Japan Logistics Fund (TSE:8967) Beneish M-Score: -2.46 (As of Jun. 28, 2026)

What is Japan Logistics Fund Beneish M-Score?

Japan Logistics Fund TSE:8967 +1.60% 61 Beneish M-Score is -2.46 as of Jun. 28, 2026. GuruFocus rates TSE:8967 with a GF Score™ of 61/100 and a GF Value™ of 円101,126.55 (Fairly Valued). The stock has 3 warning signs investors should review. Among 765 REITs companies, Japan Logistics Fund ranks worse than 52.81% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Japan Logistics Fund's Beneish M-Score or its related term are showing as below:

TSE:8967' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79 Med: -2.47 Max: -1.33
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Japan Logistics Fund was -1.33. The lowest was -2.79. And the median was -2.47.

Japan Logistics Fund Beneish M-Score Related Terms

Japan Logistics Fund Beneish M-Score Historical Data

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The historical data trend for Japan Logistics Fund'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.

Japan Logistics Fund Beneish M-Score Chart

Japan Logistics Fund Annual Data

Trend

Jul16

Jul17

Jul18

Jul19

Jul20

Jul21

Jul22

Jul23

Jul24

Jul25

Beneish M-Score

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-2.40

-2.48

-2.55

-2.65

-2.46

Japan Logistics Fund 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	-2.65	0.00	-2.46	0.00

TSE:8967 vs PLD, PSA, EXR: Beneish M-Score Comparison

For the REIT - Industrial subindustry, Japan Logistics Fund'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.

Japan Logistics Fund Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Japan Logistics Fund's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Japan Logistics Fund's Beneish M-Score falls into.

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61GF Score

Japan Logistics Fund Inc TSE:8967

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

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Japan Logistics Fund 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 Japan Logistics Fund 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 * 0.7591

0.528 * 0.9592

0.404 * 1.7809

0.892 * 1.0732

0.115 * 1.0089

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0237

4.679 * -0.023112

0.327 * 1.0114

-2.46

This Year (Jul25) TTM:

Last Year (Jul24) TTM:

Total Receivables was 円446 Mil.
Revenue was 円22,390 Mil.
Gross Profit was 円14,794 Mil.
Total Current Assets was 円15,412 Mil.
Total Assets was 円271,622 Mil.
Property, Plant and Equipment(Net PPE) was 円255,588 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,705 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,151 Mil.
Total Current Liabilities was 円18,851 Mil.
Long-Term Debt & Capital Lease Obligation was 円105,200 Mil.
Net Income was 円11,503 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円17,781 Mil.

Total Receivables was 円548 Mil.
Revenue was 円20,862 Mil.
Gross Profit was 円13,223 Mil.
Total Current Assets was 円16,259 Mil.
Total Assets was 円273,834 Mil.
Property, Plant and Equipment(Net PPE) was 円257,222 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,762 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,958 Mil.
Total Current Liabilities was 円10,455 Mil.
Long-Term Debt & Capital Lease Obligation was 円113,200 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)
	=	(446.424 / 22389.762)	/	(548.008 / 20862.191)
	=	0.019939	/	0.026268
	=	0.7591

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)
	=	(13222.757 / 20862.191)	/	(14794.338 / 22389.762)
	=	0.633814	/	0.660764
	=	0.9592

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 - (15412.223 + 255587.596) / 271622.427)	/	(1 - (16259.413 + 257221.886) / 273833.687)
	=	0.002292	/	0.001287
	=	1.7809

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
	=	22389.762	/	20862.191
	=	1.0732

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))
	=	(3762.191 / (3762.191 + 257221.886))	/	(3704.754 / (3704.754 + 255587.596))
	=	0.014415	/	0.014288
	=	1.0089

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)
	=	(2151.16 / 22389.762)	/	(1958.088 / 20862.191)
	=	0.096078	/	0.093858
	=	1.0237

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)
	=	((105200 + 18850.927) / 271622.427)	/	((113200 + 10454.528) / 273833.687)
	=	0.456704	/	0.451568
	=	1.0114

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
	=	(11503.303 - 0	-	17781.095)	/	271622.427
	=	-0.023112

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.

Japan Logistics Fund has a M-score of -2.46 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 -2.46 mean?

Japan Logistics Fund (TSE:8967) has a Beneish M-Score of -2.46 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Japan Logistics Fund and its competitors. According to the industry distribution chart, Japan Logistics Fund ranks #404 out of 765 companies in the REITs industry, placing it in the top 52.8%.

Is Japan Logistics Fund's Beneish M-Score too high?

Japan Logistics Fund's current Beneish M-Score is -2.46. Based on the distribution chart, Japan Logistics Fund ranks #404 out of 765 companies in the REITs industry, which is below the industry midpoint. Overall, Japan Logistics Fund has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Japan Logistics Fund's Beneish M-Score compare to PLD and PSA?

According to the REITs industry distribution chart, Japan Logistics Fund ranks #404 out of 765 companies for Beneish M-Score. This places Japan Logistics Fund 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 Japan Logistics Fund and its competitors. Japan Logistics Fund's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Japan Logistics Fund stock overvalued right now?

Based on GuruFocus' analysis, Japan Logistics Fund (TSE:8967) is currently considered Fairly Valued. The stock's GF Value™ is 円101,126.55, compared to a current price of 円95,300.00 — trading 5.8% below its estimated fair value. The current Beneish M-Score is -2.46. Japan Logistics Fund's overall GF Score™ is 61/100 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 Japan Logistics Fund (TSE:8967), the current Beneish M-Score is -2.46 as of Jun. 28, 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 Japan Logistics Fund (TSE:8967) Overvalued in 2026?

Based on GuruFocus' analysis, Japan Logistics Fund stock appears to be undervalued. The current stock price of 円95,300.00 is trading 5.8% below its estimated GF Value™ of 円101,126.55. GuruFocus considers Japan Logistics Fund to be Fairly Valued.

Key valuation signals for TSE:8967:

Beneish M-Score: -2.46
GF Value™: 円101,126.55 vs. price of 円95,300.00 (5.8% below fair value)
GF Score™: 61/100 with 3 warning signs

No single metric tells the full story. See the TSE:8967 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Japan Logistics Fund Business Description

Industry Real Estate REITs

Comparable Companies TSE:3466 TSE:3481 TSE:3249 TSE:2979 TSE:3281 TSE:3283 PLD PSA EXR LSE:SGRO EGP LINE SGX:A17U CUBE FR REXR MEX:FIBRAPL14 STAG TRNO XBRU:WDP

Address 3-2-1, Nishikanda, Chiyoda-ku, Tokyo, JPN, 101-0065

Website https://www.8967.jp

Japan Logistics Fund Inc is a Real Estate Investment Trust dedicated to investing in logistics properties. Its investment targets shall be real estate used for logistics facilities. The real estate used for data centers and other telecommunication facilities and real estate that is not being used for logistics facilities at the time of acquisition but may be constructed, converted or redeveloped to be used for logistics facilities.

61GF Score

Get the complete analysis for TSE:8967

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

円95,300.00

Price

円101,126.55

GF Value

View TSE:8967 Analysis

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