MENA Real Estate Co (K SC C) (KUW:MENA) Beneish M-Score: -1.19 (As of Jun. 29, 2026)


KUW:MENA MENA Real Estate Co (K SC C) KUW:MENA
6 GF Score
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What is MENA Real Estate Co (K SC C) Beneish M-Score?

MENA Real Estate Co (K SC C) KUW:MENA 6 Beneish M-Score is -1.19 as of Jun. 29, 2026. GuruFocus rates KUW:MENA with a GF Score™ of 6/100. The stock has 2 warning signs investors should review. Among 1,684 Real Estate companies, MENA Real Estate Co (K SC C) ranks worse than 83.19% 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 -1.19 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for MENA Real Estate Co (K SC C)'s Beneish M-Score or its related term are showing as below:

KUW:MENA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.72   Med: -2.2   Max: 88.3
Current: -1.19

During the past 13 years, the highest Beneish M-Score of MENA Real Estate Co (K SC C) was 88.30. The lowest was -3.72. And the median was -2.20.

MENA Real Estate Co (K SC C) Beneish M-Score Historical Data

* Premium members only.

The historical data trend for MENA Real Estate Co (K SC C)'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.

MENA Real Estate Co (K SC C) Beneish M-Score Chart

MENA Real Estate Co (K SC C) Annual Data
Trend Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 -1.83 -2.95 -2.71

MENA Real Estate Co (K SC C) 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 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 0.00 -2.71 -2.21 -2.13 -1.19

KUW:MENA vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, MENA Real Estate Co (K SC C)'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.

MENA Real Estate Co (K SC C) Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, MENA Real Estate Co (K SC C)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where MENA Real Estate Co (K SC C)'s Beneish M-Score falls into.


KUW:MENA
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MENA Real Estate Co (K SC C) KUW:MENA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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MENA Real Estate Co (K SC C) 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 MENA Real Estate Co (K SC C) 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 * 2.0638+0.528 * 1+0.404 * 0.7654+0.892 * 1.0266+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2652+4.679 * 0.041266-0.327 * 0.2733
=-1.19

* 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 KWD0.25 Mil.
Revenue was 0.031 + 0.023 + 0.051 + 0.088 = KWD0.19 Mil.
Gross Profit was 0.031 + 0.023 + 0.051 + 0.088 = KWD0.19 Mil.
Total Current Assets was KWD10.73 Mil.
Total Assets was KWD19.56 Mil.
Property, Plant and Equipment(Net PPE) was KWD0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.00 Mil.
Selling, General, & Admin. Expense(SGA) was KWD0.34 Mil.
Total Current Liabilities was KWD0.94 Mil.
Long-Term Debt & Capital Lease Obligation was KWD0.00 Mil.
Net Income was -0.065 + 0.013 + 0.15 + -0.177 = KWD-0.08 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.00 Mil.
Cash Flow from Operations was -0.245 + -0.048 + -0.744 + 0.151 = KWD-0.89 Mil.
 Total Receivables was KWD0.12 Mil.
Revenue was 0.017 + 0.041 + 0.065 + 0.065 = KWD0.19 Mil.
Gross Profit was 0.017 + 0.041 + 0.065 + 0.065 = KWD0.19 Mil.
Total Current Assets was KWD6.56 Mil.
Total Assets was KWD15.99 Mil.
Property, Plant and Equipment(Net PPE) was KWD0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.00 Mil.
Selling, General, & Admin. Expense(SGA) was KWD0.26 Mil.
Total Current Liabilities was KWD2.81 Mil.
Long-Term Debt & Capital Lease Obligation was KWD0.00 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)
=(0.25 / 0.193) / (0.118 / 0.188)
=1.295337 / 0.62766
=2.0638

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)
=(0.188 / 0.188) / (0.193 / 0.193)
=1 / 1
=1

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 - (10.729 + 0) / 19.556) / (1 - (6.561 + 0) / 15.99)
=0.45137 / 0.589681
=0.7654

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
=0.193 / 0.188
=1.0266

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(0.339 / 0.193) / (0.261 / 0.188)
=1.756477 / 1.388298
=1.2652

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)
=((0 + 0.939) / 19.556) / ((0 + 2.809) / 15.99)
=0.048016 / 0.175672
=0.2733

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
=(-0.079 - 0 - -0.886) / 19.556
=0.041266

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.

MENA Real Estate Co (K SC C) has a M-score of -1.19 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 -1.19 mean?
MENA Real Estate Co (K SC C) (KUW:MENA) has a Beneish M-Score of -1.19 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MENA Real Estate Co (K SC C) and its competitors. According to the industry distribution chart, MENA Real Estate Co (K SC C) ranks #1401 out of 1684 companies in the Real Estate industry, placing it in the top 83.2%.
Is MENA Real Estate Co (K SC C)'s Beneish M-Score too high?
MENA Real Estate Co (K SC C)'s current Beneish M-Score is -1.19. Based on the distribution chart, MENA Real Estate Co (K SC C) ranks #1401 out of 1684 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, MENA Real Estate Co (K SC C) has a GF Score™ of 6/100, reflecting its overall financial health beyond just this single metric.
How does MENA Real Estate Co (K SC C)'s Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, MENA Real Estate Co (K SC C) ranks #1401 out of 1684 companies for Beneish M-Score. This places MENA Real Estate Co (K SC C) 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 MENA Real Estate Co (K SC C) and its competitors. MENA Real Estate Co (K SC C)'s current Beneish M-Score is -1.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MENA Real Estate Co (K SC C) stock overvalued right now?
MENA Real Estate Co (K SC C) (KUW:MENA) has a current Beneish M-Score of -1.19. The current Beneish M-Score is -1.19. MENA Real Estate Co (K SC C)'s overall GF Score™ is 6/100 with 2 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 MENA Real Estate Co (K SC C) (KUW:MENA), the current Beneish M-Score is -1.19 as of Jun. 29, 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.

MENA Real Estate Co (K SC C) Business Description

Address Fahad Al Salem Street, P.O. Box 38381, Panasonic Tower, 6th Floor, Al Qibla, Dahia Abullah Al Salem Suburb, Kuwait, KWT, 72254
MENA Real Estate Co (K SC C) is involved in providing real estate investment products and services. It purchases, sells, and develops real estate and land in Kuwait and abroad. The company also gives real estate advisory services in extension to the establishment and management of various companies and projects locally, regionally, and internationally. It has two segments Domestic and International in which it generates the majority of its revenue form Domestic Segment. It generates the revenue from Gain/loss from the sale of investment properties, Developed properties, Service Income, Dividend Income, and Rental Income.
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