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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Taichung Commercial Bank Co's Beneish M-Score or its related term are showing as below:
TPE:2812'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.57 Med: -2.44 Max: -2.34
Current: -2.42
During the past 13 years, the highest Beneish M-Score of Taichung Commercial Bank Co was -2.34. The lowest was -2.57. And the median was -2.44.
Taichung Commercial Bank Co Beneish M-Score Related Terms
Taichung Commercial Bank 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 Taichung Commercial Bank 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
+
0.528 * 1
+
0.404 * 0.9994
+
0.892 * 1.0689
+
0.115 * 0.9631
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.018
+
4.679 * 0.004632
-
0.327 * 1.0539
=
-2.42
* 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))
=
(521.817 / (521.817 + 20519.446))
/
(582.716 / (582.716 + 22046.149))
=
0.0248
/
0.025751
=
0.9631
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
=
(9057.493 - 0
-
4357.936)
/
1014512.326
=
0.004632
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.
Taichung Commercial Bank Co has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
Taichung Commercial Bank Co (TPE:2812) has a Beneish M-Score of -2.42 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Taichung Commercial Bank Co and its competitors. According to the industry distribution chart, Taichung Commercial Bank Co ranks #644 out of 1397 companies in the Banks industry, placing it in the top 46.1%.
Is Taichung Commercial Bank Co's Beneish M-Score too high?
Taichung Commercial Bank Co's current Beneish M-Score is -2.42. Based on the distribution chart, Taichung Commercial Bank Co ranks #644 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, Taichung Commercial Bank Co has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Taichung Commercial Bank Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Taichung Commercial Bank Co ranks #644 out of 1397 companies for Beneish M-Score. This puts Taichung Commercial Bank Co 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 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 Taichung Commercial Bank Co and its competitors. Taichung Commercial Bank Co's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taichung Commercial Bank Co stock overvalued right now?
Based on GuruFocus' analysis, Taichung Commercial Bank Co (TPE:2812) is currently considered Fairly Valued. The stock's GF Value™ is NT$19.45, compared to a current price of NT$20.05 — trading 3.1% above its estimated fair value. The current Beneish M-Score is -2.42. Taichung Commercial Bank Co's overall GF Score™ is 72/100 with 2 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 Taichung Commercial Bank Co (TPE:2812), the current Beneish M-Score is -2.42 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 Taichung Commercial Bank Co (TPE:2812) Overvalued in 2026?
Based on GuruFocus' analysis, Taichung Commercial Bank Co stock appears to be overvalued.
The current stock price of NT$20.05 is trading 3.1% above its estimated GF Value™ of NT$19.45.
GuruFocus considers Taichung Commercial Bank Co to be Fairly Valued.
Key valuation signals for TPE:2812:
Beneish M-Score: -2.42
GF Value™: NT$19.45 vs. price of NT$20.05 (3.1% above fair value)
No single metric tells the full story. See the TPE:2812 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Taichung Commercial Bank Co Ltd is a provider of banking products and services in Taiwan. The company earns the majority of revenue domestically and derives a small portion of revenue from operations in the rest of Asia and America. Segements are Northern area, Central area, Southern area, OBU, Overseas branch, Head office and others. The bank provides deposits, corporate loans, syndicated loans, mortgages, automobile loans, credit cards, foreign exchange, Internet banking, ATMs, securities trading, long-term investment, wealth management, trust services, insurance brokerage, leasing, and international banking to its customers, both individuals and businesses.
72GF Score
Get the complete analysis for TPE:2812
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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