RPGL (Republic Power Group) Beneish M-Score: -0.48 (As of Sep. 11, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

RPGL Republic Power Group Ltd RPGL
23 GF Score
Price $1.45
! 5 Warning Signs
View Full Analysis

What is Republic Power Group Beneish M-Score?

Republic Power Group RPGL -2.68% 23 Beneish M-Score is -0.48 as of Sep. 11, 2026. GuruFocus rates RPGL with a GF Score™ of 23/100. The stock has 5 warning signs investors should review. Among 2,647 Software companies, Republic Power Group ranks worse than 91.42% 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.

Warning Sign:

Beneish M-Score -0.48 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Republic Power Group's Beneish M-Score or its related term are showing as below:

RPGL' s Beneish M-Score Range Over the Past 10 Years
Min: -1.19   Med: -0.84   Max: -0.48
Current: -0.48

During the past 4 years, the highest Beneish M-Score of Republic Power Group was -0.48. The lowest was -1.19. And the median was -0.84.

Republic Power Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Republic Power Group'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.

Republic Power Group Beneish M-Score Chart

Republic Power Group Annual Data
Trend Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -1.19 -0.48

Republic Power Group Semi-Annual Data
Jun22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 -1.19 0.00 -0.48 0.00

RPGL vs AWRE, INVU, NXPL: Beneish M-Score Comparison

For the Software - Application subindustry, Republic Power Group'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.

Republic Power Group Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Republic Power Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Republic Power Group's Beneish M-Score falls into.


RPGL
23GF Score
Republic Power Group Ltd RPGL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Republic Power Group 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 Republic Power Group 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 * 0.1997+0.528 * 0.7956+0.404 * 1.1808+0.892 * 4.622+0.115 * 0.3829
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.1164+4.679 * -0.122083-0.327 * 0.9011
=-0.48

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was $1.79 Mil.
Revenue was $2.35 Mil.
Gross Profit was $1.86 Mil.
Total Current Assets was $3.41 Mil.
Total Assets was $6.68 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $0.62 Mil.
Total Current Liabilities was $2.89 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $0.28 Mil.
Gross Profit was $0.04 Mil.
Cash Flow from Operations was $1.06 Mil.
 Total Receivables was $1.94 Mil.
Revenue was $0.51 Mil.
Gross Profit was $0.32 Mil.
Total Current Assets was $3.69 Mil.
Total Assets was $6.41 Mil.
Property, Plant and Equipment(Net PPE) was $0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.03 Mil.
Selling, General, & Admin. Expense(SGA) was $1.15 Mil.
Total Current Liabilities was $3.04 Mil.
Long-Term Debt & Capital Lease Obligation was $0.03 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)
=(1.789 / 2.348) / (1.938 / 0.508)
=0.761925 / 3.814961
=0.1997

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)
=(0.32 / 0.508) / (1.859 / 2.348)
=0.629921 / 0.791738
=0.7956

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 - (3.41 + 0.001) / 6.684) / (1 - (3.692 + 0.058) / 6.407)
=0.489677 / 0.414703
=1.1808

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
=2.348 / 0.508
=4.622

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))
=(0.032 / (0.032 + 0.058)) / (0.013 / (0.013 + 0.001))
=0.355556 / 0.928571
=0.3829

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)
=(0.62 / 2.348) / (1.152 / 0.508)
=0.264055 / 2.267717
=0.1164

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)
=((0 + 2.888) / 6.684) / ((0.033 + 3.039) / 6.407)
=0.432077 / 0.479476
=0.9011

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
=(0.281 - 0.041 - 1.056) / 6.684
=-0.122083

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.

Republic Power Group has a M-score of -0.48 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -0.48 mean?
Republic Power Group (RPGL) has a Beneish M-Score of -0.48 as of Sep. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Republic Power Group and its competitors. According to the industry distribution chart, Republic Power Group ranks #2420 out of 2647 companies in the Software industry, placing it in the top 91.4%.
Is Republic Power Group's Beneish M-Score too high?
Republic Power Group's current Beneish M-Score is -0.48. Based on the distribution chart, Republic Power Group ranks #2420 out of 2647 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Republic Power Group has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.
How does Republic Power Group's Beneish M-Score compare to AWRE and INVU?
According to the Software industry distribution chart, Republic Power Group ranks #2420 out of 2647 companies for Beneish M-Score. This places Republic Power Group 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 Software company?
A good Beneish M-Score depends on the Software 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 Republic Power Group and its competitors. Republic Power Group's current Beneish M-Score is -0.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Republic Power Group stock overvalued right now?
Republic Power Group (RPGL) has a current Beneish M-Score of -0.48. The current Beneish M-Score is -0.48. Republic Power Group's overall GF Score™ is 23/100 with 5 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 Republic Power Group (RPGL), the current Beneish M-Score is -0.48 as of Sep. 11, 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.

Republic Power Group Business Description

Address 5008 Ang Mo Kio Ave 5, No 04-09 Techplace II, Singapore, SGP, 569874
Republic Power Group Ltd is a provider of customized ERP software solutions, consulting and technical support services, and peripheral hardware to corporate clients and government agencies, including airports, cruise terminals, and technology, trading, and logistics companies. The Company operates from Singapore and has historically served clients in Singapore and Malaysia, offering ERP systems with functions such as accounting, procurement, workflow automation, real-time monitoring, and capabilities including planning, surveillance, and threat detection. The Company leverages artificial intelligence and modular algorithms to address complex operational requirements and integrates sensors, controls, and other hardware to enable IoT connectivity with autonomous or semiautonomous outcomes.
23GF Score

Get the complete analysis for RPGL

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

$1.45
Price