LKREF (Link Real Estate Investment Trust) Beneish M-Score: -2.87 (As of Jun. 25, 2026)

What is Link Real Estate Investment Trust Beneish M-Score?

Link Real Estate Investment Trust LKREF -1.08% 67 Beneish M-Score is -2.87 as of Jun. 25, 2026. GuruFocus rates LKREF with a GF Score™ of 67/100 and a GF Value™ of $4.83 (Fairly Valued). The stock has 4 warning signs investors should review. Among 765 REITs companies, Link Real Estate Investment Trust ranks better than 83.92% on this metric.

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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Link Real Estate Investment Trust's Beneish M-Score or its related term are showing as below:

LKREF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.54 Max: -1.14
Current: -2.87

During the past 13 years, the highest Beneish M-Score of Link Real Estate Investment Trust was -1.14. The lowest was -3.08. And the median was -2.54.

Link Real Estate Investment Trust Beneish M-Score Related Terms

Link Real Estate Investment Trust Beneish M-Score Historical Data

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The historical data trend for Link Real Estate Investment Trust'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.

Link Real Estate Investment Trust Beneish M-Score Chart

Link Real Estate Investment Trust Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.40

-1.85

-3.08

-2.82

-2.87

Link Real Estate Investment Trust Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-3.08	0.00	-2.82	0.00	-2.87

LKREF vs SPG, O, KIM: Beneish M-Score Comparison

For the REIT - Retail subindustry, Link Real Estate Investment Trust'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.

Link Real Estate Investment Trust Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Link Real Estate Investment Trust's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Link Real Estate Investment Trust's Beneish M-Score falls into.

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67GF Score

Link Real Estate Investment Trust LKREF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Link Real Estate Investment Trust 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 Link Real Estate Investment Trust for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9871

0.528 * 1.0172

0.404 * 0.992

0.892 * 0.9732

0.115 * 0.8885

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9245

4.679 * -0.072154

0.327 * 1.1012

-2.88

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $140 Mil.
Revenue was $1,781 Mil.
Gross Profit was $1,307 Mil.
Total Current Assets was $827 Mil.
Total Assets was $28,081 Mil.
Property, Plant and Equipment(Net PPE) was $161 Mil.
Depreciation, Depletion and Amortization(DDA) was $11 Mil.
Selling, General, & Admin. Expense(SGA) was $106 Mil.
Total Current Liabilities was $2,210 Mil.
Long-Term Debt & Capital Lease Obligation was $5,690 Mil.
Net Income was $-945 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,081 Mil.

Total Receivables was $146 Mil.
Revenue was $1,830 Mil.
Gross Profit was $1,366 Mil.
Total Current Assets was $632 Mil.
Total Assets was $29,484 Mil.
Property, Plant and Equipment(Net PPE) was $176 Mil.
Depreciation, Depletion and Amortization(DDA) was $11 Mil.
Selling, General, & Admin. Expense(SGA) was $118 Mil.
Total Current Liabilities was $1,761 Mil.
Long-Term Debt & Capital Lease Obligation was $5,771 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(139.776 / 1780.804)	/	(145.507 / 1829.843)
	=	0.07849	/	0.079519
	=	0.9871

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(1366.174 / 1829.843)	/	(1307.048 / 1780.804)
	=	0.746607	/	0.733965
	=	1.0172

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (827.414 + 161.113) / 28080.569)	/	(1 - (632.333 + 175.87) / 29484.484)
	=	0.964797	/	0.972589
	=	0.992

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	1780.804	/	1829.843
	=	0.9732

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
	=	(11.064 / (11.064 + 175.87))	/	(11.499 / (11.499 + 161.113))
	=	0.059187	/	0.066618
	=	0.8885

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(105.918 / 1780.804)	/	(117.718 / 1829.843)
	=	0.059478	/	0.064332
	=	0.9245

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((5690.065 + 2209.715) / 28080.569)	/	((5770.893 + 1761.27) / 29484.484)
	=	0.281325	/	0.255462
	=	1.1012

8. TATA = Total Accruals to Total Assets

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
	=	(-945.086 - 0	-	1081.029)	/	28080.569
	=	-0.072154

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.

Link Real Estate Investment Trust has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.87 mean?

Link Real Estate Investment Trust (LKREF) has a Beneish M-Score of -2.87 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Link Real Estate Investment Trust and its competitors. According to the industry distribution chart, Link Real Estate Investment Trust ranks #123 out of 765 companies in the REITs industry, placing it in the top 16.1%.

Is Link Real Estate Investment Trust's Beneish M-Score too high?

Link Real Estate Investment Trust's current Beneish M-Score is -2.87. Based on the distribution chart, Link Real Estate Investment Trust ranks #123 out of 765 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Link Real Estate Investment Trust has a GF Score™ of 67/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Link Real Estate Investment Trust's Beneish M-Score compare to SPG and O?

According to the REITs industry distribution chart, Link Real Estate Investment Trust ranks #123 out of 765 companies for Beneish M-Score. This places Link Real Estate Investment Trust in the top 16% 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 Link Real Estate Investment Trust and its competitors. Link Real Estate Investment Trust's current Beneish M-Score is -2.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Link Real Estate Investment Trust stock overvalued right now?

Based on GuruFocus' analysis, Link Real Estate Investment Trust (LKREF) is currently considered Fairly Valued. The stock's GF Value™ is $4.83, compared to a current price of $4.60 — trading 4.8% below its estimated fair value. The current Beneish M-Score is -2.87. Link Real Estate Investment Trust's overall GF Score™ is 67/100 with 4 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 Link Real Estate Investment Trust (LKREF), the current Beneish M-Score is -2.87 as of Jun. 25, 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 Link Real Estate Investment Trust (LKREF) Overvalued in 2026?

Based on GuruFocus' analysis, Link Real Estate Investment Trust stock appears to be undervalued. The current stock price of $4.60 is trading 4.8% below its estimated GF Value™ of $4.83. GuruFocus considers Link Real Estate Investment Trust to be Fairly Valued.

Key valuation signals for LKREF:

Beneish M-Score: -2.87
GF Value™: $4.83 vs. price of $4.60 (4.8% below fair value)
GF Score™: 67/100 with 4 warning signs

No single metric tells the full story. See the LKREF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Link Real Estate Investment Trust Business Description

Industry Real Estate REITs

Comparable Companies HKSE:02778 HKSE:00778 SPG O XPAR:URW KIM ASX:SCG REG SGX:C38U XPAR:LI FRT BRX ADC NNN ASX:VCX TSX:CHP.UN EPRT MAC KRG TSE:8953

Other Exchanges 00823:Hong Kong L5R:Germany

Address 77 Hoi Bun Road, 20th Floor, Tower 1, The Quayside, Kowloon, Kwun Tong, Hong Kong, HKG

Website https://www.linkreit.com

Link REIT is Asia's largest REIT, listed in 2005 to privatize retail assets held by the Hong Kong Housing Authority. It owns 154 properties and around 57,000 car park spaces. It expanded its investment mandate in 2014 to allow overseas acquisitions, and has since acquired retail, office, and logistics properties in China, as well as an office development project in Hong Kong. Link also expanded its footprint to Sydney, Melbourne, London, and Singapore.

67GF Score

Get the complete analysis for LKREF

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$4.60

Price

$4.83

GF Value

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