UniCap Investment And FinanceKC (KUW:UNICAP) Beneish M-Score : -3.42 (As of Apr. 09, 2025)

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What is UniCap Investment And FinanceKC Beneish M-Score?

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 -3.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for UniCap Investment And FinanceKC's Beneish M-Score or its related term are showing as below:

KUW:UNICAP' s Beneish M-Score Range Over the Past 10 Years
Min: -7.33 Med: -2.38 Max: 2.6
Current: -3.42

During the past 13 years, the highest Beneish M-Score of UniCap Investment And FinanceKC was 2.60. The lowest was -7.33. And the median was -2.38.

UniCap Investment And FinanceKC Beneish M-Score Historical Data

The historical data trend for UniCap Investment And FinanceKC'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.

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UniCap Investment And FinanceKC Beneish M-Score Chart

UniCap Investment And FinanceKC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Aug23

Aug24

Beneish M-Score

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2.60

1.05

0.56

-2.81

-2.44

UniCap Investment And FinanceKC Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24
Beneish M-Score	Get a 7-Day Free Trial															-1.45	-1.66	-2.79	-2.44	-3.42

Competitive Comparison of UniCap Investment And FinanceKC's Beneish M-Score

For the Financial Conglomerates subindustry, UniCap Investment And FinanceKC'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.

UniCap Investment And FinanceKC's Beneish M-Score Distribution in the Diversified Financial Services Industry

For the Diversified Financial Services industry and Financial Services sector, UniCap Investment And FinanceKC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where UniCap Investment And FinanceKC's Beneish M-Score falls into.

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UniCap Investment And FinanceKC 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 UniCap Investment And FinanceKC for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8096

0.528 * 1.1728

0.404 * 0.0673

0.892 * 0.9965

0.115 * 1.0534

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.0968

4.679 * -0.075999

0.327 * 0.8027

-3.42

This Year (Nov24) TTM:

Last Year (Nov23) TTM:

Total Receivables was KWD0.89 Mil.
Revenue was 2.526 + 1.091 + 2.355 + 2.479 = KWD8.45 Mil.
Gross Profit was 1.191 + -1.373 + 1.004 + 1.156 = KWD1.98 Mil.
Total Current Assets was KWD30.66 Mil.
Total Assets was KWD55.51 Mil.
Property, Plant and Equipment(Net PPE) was KWD23.24 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD1.17 Mil.
Selling, General, & Admin. Expense(SGA) was KWD1.24 Mil.
Total Current Liabilities was KWD1.69 Mil.
Long-Term Debt & Capital Lease Obligation was KWD24.32 Mil.
Net Income was 0.115 + -3.459 + -0.231 + 0.459 = KWD-3.12 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.00 Mil.
Cash Flow from Operations was 0.97 + -1.406 + 1.572 + -0.033 = KWD1.10 Mil.

Total Receivables was KWD1.10 Mil.
Revenue was 2.101 + 1.879 + 2.222 + 2.279 = KWD8.48 Mil.
Gross Profit was 0.729 + -0.387 + 0.947 + 1.039 = KWD2.33 Mil.
Total Current Assets was KWD7.72 Mil.
Total Assets was KWD55.64 Mil.
Property, Plant and Equipment(Net PPE) was KWD23.94 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD1.27 Mil.
Selling, General, & Admin. Expense(SGA) was KWD0.59 Mil.
Total Current Liabilities was KWD7.64 Mil.
Long-Term Debt & Capital Lease Obligation was KWD24.84 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)
	=	(0.889 / 8.451)	/	(1.102 / 8.481)
	=	0.105195	/	0.129938
	=	0.8096

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)
	=	(2.328 / 8.481)	/	(1.978 / 8.451)
	=	0.274496	/	0.234055
	=	1.1728

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 - (30.664 + 23.241) / 55.514)	/	(1 - (7.724 + 23.943) / 55.637)
	=	0.028984	/	0.430828
	=	0.0673

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
	=	8.451	/	8.481
	=	0.9965

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))
	=	(1.272 / (1.272 + 23.943))	/	(1.169 / (1.169 + 23.241))
	=	0.050446	/	0.04789
	=	1.0534

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)
	=	(1.239 / 8.451)	/	(0.593 / 8.481)
	=	0.14661	/	0.069921
	=	2.0968

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)
	=	((24.32 + 1.693) / 55.514)	/	((24.839 + 7.638) / 55.637)
	=	0.468585	/	0.58373
	=	0.8027

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
	=	(-3.116 - 0	-	1.103)	/	55.514
	=	-0.075999

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.

UniCap Investment And FinanceKC has a M-score of -3.42 suggests that the company is unlikely to be a manipulator.

UniCap Investment And FinanceKC Beneish M-Score Related Terms

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UniCap Investment And FinanceKC Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Diversified Financial Services » UniCap Investment And Finance SAKC (KUW:UNICAP) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Omar Bin Al-Khattab Street, Kuwait Business Tower (KBT) - 10th Floor, P.O. Box 2290, Sharq, Murgab - Block 3, Kuwait, KWT, 13021

Website

http://www.unicap.com.kw

UniCap Investment And Finance SAKC is an investment holding company. The company's operating segments include Financing; Investment; Real estate and Education. It derives maximum revenue from the Education segment. The Education segment includes operating and managing schools. Its Financing segment provides a range of commercial and personal loans to customers. The Real estate segment includes trading, development, and management of properties owned by the group. Its Investment segment includes managing direct investments and investments in subsidiaries and associates.

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