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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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Katongyo Co's Beneish M-Score or its related term are showing as below:
TSE:9869'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.47 Med: -2.33 Max: -2.14
Current: -2.31
During the past 13 years, the highest Beneish M-Score of Katongyo Co was -2.14. The lowest was -2.47. And the median was -2.33.
The historical data trend for Katongyo 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:9869 vs SYY, USFD, PFGC: Beneish M-Score Comparison
For the Food Distribution subindustry, Katongyo 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.
Katongyo Co Beneish M-Score vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Katongyo Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Katongyo 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 Katongyo 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 * 0.9975
+
0.528 * 0.9828
+
0.404 * 1.1179
+
0.892 * 1.0288
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0123
+
4.679 * 0.019809
-
0.327 * 0.9592
=
-2.31
* 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))
=
(0 / (0 + 55990))
/
(3408 / (3408 + 66130))
=
0
/
0.049009
=
1
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
=
(14889 - 0
-
5428)
/
477605
=
0.019809
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.
Katongyo Co has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
Katongyo Co (TSE:9869) has a Beneish M-Score of -2.31 as of Aug. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Katongyo Co and its competitors. According to the industry distribution chart, Katongyo Co ranks #214 out of 294 companies in the Retail - Defensive industry, placing it in the top 72.8%.
Is Katongyo Co's Beneish M-Score too high?
Katongyo Co's current Beneish M-Score is -2.31. Based on the distribution chart, Katongyo Co ranks #214 out of 294 companies in the Retail - Defensive industry, which is below the industry midpoint. Overall, Katongyo Co has a GF Score™ of 86/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Katongyo Co's Beneish M-Score compare to SYY and USFD?
According to the Retail - Defensive industry distribution chart, Katongyo Co ranks #214 out of 294 companies for Beneish M-Score. This places Katongyo 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 Retail - Defensive company?
A good Beneish M-Score depends on the Retail - Defensive 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 Katongyo Co and its competitors. Katongyo Co's current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Katongyo Co stock overvalued right now?
Based on GuruFocus' analysis, Katongyo Co (TSE:9869) is currently considered Modestly Overvalued. The stock's GF Value™ is 円5,567.58, compared to a current price of 円6,370.00 — trading 14.4% above its estimated fair value. The current Beneish M-Score is -2.31. Katongyo Co's overall GF Score™ is 86/100 with 3 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 Katongyo Co (TSE:9869), the current Beneish M-Score is -2.31 as of Aug. 01, 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 Katongyo Co (TSE:9869) Overvalued in 2026?
Based on GuruFocus' analysis, Katongyo Co stock appears to be overvalued.
The current stock price of 円6,370.00 is trading 14.4% above its estimated GF Value™ of 円5,567.58.
GuruFocus considers Katongyo Co to be Modestly Overvalued.
Key valuation signals for TSE:9869:
Beneish M-Score: -2.31
GF Value™: 円5,567.58 vs. price of 円6,370.00 (14.4% above fair value)
No single metric tells the full story. See the TSE:9869 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kato Sangyo Co Ltd is a food wholesale company that handles processed foods. The company is mainly located in Japan. The company segments its operations into room temperature distribution, low temperature distribution, alcoholic beverage distribution, and other. The room temperature distribution segment involves wholesale processed foods and confections. The low temperature distribution segment engages in wholesale low-temperature foods and agricultural products. The alcoholic beverage distribution segment operates in wholesale alcoholic beverages. The other segment relates to the company's logistics business and insurance agency business.
86GF Score
Get the complete analysis for TSE:9869
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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