KAISQ (Kaisa Group Holdings) Beneish M-Score: -1.56 (As of Aug. 22, 2026)

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What is Kaisa Group Holdings Beneish M-Score?

Kaisa Group Holdings KAISQ Beneish M-Score is -1.56 as of Aug. 22, 2026. The stock has 6 warning signs investors should review. Among 1,677 Real Estate companies, Kaisa Group Holdings ranks worse than 79.31% 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.

Warning Sign:

Beneish M-Score -1.56 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Kaisa Group Holdings's Beneish M-Score or its related term are showing as below:

KAISQ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93   Med: -1.77   Max: -1.31
Current: -1.56

During the past 13 years, the highest Beneish M-Score of Kaisa Group Holdings was -1.31. The lowest was -2.93. And the median was -1.77.

Kaisa Group Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kaisa Group Holdings'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.

Kaisa Group Holdings Beneish M-Score Chart

Kaisa Group Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.77 -2.46 -2.43 -1.95 -1.56

Kaisa Group Holdings Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.43 0.00 -1.95 0.00 -1.56

Kaisa Group Holdings Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Kaisa Group Holdings'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.

Kaisa Group Holdings Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Kaisa Group Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kaisa Group Holdings's Beneish M-Score falls into.


Kaisa Group Holdings 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 Kaisa Group Holdings 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 * 0.9227+0.528 * 0.4327+0.404 * 1.0288+0.892 * 0.8495+0.115 * 1.028
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8889+4.679 * 0.280853-0.327 * 0.7746
=-1.56

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $3,554 Mil.
Revenue was $1,349 Mil.
Gross Profit was $64 Mil.
Total Current Assets was $21,181 Mil.
Total Assets was $26,145 Mil.
Property, Plant and Equipment(Net PPE) was $633 Mil.
Depreciation, Depletion and Amortization(DDA) was $49 Mil.
Selling, General, & Admin. Expense(SGA) was $191 Mil.
Total Current Liabilities was $16,180 Mil.
Long-Term Debt & Capital Lease Obligation was $6,914 Mil.
Net Income was $7,462 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $119 Mil.
 Total Receivables was $4,535 Mil.
Revenue was $1,588 Mil.
Gross Profit was $33 Mil.
Total Current Assets was $23,599 Mil.
Total Assets was $28,937 Mil.
Property, Plant and Equipment(Net PPE) was $677 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $253 Mil.
Total Current Liabilities was $30,606 Mil.
Long-Term Debt & Capital Lease Obligation was $2,393 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)
=(3554.419 / 1348.85) / (4534.993 / 1587.86)
=2.635148 / 2.856041
=0.9227

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)
=(32.675 / 1587.86) / (64.152 / 1348.85)
=0.020578 / 0.047561
=0.4327

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 - (21180.836 + 632.574) / 26145.221) / (1 - (23599.444 + 676.986) / 28936.732)
=0.165683 / 0.161051
=1.0288

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
=1348.85 / 1587.86
=0.8495

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))
=(53.658 / (53.658 + 676.986)) / (48.666 / (48.666 + 632.574))
=0.073439 / 0.071437
=1.028

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)
=(191.025 / 1348.85) / (252.979 / 1587.86)
=0.141621 / 0.159321
=0.8889

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)
=((6914.167 + 16179.923) / 26145.221) / ((2392.851 + 30606.418) / 28936.732)
=0.883301 / 1.140394
=0.7746

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
=(7461.793 - 0 - 118.835) / 26145.221
=0.280853

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.

Kaisa Group Holdings has a M-score of -1.56 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.56 mean?
Kaisa Group Holdings (KAISQ) has a Beneish M-Score of -1.56 as of Aug. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kaisa Group Holdings and its competitors. According to the industry distribution chart, Kaisa Group Holdings ranks #1330 out of 1677 companies in the Real Estate industry, placing it in the top 79.3%.
Is Kaisa Group Holdings' Beneish M-Score too high?
Kaisa Group Holdings' current Beneish M-Score is -1.56. Based on the distribution chart, Kaisa Group Holdings ranks #1330 out of 1677 companies in the Real Estate industry, which is in the bottom quartile relative to peers.
How does Kaisa Group Holdings' Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Kaisa Group Holdings ranks #1330 out of 1677 companies for Beneish M-Score. This places Kaisa Group Holdings 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 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 Kaisa Group Holdings and its competitors. Kaisa Group Holdings's current Beneish M-Score is -1.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kaisa Group Holdings stock overvalued right now?
Kaisa Group Holdings (KAISQ) has a current Beneish M-Score of -1.56. The stock's GF Value™ is $0.23, compared to a current price of $0.20 — trading 13% below its estimated fair value. The current Beneish M-Score is -1.56. 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 Kaisa Group Holdings (KAISQ), the current Beneish M-Score is -1.56 as of Aug. 22, 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.

Kaisa Group Holdings Business Description

Other Exchanges 01638:Hong KongKG5:Germany
Address Ren Min South Road, Room 3306, Kerry Center, Luohu District, Guangdong Province, Shenzhen, CHN
Kaisa Group Holdings Ltd is an integrated property developer focusing on urban property development. Its portfolios include residential properties, villas, offices, serviced apartments, combined commercial buildings, and mega-urban complexes. It operates its business in seven segments: Property development; Property investment; Property management; Hotel and catering operations; Cultural centre operations; Healthcare operations; and others. The majority of the revenue was earned from the Property development segment. Geographically, the company derives almost all of its revenue from PRC.