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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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for QST International's Beneish M-Score or its related term are showing as below:
ROCO:8349'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.62 Max: -2.05
Current: -2.63
During the past 13 years, the highest Beneish M-Score of QST International was -2.05. The lowest was -3.14. And the median was -2.62.
The historical data trend for QST International'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.
ROCO:8349 vs SNA, RBC, SWK: Beneish M-Score Comparison
For the Tools & Accessories subindustry, QST 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.
QST International Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, QST International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where QST International'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 QST 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 * 1.1264
+
0.528 * 1.0474
+
0.404 * 0.968
+
0.892 * 0.9016
+
0.115 * 1.0223
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0134
+
4.679 * -0.038224
-
0.327 * 1.0478
=
-2.63
* 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))
=
(785.569 / (785.569 + 10786.987))
/
(863.013 / (863.013 + 12133.992))
=
0.067882
/
0.066401
=
1.0223
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
=
(430.699 - 0
-
1367.326)
/
24503.733
=
-0.038224
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.
QST International has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
QST International (ROCO:8349) has a Beneish M-Score of -2.63 as of Aug. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on QST International and its competitors. According to the industry distribution chart, QST International ranks #985 out of 2906 companies in the Industrial Products industry, placing it in the top 33.9%.
Is QST International's Beneish M-Score too high?
QST International's current Beneish M-Score is -2.63. Based on the distribution chart, QST International ranks #985 out of 2906 companies in the Industrial Products industry, which is above the industry midpoint. Overall, QST International has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does QST International's Beneish M-Score compare to SNA and RBC?
According to the Industrial Products industry distribution chart, QST International ranks #985 out of 2906 companies for Beneish M-Score. This puts QST International in the upper 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 QST International and its competitors. QST International's current Beneish M-Score is -2.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is QST International stock overvalued right now?
Based on GuruFocus' analysis, QST International (ROCO:8349) is currently considered Fairly Valued. The stock's GF Value™ is NT$40.40, compared to a current price of NT$39.20 — trading 3% below its estimated fair value. The current Beneish M-Score is -2.63. QST International's overall GF Score™ is 72/100 with 9 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 QST International (ROCO:8349), the current Beneish M-Score is -2.63 as of Aug. 17, 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 QST International (ROCO:8349) Overvalued in 2026?
Based on GuruFocus' analysis, QST International stock appears to be undervalued.
The current stock price of NT$39.20 is trading 3% below its estimated GF Value™ of NT$40.40.
GuruFocus considers QST International to be Fairly Valued.
Key valuation signals for ROCO:8349:
Beneish M-Score: -2.63
GF Value™: NT$40.40 vs. price of NT$39.20 (3% below fair value)
No single metric tells the full story. See the ROCO:8349 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
QST International Corp is principally engaged in the manufacture, production, and trading of screws and nuts. Its activities include the wholesale of fasteners, industrial hardware, hardware tools, plastic products, inspection services, and accessories; the manufacture of metal products such as automotive nuts and molds; the manufacture and sale of automotive fasteners; and the manufacture of automotive parts and accessories and metal structures. It operates in Taiwan, China, Germany, Vietnam, and other countries, with China generating maximum revenue.
72GF Score
Get the complete analysis for ROCO:8349
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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