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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 -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for &Do Holdings Co's Beneish M-Score or its related term are showing as below:
TSE:3457'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.53 Med: -2.6 Max: 9.63
Current: -2.84
During the past 12 years, the highest Beneish M-Score of &Do Holdings Co was 9.63. The lowest was -3.53. And the median was -2.60.
&Do Holdings Co Beneish M-Score Related Terms
&Do Holdings Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for &Do Holdings 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.
TSE:3457 vs CBRE, BEKE, JLL: Beneish M-Score Comparison
For the Real Estate Services subindustry, &Do Holdings 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.
&Do Holdings Co Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, &Do Holdings Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where &Do Holdings Co's Beneish M-Score falls into.
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 &Do Holdings 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 * 0.8807
+
0.528 * 1.0828
+
0.404 * 1.2296
+
0.892 * 0.9579
+
0.115 * 0.7812
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.071985
-
0.327 * 0.9515
=
-2.84
* 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.
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.
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))
=
(1019 / (1019 + 11392))
/
(969 / (969 + 8251))
=
0.082105
/
0.105098
=
0.7812
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
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
=
(2341 - 0
-
7522)
/
71973
=
-0.071985
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.
&Do Holdings Co has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
&Do Holdings Co (TSE:3457) has a Beneish M-Score of -2.84 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on &Do Holdings Co and its competitors. According to the industry distribution chart, &Do Holdings Co ranks #356 out of 1685 companies in the Real Estate industry, placing it in the top 21.1%.
Is &Do Holdings Co's Beneish M-Score too high?
&Do Holdings Co's current Beneish M-Score is -2.84. Based on the distribution chart, &Do Holdings Co ranks #356 out of 1685 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, &Do Holdings Co has a GF Score™ of 76/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does &Do Holdings Co's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, &Do Holdings Co ranks #356 out of 1685 companies for Beneish M-Score. This places &Do Holdings Co in the top 21% of its industry — outperforming the majority of peers. 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 &Do Holdings Co and its competitors. &Do Holdings Co's current Beneish M-Score is -2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is &Do Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, &Do Holdings Co (TSE:3457) is currently considered Modestly Overvalued. The stock's GF Value™ is 円834.86, compared to a current price of 円931.00 — trading 11.5% above its estimated fair value. The current Beneish M-Score is -2.84. &Do Holdings Co's overall GF Score™ is 76/100 with 7 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 &Do Holdings Co (TSE:3457), the current Beneish M-Score is -2.84 as of Jul. 14, 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 &Do Holdings Co (TSE:3457) Overvalued in 2026?
Based on GuruFocus' analysis, &Do Holdings Co stock appears to be overvalued.
The current stock price of 円931.00 is trading 11.5% above its estimated GF Value™ of 円834.86.
GuruFocus considers &Do Holdings Co to be Modestly Overvalued.
Key valuation signals for TSE:3457:
Beneish M-Score: -2.84
GF Value™: 円834.86 vs. price of 円931.00 (11.5% above fair value)
No single metric tells the full story. See the TSE:3457 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
&Do Holdings Co Ltd provides various services and consulting to franchised shops for buying and selling real estate. The company is also involved in the renovation business, which includes general refurbishment, planning, design, and construction of extensions and alterations; acquisition, renovation, and resale of pre-owned housing and real estate; planning and sale of newly constructed houses; sale and development of building lots; and acquisition and sale of revenue-generating and investment real estate. In addition, it engages in the planning and management of house leases, house leasebacks, and asset leasebacks; and management of leasing on blocks of revenue-generating condominiums, buildings, classified-ownership condominiums, and detached houses.
76GF Score
Get the complete analysis for TSE:3457
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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