Gin Hwa Biotech (ROCO:7806) Beneish M-Score: -2.17 (As of Jul. 22, 2026)

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ROCO:7806 Gin Hwa Biotech Inc ROCO:7806
22 GF Score
Price NT$61.90
! 2 Warning Signs
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What is Gin Hwa Biotech Beneish M-Score?

Gin Hwa Biotech ROCO:7806 22 Beneish M-Score is -2.17 as of Jul. 22, 2026. GuruFocus rates ROCO:7806 with a GF Score™ of 22/100. The stock has 2 warning signs investors should review. Among 825 Biotechnology companies, Gin Hwa Biotech ranks worse than 56.85% 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 -2.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Gin Hwa Biotech's Beneish M-Score or its related term are showing as below:

ROCO:7806' s Beneish M-Score Range Over the Past 10 Years
Min: -2.26   Med: -2.22   Max: -2.17
Current: -2.17

During the past 4 years, the highest Beneish M-Score of Gin Hwa Biotech was -2.17. The lowest was -2.26. And the median was -2.22.

Gin Hwa Biotech Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Gin Hwa Biotech'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.

Gin Hwa Biotech Beneish M-Score Chart

Gin Hwa Biotech Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.26 -2.17

Gin Hwa Biotech Semi-Annual Data
Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.26 0.00 -2.17

ROCO:7806 vs VRTX, REGN, ALNY: Beneish M-Score Comparison

For the Biotechnology subindustry, Gin Hwa Biotech'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.

Gin Hwa Biotech Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Gin Hwa Biotech's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Gin Hwa Biotech's Beneish M-Score falls into.


ROCO:7806
22GF Score
Gin Hwa Biotech Inc ROCO:7806
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Gin Hwa Biotech 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 Gin Hwa Biotech 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 * 1.1097+0.528 * 1.0447+0.404 * 0.7779+0.892 * 1.238+0.115 * 1.0809
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0116+4.679 * -0.00312-0.327 * 0.7934
=-2.17

* 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$152.7 Mil.
Revenue was NT$538.6 Mil.
Gross Profit was NT$163.8 Mil.
Total Current Assets was NT$444.9 Mil.
Total Assets was NT$1,107.0 Mil.
Property, Plant and Equipment(Net PPE) was NT$648.1 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$38.5 Mil.
Selling, General, & Admin. Expense(SGA) was NT$61.0 Mil.
Total Current Liabilities was NT$173.6 Mil.
Long-Term Debt & Capital Lease Obligation was NT$159.2 Mil.
Net Income was NT$75.3 Mil.
Gross Profit was NT$0.0 Mil.
Cash Flow from Operations was NT$78.8 Mil.
 Total Receivables was NT$111.1 Mil.
Revenue was NT$435.1 Mil.
Gross Profit was NT$138.2 Mil.
Total Current Assets was NT$318.9 Mil.
Total Assets was NT$760.4 Mil.
Property, Plant and Equipment(Net PPE) was NT$429.2 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$27.7 Mil.
Selling, General, & Admin. Expense(SGA) was NT$48.7 Mil.
Total Current Liabilities was NT$115.2 Mil.
Long-Term Debt & Capital Lease Obligation was NT$173.0 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)
=(152.698 / 538.649) / (111.149 / 435.083)
=0.283483 / 0.255466
=1.1097

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)
=(138.194 / 435.083) / (163.766 / 538.649)
=0.317627 / 0.304031
=1.0447

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 - (444.946 + 648.119) / 1106.984) / (1 - (318.886 + 429.223) / 760.401)
=0.012574 / 0.016165
=0.7779

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
=538.649 / 435.083
=1.238

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))
=(27.703 / (27.703 + 429.223)) / (38.515 / (38.515 + 648.119))
=0.060629 / 0.056092
=1.0809

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)
=(61.009 / 538.649) / (48.712 / 435.083)
=0.113263 / 0.11196
=1.0116

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)
=((159.216 + 173.591) / 1106.984) / ((172.967 + 115.183) / 760.401)
=0.300643 / 0.378945
=0.7934

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
=(75.332 - 0 - 78.786) / 1106.984
=-0.00312

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.

Gin Hwa Biotech has a M-score of -2.17 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 -2.17 mean?
Gin Hwa Biotech (ROCO:7806) has a Beneish M-Score of -2.17 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Gin Hwa Biotech and its competitors. According to the industry distribution chart, Gin Hwa Biotech ranks #469 out of 825 companies in the Biotechnology industry, placing it in the top 56.8%.
Is Gin Hwa Biotech's Beneish M-Score too high?
Gin Hwa Biotech's current Beneish M-Score is -2.17. Based on the distribution chart, Gin Hwa Biotech ranks #469 out of 825 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Gin Hwa Biotech has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Gin Hwa Biotech's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Gin Hwa Biotech ranks #469 out of 825 companies for Beneish M-Score. This places Gin Hwa Biotech 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 Biotechnology company?
A good Beneish M-Score depends on the Biotechnology 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 Gin Hwa Biotech and its competitors. Gin Hwa Biotech's current Beneish M-Score is -2.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gin Hwa Biotech stock overvalued right now?
Gin Hwa Biotech (ROCO:7806) has a current Beneish M-Score of -2.17. The current Beneish M-Score is -2.17. Gin Hwa Biotech's overall GF Score™ is 22/100 with 2 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 Gin Hwa Biotech (ROCO:7806), the current Beneish M-Score is -2.17 as of Jul. 22, 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.

Gin Hwa Biotech Business Description

Address No. 5, Guangming 7th Lane, Weixin Road, 1st Floor, Yong'an District, Kaohsiung, TWN, 828
Gin Hwa Biotech Inc is engaged in developing completely original products to achieve every vision. Its Services and technology are Product Development, OEM Service, Core Technology, R & D Center, Professional Production, and Others.
22GF Score

Get the complete analysis for ROCO:7806

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

NT$61.90
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