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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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Shuaiba Industrial Co's Beneish M-Score or its related term are showing as below:
KUW:SHUAIBA'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.41 Med: -2.54 Max: 81.47
Current: -2.53
During the past 13 years, the highest Beneish M-Score of Shuaiba Industrial Co was 81.47. The lowest was -3.41. And the median was -2.54.
Shuaiba Industrial Co Beneish M-Score Related Terms
Shuaiba Industrial Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Shuaiba Industrial Co'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.
For the Paper & Paper Products subindustry, Shuaiba Industrial Co'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.
Shuaiba Industrial Co Beneish M-Score vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Shuaiba Industrial Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shuaiba Industrial Co's Beneish M-Score falls into.
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 Shuaiba Industrial Co 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 * 1.128
+
0.528 * 1.1327
+
0.404 * 0.3103
+
0.892 * 1.0301
+
0.115 * 0.9271
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.8055
+
4.679 * 0.000781
-
0.327 * 1.0402
=
-2.53
* 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.
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.
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))
=
(0.94 / (0.94 + 9.252))
/
(0.954 / (0.954 + 8.636))
=
0.092229
/
0.099479
=
0.9271
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
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
=
(0.666 - 0
-
0.648)
/
23.058
=
0.000781
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.
Shuaiba Industrial Co has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
Shuaiba Industrial Co (KUW:SHUAIBA) has a Beneish M-Score of -2.53 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shuaiba Industrial Co and its competitors. According to the industry distribution chart, Shuaiba Industrial Co ranks #141 out of 272 companies in the Forest Products industry, placing it in the top 51.8%.
Is Shuaiba Industrial Co's Beneish M-Score too high?
Shuaiba Industrial Co's current Beneish M-Score is -2.53. Based on the distribution chart, Shuaiba Industrial Co ranks #141 out of 272 companies in the Forest Products industry, which is below the industry midpoint. Overall, Shuaiba Industrial Co has a GF Score™ of 45/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Shuaiba Industrial Co's Beneish M-Score compare to SLVM?
According to the Forest Products industry distribution chart, Shuaiba Industrial Co ranks #141 out of 272 companies for Beneish M-Score. This places Shuaiba Industrial Co 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Shuaiba Industrial Co and its competitors. Shuaiba Industrial Co's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shuaiba Industrial Co stock overvalued right now?
Based on GuruFocus' analysis, Shuaiba Industrial Co (KUW:SHUAIBA) is currently considered Significantly Overvalued. The stock's GF Value™ is KWD0.18, compared to a current price of KWD0.27 — trading 52.2% above its estimated fair value. The current Beneish M-Score is -2.53. Shuaiba Industrial Co's overall GF Score™ is 45/100 with 6 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 Shuaiba Industrial Co (KUW:SHUAIBA), the current Beneish M-Score is -2.53 as of Jul. 25, 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 Shuaiba Industrial Co (KUW:SHUAIBA) Overvalued in 2026?
Based on GuruFocus' analysis, Shuaiba Industrial Co stock appears to be overvalued.
The current stock price of KWD0.27 is trading 52.2% above its estimated GF Value™ of KWD0.18.
GuruFocus considers Shuaiba Industrial Co to be Significantly Overvalued.
Key valuation signals for KUW:SHUAIBA:
Beneish M-Score: -2.53
GF Value™: KWD0.18 vs. price of KWD0.27 (52.2% above fair value)
No single metric tells the full story. See the KUW:SHUAIBA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Shuaiba Industrial Co is a paper packaging manufacturer. The company is organized into three business segments namely Industrial Packaging which comprises multi-wall paper sacks, and Consumer Packaging which involves various types of bags and wrapping sheets; Flexible packaging which comprises multi-ply printing and aluminum foil lamination products. The majority of its revenue comes from its business in Gulf countries.
45GF Score
Get the complete analysis for KUW:SHUAIBA
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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