Nice Garden Industrial Co (ROCO:7840) Beneish M-Score: -3.05 (As of Jul. 18, 2026)

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ROCO:7840 Nice Garden Industrial Co Ltd ROCO:7840
15 GF Score
Price NT$37.00
! 3 Warning Signs
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What is Nice Garden Industrial Co Beneish M-Score?

Nice Garden Industrial Co ROCO:7840 -0.40% 15 Beneish M-Score is -3.05 as of Jul. 18, 2026. GuruFocus rates ROCO:7840 with a GF Score™ of 15/100. The stock has 3 warning signs investors should review. Among 1,852 Consumer Packaged Goods companies, Nice Garden Industrial Co ranks better than 84.61% 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 -3.05 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:7840' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05   Med: -3.05   Max: -3.05
Current: -3.05

During the past 3 years, the highest Beneish M-Score of Nice Garden Industrial Co was -3.05. The lowest was -3.05. And the median was -3.05.

Nice Garden Industrial Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nice Garden Industrial 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.

Nice Garden Industrial Co Beneish M-Score Chart

Nice Garden Industrial Co Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -3.05

Nice Garden Industrial Co Semi-Annual Data
Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score 0.00 0.00 0.00 0.00 -3.05

ROCO:7840 vs ADM, BG, TSN: Beneish M-Score Comparison

For the Farm Products subindustry, Nice Garden Industrial 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.

Nice Garden Industrial Co Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Nice Garden Industrial Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nice Garden Industrial Co's Beneish M-Score falls into.


ROCO:7840
15GF Score
Nice Garden Industrial Co Ltd ROCO:7840
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nice Garden Industrial 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 Nice Garden Industrial 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 * 0.9903+0.528 * 0.9868+0.404 * 0.6234+0.892 * 0.9731+0.115 * 1.6961
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0239+4.679 * -0.089024-0.327 * 1.1006
=-3.05

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was NT$280 Mil.
Revenue was NT$1,815 Mil.
Gross Profit was NT$395 Mil.
Total Current Assets was NT$826 Mil.
Total Assets was NT$2,290 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,400 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$61 Mil.
Selling, General, & Admin. Expense(SGA) was NT$293 Mil.
Total Current Liabilities was NT$770 Mil.
Long-Term Debt & Capital Lease Obligation was NT$308 Mil.
Net Income was NT$94 Mil.
Gross Profit was NT$0 Mil.
Cash Flow from Operations was NT$298 Mil.
 Total Receivables was NT$291 Mil.
Revenue was NT$1,865 Mil.
Gross Profit was NT$400 Mil.
Total Current Assets was NT$893 Mil.
Total Assets was NT$2,046 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,061 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$81 Mil.
Selling, General, & Admin. Expense(SGA) was NT$294 Mil.
Total Current Liabilities was NT$729 Mil.
Long-Term Debt & Capital Lease Obligation was NT$146 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)
=(280.468 / 1815.127) / (291.037 / 1865.242)
=0.154517 / 0.156032
=0.9903

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)
=(400.184 / 1865.242) / (394.634 / 1815.127)
=0.214548 / 0.217414
=0.9868

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 - (826.036 + 1399.637) / 2290.032) / (1 - (893.188 + 1060.537) / 2045.967)
=0.028104 / 0.045085
=0.6234

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
=1815.127 / 1865.242
=0.9731

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))
=(81.311 / (81.311 + 1060.537)) / (61.339 / (61.339 + 1399.637))
=0.07121 / 0.041985
=1.6961

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)
=(292.757 / 1815.127) / (293.804 / 1865.242)
=0.161287 / 0.157515
=1.0239

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)
=((307.514 + 770.35) / 2290.032) / ((146.138 + 728.821) / 2045.967)
=0.470676 / 0.427651
=1.1006

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
=(93.94 - 0 - 297.808) / 2290.032
=-0.089024

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.

Nice Garden Industrial Co has a M-score of -3.05 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 -3.05 mean?
Nice Garden Industrial Co (ROCO:7840) has a Beneish M-Score of -3.05 as of Jul. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nice Garden Industrial Co and its competitors. According to the industry distribution chart, Nice Garden Industrial Co ranks #285 out of 1852 companies in the Consumer Packaged Goods industry, placing it in the top 15.4%.
Is Nice Garden Industrial Co's Beneish M-Score too high?
Nice Garden Industrial Co's current Beneish M-Score is -3.05. Based on the distribution chart, Nice Garden Industrial Co ranks #285 out of 1852 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, Nice Garden Industrial Co has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Nice Garden Industrial Co's Beneish M-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, Nice Garden Industrial Co ranks #285 out of 1852 companies for Beneish M-Score. This places Nice Garden Industrial Co in the top 15% of its industry — outperforming the majority of peers. 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Nice Garden Industrial Co and its competitors. Nice Garden Industrial Co's current Beneish M-Score is -3.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nice Garden Industrial Co stock overvalued right now?
Nice Garden Industrial Co (ROCO:7840) has a current Beneish M-Score of -3.05. The current Beneish M-Score is -3.05. Nice Garden Industrial Co's overall GF Score™ is 15/100 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 Nice Garden Industrial Co (ROCO:7840), the current Beneish M-Score is -3.05 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.

Nice Garden Industrial Co Business Description

Address No. 146, Songjiang Road, 8th Floor-2, Zhongshan District, Taipei, TWN, 104492
Nice Garden Industrial Co Ltd specializing in animal nutrition, aquaculture, and livestock products.
15GF Score

Get the complete analysis for ROCO:7840

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

NT$37.00
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