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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 Primax Electronics's Beneish M-Score or its related term are showing as below:
TPE:4915'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.43 Med: -2.74 Max: -2
Current: -2.38
During the past 13 years, the highest Beneish M-Score of Primax Electronics was -2.00. The lowest was -3.43. And the median was -2.74.
Primax Electronics Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Primax Electronics'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.
For the Consumer Electronics subindustry, Primax Electronics'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.
Primax Electronics Beneish M-Score vs Hardware Industry
For the Hardware industry and Technology sector, Primax Electronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Primax Electronics'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 Primax Electronics 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 * 1.0392
+
0.528 * 1.0164
+
0.404 * 1.0033
+
0.892 * 1.0332
+
0.115 * 1.148
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9914
+
4.679 * 0.003381
-
0.327 * 1.0231
=
-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.
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))
=
(1547.077 / (1547.077 + 10117.08))
/
(1422.308 / (1422.308 + 10888.545))
=
0.132635
/
0.115533
=
1.148
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
=
(2487.045 - 0
-
2308.643)
/
52771.092
=
0.003381
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.
Primax Electronics has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
Primax Electronics (TPE:4915) has a Beneish M-Score of -2.38 as of Aug. 03, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Primax Electronics and its competitors. According to the industry distribution chart, Primax Electronics ranks #1343 out of 2401 companies in the Hardware industry, placing it in the top 55.9%.
Is Primax Electronics' Beneish M-Score too high?
Primax Electronics' current Beneish M-Score is -2.38. Based on the distribution chart, Primax Electronics ranks #1343 out of 2401 companies in the Hardware industry, which is below the industry midpoint. Overall, Primax Electronics has a GF Score™ of 83/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Primax Electronics' Beneish M-Score compare to AAPL?
According to the Hardware industry distribution chart, Primax Electronics ranks #1343 out of 2401 companies for Beneish M-Score. This places Primax Electronics 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Primax Electronics and its competitors. Primax Electronics'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 Primax Electronics stock overvalued right now?
Based on GuruFocus' analysis, Primax Electronics (TPE:4915) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$82.15, compared to a current price of NT$65.40 — trading 20.4% below its estimated fair value. The current Beneish M-Score is -2.38. Primax Electronics' overall GF Score™ is 83/100 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 Primax Electronics (TPE:4915), the current Beneish M-Score is -2.38 as of Aug. 03, 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 Primax Electronics (TPE:4915) Overvalued in 2026?
Based on GuruFocus' analysis, Primax Electronics stock appears to be undervalued.
The current stock price of NT$65.40 is trading 20.4% below its estimated GF Value™ of NT$82.15.
GuruFocus considers Primax Electronics to be Modestly Undervalued.
Key valuation signals for TPE:4915:
Beneish M-Score: -2.38
GF Value™: NT$82.15 vs. price of NT$65.40 (20.4% below fair value)
No single metric tells the full story. See the TPE:4915 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Primax Electronics Ltd is a manufacturer of components for mobile devices, personal computer peripherals, business equipment, and the digital home, that operates in two business segments; The division for computer peripherals specializes in the manufacture and sale of computer mice, keyboards, trackpads, etc. The division for non-computer peripherals specializes in the manufacture and sale of digital camera modules, mobile phone accessories, multi-function printers, scanners, shredders, amplifiers, speakers and audio systems, etc. The company derives the maximum of its revenue from the non-computer peripherals segment. Geographically, it derives maximum revenue from China.
83GF Score
Get the complete analysis for TPE:4915
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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