Ruentex Industries (TPE:2915) Beneish M-Score : -2.26 (As of Jul. 05, 2025)

View and export this data going back to 1977. Start your Free Trial

What is Ruentex Industries Beneish M-Score?

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 Ruentex Industries's Beneish M-Score or its related term are showing as below:

TPE:2915' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2 Max: 4.7
Current: -2.26

During the past 13 years, the highest Beneish M-Score of Ruentex Industries was 4.70. The lowest was -3.04. And the median was -2.00.

Ruentex Industries Beneish M-Score Historical Data

The historical data trend for Ruentex Industries'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.

* Premium members only.

Ruentex Industries Beneish M-Score Chart

Ruentex Industries Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-2.60

-1.83

-1.48

-2.40

-1.10

Ruentex Industries Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.14	-2.15	-2.82	-1.10	-2.26

Competitive Comparison of Ruentex Industries's Beneish M-Score

For the Textile Manufacturing subindustry, Ruentex Industries'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.

Ruentex Industries's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Ruentex Industries's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Ruentex Industries's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

Ruentex Industries 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 Ruentex Industries for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7796

0.528 * 0.9149

0.404 * 0.9925

0.892 * 1.0786

0.115 * 0.9428

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9451

4.679 * 0.109613

0.327 * 1.3596

-2.26

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was NT$168 Mil.
Revenue was 648.982 + 843.402 + 704.914 + 642.456 = NT$2,840 Mil.
Gross Profit was 211.913 + 413.529 + 223.441 + 244.154 = NT$1,093 Mil.
Total Current Assets was NT$5,224 Mil.
Total Assets was NT$114,146 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,406 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$102 Mil.
Selling, General, & Admin. Expense(SGA) was NT$901 Mil.
Total Current Liabilities was NT$1,836 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8,577 Mil.
Net Income was 3297.596 + 1957.472 + 3334.971 + 3803.836 = NT$12,394 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 162.545 + -321.266 + 25.18 + 15.555 = NT$-118 Mil.

Total Receivables was NT$199 Mil.
Revenue was 702.431 + 572.625 + 677.721 + 680.118 = NT$2,633 Mil.
Gross Profit was 219.56 + 229.929 + 240.101 + 237.562 = NT$927 Mil.
Total Current Assets was NT$4,410 Mil.
Total Assets was NT$115,350 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,467 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$100 Mil.
Selling, General, & Admin. Expense(SGA) was NT$884 Mil.
Total Current Liabilities was NT$1,953 Mil.
Long-Term Debt & Capital Lease Obligation was NT$5,786 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)
	=	(167.684 / 2839.754)	/	(199.434 / 2632.895)
	=	0.059049	/	0.075747
	=	0.7796

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)
	=	(927.152 / 2632.895)	/	(1093.037 / 2839.754)
	=	0.352142	/	0.384906
	=	0.9149

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 - (5224.363 + 1406.298) / 114145.575)	/	(1 - (4409.979 + 1466.887) / 115349.5)
	=	0.94191	/	0.949052
	=	0.9925

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
	=	2839.754	/	2632.895
	=	1.0786

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))
	=	(99.707 / (99.707 + 1466.887))	/	(101.807 / (101.807 + 1406.298))
	=	0.063646	/	0.067507
	=	0.9428

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)
	=	(901.432 / 2839.754)	/	(884.351 / 2632.895)
	=	0.317433	/	0.335885
	=	0.9451

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)
	=	((8576.721 + 1836.249) / 114145.575)	/	((5786.216 + 1953.491) / 115349.5)
	=	0.091225	/	0.067098
	=	1.3596

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
	=	(12393.875 - 0	-	-117.986)	/	114145.575
	=	0.109613

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.

Ruentex Industries has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.

Ruentex Industries Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Ruentex Industries's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Ruentex Industries Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Ruentex Industries Ltd (TPE:2915) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No.308, Bade Road, 13th Floor - 1, Section 2, Zhongshan District, Taipei, TWN

Website

https://www.ruentex.com.tw

Ruentex Industries Ltd is engaged in the textile business, including manufacturing, processing, dyeing and finishing, printing, and marketing of woven fabrics, garments, knitted fabrics, and woven fabric items, and the construction business, including commissioning of construction companies to build public housing projects and office buildings as well as leasing and sales of property. Its reportable segments include Textile segment, Retail segment, and Hypermarket segment.

Ruentex Industries Headlines

No Headlines