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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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Daiwa Office Investment's Beneish M-Score or its related term are showing as below:
TSE:8976'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.49 Med: -2.66 Max: -1.66
Current: -2.41
During the past 13 years, the highest Beneish M-Score of Daiwa Office Investment was -1.66. The lowest was -3.49. And the median was -2.66.
Daiwa Office Investment Beneish M-Score Related Terms
Daiwa Office 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.
TSE:8976 vs BXP, ARE, VNO: Beneish M-Score Comparison
For the REIT - Office subindustry, Daiwa Office 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.
Daiwa Office Investment Beneish M-Score vs REITs Industry
For the REITs industry and Real Estate sector, Daiwa Office Investment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Daiwa Office 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 Daiwa Office 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 * 1.1486
+
0.528 * 0.9755
+
0.404 * 1.0272
+
0.892 * 1.0031
+
0.115 * 0.9678
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0128
+
4.679 * -0.011537
-
0.327 * 1.0328
=
-2.41
* 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))
=
(3588.146 / (3588.146 + 447212.133))
/
(3750.002 / (3750.002 + 452172.607))
=
0.00796
/
0.008225
=
0.9678
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
=
(13377.987 - 0
-
19045.633)
/
491237.752
=
-0.011537
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.
Daiwa Office Investment has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
Daiwa Office Investment (TSE:8976) has a Beneish M-Score of -2.41 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Daiwa Office Investment and its competitors. According to the industry distribution chart, Daiwa Office Investment ranks #429 out of 758 companies in the REITs industry, placing it in the top 56.6%.
Is Daiwa Office Investment's Beneish M-Score too high?
Daiwa Office Investment's current Beneish M-Score is -2.41. Based on the distribution chart, Daiwa Office Investment ranks #429 out of 758 companies in the REITs industry, which is below the industry midpoint. Overall, Daiwa Office Investment has a GF Score™ of 62/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Daiwa Office Investment's Beneish M-Score compare to BXP and ARE?
According to the REITs industry distribution chart, Daiwa Office Investment ranks #429 out of 758 companies for Beneish M-Score. This places Daiwa Office 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 Daiwa Office Investment and its competitors. Daiwa Office Investment's current Beneish M-Score is -2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Daiwa Office Investment stock overvalued right now?
Based on GuruFocus' analysis, Daiwa Office Investment (TSE:8976) is currently considered Fairly Valued. The stock's GF Value™ is 円349,345.02, compared to a current price of 円329,500.00 — trading 5.7% below its estimated fair value. The current Beneish M-Score is -2.41. Daiwa Office Investment's overall GF Score™ is 62/100 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 Daiwa Office Investment (TSE:8976), the current Beneish M-Score is -2.41 as of Jul. 13, 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 Daiwa Office Investment (TSE:8976) Overvalued in 2026?
Based on GuruFocus' analysis, Daiwa Office Investment stock appears to be undervalued.
The current stock price of 円329,500.00 is trading 5.7% below its estimated GF Value™ of 円349,345.02.
GuruFocus considers Daiwa Office Investment to be Fairly Valued.
Key valuation signals for TSE:8976:
Beneish M-Score: -2.41
GF Value™: 円349,345.02 vs. price of 円329,500.00 (5.7% below fair value)
No single metric tells the full story. See the TSE:8976 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Daiwa Office Investment Corp is a real estate investment trust focused on acquiring, managing, and leasing office properties located in the Five Central Wards of Tokyo. The vast majority of the company's real estate portfolio is composed of office buildings fairly evenly distributed between Tokyo's Five Central Wards in terms of total value. Daiwa derives nearly all of its income in the form of rental revenue from leasing its properties. The firm has a varied tenant base from a number of industries, including the entertainment, retail, insurance, and food and beverage companies.
62GF Score
Get the complete analysis for TSE:8976
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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