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 -2.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for President Chain Store's Beneish M-Score or its related term are showing as below:
TPE:2912'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.96 Max: 2.46
Current: -2.95
During the past 13 years, the highest Beneish M-Score of President Chain Store was 2.46. The lowest was -3.45. And the median was -2.96.
President Chain Store Beneish M-Score Related Terms
President Chain Store Beneish M-Score Historical Data
* Premium members only.
The historical data trend for President Chain Store's Beneish M-Score can be seen below:
* 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.
TPE:2912 vs KR, SFM, ACI: Beneish M-Score Comparison
For the Grocery Stores subindustry, President Chain Store's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
President Chain Store Beneish M-Score vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, President Chain Store's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where President Chain Store's Beneish M-Score falls into.
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 President Chain Store 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 * 0.9466
+
0.528 * 0.9939
+
0.404 * 0.8901
+
0.892 * 1.0379
+
0.115 * 1.0753
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0127
+
4.679 * -0.086455
-
0.327 * 1.0204
=
-2.95
* 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.
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.
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))
=
(24985.371 / (24985.371 + 141096.809))
/
(26580.065 / (26580.065 + 163405.992))
=
0.15044
/
0.139905
=
1.0753
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
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
=
(11210.454 - 0
-
36509.726)
/
292630.628
=
-0.086455
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.
President Chain Store has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
President Chain Store (TPE:2912) has a Beneish M-Score of -2.95 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on President Chain Store and its competitors. According to the industry distribution chart, President Chain Store ranks #64 out of 293 companies in the Retail - Defensive industry, placing it in the top 21.8%.
Is President Chain Store's Beneish M-Score too high?
President Chain Store's current Beneish M-Score is -2.95. Based on the distribution chart, President Chain Store ranks #64 out of 293 companies in the Retail - Defensive industry, which is in the top quartile — a strong position relative to peers. Overall, President Chain Store has a GF Score™ of 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does President Chain Store's Beneish M-Score compare to KR and SFM?
According to the Retail - Defensive industry distribution chart, President Chain Store ranks #64 out of 293 companies for Beneish M-Score. This places President Chain Store in the top 22% 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 Retail - Defensive company?
A good Beneish M-Score depends on the Retail - Defensive 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 President Chain Store and its competitors. President Chain Store's current Beneish M-Score is -2.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is President Chain Store stock overvalued right now?
Based on GuruFocus' analysis, President Chain Store (TPE:2912) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$305.20, compared to a current price of NT$225.00 — trading 26.3% below its estimated fair value. The current Beneish M-Score is -2.95. President Chain Store's overall GF Score™ is 91/100 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 President Chain Store (TPE:2912), the current Beneish M-Score is -2.95 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 President Chain Store (TPE:2912) Overvalued in 2026?
Based on GuruFocus' analysis, President Chain Store stock appears to be undervalued.
The current stock price of NT$225.00 is trading 26.3% below its estimated GF Value™ of NT$305.20.
GuruFocus considers President Chain Store to be Modestly Undervalued.
Key valuation signals for TPE:2912:
Beneish M-Score: -2.95
GF Value™: NT$305.20 vs. price of NT$225.00 (26.3% below fair value)
No single metric tells the full story. See the TPE:2912 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
President Chain Store Corporation, along with its subsidiaries, is engaged in managing convenience stores, restaurants, drugstores, department stores, supermarkets, and online shopping stores under different brands. Its offerings include food, beverages, coffee, daily commodities, cosmetics and health care products. The group operates in Taiwan, Mainland China, the Philippines, and Japan. Its reportable segments are Convenience stores, Retail business group, Logistics business group, and Others. The majority of the company's revenue is derived from the Convenience Stores segment. Geographically, the company derives the maximum revenue from Taiwan, followed by other regions.
91GF Score
Get the complete analysis for TPE:2912
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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