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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Lumax International's Beneish M-Score or its related term are showing as below:
TPE:6192'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.48 Max: -1.95
Current: -2.59
During the past 13 years, the highest Beneish M-Score of Lumax International was -1.95. The lowest was -2.81. And the median was -2.48.
Lumax International Beneish M-Score Related Terms
Lumax International Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Lumax International'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:6192 vs GWW, FAST, FERG: Beneish M-Score Comparison
For the Industrial Distribution subindustry, Lumax International'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.
Lumax International Beneish M-Score vs Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Lumax International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lumax International'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 Lumax International 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 * 1.0472
+
0.528 * 0.9074
+
0.404 * 0.9198
+
0.892 * 0.9399
+
0.115 * 0.9462
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1154
+
4.679 * 0.002711
-
0.327 * 1.0085
=
-2.59
* 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))
=
(61.436 / (61.436 + 1498.077))
/
(64.91 / (64.91 + 1494.235))
=
0.039394
/
0.041632
=
0.9462
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
=
(966.977 - 0
-
934.176)
/
12098.647
=
0.002711
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.
Lumax International has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
Lumax International (TPE:6192) has a Beneish M-Score of -2.59 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lumax International and its competitors. According to the industry distribution chart, Lumax International ranks #76 out of 151 companies in the Industrial Distribution industry, placing it in the top 50.3%.
Is Lumax International's Beneish M-Score too high?
Lumax International's current Beneish M-Score is -2.59. Based on the distribution chart, Lumax International ranks #76 out of 151 companies in the Industrial Distribution industry, which is below the industry midpoint. Overall, Lumax International has a GF Score™ of 85/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Lumax International's Beneish M-Score compare to GWW and FAST?
According to the Industrial Distribution industry distribution chart, Lumax International ranks #76 out of 151 companies for Beneish M-Score. This places Lumax International 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 an Industrial Distribution company?
A good Beneish M-Score depends on the Industrial Distribution 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 Lumax International and its competitors. Lumax International's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lumax International stock overvalued right now?
Based on GuruFocus' analysis, Lumax International (TPE:6192) is currently considered Modestly Overvalued. The stock's GF Value™ is NT$102.72, compared to a current price of NT$121.00 — trading 17.8% above its estimated fair value. The current Beneish M-Score is -2.59. Lumax International's overall GF Score™ is 85/100 with 3 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 Lumax International (TPE:6192), the current Beneish M-Score is -2.59 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 Lumax International (TPE:6192) Overvalued in 2026?
Based on GuruFocus' analysis, Lumax International stock appears to be overvalued.
The current stock price of NT$121.00 is trading 17.8% above its estimated GF Value™ of NT$102.72.
GuruFocus considers Lumax International to be Modestly Overvalued.
Key valuation signals for TPE:6192:
Beneish M-Score: -2.59
GF Value™: NT$102.72 vs. price of NT$121.00 (17.8% above fair value)
No single metric tells the full story. See the TPE:6192 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Lumax International Corp Ltd is engaged in the trading of electronic components and process control equipment, the integration of process control systems, and the provision of related maintenance services. It provides goods or services in the following reportable segments: Process control instrument - department A; Process control system - department B; Telecommunication system - department C; Electronics component - department D; and Other process control - department CN. Maximum revenue is derived from the Process control division, which provides hardware products for calibration, inspection, and maintenance of control valves, switch valves, measurement instruments, analyzing instruments, etc. Geographically, it generates maximum revenue from Taiwan, followed by China, and other markets.
85GF Score
Get the complete analysis for TPE:6192
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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