.355) / 1323.203)
=0.656312 / 0.601538
=1.0911

8. TATA = Total Accruals to Total Assets

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
=(24.731 - 0 - 149.741) / 1551.539
=-0.080572

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.

Donutes International Co has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.13 mean?
Donutes International Co (ROCO:7756) has a Beneish M-Score of -2.13 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Donutes International Co and its competitors. According to the industry distribution chart, Donutes International Co ranks #235 out of 291 companies in the Retail - Defensive industry, placing it in the top 80.8%.
Is Donutes International Co's Beneish M-Score too high?
Donutes International Co's current Beneish M-Score is -2.13. Based on the distribution chart, Donutes International Co ranks #235 out of 291 companies in the Retail - Defensive industry, which is in the bottom quartile relative to peers. Overall, Donutes International Co has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Donutes International Co's Beneish M-Score compare to KR and SFM?
According to the Retail - Defensive industry distribution chart, Donutes International Co ranks #235 out of 291 companies for Beneish M-Score. This places Donutes International 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 Retail - Defensive company?
A good Beneish M-Score depends on the Retail - Defensive 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 Donutes International Co and its competitors. Donutes International Co's current Beneish M-Score is -2.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Donutes International Co stock overvalued right now?
Donutes International Co (ROCO:7756) has a current Beneish M-Score of -2.13. The current Beneish M-Score is -2.13. Donutes International Co's overall GF Score™ is 15/100 with 7 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 Donutes International Co (ROCO:7756), the current Beneish M-Score is -2.13 as of Jun. 29, 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.

Donutes International Co Business Description

Address No. 268, Kangping Street, Sanmin District, Kaohsiung City, TWN, 807008
Donutes International Co Ltd is engaged in baking activities. The company uses fresh ingredients for cooking and production. The products offered by the company are coffee, tea, smoothie, bread, sandwich, birthday cake, and mousse. cake, Italian ice cream, imported food festival gift boxes, and others.
15GF Score

Get the complete analysis for ROCO:7756

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

NT$39.40
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