Star Asia Investment (TSE:3468) Beneish M-Score: -2.31 (As of Jul. 11, 2026)

What is Star Asia Investment Beneish M-Score?

Star Asia Investment TSE:3468 -0.18% 50 Beneish M-Score is -2.31 as of Jul. 11, 2026. GuruFocus rates TSE:3468 with a GF Score™ of 50/100 and a GF Value™ of 円62,727.15 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 760 REITs companies, Star Asia Investment ranks worse than 65.13% 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Star Asia Investment's Beneish M-Score or its related term are showing as below:

TSE:3468' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66 Med: -2.37 Max: -0.81
Current: -2.31

During the past 10 years, the highest Beneish M-Score of Star Asia Investment was -0.81. The lowest was -2.66. And the median was -2.37.

Star Asia Investment Beneish M-Score Related Terms

Star Asia Investment Beneish M-Score Historical Data

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The historical data trend for Star Asia 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.

Star Asia Investment Beneish M-Score Chart

Star Asia Investment Annual Data

Trend

Jul16

Jul17

Jul18

Jul19

Jul20

Jul21

Jul22

Jul23

Jul24

Jul25

Beneish M-Score

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0.00

-2.12

-2.43

-0.81

-2.31

Star Asia Investment Semi-Annual Data
	Jul16	Jan17	Jul17	Jan18	Jul18	Jan19	Jul19	Jan20	Jul20	Jan21	Jul21	Jan22	Jul22	Jan23	Jul23	Jan24	Jul24	Jan25	Jul25	Jan26
Beneish M-Score	Get a 7-Day Free Trial															0.00	-0.81	0.00	-2.31	0.00

TSE:3468 vs VICI, WPC: Beneish M-Score Comparison

For the REIT - Diversified subindustry, Star Asia 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.

Star Asia Investment Beneish M-Score vs REITs Industry

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

* The bar in red indicates where Star Asia Investment's Beneish M-Score falls into.

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Star Asia Investment Corp TSE:3468

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

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Star Asia Investment 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 Star Asia Investment 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 * 1.1538

0.528 * 0.9561

0.404 * 0.899

0.892 * 1.2239

0.115 * 0.9837

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9915

4.679 * -0.022812

0.327 * 1.0044

-2.31

This Year (Jul25) TTM:

Last Year (Jul24) TTM:

Total Receivables was 円626 Mil.
Revenue was 円19,678 Mil.
Gross Profit was 円12,899 Mil.
Total Current Assets was 円16,346 Mil.
Total Assets was 円293,925 Mil.
Property, Plant and Equipment(Net PPE) was 円266,958 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,306 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,280 Mil.
Total Current Liabilities was 円24,738 Mil.
Long-Term Debt & Capital Lease Obligation was 円117,970 Mil.
Net Income was 円9,356 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円16,061 Mil.

Total Receivables was 円443 Mil.
Revenue was 円16,079 Mil.
Gross Profit was 円10,076 Mil.
Total Current Assets was 円13,114 Mil.
Total Assets was 円258,678 Mil.
Property, Plant and Equipment(Net PPE) was 円235,166 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,998 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,055 Mil.
Total Current Liabilities was 円15,289 Mil.
Long-Term Debt & Capital Lease Obligation was 円109,755 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)
	=	(625.813 / 19678.434)	/	(443.175 / 16078.652)
	=	0.031802	/	0.027563
	=	1.1538

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)
	=	(10076.3 / 16078.652)	/	(12899.132 / 19678.434)
	=	0.626688	/	0.655496
	=	0.9561

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 - (16345.72 + 266957.98) / 293925.48)	/	(1 - (13113.718 + 235165.707) / 258678.309)
	=	0.036138	/	0.0402
	=	0.899

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
	=	19678.434	/	16078.652
	=	1.2239

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))
	=	(1998.276 / (1998.276 + 235165.707))	/	(2306.394 / (2306.394 + 266957.98))
	=	0.008426	/	0.008566
	=	0.9837

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)
	=	(1280.364 / 19678.434)	/	(1055.151 / 16078.652)
	=	0.065064	/	0.065624
	=	0.9915

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)
	=	((117970 + 24738.003) / 293925.48)	/	((109755 + 15289.267) / 258678.309)
	=	0.485524	/	0.483397
	=	1.0044

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
	=	(9356.329 - 0	-	16061.215)	/	293925.48
	=	-0.022812

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.

Star Asia Investment has a M-score of -2.31 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 -2.31 mean?

Star Asia Investment (TSE:3468) has a Beneish M-Score of -2.31 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Star Asia Investment and its competitors. According to the industry distribution chart, Star Asia Investment ranks #495 out of 760 companies in the REITs industry, placing it in the top 65.1%.

Is Star Asia Investment's Beneish M-Score too high?

Star Asia Investment's current Beneish M-Score is -2.31. Based on the distribution chart, Star Asia Investment ranks #495 out of 760 companies in the REITs industry, which is below the industry midpoint. Overall, Star Asia Investment has a GF Score™ of 50/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Star Asia Investment's Beneish M-Score compare to VICI and WPC?

According to the REITs industry distribution chart, Star Asia Investment ranks #495 out of 760 companies for Beneish M-Score. This places Star Asia Investment 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 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 Star Asia Investment and its competitors. Star Asia Investment'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 Star Asia Investment stock overvalued right now?

Based on GuruFocus' analysis, Star Asia Investment (TSE:3468) is currently considered Modestly Undervalued. The stock's GF Value™ is 円62,727.15, compared to a current price of 円55,600.00 — trading 11.4% below its estimated fair value. The current Beneish M-Score is -2.31. Star Asia Investment's overall GF Score™ is 50/100 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 Star Asia Investment (TSE:3468), the current Beneish M-Score is -2.31 as of Jul. 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 Star Asia Investment (TSE:3468) Overvalued in 2026?

Based on GuruFocus' analysis, Star Asia Investment stock appears to be undervalued. The current stock price of 円55,600.00 is trading 11.4% below its estimated GF Value™ of 円62,727.15. GuruFocus considers Star Asia Investment to be Modestly Undervalued.

Key valuation signals for TSE:3468:

Beneish M-Score: -2.31
GF Value™: 円62,727.15 vs. price of 円55,600.00 (11.4% below fair value)
GF Score™: 50/100 with 4 warning signs

No single metric tells the full story. See the TSE:3468 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Star Asia Investment Business Description

Industry Real Estate REITs

Comparable Companies TSE:8968 TSE:8957 TSE:8966 TSE:8956 TSE:8977 TSE:3487 TSE:3492 TSE:3476 TSE:3234 TSE:3451 ASX:GMG VICI WPC BSP:HSRE11 ASX:CHC ASX:SGP XPAR:COV ASX:GPT LSE:LAND MEX:FUNO11

Address 2-5-1, Atago, 18th Floor, Atago Green Hills MORI Tower, Minato-ku, Tokyo, JPN, 105-0002

Website https://www.starasia-reit.com

Star Asia Investment Corp is a real estate investment trust (REIT). The company mainly invests in real estate properties such as business offices, logistics facilities, residential buildings and hotels. It aims to achieve internal and external growth in asset and maximize investors' profit from mid-term to long-term perspectives.

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円55,600.00

Price

円62,727.15

GF Value

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