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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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Hey-Song's Beneish M-Score or its related term are showing as below:
TPE:1234'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.66 Med: -2.47 Max: -1.54
Current: -2.51
During the past 13 years, the highest Beneish M-Score of Hey-Song was -1.54. The lowest was -2.66. And the median was -2.47.
Hey-Song Beneish M-Score Related Terms
Hey-Song Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Hey-Song'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.
TPE:1234 vs KO, PEP, MNST: Beneish M-Score Comparison
For the Beverages - Non-Alcoholic subindustry, Hey-Song'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.
Hey-Song Beneish M-Score vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Hey-Song's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hey-Song'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 Hey-Song 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 * 0.9535
+
0.528 * 1.0219
+
0.404 * 0.9551
+
0.892 * 0.9277
+
0.115 * 1.0012
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0771
+
4.679 * 0.025152
-
0.327 * 1.0769
=
-2.51
* 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))
=
(348.811 / (348.811 + 6362.08))
/
(348.454 / (348.454 + 6363.754))
=
0.051977
/
0.051913
=
1.0012
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
=
(804.346 - 0
-
202.536)
/
23927.259
=
0.025152
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.
Hey-Song has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
Hey-Song (TPE:1234) has a Beneish M-Score of -2.51 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hey-Song and its competitors. According to the industry distribution chart, Hey-Song ranks #57 out of 110 companies in the Beverages - Non-Alcoholic industry, placing it in the top 51.8%.
Is Hey-Song's Beneish M-Score too high?
Hey-Song's current Beneish M-Score is -2.51. Based on the distribution chart, Hey-Song ranks #57 out of 110 companies in the Beverages - Non-Alcoholic industry, which is below the industry midpoint. Overall, Hey-Song has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Hey-Song's Beneish M-Score compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, Hey-Song ranks #57 out of 110 companies for Beneish M-Score. This places Hey-Song 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 Beverages - Non-Alcoholic company?
A good Beneish M-Score depends on the Beverages - Non-Alcoholic 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 Hey-Song and its competitors. Hey-Song's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hey-Song stock overvalued right now?
Based on GuruFocus' analysis, Hey-Song (TPE:1234) is currently considered Fairly Valued. The stock's GF Value™ is NT$36.99, compared to a current price of NT$34.00 — trading 8.1% below its estimated fair value. The current Beneish M-Score is -2.51. Hey-Song's overall GF Score™ is 69/100 with 8 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 Hey-Song (TPE:1234), the current Beneish M-Score is -2.51 as of Jul. 21, 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 Hey-Song (TPE:1234) Overvalued in 2026?
Based on GuruFocus' analysis, Hey-Song stock appears to be undervalued.
The current stock price of NT$34.00 is trading 8.1% below its estimated GF Value™ of NT$36.99.
GuruFocus considers Hey-Song to be Fairly Valued.
Key valuation signals for TPE:1234:
Beneish M-Score: -2.51
GF Value™: NT$36.99 vs. price of NT$34.00 (8.1% below fair value)
No single metric tells the full story. See the TPE:1234 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hey-Song Corp is a Taiwanese company engaged in the production and sale of beverages bearing its brand, OEM production and distribution of beverages for other brands, and distribution and sale of domestic and imported liquors. It produces a diversified range of alcoholic and non-alcoholic beverages, including tea, coffee, brandy, wine, whisky, juice, Chinese liquor, and tonic drinks, among others, which are marketed through brands like Black Pine, C&C, Wayne, Kinmen Kaoliang, Hardys, Saint Remy, McLeod, etc. The company's reportable segments are the Beverages business unit-beverages, which generates maximum revenue, the Beverages business unit-liquors, and the Property lease department. Geographically, it generates maximum revenue from Taiwan, followed by China.
69GF Score
Get the complete analysis for TPE:1234
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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