Far Eastern International Bank (TPE:2845) Beneish M-Score: -2.37 (As of Jul. 05, 2026)


TPE:2845 Far Eastern International Bank TPE:2845
66 GF Score
Price NT$13.15
GF Value NT$12.39
Valuation Fairly Valued
! 5 Warning Signs
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What is Far Eastern International Bank Beneish M-Score?

Far Eastern International Bank TPE:2845 +1.15% 66 Beneish M-Score is -2.37 as of Jul. 05, 2026. GuruFocus rates TPE:2845 with a GF Score™ of 66/100 and a GF Value™ of NT$12.39 (Fairly Valued). The stock has 5 warning signs investors should review. Among 1,398 Banks companies, Far Eastern International Bank ranks worse than 55.51% 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:2845' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67   Med: -2.45   Max: -1.93
Current: -2.37

During the past 13 years, the highest Beneish M-Score of Far Eastern International Bank was -1.93. The lowest was -2.67. And the median was -2.45.

TPE:2845
66GF Score
Far Eastern International Bank TPE:2845
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Far Eastern International 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 Far Eastern International 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 * 0.9995+0.892 * 0.9982+0.115 * 1.0868
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0169+4.679 * 0.030331-0.327 * 1.1183
=-2.37

* 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 3207.276 + 3364.187 + 2961.028 + 3153.154 = NT$12,686 Mil.
Gross Profit was 3207.276 + 3364.187 + 2961.028 + 3153.154 = NT$12,686 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$873,711 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,656 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$747 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,448 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$68,889 Mil.
Net Income was 1110.079 + 1170.189 + 783.786 + 1107.361 = NT$4,171 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -2893.25 + -2478.146 + -3894.83 + -13062.852 = NT$-22,329 Mil.
 Total Receivables was NT$0 Mil.
Revenue was 2911.426 + 3340.817 + 3181.558 + 3275.203 = NT$12,709 Mil.
Gross Profit was 2911.426 + 3340.817 + 3181.558 + 3275.203 = NT$12,709 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$853,463 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,099 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$752 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,411 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$60,174 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 / 12685.645) / (0 / 12709.004)
=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)
=(12709.004 / 12709.004) / (12685.645 / 12685.645)
=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 + 6655.784) / 873710.892) / (1 - (0 + 6098.975) / 853463.05)
=0.992382 / 0.992854
=0.9995

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
=12685.645 / 12709.004
=0.9982

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))
=(751.687 / (751.687 + 6098.975)) / (747.44 / (747.44 + 6655.784))
=0.109725 / 0.100961
=1.0868

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)
=(2447.647 / 12685.645) / (2411.455 / 12709.004)
=0.192946 / 0.189744
=1.0169

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)
=((68889.401 + 0) / 873710.892) / ((60173.558 + 0) / 853463.05)
=0.078847 / 0.070505
=1.1183

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
=(4171.415 - 0 - -22329.078) / 873710.892
=0.030331

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.

Far Eastern International Bank has a M-score of -2.37 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 -2.37 mean?
Far Eastern International Bank (TPE:2845) has a Beneish M-Score of -2.37 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Far Eastern International Bank and its competitors. According to the industry distribution chart, Far Eastern International Bank ranks #776 out of 1398 companies in the Banks industry, placing it in the top 55.5%.
Is Far Eastern International Bank's Beneish M-Score too high?
Far Eastern International Bank's current Beneish M-Score is -2.37. Based on the distribution chart, Far Eastern International Bank ranks #776 out of 1398 companies in the Banks industry, which is below the industry midpoint. Overall, Far Eastern International Bank has a GF Score™ of 66/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Far Eastern International Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, Far Eastern International Bank ranks #776 out of 1398 companies for Beneish M-Score. This places Far Eastern International Bank 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 Far Eastern International Bank and its competitors. Far Eastern International Bank's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Far Eastern International Bank stock overvalued right now?
Based on GuruFocus' analysis, Far Eastern International Bank (TPE:2845) is currently considered Fairly Valued. The stock's GF Value™ is NT$12.39, compared to a current price of NT$13.15 — trading 6.1% above its estimated fair value. The current Beneish M-Score is -2.37. Far Eastern International Bank'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 Far Eastern International Bank (TPE:2845), the current Beneish M-Score is -2.37 as of Jul. 05, 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 Far Eastern International Bank (TPE:2845) Overvalued in 2026?

Based on GuruFocus' analysis, Far Eastern International Bank stock appears to be overvalued. The current stock price of NT$13.15 is trading 6.1% above its estimated GF Value™ of NT$12.39. GuruFocus considers Far Eastern International Bank to be Fairly Valued.

Key valuation signals for TPE:2845:

  • Beneish M-Score: -2.37
  • GF Value™: NT$12.39 vs. price of NT$13.15 (6.1% above fair value)
  • GF Score™: 66/100 with 5 warning signs

No single metric tells the full story. See the TPE:2845 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Far Eastern International Bank Business Description

Address No. 207, Dunhua South Road, 26, 27th Floor, Section 2, Daan District, Taipei, TWN, 106
Far Eastern International Bank is a provider of financial solutions in Taiwan. The bank serves both individual and institutional customers through personal banking and corporate banking. The bank offers services such as savings and checking accounts, foreign exchange services, insurance, tax-savings, wealth management, credit cards, consumer loans, mortgages, car loans, offshore banking services, derivatives, margin trading, asset swaps, trading of government and corporate bonds, and Others. The bank operates in segments namely: Individual banking, which derives maximum revenue is responsible for investment management, consumer finance, credit card, and trust business;; Corporate banking; Financial market; and Others. It also has its presence in Asia Pacific except Taiwan and Others.
66GF Score

Get the complete analysis for TPE:2845

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

NT$13.15
Price
NT$12.39
GF Value