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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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for AEON REIT Investment's Beneish M-Score or its related term are showing as below:
TSE:3292'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.67 Med: -2.57 Max: -2.22
Current: -2.61
During the past 12 years, the highest Beneish M-Score of AEON REIT Investment was -2.22. The lowest was -2.67. And the median was -2.57.
AEON REIT Investment Beneish M-Score Related Terms
AEON REIT Investment Beneish M-Score Historical Data
* Premium members only.
The historical data trend for AEON REIT Investment'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:3292 vs SPG, O, KIM: Beneish M-Score Comparison
For the REIT - Retail subindustry, AEON REIT Investment'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.
AEON REIT Investment Beneish M-Score vs REITs Industry
For the REITs industry and Real Estate sector, AEON REIT Investment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AEON REIT Investment'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 AEON REIT Investment 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
+
0.528 * 0.9826
+
0.404 * 0.9967
+
0.892 * 1.013
+
0.115 * 1.0124
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0056
+
4.679 * -0.027663
-
0.327 * 1.007
=
-2.61
* 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))
=
(10703.535 / (10703.535 + 335826.495))
/
(10591.537 / (10591.537 + 336564.678))
=
0.030888
/
0.030509
=
1.0124
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
=
(13935.846 - 0
-
26555.253)
/
456177.096
=
-0.027663
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.
AEON REIT Investment has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
AEON REIT Investment (TSE:3292) has a Beneish M-Score of -2.61 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on AEON REIT Investment and its competitors. According to the industry distribution chart, AEON REIT Investment ranks #270 out of 749 companies in the REITs industry, placing it in the top 36%.
Is AEON REIT Investment's Beneish M-Score too high?
AEON REIT Investment's current Beneish M-Score is -2.61. Based on the distribution chart, AEON REIT Investment ranks #270 out of 749 companies in the REITs industry, which is above the industry midpoint. Overall, AEON REIT Investment has a GF Score™ of 57/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does AEON REIT Investment's Beneish M-Score compare to SPG and O?
According to the REITs industry distribution chart, AEON REIT Investment ranks #270 out of 749 companies for Beneish M-Score. This puts AEON REIT Investment in the upper 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 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 AEON REIT Investment and its competitors. AEON REIT Investment's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AEON REIT Investment stock overvalued right now?
Based on GuruFocus' analysis, AEON REIT Investment (TSE:3292) is currently considered Modestly Undervalued. The stock's GF Value™ is 円137,137.61, compared to a current price of 円121,900.00 — trading 11.1% below its estimated fair value. The current Beneish M-Score is -2.61. AEON REIT Investment's overall GF Score™ is 57/100 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 AEON REIT Investment (TSE:3292), the current Beneish M-Score is -2.61 as of Aug. 02, 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 AEON REIT Investment (TSE:3292) Overvalued in 2026?
Based on GuruFocus' analysis, AEON REIT Investment stock appears to be undervalued.
The current stock price of 円121,900.00 is trading 11.1% below its estimated GF Value™ of 円137,137.61.
GuruFocus considers AEON REIT Investment to be Modestly Undervalued.
Key valuation signals for TSE:3292:
Beneish M-Score: -2.61
GF Value™: 円137,137.61 vs. price of 円121,900.00 (11.1% below fair value)
No single metric tells the full story. See the TSE:3292 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AEON REIT Investment Corp is engaged in the real estate leasing business. The company aims to ensure a stable income and achieve steady portfolio growth over the medium-to-long term by investing in retail and securitized real estate products.
57GF Score
Get the complete analysis for TSE:3292
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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