Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Daiseki Co's Beneish M-Score or its related term are showing as below:
TSE:9793'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.72 Med: -2.61 Max: -2.39
Current: -2.44
During the past 13 years, the highest Beneish M-Score of Daiseki Co was -2.39. The lowest was -2.72. And the median was -2.61.
Daiseki Co Beneish M-Score Related Terms
Daiseki Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Daiseki 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:9793 vs WM, RSG, WCN: Beneish M-Score Comparison
For the Waste Management subindustry, Daiseki 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.
Daiseki Co Beneish M-Score vs Waste Management Industry
For the Waste Management industry and Industrials sector, Daiseki Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Daiseki 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 Daiseki 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 * 1.1154
+
0.528 * 0.9948
+
0.404 * 1.0744
+
0.892 * 1.0675
+
0.115 * 0.9959
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.041
+
4.679 * -0.01739
-
0.327 * 1.1863
=
-2.44
* 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))
=
(3547 / (3547 + 52403))
/
(3678 / (3678 + 54100))
=
0.063396
/
0.063657
=
0.9959
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
=
(9155 - 0
-
10984)
/
105176
=
-0.01739
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.
Daiseki Co has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
Daiseki Co (TSE:9793) has a Beneish M-Score of -2.44 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Daiseki Co and its competitors. According to the industry distribution chart, Daiseki Co ranks #143 out of 225 companies in the Waste Management industry, placing it in the top 63.6%.
Is Daiseki Co's Beneish M-Score too high?
Daiseki Co's current Beneish M-Score is -2.44. Based on the distribution chart, Daiseki Co ranks #143 out of 225 companies in the Waste Management industry, which is below the industry midpoint. Overall, Daiseki Co has a GF Score™ of 98/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Daiseki Co's Beneish M-Score compare to WM and RSG?
According to the Waste Management industry distribution chart, Daiseki Co ranks #143 out of 225 companies for Beneish M-Score. This places Daiseki 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 Waste Management company?
A good Beneish M-Score depends on the Waste Management 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 Daiseki Co and its competitors. Daiseki Co's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Daiseki Co stock overvalued right now?
Based on GuruFocus' analysis, Daiseki Co (TSE:9793) is currently considered Fairly Valued. The stock's GF Value™ is 円4,145.56, compared to a current price of 円3,780.00 — trading 8.8% below its estimated fair value. The current Beneish M-Score is -2.44. Daiseki Co's overall GF Score™ is 98/100 with 1 warning sign 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 Daiseki Co (TSE:9793), the current Beneish M-Score is -2.44 as of Jul. 21, 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 Daiseki Co (TSE:9793) Overvalued in 2026?
Based on GuruFocus' analysis, Daiseki Co stock appears to be undervalued.
The current stock price of 円3,780.00 is trading 8.8% below its estimated GF Value™ of 円4,145.56.
GuruFocus considers Daiseki Co to be Fairly Valued.
Key valuation signals for TSE:9793:
Beneish M-Score: -2.44
GF Value™: 円4,145.56 vs. price of 円3,780.00 (8.8% below fair value)
No single metric tells the full story. See the TSE:9793 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Daiseki Co Ltd provides industrial waste treatment and resource recycling throughout Japan. Its core business activities are treating waste oil, waste water, and sludge. It collects and recycles oils and wastewater from clients and processes the waste into heavy oil or supplemental fuel. Separators and filters remove deteriorated components, and other systems either refine or adjust products into a reusable form. Final products are either delivered back to clients or shipped to market. Advance technology partners with experienced employees to analyze and classify the particular waste to determine the correct solution; methods revolve around dehydration, kneading, and a combination of mixing and chemical treatment.
98GF Score
Get the complete analysis for TSE:9793
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:9793 has been successfully added to your 
