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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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Cheng Shin Rubber Industry Co's Beneish M-Score or its related term are showing as below:
TPE:2105'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.7 Max: -1.89
Current: -2.82
During the past 13 years, the highest Beneish M-Score of Cheng Shin Rubber Industry Co was -1.89. The lowest was -3.21. And the median was -2.70.
* 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.
Cheng Shin Rubber Industry Co Beneish M-Score Chart
For the Auto Parts subindustry, Cheng Shin Rubber Industry Co'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.
Cheng Shin Rubber Industry Co Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Cheng Shin Rubber Industry Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cheng Shin Rubber Industry Co's Beneish M-Score falls into.
Cheng Shin Rubber Industry Co 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 Cheng Shin Rubber Industry Co 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 * 1.1144
+
0.528 * 1.0142
+
0.404 * 0.8539
+
0.892 * 0.9505
+
0.115 * 1.0144
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0908
+
4.679 * -0.071314
-
0.327 * 0.9969
=
-2.82
* 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))
=
(9603.938 / (9603.938 + 65625.29))
/
(8449.384 / (8449.384 + 58688.779))
=
0.127662
/
0.125851
=
1.0144
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
=
(5264.813 - 0
-
15743.065)
/
146931.42
=
-0.071314
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.
Cheng Shin Rubber Industry Co has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
Cheng Shin Rubber Industry Co (TPE:2105) has a Beneish M-Score of -2.82 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cheng Shin Rubber Industry Co and its competitors. According to the industry distribution chart, Cheng Shin Rubber Industry Co ranks #308 out of 1275 companies in the Vehicles & Parts industry, placing it in the top 24.2%.
Is Cheng Shin Rubber Industry Co's Beneish M-Score too high?
Cheng Shin Rubber Industry Co's current Beneish M-Score is -2.82. Based on the distribution chart, Cheng Shin Rubber Industry Co ranks #308 out of 1275 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, Cheng Shin Rubber Industry Co has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Cheng Shin Rubber Industry Co's Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Cheng Shin Rubber Industry Co ranks #308 out of 1275 companies for Beneish M-Score. This places Cheng Shin Rubber Industry Co in the top 24% of its industry — outperforming the majority of peers. 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Cheng Shin Rubber Industry Co and its competitors. Cheng Shin Rubber Industry Co's current Beneish M-Score is -2.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cheng Shin Rubber Industry Co stock overvalued right now?
Based on GuruFocus' analysis, Cheng Shin Rubber Industry Co (TPE:2105) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$41.86, compared to a current price of NT$31.70 — trading 24.3% below its estimated fair value. The current Beneish M-Score is -2.82. Cheng Shin Rubber Industry Co's overall GF Score™ is 74/100 with 4 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 Cheng Shin Rubber Industry Co (TPE:2105), the current Beneish M-Score is -2.82 as of Aug. 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.
Is Cheng Shin Rubber Industry Co (TPE:2105) Overvalued in 2026?
Based on GuruFocus' analysis, Cheng Shin Rubber Industry Co stock appears to be undervalued.
The current stock price of NT$31.70 is trading 24.3% below its estimated GF Value™ of NT$41.86.
GuruFocus considers Cheng Shin Rubber Industry Co to be Modestly Undervalued.
Key valuation signals for TPE:2105:
Beneish M-Score: -2.82
GF Value™: NT$41.86 vs. price of NT$31.70 (24.3% below fair value)
No single metric tells the full story. See the TPE:2105 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cheng Shin Rubber Industry Co Ltd makes and sells rubber tires under the CST brand name. The company also sells rubber inner tubes and other rubber products. It includes the Processing, manufacturing, and trading of bicycle tires, electrical vehicle tires, reclaimed rubber, various rubbers, resin, and others. The Business organization is divided into Cheng Shin (Taiwan), MAXXIS (Taiwan) Trading, Cheng Shin (Xiamen), Cheng Shin (China), Petrel (Xiamen), Cheng Shin (Thailand), and other segments based on the nature of each company. The main sources of sales revenue are from manufacturing and sales of bicycle tires, electrical vehicle tires, reclaimed rubber, etc. Its geographical segments are Taiwan, China, the United States, and Others.
74GF Score
Get the complete analysis for TPE:2105
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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