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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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Bonny Worldwide's Beneish M-Score or its related term are showing as below:
TPE:8467'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.82 Med: -2.55 Max: -1.35
Current: -2.6
During the past 13 years, the highest Beneish M-Score of Bonny Worldwide was -1.35. The lowest was -3.82. And the median was -2.55.
The historical data trend for Bonny Worldwide'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:8467 vs AS, HAS, LTH: Beneish M-Score Comparison
For the Leisure subindustry, Bonny Worldwide'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.
Bonny Worldwide Beneish M-Score vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Bonny Worldwide's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bonny Worldwide'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 Bonny Worldwide 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 * 1.0905
+
0.528 * 1.0318
+
0.404 * 1.6722
+
0.892 * 0.936
+
0.115 * 1.0383
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0765
+
4.679 * -0.067122
-
0.327 * 1.3378
=
-2.60
* 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))
=
(123.01 / (123.01 + 1179.745))
/
(125.502 / (125.502 + 1254.503))
=
0.094423
/
0.090943
=
1.0383
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
=
(416.436 - 0
-
724.289)
/
4586.474
=
-0.067122
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.
Bonny Worldwide has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
Bonny Worldwide (TPE:8467) has a Beneish M-Score of -2.60 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bonny Worldwide and its competitors. According to the industry distribution chart, Bonny Worldwide ranks #435 out of 814 companies in the Travel & Leisure industry, placing it in the top 53.4%.
Is Bonny Worldwide's Beneish M-Score too high?
Bonny Worldwide's current Beneish M-Score is -2.60. Based on the distribution chart, Bonny Worldwide ranks #435 out of 814 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Bonny Worldwide has a GF Score™ of 75/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Bonny Worldwide's Beneish M-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Bonny Worldwide ranks #435 out of 814 companies for Beneish M-Score. This places Bonny Worldwide 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 Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 Bonny Worldwide and its competitors. Bonny Worldwide's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bonny Worldwide stock overvalued right now?
Based on GuruFocus' analysis, Bonny Worldwide (TPE:8467) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$176.60, compared to a current price of NT$96.50 — trading 45.4% below its estimated fair value. The current Beneish M-Score is -2.60. Bonny Worldwide's overall GF Score™ is 75/100 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 Bonny Worldwide (TPE:8467), the current Beneish M-Score is -2.60 as of Aug. 09, 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 Bonny Worldwide (TPE:8467) Overvalued in 2026?
Based on GuruFocus' analysis, Bonny Worldwide stock appears to be undervalued.
The current stock price of NT$96.50 is trading 45.4% below its estimated GF Value™ of NT$176.60.
GuruFocus considers Bonny Worldwide to be Significantly Undervalued.
Key valuation signals for TPE:8467:
Beneish M-Score: -2.60
GF Value™: NT$176.60 vs. price of NT$96.50 (45.4% below fair value)
No single metric tells the full story. See the TPE:8467 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bonny Worldwide Ltd is mainly engaged in the research, development, design, manufacture and sale of carbon fiber composite products. The company derives the majority of its revenue from North America, and the rest from Mainland China, Taiwan, and other geographical regions.
75GF Score
Get the complete analysis for TPE:8467
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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