TS Financial Holding Co (TPE:2887) Beneish M-Score: -1.56 (As of Jul. 15, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TPE:2887 TS Financial Holding Co Ltd TPE:2887
64 GF Score
Price NT$36.15
GF Value NT$22.76
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is TS Financial Holding Co Beneish M-Score?

TS Financial Holding Co TPE:2887 +1.97% 64 Beneish M-Score is -1.56 as of Jul. 15, 2026. GuruFocus rates TPE:2887 with a GF Score™ of 64/100 and a GF Value™ of NT$22.76 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,396 Banks companies, TS Financial Holding Co ranks worse than 95.92% 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.

Warning Sign:

Beneish M-Score -1.56 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TPE:2887' s Beneish M-Score Range Over the Past 10 Years
Min: -2.52   Med: -2.35   Max: -1.56
Current: -1.56

During the past 13 years, the highest Beneish M-Score of TS Financial Holding Co was -1.56. The lowest was -2.52. And the median was -2.35.

TPE:2887
64GF Score
TS Financial Holding Co Ltd TPE:2887
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TS 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 TS 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 * 0.9977+0.892 * 1.7539+0.115 * 1.7426
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.866+4.679 * 0.013645-0.327 * 0.7656
=-1.56

* 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 61426.923 + 45718.964 + 19973.369 + 24771.643 = NT$151,891 Mil.
Gross Profit was 61426.923 + 45718.964 + 19973.369 + 24771.643 = NT$151,891 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$8,775,492 Mil.
Property, Plant and Equipment(Net PPE) was NT$93,137 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$5,229 Mil.
Selling, General, & Admin. Expense(SGA) was NT$20,433 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$258,226 Mil.
Net Income was 14716.033 + 12387.567 + 5490.505 + 4732.707 = NT$37,327 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -78238.16 + -15042.624 + 11253.919 + -385.677 = NT$-82,413 Mil.
 Total Receivables was NT$0 Mil.
Revenue was 20429.87 + 23502.005 + 21361.733 + 21310.259 = NT$86,604 Mil.
Gross Profit was 20429.87 + 23502.005 + 21361.733 + 21310.259 = NT$86,604 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$3,290,705 Mil.
Property, Plant and Equipment(Net PPE) was NT$27,527 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$2,810 Mil.
Selling, General, & Admin. Expense(SGA) was NT$13,452 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$126,482 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 / 151890.899) / (0 / 86603.867)
=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)
=(86603.867 / 86603.867) / (151890.899 / 151890.899)
=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 + 93136.971) / 8775492.192) / (1 - (0 + 27527.072) / 3290705.344)
=0.989387 / 0.991635
=0.9977

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
=151890.899 / 86603.867
=1.7539

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))
=(2810.367 / (2810.367 + 27527.072)) / (5229.206 / (5229.206 + 93136.971))
=0.092637 / 0.053161
=1.7426

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)
=(20432.694 / 151890.899) / (13452.498 / 86603.867)
=0.134522 / 0.155334
=0.866

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)
=((258225.632 + 0) / 8775492.192) / ((126482.429 + 0) / 3290705.344)
=0.029426 / 0.038436
=0.7656

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
=(37326.812 - 0 - -82412.542) / 8775492.192
=0.013645

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.

TS Financial Holding Co has a M-score of -1.56 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.56 mean?
TS Financial Holding Co (TPE:2887) has a Beneish M-Score of -1.56 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TS Financial Holding Co and its competitors. According to the industry distribution chart, TS Financial Holding Co ranks #1339 out of 1396 companies in the Banks industry, placing it in the top 95.9%.
Is TS Financial Holding Co's Beneish M-Score too high?
TS Financial Holding Co's current Beneish M-Score is -1.56. Based on the distribution chart, TS Financial Holding Co ranks #1339 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, TS Financial Holding Co has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does TS Financial Holding Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, TS Financial Holding Co ranks #1339 out of 1396 companies for Beneish M-Score. This places TS 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 TS Financial Holding Co and its competitors. TS Financial Holding Co's current Beneish M-Score is -1.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TS Financial Holding Co stock overvalued right now?
Based on GuruFocus' analysis, TS Financial Holding Co (TPE:2887) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$22.76, compared to a current price of NT$36.15 — trading 58.8% above its estimated fair value. The current Beneish M-Score is -1.56. TS Financial Holding Co's overall GF Score™ is 64/100 with 8 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 TS Financial Holding Co (TPE:2887), the current Beneish M-Score is -1.56 as of Jul. 15, 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 TS Financial Holding Co (TPE:2887) Overvalued in 2026?

Based on GuruFocus' analysis, TS Financial Holding Co stock appears to be overvalued. The current stock price of NT$36.15 is trading 58.8% above its estimated GF Value™ of NT$22.76. GuruFocus considers TS Financial Holding Co to be Significantly Overvalued.

Key valuation signals for TPE:2887:

  • Beneish M-Score: -1.56
  • GF Value™: NT$22.76 vs. price of NT$36.15 (58.8% above fair value)
  • GF Score™: 64/100 with 8 warning signs

No single metric tells the full story. See the TPE:2887 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

TS Financial Holding Co Business Description

Other Exchanges 2887E.PFD:Taiwan
Address No. 118, Section 4, Ren-ai Road, 12th, 13th, 15th, 16th, 21st, 22nd & 23rd Floor, Da’an District, Taipei, TWN, 106
TS Financial Holding Co Ltd is a Taiwanese holding company that provides comprehensive financial services. The company's main business activities are investing and managing its investments in financial institutions. The operation departments of the company are subsidiaries of the bank business, securities business, insurance business, and other businesses, respectively. The majority of revenue comes from the insurance business. The company operates in Asia, Europe, America, and other regions, with maximum revenue from Asia.
64GF Score

Get the complete analysis for TPE:2887

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

NT$36.15
Price
NT$22.76
GF Value