Bank Of Kaohsiung (TPE:2836) Beneish M-Score: -2.35 (As of Jun. 26, 2026)


TPE:2836 Bank Of Kaohsiung Ltd TPE:2836
65 GF Score
Price NT$12.25
GF Value NT$11.68
Valuation Fairly Valued
! 5 Warning Signs
View Full Analysis

What is Bank Of Kaohsiung Beneish M-Score?

Bank Of Kaohsiung TPE:2836 -0.41% 65 Beneish M-Score is -2.35 as of Jun. 26, 2026. GuruFocus rates TPE:2836 with a GF Score™ of 65/100 and a GF Value™ of NT$11.68 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,397 Banks companies, Bank Of Kaohsiung ranks worse than 58.63% on this metric.

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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Bank Of Kaohsiung's Beneish M-Score or its related term are showing as below:

TPE:2836' s Beneish M-Score Range Over the Past 10 Years
Min: -2.72   Med: -2.39   Max: -2.03
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Bank Of Kaohsiung was -2.03. The lowest was -2.72. And the median was -2.39.

TPE:2836
65GF Score
Bank Of Kaohsiung Ltd TPE:2836
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Bank Of Kaohsiung 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 Bank Of Kaohsiung 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 * 0.9991+0.892 * 1.1528+0.115 * 1.1066
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.879+4.679 * 0.001591-0.327 * 1.1408
=-2.35

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was NT$0 Mil.
Revenue was 1280.019 + 1301.111 + 1262.748 + 1151.143 = NT$4,995 Mil.
Gross Profit was 1280.019 + 1301.111 + 1262.748 + 1151.143 = NT$4,995 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$355,836 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,023 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$191 Mil.
Selling, General, & Admin. Expense(SGA) was NT$965 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$6,619 Mil.
Net Income was 338.675 + 343.215 + 330.12 + 265.865 = NT$1,278 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -3899.385 + -1340.984 + -2259.581 + 8211.615 = NT$712 Mil.
 Total Receivables was NT$0 Mil.
Revenue was 1090.64 + 1169.017 + 1107.568 + 965.535 = NT$4,333 Mil.
Gross Profit was 1090.64 + 1169.017 + 1107.568 + 965.535 = NT$4,333 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$350,650 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,635 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$192 Mil.
Selling, General, & Admin. Expense(SGA) was NT$952 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$5,717 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 / 4995.021) / (0 / 4332.76)
=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)
=(4332.76 / 4332.76) / (4995.021 / 4995.021)
=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 + 4023.286) / 355836.198) / (1 - (0 + 3635.367) / 350650.438)
=0.988693 / 0.989633
=0.9991

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
=4995.021 / 4332.76
=1.1528

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))
=(191.641 / (191.641 + 3635.367)) / (190.694 / (190.694 + 4023.286))
=0.050076 / 0.045253
=1.1066

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)
=(964.715 / 4995.021) / (951.975 / 4332.76)
=0.193135 / 0.219716
=0.879

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)
=((6619.086 + 0) / 355836.198) / ((5717.434 + 0) / 350650.438)
=0.018601 / 0.016305
=1.1408

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
=(1277.875 - 0 - 711.665) / 355836.198
=0.001591

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.

Bank Of Kaohsiung has a M-score of -2.35 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 -2.35 mean?
Bank Of Kaohsiung (TPE:2836) has a Beneish M-Score of -2.35 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bank Of Kaohsiung and its competitors. According to the industry distribution chart, Bank Of Kaohsiung ranks #819 out of 1397 companies in the Banks industry, placing it in the top 58.6%.
Is Bank Of Kaohsiung's Beneish M-Score too high?
Bank Of Kaohsiung's current Beneish M-Score is -2.35. Based on the distribution chart, Bank Of Kaohsiung ranks #819 out of 1397 companies in the Banks industry, which is below the industry midpoint. Overall, Bank Of Kaohsiung has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Bank Of Kaohsiung's Beneish M-Score compare to PNC?
According to the Banks industry distribution chart, Bank Of Kaohsiung ranks #819 out of 1397 companies for Beneish M-Score. This places Bank Of Kaohsiung 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 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 Bank Of Kaohsiung and its competitors. Bank Of Kaohsiung's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank Of Kaohsiung stock overvalued right now?
Based on GuruFocus' analysis, Bank Of Kaohsiung (TPE:2836) is currently considered Fairly Valued. The stock's GF Value™ is NT$11.68, compared to a current price of NT$12.25 — trading 4.9% above its estimated fair value. The current Beneish M-Score is -2.35. Bank Of Kaohsiung's overall GF Score™ is 65/100 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 Bank Of Kaohsiung (TPE:2836), the current Beneish M-Score is -2.35 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 Bank Of Kaohsiung (TPE:2836) Overvalued in 2026?

Based on GuruFocus' analysis, Bank Of Kaohsiung stock appears to be overvalued. The current stock price of NT$12.25 is trading 4.9% above its estimated GF Value™ of NT$11.68. GuruFocus considers Bank Of Kaohsiung to be Fairly Valued.

Key valuation signals for TPE:2836:

  • Beneish M-Score: -2.35
  • GF Value™: NT$11.68 vs. price of NT$12.25 (4.9% above fair value)
  • GF Score™: 65/100 with 5 warning signs

No single metric tells the full story. See the TPE:2836 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Bank Of Kaohsiung Business Description

Other Exchanges 2836A.PFD:Taiwan
Address No.168, Po Ai 2nd Road, Zuoying District, Kaohsiung, TWN
Bank Of Kaohsiung Ltd operates as a commercial bank. Its business activities are Agent for the Kaohsiung City Treasury; Management of Kaohsiung Municipal Bond; Other relevant commercial bank businesses authorized under the Banking Act; Savings and trust operations; and Other relevant businesses authorized by the Government authorities. Its segments include DBU, which engages in deposit taking and underwriting of loans in the domestic market; OBU& Finance Administration Department, which engages in the investment and trading of securities and offshore deposits and loans; and Other segments, which engages in public treasury, trust and insurance agency businesses. It derives the majority of the revenue from the DBU segment.
65GF Score

Get the complete analysis for TPE:2836

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

NT$12.25
Price
NT$11.68
GF Value