Kuwazawa Holdings (SSE:8104) Beneish M-Score: -2.65 (As of Jun. 27, 2026)

What is Kuwazawa Holdings Beneish M-Score?

Kuwazawa Holdings SSE:8104 72 Beneish M-Score is -2.65 as of Jun. 27, 2026. GuruFocus rates SSE:8104 with a GF Score™ of 72/100 and a GF Value™ of 円570.68. The stock has 3 warning signs investors should review. Among 388 Building Materials companies, Kuwazawa Holdings ranks better than 57.47% 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Kuwazawa Holdings's Beneish M-Score or its related term are showing as below:

SSE:8104' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84 Med: -2.57 Max: -2.07
Current: -2.65

During the past 13 years, the highest Beneish M-Score of Kuwazawa Holdings was -2.07. The lowest was -2.84. And the median was -2.57.

Kuwazawa Holdings Beneish M-Score Related Terms

Kuwazawa Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kuwazawa Holdings'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.

Kuwazawa Holdings Beneish M-Score Chart

Kuwazawa Holdings Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.52

-2.54

-2.07

-2.84

-2.65

Kuwazawa Holdings Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.07	0.00	-2.84	0.00	-2.65

SSE:8104 vs CRH, VMC, MLM: Beneish M-Score Comparison

For the Building Materials subindustry, Kuwazawa Holdings'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.

Kuwazawa Holdings Beneish M-Score vs Building Materials Industry

For the Building Materials industry and Basic Materials sector, Kuwazawa Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kuwazawa Holdings's Beneish M-Score falls into.

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72GF Score

Kuwazawa Holdings Corp SSE:8104

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Kuwazawa Holdings 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 Kuwazawa Holdings 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 * 0.9755

0.528 * 0.9332

0.404 * 1.1103

0.892 * 0.9908

0.115 * 1.0821

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.033118

0.327 * 1.0003

-2.65

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円15,561 Mil.
Revenue was 円64,802 Mil.
Gross Profit was 円9,721 Mil.
Total Current Assets was 円34,805 Mil.
Total Assets was 円44,296 Mil.
Property, Plant and Equipment(Net PPE) was 円5,948 Mil.
Depreciation, Depletion and Amortization(DDA) was 円279 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円25,443 Mil.
Long-Term Debt & Capital Lease Obligation was 円322 Mil.
Net Income was 円1,078 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,545 Mil.

Total Receivables was 円16,101 Mil.
Revenue was 円65,406 Mil.
Gross Profit was 円9,156 Mil.
Total Current Assets was 円32,188 Mil.
Total Assets was 円41,243 Mil.
Property, Plant and Equipment(Net PPE) was 円6,084 Mil.
Depreciation, Depletion and Amortization(DDA) was 円310 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円22,288 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,694 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)
	=	(15561 / 64802)	/	(16101 / 65406)
	=	0.240131	/	0.24617
	=	0.9755

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)
	=	(9156 / 65406)	/	(9721 / 64802)
	=	0.139987	/	0.150011
	=	0.9332

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 - (34805 + 5948) / 44296)	/	(1 - (32188 + 6084) / 41243)
	=	0.079985	/	0.072036
	=	1.1103

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
	=	64802	/	65406
	=	0.9908

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))
	=	(310 / (310 + 6084))	/	(279 / (279 + 5948))
	=	0.048483	/	0.044805
	=	1.0821

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 / 64802)	/	(0 / 65406)
	=	0	/	0
	=	1

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)
	=	((322 + 25443) / 44296)	/	((1694 + 22288) / 41243)
	=	0.581655	/	0.58148
	=	1.0003

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
	=	(1078 - 0	-	2545)	/	44296
	=	-0.033118

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.

Kuwazawa Holdings has a M-score of -2.65 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 -2.65 mean?

Kuwazawa Holdings (SSE:8104) has a Beneish M-Score of -2.65 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kuwazawa Holdings and its competitors. According to the industry distribution chart, Kuwazawa Holdings ranks #165 out of 388 companies in the Building Materials industry, placing it in the top 42.5%.

Is Kuwazawa Holdings' Beneish M-Score too high?

Kuwazawa Holdings' current Beneish M-Score is -2.65. Based on the distribution chart, Kuwazawa Holdings ranks #165 out of 388 companies in the Building Materials industry, which is above the industry midpoint. Overall, Kuwazawa Holdings has a GF Score™ of 72/100, reflecting its overall financial health beyond just this single metric.

How does Kuwazawa Holdings' Beneish M-Score compare to CRH and VMC?

According to the Building Materials industry distribution chart, Kuwazawa Holdings ranks #165 out of 388 companies for Beneish M-Score. This puts Kuwazawa Holdings in the upper 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 Building Materials company?

A good Beneish M-Score depends on the Building Materials 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 Kuwazawa Holdings and its competitors. Kuwazawa Holdings's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Kuwazawa Holdings stock overvalued right now?

Kuwazawa Holdings (SSE:8104) has a current Beneish M-Score of -2.65. The stock's GF Value™ is 円570.68, compared to a current price of 円610.00 — trading 6.9% above its estimated fair value. The current Beneish M-Score is -2.65. Kuwazawa Holdings' overall GF Score™ is 72/100 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 Kuwazawa Holdings (SSE:8104), the current Beneish M-Score is -2.65 as of Jun. 27, 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 Kuwazawa Holdings (SSE:8104) Overvalued in 2026?

Based on GuruFocus' analysis, Kuwazawa Holdings stock appears to be overvalued. The current stock price of 円610.00 is trading 6.9% above its estimated GF Value™ of 円570.68.

Key valuation signals for SSE:8104:

Beneish M-Score: -2.65
GF Value™: 円570.68 vs. price of 円610.00 (6.9% above fair value)
GF Score™: 72/100 with 3 warning signs

No single metric tells the full story. See the SSE:8104 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kuwazawa Holdings Business Description

Industry Basic Materials Building Materials

Comparable Companies TSE:5282 TSE:7461 TSE:5285 TSE:5283 TSE:5284 TSE:5388 TSE:9812 TSE:5269 TSE:3157 TSE:8007 CRH XSWX:HOLN XTER:HEI VMC BOM:532538 MLM XSWX:AMRZ SHSE:600176 NSE:GRASIM MEX:CEMEXCPO

Other Exchanges 8104:Japan

Address 7-1-1, Chuo 2-7, Shiroishi-ku, Hokkaido Kuwazawa Group Headquarters Building, Sapporo, JPN, 003-8560

Website https://www.kuwazawa-hd.co.jp

Kuwazawa Holdings Corp operates in the construction industry. The company is engaged in the sale of construction materials, such as cement, concrete, pile, concrete products, concrete admixture, shelf, water materials, general steel products, and others. It also has a leasing business.

72GF Score

Get the complete analysis for SSE:8104

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

円610.00

Price

円570.68

GF Value

View SSE:8104 Analysis

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