Tamdeen Real Estate Co KSCC (KUW:TAM) Beneish M-Score: -0.67 (As of Jul. 12, 2026)


KUW:TAM Tamdeen Real Estate Co KSCC KUW:TAM
51 GF Score
Price KWD0.41
GF Value KWD0.42
Valuation Fairly Valued
! 7 Warning Signs
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What is Tamdeen Real Estate Co KSCC Beneish M-Score?

Tamdeen Real Estate Co KSCC KUW:TAM -1.44% 51 Beneish M-Score is -0.67 as of Jul. 12, 2026. GuruFocus rates KUW:TAM with a GF Score™ of 51/100 and a GF Value™ of KWD0.42 (Fairly Valued). The stock has 7 warning signs investors should review. Among 1,683 Real Estate companies, Tamdeen Real Estate Co KSCC ranks worse than 87.82% 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 -0.67 higher than -1.78, which implies that the company might have manipulated its financial results.

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

KUW:TAM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38   Med: -2.34   Max: -0.67
Current: -0.67

During the past 13 years, the highest Beneish M-Score of Tamdeen Real Estate Co KSCC was -0.67. The lowest was -3.38. And the median was -2.34.

Tamdeen Real Estate Co KSCC Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Tamdeen Real Estate 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.

Tamdeen Real Estate Co KSCC Beneish M-Score Chart

Tamdeen Real Estate 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 -1.52 -2.47 -2.65 -2.24 -2.57

Tamdeen Real Estate 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 -2.59 -2.60 -2.32 -2.57 -0.67

Tamdeen Real Estate Co KSCC Beneish M-Score Competitor Comparison

For the Real Estate - Diversified subindustry, Tamdeen Real Estate 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.

Tamdeen Real Estate Co KSCC Beneish M-Score vs Real Estate Industry

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

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


KUW:TAM
51GF Score
Tamdeen Real Estate Co KSCC KUW:TAM
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tamdeen Real Estate 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 Tamdeen Real Estate 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 * 2.9886+0.528 * 0.9199+0.404 * 1.0667+0.892 * 1.0254+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8868+4.679 * -0.013621-0.327 * 0.9577
=-0.67

* 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 KWD9.55 Mil.
Revenue was 6.8 + 7.456 + 6.199 + 6.279 = KWD26.73 Mil.
Gross Profit was 4.815 + 5.488 + 4.573 + 4.924 = KWD19.80 Mil.
Total Current Assets was KWD254.05 Mil.
Total Assets was KWD692.33 Mil.
Property, Plant and Equipment(Net PPE) was KWD0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD1.88 Mil.
Selling, General, & Admin. Expense(SGA) was KWD3.95 Mil.
Total Current Liabilities was KWD131.79 Mil.
Long-Term Debt & Capital Lease Obligation was KWD64.40 Mil.
Net Income was 3.127 + 4.384 + 6.272 + 6.379 = KWD20.16 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.00 Mil.
Cash Flow from Operations was 2.414 + 32.786 + 3.497 + -9.105 = KWD29.59 Mil.
 Total Receivables was KWD3.12 Mil.
Revenue was 7.043 + 6.816 + 5.811 + 6.402 = KWD26.07 Mil.
Gross Profit was 4.975 + 4.028 + 4.238 + 4.522 = KWD17.76 Mil.
Total Current Assets was KWD251.93 Mil.
Total Assets was KWD619.73 Mil.
Property, Plant and Equipment(Net PPE) was KWD0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD1.81 Mil.
Selling, General, & Admin. Expense(SGA) was KWD4.34 Mil.
Total Current Liabilities was KWD105.10 Mil.
Long-Term Debt & Capital Lease Obligation was KWD78.27 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)
=(9.549 / 26.734) / (3.116 / 26.072)
=0.357186 / 0.119515
=2.9886

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)
=(17.763 / 26.072) / (19.8 / 26.734)
=0.681306 / 0.74063
=0.9199

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 - (254.049 + 0) / 692.333) / (1 - (251.928 + 0) / 619.728)
=0.633054 / 0.593486
=1.0667

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
=26.734 / 26.072
=1.0254

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))
=(1.806 / (1.806 + 0)) / (1.879 / (1.879 + 0))
=1 / 1
=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)
=(3.949 / 26.734) / (4.343 / 26.072)
=0.147715 / 0.166577
=0.8868

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)
=((64.395 + 131.787) / 692.333) / ((78.269 + 105.099) / 619.728)
=0.283364 / 0.295885
=0.9577

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
=(20.162 - 0 - 29.592) / 692.333
=-0.013621

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.

Tamdeen Real Estate Co KSCC has a M-score of -0.67 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 -0.67 mean?
Tamdeen Real Estate Co KSCC (KUW:TAM) has a Beneish M-Score of -0.67 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tamdeen Real Estate Co KSCC and its competitors. According to the industry distribution chart, Tamdeen Real Estate Co KSCC ranks #1478 out of 1683 companies in the Real Estate industry, placing it in the top 87.8%.
Is Tamdeen Real Estate Co KSCC's Beneish M-Score too high?
Tamdeen Real Estate Co KSCC's current Beneish M-Score is -0.67. Based on the distribution chart, Tamdeen Real Estate Co KSCC ranks #1478 out of 1683 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Tamdeen Real Estate Co KSCC has a GF Score™ of 51/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Tamdeen Real Estate Co KSCC's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Tamdeen Real Estate Co KSCC ranks #1478 out of 1683 companies for Beneish M-Score. This places Tamdeen Real Estate 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 Tamdeen Real Estate Co KSCC and its competitors. Tamdeen Real Estate Co KSCC's current Beneish M-Score is -0.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tamdeen Real Estate Co KSCC stock overvalued right now?
Based on GuruFocus' analysis, Tamdeen Real Estate Co KSCC (KUW:TAM) is currently considered Fairly Valued. The stock's GF Value™ is KWD0.42, compared to a current price of KWD0.41 — trading 1.9% below its estimated fair value. The current Beneish M-Score is -0.67. Tamdeen Real Estate Co KSCC's overall GF Score™ is 51/100 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 Tamdeen Real Estate Co KSCC (KUW:TAM), the current Beneish M-Score is -0.67 as of Jul. 12, 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 Tamdeen Real Estate Co KSCC (KUW:TAM) Overvalued in 2026?

Based on GuruFocus' analysis, Tamdeen Real Estate Co KSCC stock appears to be undervalued. The current stock price of KWD0.41 is trading 1.9% below its estimated GF Value™ of KWD0.42. GuruFocus considers Tamdeen Real Estate Co KSCC to be Fairly Valued.

Key valuation signals for KUW:TAM:

  • Beneish M-Score: -0.67
  • GF Value™: KWD0.42 vs. price of KWD0.41 (1.9% below fair value)
  • GF Score™: 51/100 with 7 warning signs

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

Tamdeen Real Estate Co KSCC Business Description

Address Mall 201 - Sixth Ring Road, P.O. Box 21816, 4th Floor, Block 7, South Surra, Zahraa Area, Kuwait, KWT, 13079
Tamdeen Real Estate Co KSCC operates as a real estate investment and development company. The business activity of the company includes the development of real estate projects and construction contracts of buildings, managing the properties of others. In addition, the group is also involved in providing consultation services on asset utilization for individual clients, as well as consultation and advisory services on mergers and acquisitions, and business succession for corporate clients; investment and portfolio management services; and research and analysis services. The company operates in two reportable segments: real estate and investment. It generates maximum revenue from the Investment segment.
51GF Score

Get the complete analysis for KUW:TAM

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

KWD0.41
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GF Value