Entie Commercial Bank (TPE:2849) Beneish M-Score: -2.63 (As of Jul. 01, 2026)


TPE:2849 Entie Commercial Bank TPE:2849
64 GF Score
Price NT$14.60
GF Value NT$14.17
Valuation Fairly Valued
! 3 Warning Signs
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What is Entie Commercial Bank Beneish M-Score?

Entie Commercial Bank TPE:2849 +0.34% 64 Beneish M-Score is -2.63 as of Jul. 01, 2026. GuruFocus rates TPE:2849 with a GF Score™ of 64/100 and a GF Value™ of NT$14.17 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,397 Banks companies, Entie Commercial Bank ranks better than 83.25% 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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:2849' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38   Med: -2.56   Max: -2.34
Current: -2.63

During the past 13 years, the highest Beneish M-Score of Entie Commercial Bank was -2.34. The lowest was -3.38. And the median was -2.56.

TPE:2849
64GF Score
Entie Commercial Bank TPE:2849
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Entie Commercial 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 Entie Commercial 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 * 0.9999+0.892 * 1.0404+0.115 * 1.0405
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0771+4.679 * 0.00256-0.327 * 1.5849
=-2.63

* 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 1544.993 + 1466.204 + 1387.405 + 1365.943 = NT$5,765 Mil.
Gross Profit was 1544.993 + 1466.204 + 1387.405 + 1365.943 = NT$5,765 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$388,247 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,653 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$364 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,100 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$5,569 Mil.
Net Income was 394.473 + 453.285 + 327.957 + 363.268 = NT$1,539 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -43.085 + 1058.285 + -248.249 + -221.868 = NT$545 Mil.
 Total Receivables was NT$0 Mil.
Revenue was 1331.203 + 1461.946 + 1407.029 + 1340.326 = NT$5,541 Mil.
Gross Profit was 1331.203 + 1461.946 + 1407.029 + 1340.326 = NT$5,541 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$363,916 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,518 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$351 Mil.
Selling, General, & Admin. Expense(SGA) was NT$982 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$3,293 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 / 5764.545) / (0 / 5540.504)
=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)
=(5540.504 / 5540.504) / (5764.545 / 5764.545)
=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 + 1653.243) / 388247.298) / (1 - (0 + 1518.457) / 363916.229)
=0.995742 / 0.995827
=0.9999

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
=5764.545 / 5540.504
=1.0404

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))
=(351.444 / (351.444 + 1518.457)) / (364.448 / (364.448 + 1653.243))
=0.187948 / 0.180626
=1.0405

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)
=(1099.973 / 5764.545) / (981.555 / 5540.504)
=0.190817 / 0.17716
=1.0771

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)
=((5568.768 + 0) / 388247.298) / ((3293.463 + 0) / 363916.229)
=0.014343 / 0.00905
=1.5849

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
=(1538.983 - 0 - 545.083) / 388247.298
=0.00256

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.

Entie Commercial Bank has a M-score of -2.63 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 -2.63 mean?
Entie Commercial Bank (TPE:2849) has a Beneish M-Score of -2.63 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Entie Commercial Bank and its competitors. According to the industry distribution chart, Entie Commercial Bank ranks #234 out of 1397 companies in the Banks industry, placing it in the top 16.8%.
Is Entie Commercial Bank's Beneish M-Score too high?
Entie Commercial Bank's current Beneish M-Score is -2.63. Based on the distribution chart, Entie Commercial Bank ranks #234 out of 1397 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Entie Commercial Bank has a GF Score™ of 64/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Entie Commercial Bank's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Entie Commercial Bank ranks #234 out of 1397 companies for Beneish M-Score. This places Entie Commercial Bank in the top 17% of its industry — outperforming the majority of peers. 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 Entie Commercial Bank and its competitors. Entie Commercial Bank's current Beneish M-Score is -2.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Entie Commercial Bank stock overvalued right now?
Based on GuruFocus' analysis, Entie Commercial Bank (TPE:2849) is currently considered Fairly Valued. The stock's GF Value™ is NT$14.17, compared to a current price of NT$14.60 — trading 3% above its estimated fair value. The current Beneish M-Score is -2.63. Entie Commercial Bank's overall GF Score™ is 64/100 with 3 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 Entie Commercial Bank (TPE:2849), the current Beneish M-Score is -2.63 as of Jul. 01, 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 Entie Commercial Bank (TPE:2849) Overvalued in 2026?

Based on GuruFocus' analysis, Entie Commercial Bank stock appears to be overvalued. The current stock price of NT$14.60 is trading 3% above its estimated GF Value™ of NT$14.17. GuruFocus considers Entie Commercial Bank to be Fairly Valued.

Key valuation signals for TPE:2849:

  • Beneish M-Score: -2.63
  • GF Value™: NT$14.17 vs. price of NT$14.60 (3% above fair value)
  • GF Score™: 64/100 with 3 warning signs

No single metric tells the full story. See the TPE:2849 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Entie Commercial Bank Business Description

Address Xinyi Road, 40th floor, No. 7, Section 5, Xinyi Disctrict, Taipei, TWN, 11049
Entie Commercial Bank Entie Commercial Bank is engaged in banking activities and services in Taiwan. the Bank has three operating segments: Retail Banking includes the business of consumer finance and wealth management, Corporate Banking includes the business of corporates and financial markets, and Operating Management is responsible for the business relevant to operating management. the bank derives the vast majority of its revenue from the corporate segment. The Bank mainly operates its business in Taiwan.
64GF Score

Get the complete analysis for TPE:2849

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

NT$14.60
Price
NT$14.17
GF Value