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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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Taiwan Glass Ind's Beneish M-Score or its related term are showing as below:
TPE:1802'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.62 Max: 0.29
Current: -2.65
During the past 13 years, the highest Beneish M-Score of Taiwan Glass Ind was 0.29. The lowest was -3.20. And the median was -2.62.
Taiwan Glass Ind Beneish M-Score Related Terms
Taiwan Glass Ind Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Taiwan Glass Ind'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:1802 vs CRH, VMC, MLM: Beneish M-Score Comparison
For the Building Materials subindustry, Taiwan Glass Ind'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.
Taiwan Glass Ind Beneish M-Score vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, Taiwan Glass Ind's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Taiwan Glass Ind'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 Taiwan Glass Ind 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 * 1.1163
+
0.528 * 0.6389
+
0.404 * 1.0447
+
0.892 * 0.9952
+
0.115 * 1.0175
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9933
+
4.679 * -0.024456
-
0.327 * 0.9811
=
-2.65
* 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))
=
(4710.023 / (4710.023 + 45426.806))
/
(4571.696 / (4571.696 + 44943.571))
=
0.093943
/
0.092329
=
1.0175
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
=
(373.067 - 0
-
2613.379)
/
91606.959
=
-0.024456
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.
Taiwan Glass Ind has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Taiwan Glass Ind (TPE:1802) has a Beneish M-Score of -2.65 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Taiwan Glass Ind and its competitors. According to the industry distribution chart, Taiwan Glass Ind ranks #162 out of 385 companies in the Building Materials industry, placing it in the top 42.1%.
Is Taiwan Glass Ind's Beneish M-Score too high?
Taiwan Glass Ind's current Beneish M-Score is -2.65. Based on the distribution chart, Taiwan Glass Ind ranks #162 out of 385 companies in the Building Materials industry, which is above the industry midpoint. Overall, Taiwan Glass Ind has a GF Score™ of 45/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Taiwan Glass Ind's Beneish M-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, Taiwan Glass Ind ranks #162 out of 385 companies for Beneish M-Score. This puts Taiwan Glass Ind 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 a Building Materials company?
A good Beneish M-Score depends on the Building Materials 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 Taiwan Glass Ind and its competitors. Taiwan Glass Ind's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taiwan Glass Ind stock overvalued right now?
Based on GuruFocus' analysis, Taiwan Glass Ind (TPE:1802) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$18.84, compared to a current price of NT$51.00 — trading 170.7% above its estimated fair value. The current Beneish M-Score is -2.65. Taiwan Glass Ind's overall GF Score™ is 45/100 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 Taiwan Glass Ind (TPE:1802), the current Beneish M-Score is -2.65 as of Jul. 27, 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 Taiwan Glass Ind (TPE:1802) Overvalued in 2026?
Based on GuruFocus' analysis, Taiwan Glass Ind stock appears to be overvalued.
The current stock price of NT$51.00 is trading 170.7% above its estimated GF Value™ of NT$18.84.
GuruFocus considers Taiwan Glass Ind to be Significantly Overvalued.
Key valuation signals for TPE:1802:
Beneish M-Score: -2.65
GF Value™: NT$18.84 vs. price of NT$51.00 (170.7% above fair value)
No single metric tells the full story. See the TPE:1802 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Taiwan Glass Ind Corp is engaged in the manufacturing, processing, and selling of various glass products. Its products include flat glass, auto glass, ultra-thin glass, photoelectric glass, fiber glass, and containers, tableware & kitchenware. The company's segments include Flat Glass Segment, engaged in the manufacturing and selling of flat glass; Glass Container Segment, engaged in the manufacturing and selling of glass containers; and Glass Fiber Segment, engaged in the manufacturing and selling of glass fibers. It derives the majority of its revenue from the Flat Glass segment. Geographically, its operations are spread across Taiwan, China, and Other countries.
45GF Score
Get the complete analysis for TPE:1802
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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