Munshaat Real Estate Projects Co KSCC (KUW:MUNSHAAT) Beneish M-Score: -1.84 (As of Aug. 10, 2026)

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KUW:MUNSHAAT Munshaat Real Estate Projects Co KSCC KUW:MUNSHAAT
48 GF Score
Price KWD0.23
GF Value KWD0.17
Valuation Significantly Overvalued
! 3 Warning Signs
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What is Munshaat Real Estate Projects Co KSCC Beneish M-Score?

Munshaat Real Estate Projects Co KSCC KUW:MUNSHAAT -0.44% 48 Beneish M-Score is -1.84 as of Aug. 10, 2026. GuruFocus rates KUW:MUNSHAAT with a GF Score™ of 48/100 and a GF Value™ of KWD0.17 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,679 Real Estate companies, Munshaat Real Estate Projects Co KSCC ranks worse than 73.32% 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 -1.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Munshaat Real Estate Projects Co KSCC's Beneish M-Score or its related term are showing as below:

KUW:MUNSHAAT' s Beneish M-Score Range Over the Past 10 Years
Min: -11.55   Med: -1.91   Max: 21.73
Current: -1.84

During the past 13 years, the highest Beneish M-Score of Munshaat Real Estate Projects Co KSCC was 21.73. The lowest was -11.55. And the median was -1.91.

Munshaat Real Estate Projects Co KSCC Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Munshaat Real Estate Projects Co KSCC'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.

Munshaat Real Estate Projects Co KSCC Beneish M-Score Chart

Munshaat Real Estate Projects Co KSCC 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 -2.78 -2.80 -1.01 -2.03 -1.98

Munshaat Real Estate Projects Co KSCC Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 -1.33 -2.03 -2.05 -1.98 -1.84

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

For the Real Estate Services subindustry, Munshaat Real Estate Projects Co KSCC'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.

Munshaat Real Estate Projects Co KSCC Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Munshaat Real Estate Projects Co KSCC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Munshaat Real Estate Projects Co KSCC's Beneish M-Score falls into.


KUW:MUNSHAAT
48GF Score
Munshaat Real Estate Projects Co KSCC KUW:MUNSHAAT
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Munshaat Real Estate Projects Co KSCC 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 Munshaat Real Estate Projects Co KSCC 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 * 1.1882+0.528 * 0.8945+0.404 * 1.0837+0.892 * 1.0416+0.115 * 0.9671
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6657+4.679 * 0.075251-0.327 * 0.8484
=-1.84

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was KWD13.10 Mil.
Revenue was 5.895 + 5.079 + 2.894 + 6.511 = KWD20.38 Mil.
Gross Profit was 2.877 + 1.6 + 1.261 + 3.112 = KWD8.85 Mil.
Total Current Assets was KWD17.96 Mil.
Total Assets was KWD88.08 Mil.
Property, Plant and Equipment(Net PPE) was KWD39.67 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD3.05 Mil.
Selling, General, & Admin. Expense(SGA) was KWD0.29 Mil.
Total Current Liabilities was KWD15.09 Mil.
Long-Term Debt & Capital Lease Obligation was KWD35.66 Mil.
Net Income was 3.71 + 4.661 + 1.168 + 3.075 = KWD12.61 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.00 Mil.
Cash Flow from Operations was -0.394 + 6.38 + -0.051 + 0.051 = KWD5.99 Mil.
 Total Receivables was KWD10.58 Mil.
Revenue was 5.453 + 4.465 + 2.959 + 6.688 = KWD19.57 Mil.
Gross Profit was 2.186 + 1.701 + 0.441 + 3.272 = KWD7.60 Mil.
Total Current Assets was KWD18.33 Mil.
Total Assets was KWD88.04 Mil.
Property, Plant and Equipment(Net PPE) was KWD41.63 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD3.08 Mil.
Selling, General, & Admin. Expense(SGA) was KWD0.42 Mil.
Total Current Liabilities was KWD18.84 Mil.
Long-Term Debt & Capital Lease Obligation was KWD40.95 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)
=(13.099 / 20.379) / (10.584 / 19.565)
=0.64277 / 0.540966
=1.1882

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)
=(7.6 / 19.565) / (8.85 / 20.379)
=0.388449 / 0.434271
=0.8945

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 - (17.963 + 39.667) / 88.078) / (1 - (18.327 + 41.631) / 88.044)
=0.345694 / 0.319
=1.0837

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
=20.379 / 19.565
=1.0416

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))
=(3.083 / (3.083 + 41.631)) / (3.045 / (3.045 + 39.667))
=0.068949 / 0.071291
=0.9671

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)
=(0.294 / 20.379) / (0.424 / 19.565)
=0.014427 / 0.021671
=0.6657

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)
=((35.662 + 15.09) / 88.078) / ((40.954 + 18.842) / 88.044)
=0.576217 / 0.67916
=0.8484

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
=(12.614 - 0 - 5.986) / 88.078
=0.075251

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.

Munshaat Real Estate Projects Co KSCC has a M-score of -1.84 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 -1.84 mean?
Munshaat Real Estate Projects Co KSCC (KUW:MUNSHAAT) has a Beneish M-Score of -1.84 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Munshaat Real Estate Projects Co KSCC and its competitors. According to the industry distribution chart, Munshaat Real Estate Projects Co KSCC ranks #1231 out of 1679 companies in the Real Estate industry, placing it in the top 73.3%.
Is Munshaat Real Estate Projects Co KSCC's Beneish M-Score too high?
Munshaat Real Estate Projects Co KSCC's current Beneish M-Score is -1.84. Based on the distribution chart, Munshaat Real Estate Projects Co KSCC ranks #1231 out of 1679 companies in the Real Estate industry, which is below the industry midpoint. Overall, Munshaat Real Estate Projects Co KSCC has a GF Score™ of 48/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Munshaat Real Estate Projects Co KSCC's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Munshaat Real Estate Projects Co KSCC ranks #1231 out of 1679 companies for Beneish M-Score. This places Munshaat Real Estate Projects Co KSCC 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 Munshaat Real Estate Projects Co KSCC and its competitors. Munshaat Real Estate Projects Co KSCC's current Beneish M-Score is -1.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Munshaat Real Estate Projects Co KSCC stock overvalued right now?
Based on GuruFocus' analysis, Munshaat Real Estate Projects Co KSCC (KUW:MUNSHAAT) is currently considered Significantly Overvalued. The stock's GF Value™ is KWD0.17, compared to a current price of KWD0.23 — trading 32.4% above its estimated fair value. The current Beneish M-Score is -1.84. Munshaat Real Estate Projects Co KSCC's overall GF Score™ is 48/100 with 3 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 Munshaat Real Estate Projects Co KSCC (KUW:MUNSHAAT), the current Beneish M-Score is -1.84 as of Aug. 10, 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 Munshaat Real Estate Projects Co KSCC (KUW:MUNSHAAT) Overvalued in 2026?

Based on GuruFocus' analysis, Munshaat Real Estate Projects Co KSCC stock appears to be overvalued. The current stock price of KWD0.23 is trading 32.4% above its estimated GF Value™ of KWD0.17. GuruFocus considers Munshaat Real Estate Projects Co KSCC to be Significantly Overvalued.

Key valuation signals for KUW:MUNSHAAT:

  • Beneish M-Score: -1.84
  • GF Value™: KWD0.17 vs. price of KWD0.23 (32.4% above fair value)
  • GF Score™: 48/100 with 3 warning signs

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

Munshaat Real Estate Projects Co KSCC Business Description

Address Mubarak ALkabeer Street, ITS Tower, Mezzanine Floor, P.O Box 1393, Sharq, Dasman, Kuwait City, KWT, 15464
Munshaat Real Estate Projects Co KSCC is a real estate company. The company's operations predominantly consist of owning, selling and purchasing real estates and lands as well as developing them inside and outside Kuwait, and also managing the properties of others. The company is organized into two business segments - Real Estate segment comprises purchase, sale, development, renting, hotel operations and managing of properties; and Investment segment is involved in managing a portfolio of investments. Its primary geographic markets are Kuwait and Gulf Cooperation Council countries.
48GF Score

Get the complete analysis for KUW:MUNSHAAT

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

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