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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Pan Jit International's Beneish M-Score or its related term are showing as below:
TPE:2481'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.1 Med: -2.62 Max: -2.13
Current: -2.53
During the past 13 years, the highest Beneish M-Score of Pan Jit International was -2.13. The lowest was -3.10. And the median was -2.62.
Pan Jit International Beneish M-Score Related Terms
Pan Jit International Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Pan Jit International'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:2481 vs LRCX, AMAT, KLAC: Beneish M-Score Comparison
For the Semiconductor Equipment & Materials subindustry, Pan Jit International'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.
Pan Jit International Beneish M-Score vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Pan Jit International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pan Jit International'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 Pan Jit International 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 * 1.0314
+
0.528 * 0.9179
+
0.404 * 0.9312
+
0.892 * 1.0445
+
0.115 * 0.9706
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0568
+
4.679 * -0.007713
-
0.327 * 0.987
=
-2.53
* 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))
=
(1039.736 / (1039.736 + 8558.16))
/
(1010.871 / (1010.871 + 8046.525))
=
0.10833
/
0.111607
=
0.9706
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
=
(1191.631 - 0
-
1419.328)
/
29519.292
=
-0.007713
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.
Pan Jit International has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
Pan Jit International (TPE:2481) has a Beneish M-Score of -2.53 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pan Jit International and its competitors. According to the industry distribution chart, Pan Jit International ranks #427 out of 987 companies in the Semiconductors industry, placing it in the top 43.3%.
Is Pan Jit International's Beneish M-Score too high?
Pan Jit International's current Beneish M-Score is -2.53. Based on the distribution chart, Pan Jit International ranks #427 out of 987 companies in the Semiconductors industry, which is above the industry midpoint. Overall, Pan Jit International has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Pan Jit International's Beneish M-Score compare to LRCX and AMAT?
According to the Semiconductors industry distribution chart, Pan Jit International ranks #427 out of 987 companies for Beneish M-Score. This puts Pan Jit International 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 Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 Pan Jit International and its competitors. Pan Jit International's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pan Jit International stock overvalued right now?
Based on GuruFocus' analysis, Pan Jit International (TPE:2481) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$69.86, compared to a current price of NT$175.00 — trading 150.5% above its estimated fair value. The current Beneish M-Score is -2.53. Pan Jit International's overall GF Score™ is 66/100 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 Pan Jit International (TPE:2481), the current Beneish M-Score is -2.53 as of Jun. 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 Pan Jit International (TPE:2481) Overvalued in 2026?
Based on GuruFocus' analysis, Pan Jit International stock appears to be overvalued.
The current stock price of NT$175.00 is trading 150.5% above its estimated GF Value™ of NT$69.86.
GuruFocus considers Pan Jit International to be Significantly Overvalued.
Key valuation signals for TPE:2481:
Beneish M-Score: -2.53
GF Value™: NT$69.86 vs. price of NT$175.00 (150.5% above fair value)
No single metric tells the full story. See the TPE:2481 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pan Jit International Inc is engaged in the manufacturing, processing, assembly, and import and export of semiconductors. The company also assembles, trades, and transfers technological advancements of machinery parts, and it also trades resins and paints for semiconductors. Its products include: Power Management ICs, Signal Chain ICs, MOSFETs, Motor Control ICs, and others. The company's operating segments include Power Discrete, Power IC and components, and Solar. The majority of its revenue is generated from the Power Discrete segment, which is engaged in manufacturing and selling wafers, power components, and control modules. Geographically, the company generates key revenue from China (including Hong Kong) and the rest from Taiwan, Korea, Germany, Italy, and other countries.
66GF Score
Get the complete analysis for TPE:2481
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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