E. Sun Financial Holding Co (TPE:2884) Beneish M-Score: -2.26 (As of Jun. 25, 2026)


TPE:2884 E. Sun Financial Holding Co Ltd TPE:2884
86 GF Score
Price NT$35.00
GF Value NT$37.50
Valuation Fairly Valued
! 4 Warning Signs
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What is E. Sun Financial Holding Co Beneish M-Score?

E. Sun Financial Holding Co TPE:2884 -2.23% 86 Beneish M-Score is -2.26 as of Jun. 25, 2026. GuruFocus rates TPE:2884 with a GF Score™ of 86/100 and a GF Value™ of NT$37.50 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,396 Banks companies, E. Sun Financial Holding Co ranks worse than 73.28% 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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for E. Sun Financial Holding Co's Beneish M-Score or its related term are showing as below:

TPE:2884' s Beneish M-Score Range Over the Past 10 Years
Min: -2.59   Med: -2.39   Max: -2.26
Current: -2.26

During the past 13 years, the highest Beneish M-Score of E. Sun Financial Holding Co was -2.26. The lowest was -2.59. And the median was -2.39.

TPE:2884
86GF Score
E. Sun Financial Holding Co Ltd TPE:2884
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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E. Sun Financial Holding 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 E. Sun Financial Holding 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 * 1.0008+0.892 * 1.2136+0.115 * 1.0099
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9005+4.679 * -0.000491-0.327 * 0.9512
=-2.26

* 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 23907.349 + 24515.086 + 21561.285 + 21372.491 = NT$91,356 Mil.
Gross Profit was 23907.349 + 24515.086 + 21561.285 + 21372.491 = NT$91,356 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$4,516,533 Mil.
Property, Plant and Equipment(Net PPE) was NT$42,419 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$3,796 Mil.
Selling, General, & Admin. Expense(SGA) was NT$20,568 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$81,353 Mil.
Net Income was 8138.764 + 9433.036 + 7960.948 + 8809.484 = NT$34,342 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 15315.73 + 18276.008 + -20439.713 + 23408.986 = NT$36,561 Mil.
 Total Receivables was NT$0 Mil.
Revenue was 16834.428 + 22431.455 + 18560.548 + 17447.605 = NT$75,274 Mil.
Gross Profit was 16834.428 + 22431.455 + 18560.548 + 17447.605 = NT$75,274 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$4,068,238 Mil.
Property, Plant and Equipment(Net PPE) was NT$41,615 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$3,764 Mil.
Selling, General, & Admin. Expense(SGA) was NT$18,820 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$77,037 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 / 91356.211) / (0 / 75274.036)
=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)
=(75274.036 / 75274.036) / (91356.211 / 91356.211)
=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 + 42419.381) / 4516533.203) / (1 - (0 + 41614.686) / 4068237.577)
=0.990608 / 0.989771
=1.0008

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
=91356.211 / 75274.036
=1.2136

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))
=(3763.998 / (3763.998 + 41614.686)) / (3795.671 / (3795.671 + 42419.381))
=0.082946 / 0.082131
=1.0099

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)
=(20567.701 / 91356.211) / (18819.506 / 75274.036)
=0.225137 / 0.250013
=0.9005

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)
=((81352.877 + 0) / 4516533.203) / ((77036.699 + 0) / 4068237.577)
=0.018012 / 0.018936
=0.9512

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
=(34342.232 - 0 - 36561.011) / 4516533.203
=-0.000491

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.

E. Sun Financial Holding Co has a M-score of -2.26 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 -2.26 mean?
E. Sun Financial Holding Co (TPE:2884) has a Beneish M-Score of -2.26 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on E. Sun Financial Holding Co and its competitors. According to the industry distribution chart, E. Sun Financial Holding Co ranks #1023 out of 1396 companies in the Banks industry, placing it in the top 73.3%.
Is E. Sun Financial Holding Co's Beneish M-Score too high?
E. Sun Financial Holding Co's current Beneish M-Score is -2.26. Based on the distribution chart, E. Sun Financial Holding Co ranks #1023 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, E. Sun Financial Holding Co has a GF Score™ of 86/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does E. Sun Financial Holding Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, E. Sun Financial Holding Co ranks #1023 out of 1396 companies for Beneish M-Score. This places E. Sun Financial Holding Co 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 E. Sun Financial Holding Co and its competitors. E. Sun Financial Holding Co's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is E. Sun Financial Holding Co stock overvalued right now?
Based on GuruFocus' analysis, E. Sun Financial Holding Co (TPE:2884) is currently considered Fairly Valued. The stock's GF Value™ is NT$37.50, compared to a current price of NT$35.00 — trading 6.7% below its estimated fair value. The current Beneish M-Score is -2.26. E. Sun Financial Holding Co's overall GF Score™ is 86/100 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 E. Sun Financial Holding Co (TPE:2884), the current Beneish M-Score is -2.26 as of Jun. 25, 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 E. Sun Financial Holding Co (TPE:2884) Overvalued in 2026?

Based on GuruFocus' analysis, E. Sun Financial Holding Co stock appears to be undervalued. The current stock price of NT$35.00 is trading 6.7% below its estimated GF Value™ of NT$37.50. GuruFocus considers E. Sun Financial Holding Co to be Fairly Valued.

Key valuation signals for TPE:2884:

  • Beneish M-Score: -2.26
  • GF Value™: NT$37.50 vs. price of NT$35.00 (6.7% below fair value)
  • GF Score™: 86/100 with 4 warning signs

No single metric tells the full story. See the TPE:2884 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

E. Sun Financial Holding Co Business Description

Address Minsheng East Road, 14th Floor, No. 117 & 1st Floor No. 115, Section 3, Songshan District, Taipei, TWN, 10546
E. Sun Financial Holding Co Ltd provides financial services in Taiwan. The company, through its subsidiaries, offers banking, securities, insurance, and venture capital services. The company has four reportable segments: Corporate banking unit, which handles corporate loans, foreign exchange business, and financial banking operations; Individual banking unit, which handles mortgage, unsecured personal loans (UPLs), wealth management, and credit cards; Overseas branches and subsidiaries, including overseas branches and subsidiaries' business; and Others, including other performance units except for the above operating segments. The company generates the majority of its revenue from Corporate and Individual Banking Units.
86GF Score

Get the complete analysis for TPE:2884

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

NT$35.00
Price
NT$37.50
GF Value