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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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Kunimine Industries Co's Beneish M-Score or its related term are showing as below:
TSE:5388'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.51 Max: -2.11
Current: -2.81
During the past 13 years, the highest Beneish M-Score of Kunimine Industries Co was -2.11. The lowest was -3.01. And the median was -2.51.
Kunimine Industries Co Beneish M-Score Related Terms
Kunimine Industries Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Kunimine Industries 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:5388 vs CRH, VMC, MLM: Beneish M-Score Comparison
For the Building Materials subindustry, Kunimine Industries 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.
Kunimine Industries Co Beneish M-Score vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, Kunimine Industries Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kunimine Industries Co's Beneish M-Score falls into.
Kunimine Industries 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 Kunimine Industries 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 * 1.313
+
0.528 * 0.9691
+
0.404 * 0.6425
+
0.892 * 1.0871
+
0.115 * 0.993
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0021
+
4.679 * -0.11117
-
0.327 * 1.0486
=
-2.81
* 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))
=
(835.076 / (835.076 + 5470.233))
/
(898.298 / (898.298 + 5837.239))
=
0.13244
/
0.133367
=
0.993
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
=
(1340.881 - 0
-
4325.203)
/
26844.585
=
-0.11117
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.
Kunimine Industries Co has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
Kunimine Industries Co (TSE:5388) has a Beneish M-Score of -2.81 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kunimine Industries Co and its competitors. According to the industry distribution chart, Kunimine Industries Co ranks #111 out of 387 companies in the Building Materials industry, placing it in the top 28.7%.
Is Kunimine Industries Co's Beneish M-Score too high?
Kunimine Industries Co's current Beneish M-Score is -2.81. Based on the distribution chart, Kunimine Industries Co ranks #111 out of 387 companies in the Building Materials industry, which is above the industry midpoint. Overall, Kunimine Industries Co has a GF Score™ of 70/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Kunimine Industries Co's Beneish M-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, Kunimine Industries Co ranks #111 out of 387 companies for Beneish M-Score. This puts Kunimine Industries Co 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 Kunimine Industries Co and its competitors. Kunimine Industries Co's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kunimine Industries Co stock overvalued right now?
Based on GuruFocus' analysis, Kunimine Industries Co (TSE:5388) is currently considered Fairly Valued. The stock's GF Value™ is 円1,194.86, compared to a current price of 円1,277.00 — trading 6.9% above its estimated fair value. The current Beneish M-Score is -2.81. Kunimine Industries Co's overall GF Score™ is 70/100 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 Kunimine Industries Co (TSE:5388), the current Beneish M-Score is -2.81 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 Kunimine Industries Co (TSE:5388) Overvalued in 2026?
Based on GuruFocus' analysis, Kunimine Industries Co stock appears to be overvalued.
The current stock price of 円1,277.00 is trading 6.9% above its estimated GF Value™ of 円1,194.86.
GuruFocus considers Kunimine Industries Co to be Fairly Valued.
Key valuation signals for TSE:5388:
Beneish M-Score: -2.81
GF Value™: 円1,194.86 vs. price of 円1,277.00 (6.9% above fair value)
No single metric tells the full story. See the TSE:5388 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kunimine Industries Co Ltd manufactures bentonite for casting, civil engineering & as toilet sands for pets. It also manufactures agricultural & water treating chemicals, medicines, cosmetics, animal drugs, & feed additives, among others. Its products are used as raw materials for various products, including materials for civil engineering and construction works, industrial products, and familiar products such as cosmetics and medical products.
70GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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