Kose R.E. Co (TSE:3246) Beneish M-Score: -2.29 (As of Jun. 27, 2026)


TSE:3246 Kose R.E. Co Ltd TSE:3246
49 GF Score
Price 円617.00
GF Value 円799.91
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Kose R.E. Co Beneish M-Score?

Kose R.E. Co TSE:3246 +0.33% 49 Beneish M-Score is -2.29 as of Jun. 27, 2026. GuruFocus rates TSE:3246 with a GF Score™ of 49/100 and a GF Value™ of 円799.91 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 1,682 Real Estate companies, Kose R.E. Co 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 Kose R.E. Co's Beneish M-Score or its related term are showing as below:

TSE:3246' s Beneish M-Score Range Over the Past 10 Years
Min: -3.62   Med: -2.3   Max: -0.89
Current: -2.29

During the past 13 years, the highest Beneish M-Score of Kose R.E. Co was -0.89. The lowest was -3.62. And the median was -2.30.

Kose R.E. Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kose R.E. Co'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.

Kose R.E. Co Beneish M-Score Chart

Kose R.E. Co Annual Data
Trend Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24 Jan25 Jan26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.62 -3.00 -2.30 -0.89 -2.29

Kose R.E. Co Semi-Annual Data
Jul16 Jan17 Jul17 Jan18 Jul18 Jan19 Jul19 Jan20 Jul20 Jan21 Jul21 Jan22 Jul22 Jan23 Jul23 Jan24 Jul24 Jan25 Jul25 Jan26
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 -2.30 0.00 -0.89 0.00 -2.29

Kose R.E. Co Beneish M-Score Competitor Comparison

For the Real Estate - Diversified subindustry, Kose R.E. Co'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.

Kose R.E. Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Kose R.E. Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kose R.E. Co's Beneish M-Score falls into.


TSE:3246
49GF Score
Kose R.E. Co Ltd TSE:3246
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Kose R.E. Co 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 Kose R.E. Co 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 * 0.4175+0.528 * 1.0826+0.404 * 0.8097+0.892 * 1.3134+0.115 * 1.6322
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.099136-0.327 * 1.1677
=-2.29

* 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 (Jan26) TTM:Last Year (Jan25) TTM:
Total Receivables was 円9 Mil.
Revenue was 円10,046 Mil.
Gross Profit was 円2,319 Mil.
Total Current Assets was 円17,284 Mil.
Total Assets was 円19,774 Mil.
Property, Plant and Equipment(Net PPE) was 円2,375 Mil.
Depreciation, Depletion and Amortization(DDA) was 円35 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,643 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,308 Mil.
Net Income was 円696 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-1,265 Mil.
 Total Receivables was 円16 Mil.
Revenue was 円7,649 Mil.
Gross Profit was 円1,912 Mil.
Total Current Assets was 円15,515 Mil.
Total Assets was 円17,022 Mil.
Property, Plant and Equipment(Net PPE) was 円1,384 Mil.
Depreciation, Depletion and Amortization(DDA) was 円33 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,490 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,109 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)
=(8.953 / 10045.621) / (16.32 / 7648.834)
=0.000891 / 0.002134
=0.4175

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)
=(1911.759 / 7648.834) / (2319.245 / 10045.621)
=0.249941 / 0.230871
=1.0826

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 - (17283.909 + 2374.526) / 19773.825) / (1 - (15514.722 + 1384.382) / 17021.767)
=0.005835 / 0.007206
=0.8097

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
=10045.621 / 7648.834
=1.3134

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))
=(33.444 / (33.444 + 1384.382)) / (34.821 / (34.821 + 2374.526))
=0.023588 / 0.014452
=1.6322

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 / 10045.621) / (0 / 7648.834)
=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)
=((5308.102 + 3643.451) / 19773.825) / ((4108.816 + 2490.329) / 17021.767)
=0.452697 / 0.387689
=1.1677

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
=(695.704 - 0 - -1264.596) / 19773.825
=0.099136

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.

Kose R.E. Co has a M-score of -2.29 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?
Kose R.E. Co (TSE:3246) has a Beneish M-Score of -2.29 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kose R.E. Co and its competitors. According to the industry distribution chart, Kose R.E. Co ranks #920 out of 1682 companies in the Real Estate industry, placing it in the top 54.7%.
Is Kose R.E. Co's Beneish M-Score too high?
Kose R.E. Co's current Beneish M-Score is -2.29. Based on the distribution chart, Kose R.E. Co ranks #920 out of 1682 companies in the Real Estate industry, which is below the industry midpoint. Overall, Kose R.E. Co has a GF Score™ of 49/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kose R.E. Co's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Kose R.E. Co ranks #920 out of 1682 companies for Beneish M-Score. This places Kose R.E. Co 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 Kose R.E. Co and its competitors. Kose R.E. Co'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 Kose R.E. Co stock overvalued right now?
Based on GuruFocus' analysis, Kose R.E. Co (TSE:3246) is currently considered Modestly Undervalued. The stock's GF Value™ is 円799.91, compared to a current price of 円617.00 — trading 22.9% below its estimated fair value. The current Beneish M-Score is -2.29. Kose R.E. Co's overall GF Score™ is 49/100 with 5 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 Kose R.E. Co (TSE:3246), the current Beneish M-Score is -2.29 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 Kose R.E. Co (TSE:3246) Overvalued in 2026?

Based on GuruFocus' analysis, Kose R.E. Co stock appears to be undervalued. The current stock price of 円617.00 is trading 22.9% below its estimated GF Value™ of 円799.91. GuruFocus considers Kose R.E. Co to be Modestly Undervalued.

Key valuation signals for TSE:3246:

  • Beneish M-Score: -2.29
  • GF Value™: 円799.91 vs. price of 円617.00 (22.9% below fair value)
  • GF Score™: 49/100 with 5 warning signs

No single metric tells the full story. See the TSE:3246 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kose R.E. Co Business Description

Address Akasaka 1-chome 15th No. 30, Fukuoka Prefecture, Chuo-ku, Yubinbango, Fukuoka, JPN, 810-0042
Kose R.E. Co Ltd is a Japan-based company that engages in the planning, development, and sale of apartments. The company's reportable segments include the Family condominium sales business, the Asset management condominium sales business, the Real estate rental management business, and the Building maintenance business. The company generates the majority of its revenue from the Family condominium sales business.
49GF Score

Get the complete analysis for TSE:3246

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

円617.00
Price
円799.91
GF Value