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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 -2.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nippon Chuzo K.K.'s Beneish M-Score or its related term are showing as below:
TSE:5609'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -2.63 Max: -2.18
Current: -2.99
During the past 13 years, the highest Beneish M-Score of Nippon Chuzo K.K. was -2.18. The lowest was -2.99. And the median was -2.63.
Nippon Chuzo K.K. Beneish M-Score Related Terms
Nippon Chuzo K.K. Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Nippon Chuzo K.K.'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:5609 vs NUE, STLD, RS: Beneish M-Score Comparison
For the Steel subindustry, Nippon Chuzo K.K.'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.
Nippon Chuzo K.K. Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Nippon Chuzo K.K.'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nippon Chuzo K.K.'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 Nippon Chuzo K.K. 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 * 1.0235
+
0.528 * 0.9418
+
0.404 * 1.0998
+
0.892 * 0.8588
+
0.115 * 0.9598
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.091377
-
0.327 * 0.941
=
-2.99
* 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))
=
(646 / (646 + 11127))
/
(686 / (686 + 11314))
=
0.054871
/
0.057167
=
0.9598
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
=
(154 - 0
-
2123)
/
21548
=
-0.091377
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.
Nippon Chuzo K.K. has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
Nippon Chuzo K.K. (TSE:5609) has a Beneish M-Score of -2.99 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nippon Chuzo K.K. and its competitors. According to the industry distribution chart, Nippon Chuzo K.K. ranks #113 out of 587 companies in the Steel industry, placing it in the top 19.3%.
Is Nippon Chuzo K.K.'s Beneish M-Score too high?
Nippon Chuzo K.K.'s current Beneish M-Score is -2.99. Based on the distribution chart, Nippon Chuzo K.K. ranks #113 out of 587 companies in the Steel industry, which is in the top quartile — a strong position relative to peers. Overall, Nippon Chuzo K.K. has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nippon Chuzo K.K.'s Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Nippon Chuzo K.K. ranks #113 out of 587 companies for Beneish M-Score. This places Nippon Chuzo K.K. in the top 19% 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Nippon Chuzo K.K. and its competitors. Nippon Chuzo K.K.'s current Beneish M-Score is -2.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Chuzo K.K. stock overvalued right now?
Based on GuruFocus' analysis, Nippon Chuzo K.K. (TSE:5609) is currently considered Significantly Overvalued. The stock's GF Value™ is 円722.51, compared to a current price of 円950.00 — trading 31.5% above its estimated fair value. The current Beneish M-Score is -2.99. Nippon Chuzo K.K.'s overall GF Score™ is 62/100 with 9 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 Nippon Chuzo K.K. (TSE:5609), the current Beneish M-Score is -2.99 as of Jul. 13, 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 Nippon Chuzo K.K. (TSE:5609) Overvalued in 2026?
Based on GuruFocus' analysis, Nippon Chuzo K.K. stock appears to be overvalued.
The current stock price of 円950.00 is trading 31.5% above its estimated GF Value™ of 円722.51.
GuruFocus considers Nippon Chuzo K.K. to be Significantly Overvalued.
Key valuation signals for TSE:5609:
Beneish M-Score: -2.99
GF Value™: 円722.51 vs. price of 円950.00 (31.5% above fair value)
No single metric tells the full story. See the TSE:5609 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nippon Chuzo K.K. is a Japan-based company mainly engaged in the manufacturing and sale of forged products. It operates in three business divisions, including the Material product division that is engaged in the manufacturing of castings and fabricated materials, particularly for casting machinery. The Engineering division designs and manufactures bridge support and expansion device. And the Construction materials division manages fixed column foot construction.
62GF Score
Get the complete analysis for TSE:5609
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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