Choei (TSE:2993) Beneish M-Score: -2.62 (As of Jun. 26, 2026)


TSE:2993 Choei Inc TSE:2993
62 GF Score
Price 円2,084.00
GF Value 円2,465.20
Valuation Modestly Undervalued
! 6 Warning Signs
View Full Analysis

What is Choei Beneish M-Score?

Choei TSE:2993 -3.02% 62 Beneish M-Score is -2.62 as of Jun. 26, 2026. GuruFocus rates TSE:2993 with a GF Score™ of 62/100 and a GF Value™ of 円2,465.20 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 1,682 Real Estate companies, Choei ranks better than 67.18% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2993' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75   Med: -2.54   Max: -2.27
Current: -2.62

During the past 7 years, the highest Beneish M-Score of Choei was -2.27. The lowest was -2.75. And the median was -2.54.

Choei Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Choei'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.

Choei Beneish M-Score Chart

Choei Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial -2.27 -2.75 -2.50 -2.54 -2.62

Choei Semi-Annual Data
Mar20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.50 0.00 -2.54 0.00 -2.62

TSE:2993 vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, Choei'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.

Choei Beneish M-Score vs Real Estate Industry

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

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


TSE:2993
62GF Score
Choei Inc TSE:2993
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Choei 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 Choei 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 * 0.9216+0.528 * 1.0197+0.404 * 0.8638+0.892 * 1.0988+0.115 * 0.9881
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.021431-0.327 * 1.0225
=-2.62

* 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 円336 Mil.
Revenue was 円11,008 Mil.
Gross Profit was 円3,615 Mil.
Total Current Assets was 円12,618 Mil.
Total Assets was 円73,016 Mil.
Property, Plant and Equipment(Net PPE) was 円60,097 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,781 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円4,688 Mil.
Long-Term Debt & Capital Lease Obligation was 円52,625 Mil.
Net Income was 円996 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,561 Mil.
 Total Receivables was 円332 Mil.
Revenue was 円10,018 Mil.
Gross Profit was 円3,355 Mil.
Total Current Assets was 円12,375 Mil.
Total Assets was 円66,686 Mil.
Property, Plant and Equipment(Net PPE) was 円53,993 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,581 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円4,128 Mil.
Long-Term Debt & Capital Lease Obligation was 円47,064 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)
=(336.156 / 11008.008) / (331.948 / 10018.008)
=0.030537 / 0.033135
=0.9216

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)
=(3354.805 / 10018.008) / (3614.948 / 11008.008)
=0.334877 / 0.328393
=1.0197

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 - (12618.403 + 60097.01) / 73016.327) / (1 - (12374.666 + 53993.017) / 66685.852)
=0.004121 / 0.004771
=0.8638

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
=11008.008 / 10018.008
=1.0988

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))
=(1580.809 / (1580.809 + 53993.017)) / (1781.431 / (1781.431 + 60097.01))
=0.028445 / 0.028789
=0.9881

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 / 11008.008) / (0 / 10018.008)
=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)
=((52625.444 + 4688.226) / 73016.327) / ((47063.684 + 4127.558) / 66685.852)
=0.784943 / 0.767648
=1.0225

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
=(996.33 - 0 - 2561.169) / 73016.327
=-0.021431

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.

Choei has a M-score of -2.62 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 -2.62 mean?
Choei (TSE:2993) has a Beneish M-Score of -2.62 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Choei and its competitors. According to the industry distribution chart, Choei ranks #552 out of 1682 companies in the Real Estate industry, placing it in the top 32.8%.
Is Choei's Beneish M-Score too high?
Choei's current Beneish M-Score is -2.62. Based on the distribution chart, Choei ranks #552 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, Choei has a GF Score™ of 62/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Choei's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Choei ranks #552 out of 1682 companies for Beneish M-Score. This puts Choei 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 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 Choei and its competitors. Choei's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Choei stock overvalued right now?
Based on GuruFocus' analysis, Choei (TSE:2993) is currently considered Modestly Undervalued. The stock's GF Value™ is 円2,465.20, compared to a current price of 円2,084.00 — trading 15.5% below its estimated fair value. The current Beneish M-Score is -2.62. Choei's overall GF Score™ is 62/100 with 6 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 Choei (TSE:2993), the current Beneish M-Score is -2.62 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 Choei (TSE:2993) Overvalued in 2026?

Based on GuruFocus' analysis, Choei stock appears to be undervalued. The current stock price of 円2,084.00 is trading 15.5% below its estimated GF Value™ of 円2,465.20. GuruFocus considers Choei to be Modestly Undervalued.

Key valuation signals for TSE:2993:

  • Beneish M-Score: -2.62
  • GF Value™: 円2,465.20 vs. price of 円2,084.00 (15.5% below fair value)
  • GF Score™: 62/100 with 6 warning signs

No single metric tells the full story. See the TSE:2993 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Choei Business Description

Address 70 Fukakusa Nishiuracho 3-chome, 5th Choei Astro Building, Fushimi-ku, Kyoto, JPN
Choei Inc is engaged in the real estate management and real estate rental businesses. The real estate management business provides necessary services for rental property management, such as building maintenance, renovation work, and rental brokerage (leasing), in addition to tenant management, and the real estate rental business mainly handles the rental of its properties and subleased properties. The company's reportable segments are Property Rental Business, which generates the maximum revenue, and the Property Management Business.
62GF Score

Get the complete analysis for TSE:2993

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

円2,084.00
Price
円2,465.20
GF Value