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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Equites Property Fund's Beneish M-Score or its related term are showing as below:
JSE:EQU'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -1.98 Max: 1.23
Current: -2.9
During the past 12 years, the highest Beneish M-Score of Equites Property Fund was 1.23. The lowest was -2.90. And the median was -1.98.
Equites Property Fund Beneish M-Score Related Terms
Equites Property Fund Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Equites Property Fund'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.
JSE:EQU vs PLD, PSA, EXR: Beneish M-Score Comparison
For the REIT - Industrial subindustry, Equites Property Fund'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.
Equites Property Fund Beneish M-Score vs REITs Industry
For the REITs industry and Real Estate sector, Equites Property Fund's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Equites Property Fund'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 Equites Property Fund 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 * 0.564
+
0.528 * 0.7618
+
0.404 * 0.8515
+
0.892 * 0.8158
+
0.115 * 0.8429
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.006
+
4.679 * 0.060403
-
0.327 * 0.7909
=
-2.90
* 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))
=
(17.64 / (17.64 + 40.354))
/
(16.696 / (16.696 + 29.573))
=
0.304169
/
0.360846
=
0.8429
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
=
(1631.446 - 0
-
-265.227)
/
31400.33
=
0.060403
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.
Equites Property Fund has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
Equites Property Fund (JSE:EQU) has a Beneish M-Score of -2.90 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Equites Property Fund and its competitors. According to the industry distribution chart, Equites Property Fund ranks #108 out of 749 companies in the REITs industry, placing it in the top 14.4%.
Is Equites Property Fund's Beneish M-Score too high?
Equites Property Fund's current Beneish M-Score is -2.90. Based on the distribution chart, Equites Property Fund ranks #108 out of 749 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Equites Property Fund has a GF Score™ of 79/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Equites Property Fund's Beneish M-Score compare to PLD and PSA?
According to the REITs industry distribution chart, Equites Property Fund ranks #108 out of 749 companies for Beneish M-Score. This places Equites Property Fund in the top 14% 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 REITs company?
A good Beneish M-Score depends on the REITs 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 Equites Property Fund and its competitors. Equites Property Fund's current Beneish M-Score is -2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Equites Property Fund stock overvalued right now?
Based on GuruFocus' analysis, Equites Property Fund (JSE:EQU) is currently considered Significantly Overvalued. The stock's GF Value™ is R13.45, compared to a current price of R17.79 — trading 32.3% above its estimated fair value. The current Beneish M-Score is -2.90. Equites Property Fund's overall GF Score™ is 79/100 with 12 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 Equites Property Fund (JSE:EQU), the current Beneish M-Score is -2.90 as of Aug. 11, 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 Equites Property Fund (JSE:EQU) Overvalued in 2026?
Based on GuruFocus' analysis, Equites Property Fund stock appears to be overvalued.
The current stock price of R17.79 is trading 32.3% above its estimated GF Value™ of R13.45.
GuruFocus considers Equites Property Fund to be Significantly Overvalued.
Key valuation signals for JSE:EQU:
Beneish M-Score: -2.90
GF Value™: R13.45 vs. price of R17.79 (32.3% above fair value)
No single metric tells the full story. See the JSE:EQU stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Equites Property Fund Ltd generates rental income from investment in and development of modern logistics facilities. Its business activities include development, acquisition of vacant land and brownfield opportunities, acquisition of tenanted property, property management, and capital management. The Group operates through three reportable segments: SA Industrial, generate maximum revenue, which incorporates all the SA industrial and logistics assets; UK Developer, which relates to the disposal of land and turnkey developments; and Other, which comprises non-property-related activities. The Group has industrial and logistics assets in the Western Cape, Eastern Cape, Gauteng, and KwaZulu-Natal, and one ongoing development site in the UK.
79GF Score
Get the complete analysis for JSE:EQU
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
JSE:EQU has been successfully added to your 
