Salhia Real Estate Co KSCP (KUW:SRE) Beneish M-Score: -2.97 (As of Jul. 22, 2026)

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KUW:SRE Salhia Real Estate Co KSCP KUW:SRE
54 GF Score
Price KWD0.40
GF Value KWD0.46
Valuation Modestly Undervalued
! 7 Warning Signs
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What is Salhia Real Estate Co KSCP Beneish M-Score?

Salhia Real Estate Co KSCP KUW:SRE +0.25% 54 Beneish M-Score is -2.97 as of Jul. 22, 2026. GuruFocus rates KUW:SRE with a GF Score™ of 54/100 and a GF Value™ of KWD0.46 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 1,684 Real Estate companies, Salhia Real Estate Co KSCP ranks better than 82.78% 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 -2.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KUW:SRE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65   Med: -2.51   Max: 0.56
Current: -2.97

During the past 13 years, the highest Beneish M-Score of Salhia Real Estate Co KSCP was 0.56. The lowest was -3.65. And the median was -2.51.

Salhia Real Estate Co KSCP Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Salhia Real Estate Co KSCP'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.

Salhia Real Estate Co KSCP Beneish M-Score Chart

Salhia Real Estate Co KSCP 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 -1.57 -2.68 -1.91 -2.07 -3.09

Salhia Real Estate Co KSCP 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 -2.49 -2.55 -2.48 -3.09 -2.97

Salhia Real Estate Co KSCP Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Salhia Real Estate Co KSCP'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.

Salhia Real Estate Co KSCP Beneish M-Score vs Real Estate Industry

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

* The bar in red indicates where Salhia Real Estate Co KSCP's Beneish M-Score falls into.


KUW:SRE
54GF Score
Salhia Real Estate Co KSCP KUW:SRE
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Salhia Real Estate Co KSCP 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 Salhia Real Estate Co KSCP 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 * 0.5752+0.528 * 1.0653+0.404 * 1.0257+0.892 * 1.0651+0.115 * 0.907
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0207+4.679 * -0.03842-0.327 * 1.0264
=-2.97

* 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 KWD5.99 Mil.
Revenue was 12.703 + 12.692 + 10.833 + 11.686 = KWD47.91 Mil.
Gross Profit was 9.695 + 8.459 + 8.176 + 8.423 = KWD34.75 Mil.
Total Current Assets was KWD21.16 Mil.
Total Assets was KWD544.09 Mil.
Property, Plant and Equipment(Net PPE) was KWD93.14 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD8.88 Mil.
Selling, General, & Admin. Expense(SGA) was KWD5.09 Mil.
Total Current Liabilities was KWD30.47 Mil.
Long-Term Debt & Capital Lease Obligation was KWD330.09 Mil.
Net Income was 2.437 + 2.279 + 1.243 + 1.144 = KWD7.10 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.00 Mil.
Cash Flow from Operations was 0.733 + 13.903 + 6.561 + 6.81 = KWD28.01 Mil.
 Total Receivables was KWD9.77 Mil.
Revenue was 11.447 + 12.471 + 9.954 + 11.112 = KWD44.98 Mil.
Gross Profit was 8.718 + 9.563 + 7.648 + 8.828 = KWD34.76 Mil.
Total Current Assets was KWD22.76 Mil.
Total Assets was KWD524.50 Mil.
Property, Plant and Equipment(Net PPE) was KWD97.81 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD8.39 Mil.
Selling, General, & Admin. Expense(SGA) was KWD4.68 Mil.
Total Current Liabilities was KWD34.33 Mil.
Long-Term Debt & Capital Lease Obligation was KWD304.30 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)
=(5.986 / 47.914) / (9.77 / 44.984)
=0.124932 / 0.217188
=0.5752

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)
=(34.757 / 44.984) / (34.753 / 47.914)
=0.772652 / 0.72532
=1.0653

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 - (21.159 + 93.142) / 544.088) / (1 - (22.764 + 97.813) / 524.498)
=0.789922 / 0.77011
=1.0257

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
=47.914 / 44.984
=1.0651

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))
=(8.385 / (8.385 + 97.813)) / (8.881 / (8.881 + 93.142))
=0.078956 / 0.087049
=0.907

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)
=(5.089 / 47.914) / (4.681 / 44.984)
=0.106211 / 0.104059
=1.0207

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)
=((330.092 + 30.472) / 544.088) / ((304.298 + 34.33) / 524.498)
=0.662694 / 0.645623
=1.0264

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
=(7.103 - 0 - 28.007) / 544.088
=-0.03842

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.

Salhia Real Estate Co KSCP has a M-score of -2.97 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 -2.97 mean?
Salhia Real Estate Co KSCP (KUW:SRE) has a Beneish M-Score of -2.97 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Salhia Real Estate Co KSCP and its competitors. According to the industry distribution chart, Salhia Real Estate Co KSCP ranks #290 out of 1684 companies in the Real Estate industry, placing it in the top 17.2%.
Is Salhia Real Estate Co KSCP's Beneish M-Score too high?
Salhia Real Estate Co KSCP's current Beneish M-Score is -2.97. Based on the distribution chart, Salhia Real Estate Co KSCP ranks #290 out of 1684 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Salhia Real Estate Co KSCP has a GF Score™ of 54/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Salhia Real Estate Co KSCP's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Salhia Real Estate Co KSCP ranks #290 out of 1684 companies for Beneish M-Score. This places Salhia Real Estate Co KSCP in the top 17% of its industry — outperforming the majority of peers. 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 Salhia Real Estate Co KSCP and its competitors. Salhia Real Estate Co KSCP's current Beneish M-Score is -2.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Salhia Real Estate Co KSCP stock overvalued right now?
Based on GuruFocus' analysis, Salhia Real Estate Co KSCP (KUW:SRE) is currently considered Modestly Undervalued. The stock's GF Value™ is KWD0.46, compared to a current price of KWD0.40 — trading 13.3% below its estimated fair value. The current Beneish M-Score is -2.97. Salhia Real Estate Co KSCP's overall GF Score™ is 54/100 with 7 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 Salhia Real Estate Co KSCP (KUW:SRE), the current Beneish M-Score is -2.97 as of Jul. 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.

Is Salhia Real Estate Co KSCP (KUW:SRE) Overvalued in 2026?

Based on GuruFocus' analysis, Salhia Real Estate Co KSCP stock appears to be undervalued. The current stock price of KWD0.40 is trading 13.3% below its estimated GF Value™ of KWD0.46. GuruFocus considers Salhia Real Estate Co KSCP to be Modestly Undervalued.

Key valuation signals for KUW:SRE:

  • Beneish M-Score: -2.97
  • GF Value™: KWD0.46 vs. price of KWD0.40 (13.3% below fair value)
  • GF Score™: 54/100 with 7 warning signs

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

Salhia Real Estate Co KSCP Business Description

Address Mohammed Thunayan Al-Ghanim Street, P.O. Box 23413, Salhia Complex, Safat, Kuwait City, KWT, 13095
Salhia Real Estate Co KSCP is engaged in real estate leasing and development of commercial properties and hotel operations. The company operates its following reportable segments: Real Estate Operations and Hotel Operations. Real estate operations: Consist of development and leasing of properties. Hotel operations: Consist of the hotel hospitality services provided through JW Marriott Hotel Kuwait, Courtyard Marriott Hotel-Kuwait and Arraya Ballroom Kuwait, and Marriot Executive Apartments. Key revenue is generated from Real estate operations. Geographically, the company has its projects in Kuwait, United Kingdom, and Germany.
54GF Score

Get the complete analysis for KUW:SRE

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

KWD0.40
Price
KWD0.46
GF Value