Seef Properties BSC (BAH:SEEF) Beneish M-Score: -2.71 (As of Jun. 26, 2026)

What is Seef Properties BSC Beneish M-Score?

Seef Properties BSC BAH:SEEF 60 Beneish M-Score is -2.71 as of Jun. 26, 2026. GuruFocus rates BAH:SEEF with a GF Score™ of 60/100 and a GF Value™ of BHD0.12 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,682 Real Estate companies, Seef Properties BSC ranks better than 73.37% on this metric.

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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Seef Properties BSC's Beneish M-Score or its related term are showing as below:

BAH:SEEF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.36 Max: -1.72
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Seef Properties BSC was -1.72. The lowest was -2.86. And the median was -2.36.

Seef Properties BSC Beneish M-Score Related Terms

Seef Properties BSC Beneish M-Score Historical Data

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The historical data trend for Seef Properties BSC'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.

Seef Properties BSC Beneish M-Score Chart

Seef Properties BSC Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.86

-2.67

-2.24

-2.48

-2.71

Seef Properties BSC Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.48	-2.45	-2.54	-2.62	-2.71

BAH:SEEF vs CBRE, BEKE, CSGP: Beneish M-Score Comparison

For the Real Estate Services subindustry, Seef Properties BSC'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.

Seef Properties BSC Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Seef Properties BSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Seef Properties BSC's Beneish M-Score falls into.

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60GF Score

Seef Properties BSC BAH:SEEF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Seef Properties BSC Beneish M-Score Calculation

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 Seef Properties BSC for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7695

0.528 * 0.9838

0.404 * 1.0056

0.892 * 0.921

0.115 * 1.4011

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0131

4.679 * -0.002171

0.327 * 0.93

-2.71

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was BHD2.52 Mil.
Revenue was 3.185 + 2.934 + 3.292 + 3.13 = BHD12.54 Mil.
Gross Profit was 2.407 + 1.95 + 2.377 + 2.366 = BHD9.10 Mil.
Total Current Assets was BHD23.52 Mil.
Total Assets was BHD177.78 Mil.
Property, Plant and Equipment(Net PPE) was BHD5.65 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD0.81 Mil.
Selling, General, & Admin. Expense(SGA) was BHD1.28 Mil.
Total Current Liabilities was BHD5.67 Mil.
Long-Term Debt & Capital Lease Obligation was BHD5.27 Mil.
Net Income was 2.118 + 1.107 + 1.492 + 1.223 = BHD5.94 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BHD0.00 Mil.
Cash Flow from Operations was 1.516 + 2.032 + 2.149 + 0.629 = BHD6.33 Mil.

Total Receivables was BHD3.56 Mil.
Revenue was 3.337 + 3.278 + 3.53 + 3.471 = BHD13.62 Mil.
Gross Profit was 2.414 + 2.114 + 2.597 + 2.595 = BHD9.72 Mil.
Total Current Assets was BHD24.97 Mil.
Total Assets was BHD177.14 Mil.
Property, Plant and Equipment(Net PPE) was BHD4.93 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD1.04 Mil.
Selling, General, & Admin. Expense(SGA) was BHD1.38 Mil.
Total Current Liabilities was BHD5.30 Mil.
Long-Term Debt & Capital Lease Obligation was BHD6.42 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(2.524 / 12.541)	/	(3.561 / 13.616)
	=	0.20126	/	0.261531
	=	0.7695

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(9.72 / 13.616)	/	(9.1 / 12.541)
	=	0.713866	/	0.72562
	=	0.9838

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (23.52 + 5.653) / 177.775)	/	(1 - (24.965 + 4.927) / 177.138)
	=	0.835899	/	0.83125
	=	1.0056

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	12.541	/	13.616
	=	0.921

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
	=	(1.044 / (1.044 + 4.927))	/	(0.806 / (0.806 + 5.653))
	=	0.174845	/	0.124787
	=	1.4011

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1.284 / 12.541)	/	(1.376 / 13.616)
	=	0.102384	/	0.101058
	=	1.0131

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((5.266 + 5.667) / 177.775)	/	((6.419 + 5.295) / 177.138)
	=	0.061499	/	0.066129
	=	0.93

8. TATA = Total Accruals to Total Assets

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
	=	(5.94 - 0	-	6.326)	/	177.775
	=	-0.002171

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.

Seef Properties BSC has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.71 mean?

Seef Properties BSC (BAH:SEEF) has a Beneish M-Score of -2.71 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Seef Properties BSC and its competitors. According to the industry distribution chart, Seef Properties BSC ranks #448 out of 1682 companies in the Real Estate industry, placing it in the top 26.6%.

Is Seef Properties BSC's Beneish M-Score too high?

Seef Properties BSC's current Beneish M-Score is -2.71. Based on the distribution chart, Seef Properties BSC ranks #448 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, Seef Properties BSC has a GF Score™ of 60/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Seef Properties BSC's Beneish M-Score compare to CBRE and BEKE?

According to the Real Estate industry distribution chart, Seef Properties BSC ranks #448 out of 1682 companies for Beneish M-Score. This puts Seef Properties BSC 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 Real Estate company?

A good Beneish M-Score depends on the Real Estate 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 Seef Properties BSC and its competitors. Seef Properties BSC's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Seef Properties BSC stock overvalued right now?

Based on GuruFocus' analysis, Seef Properties BSC (BAH:SEEF) is currently considered Fairly Valued. The stock's GF Value™ is BHD0.12, compared to a current price of BHD0.13 — trading 5.8% above its estimated fair value. The current Beneish M-Score is -2.71. Seef Properties BSC's overall GF Score™ is 60/100 with 4 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 Seef Properties BSC (BAH:SEEF), the current Beneish M-Score is -2.71 as of Jun. 26, 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 Seef Properties BSC (BAH:SEEF) Overvalued in 2026?

Based on GuruFocus' analysis, Seef Properties BSC stock appears to be overvalued. The current stock price of BHD0.13 is trading 5.8% above its estimated GF Value™ of BHD0.12. GuruFocus considers Seef Properties BSC to be Fairly Valued.

Key valuation signals for BAH:SEEF:

Beneish M-Score: -2.71
GF Value™: BHD0.12 vs. price of BHD0.13 (5.8% above fair value)
GF Score™: 60/100 with 4 warning signs

No single metric tells the full story. See the BAH:SEEF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Seef Properties BSC Business Description

Industry Real Estate Real Estate

Comparable Companies BAH:CPARK STC:VIC CBRE ISX:DCII XMAD:CLNX TSE:8830 XTER:VNA XTAE:AZRG BEKE HKSE:01972 ADX:MODON CSGP JLL HKSE:01209 SGX:9CI XSGO:MALLPLAZA HKSE:01997 XTER:DWNI XSWX:PSPN TSE:3003

Address Road 2825, Block 428, P.O. Box 20084, Building 2102, Office 2001, Seef District, Manama, BHR

Website https://www.seef.com.bh

Seef Properties BSC is engaged in the real estate business and also provides leisure and recreational game facilities. The company, along with its subsidiaries, owns and manages Seef Mall, Isa Town Mall, Muharraq Seef Mall, Fraser Suites - Seef, Seef Entertainment, and other commercial facilities in the Kingdom of Bahrain. In addition, it manages, as part of property management service agreements, Souq Al Baraha and Al Liwan. The company's business segments are Malls and properties, Serviced apartments, Leisure and entertainment, and Other. A majority of its revenue is generated from the Malls and properties segment, which is engaged in the management of real estate including malls.

60GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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BHD0.12

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