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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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Shihlin Electric & Engineering's Beneish M-Score or its related term are showing as below:
TPE:1503'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.69 Med: -2.48 Max: -2.22
Current: -2.36
During the past 13 years, the highest Beneish M-Score of Shihlin Electric & Engineering was -2.22. The lowest was -2.69. And the median was -2.48.
* 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.
Shihlin Electric & Engineering Beneish M-Score Chart
For the Electrical Equipment & Parts subindustry, Shihlin Electric & Engineering'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.
Shihlin Electric & Engineering Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Shihlin Electric & Engineering's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shihlin Electric & Engineering's Beneish M-Score falls into.
Shihlin Electric & Engineering 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 Shihlin Electric & Engineering 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 * 0.9467
+
0.528 * 1.0019
+
0.404 * 0.9442
+
0.892 * 1.0845
+
0.115 * 1.0259
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9784
+
4.679 * 0.028541
-
0.327 * 1.0868
=
-2.36
* 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))
=
(805.666 / (805.666 + 7689.945))
/
(826.601 / (826.601 + 8115.618))
=
0.094833
/
0.092438
=
1.0259
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
=
(3498.366 - 0
-
1773.633)
/
60430.37
=
0.028541
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.
Shihlin Electric & Engineering has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
Shihlin Electric & Engineering (TPE:1503) has a Beneish M-Score of -2.36 as of Aug. 18, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shihlin Electric & Engineering and its competitors. According to the industry distribution chart, Shihlin Electric & Engineering ranks #1697 out of 2907 companies in the Industrial Products industry, placing it in the top 58.4%.
Is Shihlin Electric & Engineering's Beneish M-Score too high?
Shihlin Electric & Engineering's current Beneish M-Score is -2.36. Based on the distribution chart, Shihlin Electric & Engineering ranks #1697 out of 2907 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Shihlin Electric & Engineering has a GF Score™ of 92/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Shihlin Electric & Engineering's Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, Shihlin Electric & Engineering ranks #1697 out of 2907 companies for Beneish M-Score. This places Shihlin Electric & Engineering 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 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 Shihlin Electric & Engineering and its competitors. Shihlin Electric & Engineering's current Beneish M-Score is -2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shihlin Electric & Engineering stock overvalued right now?
Based on GuruFocus' analysis, Shihlin Electric & Engineering (TPE:1503) is currently considered Fairly Valued. The stock's GF Value™ is NT$207.93, compared to a current price of NT$199.50 — trading 4.1% below its estimated fair value. The current Beneish M-Score is -2.36. Shihlin Electric & Engineering's overall GF Score™ is 92/100. 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 Shihlin Electric & Engineering (TPE:1503), the current Beneish M-Score is -2.36 as of Aug. 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.
Is Shihlin Electric & Engineering (TPE:1503) Overvalued in 2026?
Based on GuruFocus' analysis, Shihlin Electric & Engineering stock appears to be undervalued.
The current stock price of NT$199.50 is trading 4.1% below its estimated GF Value™ of NT$207.93.
GuruFocus considers Shihlin Electric & Engineering to be Fairly Valued.
Key valuation signals for TPE:1503:
Beneish M-Score: -2.36
GF Value™: NT$207.93 vs. price of NT$199.50 (4.1% below fair value)
No single metric tells the full story. See the TPE:1503 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Shihlin Electric & Engineering Corp is engaged in the manufacture of heavy electrical equipment, electrical machinery, electrical automotive equipment and related parts, and the sale and lease of commercial buildings. Its product portfolio comprises low-voltage switches, solar inverters, charging stations, power transformers, capacitors, switchboards, etc. The group has four reportable segments: Electric Distribution, Automobile Parts, Automation Equipment and Parts, and Other. The majority of its revenue is generated by the Electric Distribution segment, which manufactures and sells heavy electric equipment. Geographically, it generates maximum revenue from Taiwan, followed by Mainland China, Vietnam, and other regions.
92GF Score
Get the complete analysis for TPE:1503
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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