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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for United Urban Investment's Beneish M-Score or its related term are showing as below:
TSE:8960'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.66 Med: -2.48 Max: -2.23
Current: -2.48
During the past 13 years, the highest Beneish M-Score of United Urban Investment was -2.23. The lowest was -2.66. And the median was -2.48.
United Urban Investment Beneish M-Score Related Terms
United Urban Investment Beneish M-Score Historical Data
* 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.
For the REIT - Diversified subindustry, United Urban 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.
United Urban Investment Beneish M-Score vs REITs Industry
For the REITs industry and Real Estate sector, United Urban Investment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United Urban Investment's Beneish M-Score falls into.
United Urban 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 United Urban 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 * 1.0335
+
0.528 * 0.9993
+
0.404 * 1.0162
+
0.892 * 1.0105
+
0.115 * 1.0504
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0147
+
4.679 * -0.009921
-
0.327 * 1.0062
=
-2.48
* 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))
=
(8046.054 / (8046.054 + 662785.028))
/
(7703.064 / (7703.064 + 666940.813))
=
0.011994
/
0.011418
=
1.0504
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
=
(23671.954 - 0
-
30913.814)
/
729961.417
=
-0.009921
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.
United Urban Investment has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
United Urban Investment (TSE:8960) has a Beneish M-Score of -2.48 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on United Urban Investment and its competitors. According to the industry distribution chart, United Urban Investment ranks #387 out of 758 companies in the REITs industry, placing it in the top 51.1%.
Is United Urban Investment's Beneish M-Score too high?
United Urban Investment's current Beneish M-Score is -2.48. Based on the distribution chart, United Urban Investment ranks #387 out of 758 companies in the REITs industry, which is below the industry midpoint. Overall, United Urban Investment has a GF Score™ of 66/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does United Urban Investment's Beneish M-Score compare to VICI and WPC?
According to the REITs industry distribution chart, United Urban Investment ranks #387 out of 758 companies for Beneish M-Score. This places United Urban 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 United Urban Investment and its competitors. United Urban Investment's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is United Urban Investment stock overvalued right now?
Based on GuruFocus' analysis, United Urban Investment (TSE:8960) is currently considered Fairly Valued. The stock's GF Value™ is 円168,097.85, compared to a current price of 円161,400.00 — trading 4% below its estimated fair value. The current Beneish M-Score is -2.48. United Urban Investment's overall GF Score™ is 66/100 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 United Urban Investment (TSE:8960), the current Beneish M-Score is -2.48 as of Jul. 14, 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 United Urban Investment (TSE:8960) Overvalued in 2026?
Based on GuruFocus' analysis, United Urban Investment stock appears to be undervalued.
The current stock price of 円161,400.00 is trading 4% below its estimated GF Value™ of 円168,097.85.
GuruFocus considers United Urban Investment to be Fairly Valued.
Key valuation signals for TSE:8960:
Beneish M-Score: -2.48
GF Value™: 円168,097.85 vs. price of 円161,400.00 (4% below fair value)
No single metric tells the full story. See the TSE:8960 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
United Urban Investment Corp is a real estate investment trust. The company invests in real estates such as retail properties, office buildings, hotels, residential properties and others. The company's primary objective is to secure steady earnings over the medium to long term through investment in varied both in types of use and geographical location. The company invests in real estates located in the Tokyo metropolitan area and other cities in Japan including government-designated cities, and surrounding areas thereof.
66GF Score
Get the complete analysis for TSE:8960
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
TSE:8960 has been successfully added to your 
