KWG Group Holdings (STU:KOU) Beneish M-Score: -2.29 (As of Jun. 26, 2026)


STU:KOU KWG Group Holdings Ltd STU:KOU
32 GF Score
Price €0.00
GF Value €0.03
Valuation Possible Value Trap
! 4 Warning Signs
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What is KWG Group Holdings Beneish M-Score?

KWG Group Holdings STU:KOU 32 Beneish M-Score is -2.29 as of Jun. 26, 2026. GuruFocus rates STU:KOU with a GF Score™ of 32/100 and a GF Value™ of €0.03 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 1,682 Real Estate companies, KWG Group Holdings ranks worse than 54.7% 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STU:KOU' s Beneish M-Score Range Over the Past 10 Years
Min: -3.84   Med: -2.19   Max: -0.82
Current: -2.29

During the past 13 years, the highest Beneish M-Score of KWG Group Holdings was -0.82. The lowest was -3.84. And the median was -2.19.


KWG Group Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for KWG Group 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.

KWG Group Holdings Beneish M-Score Chart

KWG Group Holdings 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 -1.63 -3.84 -3.20 -3.80 -2.29

KWG Group Holdings Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 -3.20 0.00 -3.80 0.00 -2.29

KWG Group Holdings Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, KWG Group 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.


KWG Group Holdings Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, KWG Group Holdings's Beneish M-Score distribution charts can be found below:

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


STU:KOU
32GF Score
KWG Group Holdings Ltd STU:KOU
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

KWG Group 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 KWG Group Holdings 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 * 1.7257+0.528 * 1.1423+0.404 * 1.0158+0.892 * 0.5651+0.115 * 0.9955
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.284+4.679 * -0.037215-0.327 * 1.0157
=-2.35

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €1,144.3 Mil.
Revenue was €819.9 Mil.
Gross Profit was €122.6 Mil.
Total Current Assets was €8,964.0 Mil.
Total Assets was €17,892.4 Mil.
Property, Plant and Equipment(Net PPE) was €1,078.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €38.8 Mil.
Selling, General, & Admin. Expense(SGA) was €192.8 Mil.
Total Current Liabilities was €14,397.3 Mil.
Long-Term Debt & Capital Lease Obligation was €2,497.8 Mil.
Net Income was €-396.7 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €269.2 Mil.
Total Receivables was €1,173.4 Mil.
Revenue was €1,450.9 Mil.
Gross Profit was €247.7 Mil.
Total Current Assets was €10,244.6 Mil.
Total Assets was €20,112.9 Mil.
Property, Plant and Equipment(Net PPE) was €1,181.4 Mil.
Depreciation, Depletion and Amortization(DDA) was €42.2 Mil.
Selling, General, & Admin. Expense(SGA) was €265.7 Mil.
Total Current Liabilities was €15,183.0 Mil.
Long-Term Debt & Capital Lease Obligation was €3,515.4 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)
=(1144.259 / 819.887) / (1173.439 / 1450.925)
=1.39563 / 0.808752
=1.7257

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)
=(247.745 / 1450.925) / (122.556 / 819.887)
=0.17075 / 0.149479
=1.1423

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 - (8964.031 + 1078.617) / 17892.394) / (1 - (10244.551 + 1181.358) / 20112.922)
=0.43872 / 0.431912
=1.0158

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
=819.887 / 1450.925
=0.5651

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))
=(42.246 / (42.246 + 1181.358)) / (38.754 / (38.754 + 1078.617))
=0.034526 / 0.034683
=0.9955

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)
=(192.792 / 819.887) / (265.718 / 1450.925)
=0.235145 / 0.183137
=1.284

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)
=((2497.809 + 14397.34) / 17892.394) / ((3515.403 + 15182.983) / 20112.922)
=0.944264 / 0.92967
=1.0157

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
=(-396.664 - 0 - 269.199) / 17892.394
=-0.037215

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.

KWG Group Holdings has a M-score of -2.35 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 -2.29 mean?
KWG Group Holdings (STU:KOU) has a Beneish M-Score of -2.29 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on KWG Group Holdings and its competitors. According to the industry distribution chart, KWG Group Holdings ranks #920 out of 1682 companies in the Real Estate industry, placing it in the top 54.7%.
Is KWG Group Holdings' Beneish M-Score too high?
KWG Group Holdings' current Beneish M-Score is -2.29. Based on the distribution chart, KWG Group Holdings ranks #920 out of 1682 companies in the Real Estate industry, which is below the industry midpoint. Overall, KWG Group Holdings has a GF Score™ of 32/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does KWG Group Holdings' Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, KWG Group Holdings ranks #920 out of 1682 companies for Beneish M-Score. This places KWG Group Holdings 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 KWG Group Holdings and its competitors. KWG Group Holdings's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is KWG Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, KWG Group Holdings (STU:KOU) is currently considered Possible Value Trap. The stock's GF Value™ is €0.03, compared to a current price of €0.00 — trading 98.3% below its estimated fair value. The current Beneish M-Score is -2.29. KWG Group Holdings' overall GF Score™ is 32/100 with 4 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 KWG Group Holdings (STU:KOU), the current Beneish M-Score is -2.29 as of Jun. 26, 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 KWG Group Holdings (STU:KOU) Overvalued in 2026?

Based on GuruFocus' analysis, KWG Group Holdings stock appears to be undervalued. The current stock price of €0.00 is trading 98.3% below its estimated GF Value™ of €0.03. GuruFocus considers KWG Group Holdings to be Possible Value Trap.

Key valuation signals for STU:KOU:

  • Beneish M-Score: -2.29
  • GF Value™: €0.03 vs. price of €0.00 (98.3% below fair value)
  • GF Score™: 32/100 with 4 warning signs

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


KWG Group Holdings Business Description

Other Exchanges 01813:Hong Kong
Address 39 Gloucester Road, Room 1301, 13th Floor, Harcourt House, Wanchai, Hong Kong, HKG, 999077
KWG Group Holdings Ltd is a Hong Kong-based company. Along with its subsidiary, it is engaged in an urban integrated operator in China. Its key feature is a balanced portfolio offering different types of products, including medium to high-end residential properties, serviced apartments, villas, offices, hotels, and shopping malls. The company operates in three business segments: Property development, which includes the sale of properties, Property investment, which includes leasing of properties, and Hotel operation, which includes the operation of hotels. The group generates the majority of its revenue from the Property Development segment.
32GF Score

Get the complete analysis for STU:KOU

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

€0.00
Price
€0.03
GF Value