Kings Town Bank (TPE:2809) Beneish M-Score: -2.82 (As of Jun. 26, 2026)


TPE:2809 Kings Town Bank TPE:2809
9 GF Score
Price NT$56.60
GF Value NT$49.28
! 4 Warning Signs
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What is Kings Town Bank Beneish M-Score?

Kings Town Bank TPE:2809 9 Beneish M-Score is -2.82 as of Jun. 26, 2026. GuruFocus rates TPE:2809 with a GF Score™ of 9/100 and a GF Value™ of NT$49.28. The stock has 4 warning signs investors should review.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 Kings Town Bank's Beneish M-Score or its related term are showing as below:

TPE:2809' s Beneish M-Score Range Over the Past 10 Years
Min: -5.25   Med: -2.65   Max: -1.86
Current: -2.82

During the past 13 years, the highest Beneish M-Score of Kings Town Bank was -1.86. The lowest was -5.25. And the median was -2.65.

TPE:2809
9GF Score
Kings Town Bank TPE:2809
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Kings Town Bank 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 Kings Town Bank 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+0.528 * 1+0.404 * 0.9992+0.892 * 0.7908+0.115 * 1.0015
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3623+4.679 * -0.024822-0.327 * 0.9318
=-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.

This Year (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was NT$0 Mil.
Revenue was 2134.334 + 2154.506 + 2375.413 + 1606.644 = NT$8,271 Mil.
Gross Profit was 2134.334 + 2154.506 + 2375.413 + 1606.644 = NT$8,271 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$367,610 Mil.
Property, Plant and Equipment(Net PPE) was NT$5,325 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$150 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,064 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$5,853 Mil.
Net Income was 943.369 + 630.433 + 1156.611 + 628.3 = NT$3,359 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 1454.605 + 9863.61 + -143.135 + 1308.593 = NT$12,484 Mil.
 Total Receivables was NT$0 Mil.
Revenue was 2556.33 + 2963.86 + 2516.501 + 2422.53 = NT$10,459 Mil.
Gross Profit was 2556.33 + 2963.86 + 2516.501 + 2422.53 = NT$10,459 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$387,157 Mil.
Property, Plant and Equipment(Net PPE) was NT$5,307 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$150 Mil.
Selling, General, & Admin. Expense(SGA) was NT$988 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$6,615 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 8270.897) / (0 / 10459.221)
=0 / 0
=1

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(10459.221 / 10459.221) / (8270.897 / 8270.897)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 5325.393) / 367610.155) / (1 - (0 + 5307.32) / 387157.185)
=0.985513 / 0.986292
=0.9992

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=8270.897 / 10459.221
=0.7908

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
=(150.08 / (150.08 + 5307.32)) / (150.362 / (150.362 + 5325.393))
=0.0275 / 0.02746
=1.0015

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(1063.806 / 8270.897) / (987.5 / 10459.221)
=0.12862 / 0.094414
=1.3623

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((5853.155 + 0) / 367610.155) / ((6615.344 + 0) / 387157.185)
=0.015922 / 0.017087
=0.9318

8. TATA = Total Accruals to Total Assets

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
=(3358.713 - 0 - 12483.673) / 367610.155
=-0.024822

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.

Kings Town Bank has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.82 mean?
Kings Town Bank (TPE:2809) has a Beneish M-Score of -2.82 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kings Town Bank and its competitors.
Is Kings Town Bank's Beneish M-Score too high?
Kings Town Bank's current Beneish M-Score is -2.82. Overall, Kings Town Bank has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Kings Town Bank's Beneish M-Score compare to competitors?
Kings Town Bank's Beneish M-Score of -2.82 can be compared against companies in the Banks 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Kings Town Bank and its competitors. Kings Town Bank'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 Kings Town Bank stock overvalued right now?
Kings Town Bank (TPE:2809) has a current Beneish M-Score of -2.82. The stock's GF Value™ is NT$49.28, compared to a current price of NT$56.60 — trading 14.9% above its estimated fair value. The current Beneish M-Score is -2.82. Kings Town Bank's overall GF Score™ is 9/100 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 Kings Town Bank (TPE:2809), the current Beneish M-Score is -2.82 as of Jun. 26, 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 Kings Town Bank (TPE:2809) Overvalued in 2026?

Based on GuruFocus' analysis, Kings Town Bank stock appears to be overvalued. The current stock price of NT$56.60 is trading 14.9% above its estimated GF Value™ of NT$49.28.

Key valuation signals for TPE:2809:

  • Beneish M-Score: -2.82
  • GF Value™: NT$49.28 vs. price of NT$56.60 (14.9% above fair value)
  • GF Score™: 9/100 with 4 warning signs

No single metric tells the full story. See the TPE:2809 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kings Town Bank Business Description

Address No. 506, Ximen Road, Section 1, West Central District, Tainan, TWN
Kings Town Bank provides banking products and services to its customers in Taiwan. The company's main business services are accepting check deposits, accepting other deposits, issuing financial bonds, handling loans, handling bill discounts, handling various investment businesses, handling domestic and foreign exchange, handling draft acceptance, issuing domestic and foreign letters of credit, handling domestic and foreign guarantees, handling collections and advances, and other business chartered by the government.
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Get the complete analysis for TPE:2809

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

NT$56.60
Price
NT$49.28
GF Value