SinoPac Financial Holdings Co (TPE:2890) Beneish M-Score: -2.38 (As of Jun. 25, 2026)


TPE:2890 SinoPac Financial Holdings Co Ltd TPE:2890
80 GF Score
Price NT$39.95
GF Value NT$28.76
Valuation Significantly Overvalued
! 7 Warning Signs
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What is SinoPac Financial Holdings Co Beneish M-Score?

SinoPac Financial Holdings Co TPE:2890 +1.01% 80 Beneish M-Score is -2.38 as of Jun. 25, 2026. GuruFocus rates TPE:2890 with a GF Score™ of 80/100 and a GF Value™ of NT$28.76 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,396 Banks companies, SinoPac Financial Holdings Co ranks worse than 53.22% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:2890' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84   Med: -2.42   Max: -2.15
Current: -2.38

During the past 13 years, the highest Beneish M-Score of SinoPac Financial Holdings Co was -2.15. The lowest was -2.84. And the median was -2.42.

TPE:2890
80GF Score
SinoPac Financial Holdings Co Ltd TPE:2890
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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SinoPac Financial Holdings 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 SinoPac Financial Holdings 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 * 0.9994+0.892 * 1.1692+0.115 * 1.1365
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0561+4.679 * -0.006751-0.327 * 1.0697
=-2.38

* 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 19468.441 + 19651.613 + 16778.029 + 18436.915 = NT$74,335 Mil.
Gross Profit was 19468.441 + 19651.613 + 16778.029 + 18436.915 = NT$74,335 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$3,694,234 Mil.
Property, Plant and Equipment(Net PPE) was NT$23,333 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$2,880 Mil.
Selling, General, & Admin. Expense(SGA) was NT$11,618 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$204,727 Mil.
Net Income was 6027.898 + 7938.356 + 5401.306 + 7201.742 = NT$26,569 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -33711.538 + 7375.871 + 60073.03 + 17773.434 = NT$51,511 Mil.
 Total Receivables was NT$0 Mil.
Revenue was 14375.589 + 16889.673 + 15887.731 + 16423.446 = NT$63,576 Mil.
Gross Profit was 14375.589 + 16889.673 + 15887.731 + 16423.446 = NT$63,576 Mil.
Total Current Assets was NT$0 Mil.
Total Assets was NT$3,068,775 Mil.
Property, Plant and Equipment(Net PPE) was NT$17,530 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$2,501 Mil.
Selling, General, & Admin. Expense(SGA) was NT$9,409 Mil.
Total Current Liabilities was NT$0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$158,981 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 / 74334.998) / (0 / 63576.439)
=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)
=(63576.439 / 63576.439) / (74334.998 / 74334.998)
=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 + 23332.849) / 3694233.641) / (1 - (0 + 17529.693) / 3068775.166)
=0.993684 / 0.994288
=0.9994

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
=74334.998 / 63576.439
=1.1692

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))
=(2501.038 / (2501.038 + 17529.693)) / (2879.891 / (2879.891 + 23332.849))
=0.12486 / 0.109866
=1.1365

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)
=(11618.352 / 74334.998) / (9409.346 / 63576.439)
=0.156297 / 0.148001
=1.0561

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)
=((204727.138 + 0) / 3694233.641) / ((158980.534 + 0) / 3068775.166)
=0.055418 / 0.051806
=1.0697

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
=(26569.302 - 0 - 51510.797) / 3694233.641
=-0.006751

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.

SinoPac Financial Holdings Co has a M-score of -2.38 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 -2.38 mean?
SinoPac Financial Holdings Co (TPE:2890) has a Beneish M-Score of -2.38 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SinoPac Financial Holdings Co and its competitors. According to the industry distribution chart, SinoPac Financial Holdings Co ranks #743 out of 1396 companies in the Banks industry, placing it in the top 53.2%.
Is SinoPac Financial Holdings Co's Beneish M-Score too high?
SinoPac Financial Holdings Co's current Beneish M-Score is -2.38. Based on the distribution chart, SinoPac Financial Holdings Co ranks #743 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, SinoPac Financial Holdings Co has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SinoPac Financial Holdings Co's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, SinoPac Financial Holdings Co ranks #743 out of 1396 companies for Beneish M-Score. This places SinoPac Financial Holdings 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 SinoPac Financial Holdings Co and its competitors. SinoPac Financial Holdings Co's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SinoPac Financial Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, SinoPac Financial Holdings Co (TPE:2890) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$28.76, compared to a current price of NT$39.95 — trading 38.9% above its estimated fair value. The current Beneish M-Score is -2.38. SinoPac Financial Holdings Co's overall GF Score™ is 80/100 with 7 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 SinoPac Financial Holdings Co (TPE:2890), the current Beneish M-Score is -2.38 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 SinoPac Financial Holdings Co (TPE:2890) Overvalued in 2026?

Based on GuruFocus' analysis, SinoPac Financial Holdings Co stock appears to be overvalued. The current stock price of NT$39.95 is trading 38.9% above its estimated GF Value™ of NT$28.76. GuruFocus considers SinoPac Financial Holdings Co to be Significantly Overvalued.

Key valuation signals for TPE:2890:

  • Beneish M-Score: -2.38
  • GF Value™: NT$28.76 vs. price of NT$39.95 (38.9% above fair value)
  • GF Score™: 80/100 with 7 warning signs

No single metric tells the full story. See the TPE:2890 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SinoPac Financial Holdings Co Business Description

Address No. 308, Bade Road, Section 2, 3rd Floor, 5th to 13th Floor, No. 306 and 6th Floor 1, 6th Floor 2, Zhongshan District, Taipei, TWN, 104
SinoPac Financial Holdings Co Ltd is a Taiwan-based financial holdings company. The company's business segments consist of the banking business, which includes Bank SinoPac and its subsidiaries, offering investment, insurance agent, insurance brokerage, and other services; the securities business, which includes SinoPac Securities and its subsidiaries, and offers securities dealings, investment consulting, asset management, and other services; and the other business segment, which conducts businesses through several other subsidiaries. The company generates its revenue from the banking business. The company has a business presence in Taiwan, the United States, Asia, and other countries, with Taiwan accounting for majority of its revenue.
80GF Score

Get the complete analysis for TPE:2890

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

NT$39.95
Price
NT$28.76
GF Value