Asian Star Co (TSE:8946) Beneish M-Score: -1.26 (As of Jul. 08, 2026)


TSE:8946 Asian Star Co TSE:8946
55 GF Score
Price 円77.00
GF Value 円153.54
Valuation Possible Value Trap
! 3 Warning Signs
View Full Analysis

What is Asian Star Co Beneish M-Score?

Asian Star Co TSE:8946 +1.32% 55 Beneish M-Score is -1.26 as of Jul. 08, 2026. GuruFocus rates TSE:8946 with a GF Score™ of 55/100 and a GF Value™ of 円153.54 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 1,683 Real Estate companies, Asian Star Co ranks worse than 82.47% 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.

Warning Sign:

Beneish M-Score -1.26 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:8946' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34   Med: -2.58   Max: -1.05
Current: -1.26

During the past 13 years, the highest Beneish M-Score of Asian Star Co was -1.05. The lowest was -3.34. And the median was -2.58.

Asian Star Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Asian Star 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.

Asian Star Co Beneish M-Score Chart

Asian Star Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.85 -3.34 -2.60 -2.16 -1.26

Asian Star Co Quarterly Data
Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Dec24 Mar25 Jun25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.16 0.00 0.00 -1.26 0.00

TSE:8946 vs CBRE, BEKE, JLL: Beneish M-Score Comparison

For the Real Estate Services subindustry, Asian Star 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.

Asian Star Co Beneish M-Score vs Real Estate Industry

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

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


TSE:8946
55GF Score
Asian Star Co TSE:8946
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Asian Star Co 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 Asian Star 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 * 1.7613+0.528 * 1.0197+0.404 * 1.0145+0.892 * 1.3549+0.115 * 0.9897
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1061+4.679 * 0.07897-0.327 * 1.488
=-1.26

* 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.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was 円272 Mil.
Revenue was 円4,541 Mil.
Gross Profit was 円1,126 Mil.
Total Current Assets was 円2,648 Mil.
Total Assets was 円4,023 Mil.
Property, Plant and Equipment(Net PPE) was 円21 Mil.
Depreciation, Depletion and Amortization(DDA) was 円53 Mil.
Selling, General, & Admin. Expense(SGA) was 円210 Mil.
Total Current Liabilities was 円1,371 Mil.
Long-Term Debt & Capital Lease Obligation was 円52 Mil.
Net Income was 円113 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-205 Mil.
 Total Receivables was 円114 Mil.
Revenue was 円3,352 Mil.
Gross Profit was 円847 Mil.
Total Current Assets was 円2,200 Mil.
Total Assets was 円3,330 Mil.
Property, Plant and Equipment(Net PPE) was 円26 Mil.
Depreciation, Depletion and Amortization(DDA) was 円62 Mil.
Selling, General, & Admin. Expense(SGA) was 円140 Mil.
Total Current Liabilities was 円729 Mil.
Long-Term Debt & Capital Lease Obligation was 円63 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)
=(271.708 / 4541.319) / (113.859 / 3351.829)
=0.05983 / 0.033969
=1.7613

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)
=(847.399 / 3351.829) / (1125.938 / 4541.319)
=0.252817 / 0.247932
=1.0197

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 - (2648.072 + 21.168) / 4022.858) / (1 - (2199.583 + 25.734) / 3329.61)
=0.336482 / 0.331658
=1.0145

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
=4541.319 / 3351.829
=1.3549

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))
=(62.483 / (62.483 + 25.734)) / (53.286 / (53.286 + 21.168))
=0.708288 / 0.71569
=0.9897

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)
=(210.246 / 4541.319) / (140.295 / 3351.829)
=0.046296 / 0.041856
=1.1061

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)
=((51.996 + 1371.263) / 4022.858) / ((62.793 + 728.846) / 3329.61)
=0.353793 / 0.237757
=1.488

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
=(113.088 - 0 - -204.598) / 4022.858
=0.07897

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.

Asian Star Co has a M-score of -1.26 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.26 mean?
Asian Star Co (TSE:8946) has a Beneish M-Score of -1.26 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asian Star Co and its competitors. According to the industry distribution chart, Asian Star Co ranks #1388 out of 1683 companies in the Real Estate industry, placing it in the top 82.5%.
Is Asian Star Co's Beneish M-Score too high?
Asian Star Co's current Beneish M-Score is -1.26. Based on the distribution chart, Asian Star Co ranks #1388 out of 1683 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Asian Star Co has a GF Score™ of 55/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Asian Star Co's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Asian Star Co ranks #1388 out of 1683 companies for Beneish M-Score. This places Asian Star 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Asian Star Co and its competitors. Asian Star Co's current Beneish M-Score is -1.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asian Star Co stock overvalued right now?
Based on GuruFocus' analysis, Asian Star Co (TSE:8946) is currently considered Possible Value Trap. The stock's GF Value™ is 円153.54, compared to a current price of 円77.00 — trading 49.9% below its estimated fair value. The current Beneish M-Score is -1.26. Asian Star Co's overall GF Score™ is 55/100 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 Asian Star Co (TSE:8946), the current Beneish M-Score is -1.26 as of Jul. 08, 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 Asian Star Co (TSE:8946) Overvalued in 2026?

Based on GuruFocus' analysis, Asian Star Co stock appears to be undervalued. The current stock price of 円77.00 is trading 49.9% below its estimated GF Value™ of 円153.54. GuruFocus considers Asian Star Co to be Possible Value Trap.

Key valuation signals for TSE:8946:

  • Beneish M-Score: -1.26
  • GF Value™: 円153.54 vs. price of 円77.00 (49.9% below fair value)
  • GF Score™: 55/100 with 3 warning signs

No single metric tells the full story. See the TSE:8946 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Asian Star Co Business Description

Address Yokohama Takashima chome No. 6 No. 32, Yokohama east exit Whistling port building 8F, Nishi-ku, Yokohama, JPN, 220-0011
Asian Star Co is engaged in offering real estate services. The business of the company includes, real estate leasing management, real estate rental brokerage, leasing, real estate ownership, and casualty insurance agency business.
55GF Score

Get the complete analysis for TSE:8946

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

円77.00
Price
円153.54
GF Value