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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
China Bills Finance's Sloan Ratio for the quarter that ended in Mar. 2026 was 3.07%.
As of Mar. 2026, China Bills Finance has a Sloan Ratio of 3.07%, indicating the company is in the safe zone and there is no funny business with accruals.
China Bills Finance (TPE:2820) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, China Bills Finance has a Sloan Ratio of 3.07%, indicating the company is in the safe zone and there is no funny business with accruals.
China Bills Finance Sloan Ratio % Related Terms
China Bills Finance Sloan Ratio % Historical Data
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The historical data trend for China Bills Finance's Sloan Ratio % 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:2820 vs MS, GS, SCHW: Sloan Ratio % Comparison
For the Capital Markets subindustry, China Bills Finance's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
China Bills Finance Sloan Ratio % vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, China Bills Finance's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where China Bills Finance's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
China Bills Finance's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
China Bills Finance's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was 570.889 (Jun. 2025 ) + 444.331 (Sep. 2025 ) + 384.317 (Dec. 2025 ) + 639.894 (Mar. 2026 ) = NT$2,039 Mil.
China Bills Finance's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was 20.08 (Jun. 2025 ) + -12075.654 (Sep. 2025 ) + 5526.461 (Dec. 2025 ) + 470.854 (Mar. 2026 ) = NT$-6,058 Mil.
China Bills Finance's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was -1.336 (Jun. 2025 ) + -27.582 (Sep. 2025 ) + 17.199 (Dec. 2025 ) + -5.964 (Mar. 2026 ) = NT$-18 Mil.
* 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.
China Bills Finance (TPE:2820) has a Sloan Ratio % of 3.07% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on China Bills Finance and its competitors.
Is China Bills Finance's Sloan Ratio % too high?
China Bills Finance's current Sloan Ratio % is 3.07%. Overall, China Bills Finance has a GF Score™ of 76/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China Bills Finance's Sloan Ratio % compare to MS and GS?
China Bills Finance's Sloan Ratio % of 3.07% can be compared against companies in the Capital Markets industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Capital Markets company?
A good Sloan Ratio % depends on the Capital Markets industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on China Bills Finance and its competitors. China Bills Finance's current Sloan Ratio % is 3.07%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Bills Finance stock overvalued right now?
Based on GuruFocus' analysis, China Bills Finance (TPE:2820) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$27.00, compared to a current price of NT$16.75 — trading 38% below its estimated fair value. The current Sloan Ratio % is 3.07%. China Bills Finance's overall GF Score™ is 76/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For China Bills Finance (TPE:2820), the current Sloan Ratio % is 3.07% as of Mar. 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 China Bills Finance (TPE:2820) Overvalued in 2026?
Based on GuruFocus' analysis, China Bills Finance stock appears to be undervalued.
The current stock price of NT$16.75 is trading 38% below its estimated GF Value™ of NT$27.00.
GuruFocus considers China Bills Finance to be Significantly Undervalued.
Key valuation signals for TPE:2820:
Sloan Ratio %: 3.07%
GF Value™: NT$27.00 vs. price of NT$16.75 (38% below fair value)
No single metric tells the full story. See the TPE:2820 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Bills Finance Corp focuses on corporate financing and fixed-income commodities. The company's business activities consist of certifying and underwriting of short-term bills and bank debentures; brokering or undertaking proprietary trading of short-term bills, bank debentures, government and corporate bonds, and foreign bonds; guaranteeing short-term bills; providing financial consulting services to enterprises; processing interbank call loans; equity investments; fixed-income security trading; (h) foreign-currency bills investment; and doing other businesses as authorized by relevant authorities. Its business is concentrated in Taiwan.
76GF Score
Get the complete analysis for TPE:2820
Sloan Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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