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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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nan Liu Enterprise Co's Beneish M-Score or its related term are showing as below:
TPE:6504'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.03 Med: -2.63 Max: -1.76
Current: -2.55
During the past 13 years, the highest Beneish M-Score of Nan Liu Enterprise Co was -1.76. The lowest was -3.03. And the median was -2.63.
Nan Liu Enterprise Co Beneish M-Score Related Terms
Nan Liu Enterprise Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Nan Liu Enterprise Co'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:6504 vs PG, CL, KVUE: Beneish M-Score Comparison
For the Household & Personal Products subindustry, Nan Liu Enterprise Co'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.
Nan Liu Enterprise Co Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Nan Liu Enterprise Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nan Liu Enterprise Co'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 Nan Liu Enterprise 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 * 1.2714
+
0.528 * 0.8936
+
0.404 * 0.9635
+
0.892 * 0.9395
+
0.115 * 0.984
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0548
+
4.679 * -0.03942
-
0.327 * 1.0009
=
-2.55
* 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))
=
(567.129 / (567.129 + 5122.632))
/
(511.099 / (511.099 + 4534.627))
=
0.099675
/
0.101293
=
0.984
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
=
(-114.956 - 0
-
255.388)
/
9394.734
=
-0.03942
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.
Nan Liu Enterprise Co has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
Nan Liu Enterprise Co (TPE:6504) has a Beneish M-Score of -2.55 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nan Liu Enterprise Co and its competitors. According to the industry distribution chart, Nan Liu Enterprise Co ranks #887 out of 1854 companies in the Consumer Packaged Goods industry, placing it in the top 47.8%.
Is Nan Liu Enterprise Co's Beneish M-Score too high?
Nan Liu Enterprise Co's current Beneish M-Score is -2.55. Based on the distribution chart, Nan Liu Enterprise Co ranks #887 out of 1854 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Nan Liu Enterprise Co has a GF Score™ of 63/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Nan Liu Enterprise Co's Beneish M-Score compare to PG and CL?
According to the Consumer Packaged Goods industry distribution chart, Nan Liu Enterprise Co ranks #887 out of 1854 companies for Beneish M-Score. This puts Nan Liu Enterprise Co in the upper 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Nan Liu Enterprise Co and its competitors. Nan Liu Enterprise Co's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nan Liu Enterprise Co stock overvalued right now?
Based on GuruFocus' analysis, Nan Liu Enterprise Co (TPE:6504) is currently considered Possible Value Trap. The stock's GF Value™ is NT$72.47, compared to a current price of NT$39.00 — trading 46.2% below its estimated fair value. The current Beneish M-Score is -2.55. Nan Liu Enterprise Co's overall GF Score™ is 63/100 with 6 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 Nan Liu Enterprise Co (TPE:6504), the current Beneish M-Score is -2.55 as of Aug. 11, 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 Nan Liu Enterprise Co (TPE:6504) Overvalued in 2026?
Based on GuruFocus' analysis, Nan Liu Enterprise Co stock appears to be undervalued.
The current stock price of NT$39.00 is trading 46.2% below its estimated GF Value™ of NT$72.47.
GuruFocus considers Nan Liu Enterprise Co to be Possible Value Trap.
Key valuation signals for TPE:6504:
Beneish M-Score: -2.55
GF Value™: NT$72.47 vs. price of NT$39.00 (46.2% below fair value)
No single metric tells the full story. See the TPE:6504 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nan Liu Enterprise Co Ltd is engaged in the manufacture and sales of air-through nonwoven, spunlace non-woven, wet napkins, facial mask and skin care products. Its products include spunlace nonwoven fabric, High-tech spunlace wood pulp composite fabric, pure cotton, and hot-pressed/hot-air nonwoven fabric. Its finished products include wet wipes, face mask, facial mask, and dry towel. Its segments include Nan Liu Enterprise Co., Ltd.; Nanliu Enterprises (Pinghu) Ltd.; Nanliu Manufacturing (India) Private Limited; and Others. Its geographical operations are spread across Taiwan, Mainland China, Japa, India, and Others with majority of revenue contribution from Mainland China.
63GF Score
Get the complete analysis for TPE:6504
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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