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 -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Top Bright Holding Co's Beneish M-Score or its related term are showing as below:
TPE:8499'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.13 Med: -2.2 Max: -1.46
Current: -2.2
During the past 13 years, the highest Beneish M-Score of Top Bright Holding Co was -1.46. The lowest was -3.13. And the median was -2.20.
Top Bright Holding Co Beneish M-Score Related Terms
Top Bright Holding Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Top Bright Holding 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:8499 vs APH, GLW, TEL: Beneish M-Score Comparison
For the Electronic Components subindustry, Top Bright Holding 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.
Top Bright Holding Co Beneish M-Score vs Hardware Industry
For the Hardware industry and Technology sector, Top Bright Holding Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Top Bright Holding 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 Top Bright Holding 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 * 1.7837
+
0.528 * 0.9837
+
0.404 * 1.5088
+
0.892 * 1.4288
+
0.115 * 0.9544
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1406
+
4.679 * -0.004416
-
0.327 * 3.9527
=
-2.20
* 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))
=
(80.932 / (80.932 + 1456.405))
/
(161.16 / (161.16 + 2760.649))
=
0.052644
/
0.055158
=
0.9544
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
=
(418.018 - 0
-
488.449)
/
15949.136
=
-0.004416
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.
Top Bright Holding Co has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
Top Bright Holding Co (TPE:8499) has a Beneish M-Score of -2.20 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Top Bright Holding Co and its competitors. According to the industry distribution chart, Top Bright Holding Co ranks #1686 out of 2403 companies in the Hardware industry, placing it in the top 70.2%.
Is Top Bright Holding Co's Beneish M-Score too high?
Top Bright Holding Co's current Beneish M-Score is -2.20. Based on the distribution chart, Top Bright Holding Co ranks #1686 out of 2403 companies in the Hardware industry, which is below the industry midpoint. Overall, Top Bright Holding Co has a GF Score™ of 82/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Top Bright Holding Co's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Top Bright Holding Co ranks #1686 out of 2403 companies for Beneish M-Score. This places Top Bright Holding Co 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 Top Bright Holding Co and its competitors. Top Bright Holding Co's current Beneish M-Score is -2.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Top Bright Holding Co stock overvalued right now?
Based on GuruFocus' analysis, Top Bright Holding Co (TPE:8499) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$219.83, compared to a current price of NT$305.00 — trading 38.7% above its estimated fair value. The current Beneish M-Score is -2.20. Top Bright Holding Co's overall GF Score™ is 82/100 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 Top Bright Holding Co (TPE:8499), the current Beneish M-Score is -2.20 as of Jun. 24, 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 Top Bright Holding Co (TPE:8499) Overvalued in 2026?
Based on GuruFocus' analysis, Top Bright Holding Co stock appears to be overvalued.
The current stock price of NT$305.00 is trading 38.7% above its estimated GF Value™ of NT$219.83.
GuruFocus considers Top Bright Holding Co to be Significantly Overvalued.
Key valuation signals for TPE:8499:
Beneish M-Score: -2.20
GF Value™: NT$219.83 vs. price of NT$305.00 (38.7% above fair value)
No single metric tells the full story. See the TPE:8499 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Top Bright Holding Co Ltd is a Taiwan-based company engaged in the research, manufacture, and sale of electronic weighing and electronic materials. The company operates through two segments namely Electronic Materials Department and The Scales Department. It generates maximum revenue from the Electronic Material segment. The company's products include Conductive tape, Conductive foam, Conductive film, Insulation Tape, Shock-absorbing sealing material, Thermal interface material, Smart Barcode Scale, Smart weighing instrument, Traceability scale, and others. Geographically, it derives a majority of its revenue from China and also has a presence in Asia, Europe, America, Africa, and Oceania.
82GF Score
Get the complete analysis for TPE:8499
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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