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.
The historical rank and industry rank for China Airlines's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of China Airlines was -2.14. The lowest was -3.44. And the median was -3.04.
China Airlines Beneish M-Score Related Terms
China Airlines Beneish M-Score Historical Data
* Premium members only.
The historical data trend for China Airlines'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:2610 vs DAL, UAL, LUV: Beneish M-Score Comparison
For the Airlines subindustry, China Airlines'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.
China Airlines Beneish M-Score vs Transportation Industry
For the Transportation industry and Industrials sector, China Airlines's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Airlines'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 China Airlines 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 *
+
0.528 *
+
0.404 *
+
0.892 *
+
0.115 *
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 *
+
4.679 *
-
0.327 *
=
* 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))
=
(29470.514 / (29470.514 + 182960.949))
/
(0 / (0 + 191963.806))
=
0.13873
/
0
=
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
=
(0 - 0
-
0)
/
354823.917
=
0
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.
China Airlines (TPE:2610) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Airlines and its competitors. According to the industry distribution chart, China Airlines ranks #999999 out of 966 companies in the Transportation industry.
Is China Airlines' Beneish M-Score too high?
China Airlines' current Beneish M-Score is 0.00. Based on the distribution chart, China Airlines ranks #999999 out of 966 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, China Airlines has a GF Score™ of 57/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does China Airlines' Beneish M-Score compare to DAL and UAL?
According to the Transportation industry distribution chart, China Airlines ranks #999999 out of 966 companies for Beneish M-Score. This places China Airlines 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 China Airlines and its competitors. China Airlines's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Airlines stock overvalued right now?
Based on GuruFocus' analysis, China Airlines (TPE:2610) is currently considered Fairly Valued. The stock's GF Value™ is NT$25.60, compared to a current price of NT$24.20 — trading 5.5% below its estimated fair value. The current Beneish M-Score is 0.00. China Airlines' overall GF Score™ is 57/100 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 China Airlines (TPE:2610), the current Beneish M-Score is 0.00 as of Jun. 25, 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 China Airlines (TPE:2610) Overvalued in 2026?
Based on GuruFocus' analysis, China Airlines stock appears to be undervalued.
The current stock price of NT$24.20 is trading 5.5% below its estimated GF Value™ of NT$25.60.
GuruFocus considers China Airlines to be Fairly Valued.
Key valuation signals for TPE:2610:
Beneish M-Score: 0.00
GF Value™: NT$25.60 vs. price of NT$24.20 (5.5% below fair value)
No single metric tells the full story. See the TPE:2610 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Airlines Ltd provides air transportation services. The company is composed of its flight and non-flight segments. The flight segment is the core business of the firm and offers transport services primarily for passengers and cargo. A vast proportion of the companies revenue is generated from transporting passengers in its flight operating unit. The non-flight segment provides various services such as mail and ground solutions, data processing services to other airlines, aircraft maintenance, and aircraft leasing. It engages in air transportation services for passengers, cargo and others. The company's geographical segments include America, Northeast Asia, Southeast Asia, Europe, Australia, China, and Domestic.
57GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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