Starts Proceed Investment (TSE:8979) Beneish M-Score: -2.67 (As of Jun. 27, 2026)

What is Starts Proceed Investment Beneish M-Score?

Starts Proceed Investment TSE:8979 +3.11% 66 Beneish M-Score is -2.67 as of Jun. 27, 2026. GuruFocus rates TSE:8979 with a GF Score™ of 66/100 and a GF Value™ of 円211,712.23 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 764 REITs companies, Starts Proceed Investment ranks better than 70.29% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:8979' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -2.61 Max: -2.08
Current: -2.67

During the past 13 years, the highest Beneish M-Score of Starts Proceed Investment was -2.08. The lowest was -2.82. And the median was -2.61.

Starts Proceed Investment Beneish M-Score Related Terms

Starts Proceed Investment Beneish M-Score Historical Data

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The historical data trend for Starts Proceed 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.

Starts Proceed Investment Beneish M-Score Chart

Starts Proceed Investment Annual Data

Trend

Oct16

Oct17

Oct18

Oct19

Oct20

Oct21

Oct22

Oct23

Oct24

Oct25

Beneish M-Score

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-2.68

-2.08

-2.51

-2.61

-2.67

Starts Proceed Investment Semi-Annual Data
	Apr16	Oct16	Apr17	Oct17	Apr18	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23	Apr24	Oct24	Apr25	Oct25
Beneish M-Score	Get a 7-Day Free Trial															-2.51	0.00	-2.61	0.00	-2.67

TSE:8979 vs AVB, EQR, ESS: Beneish M-Score Comparison

For the REIT - Residential subindustry, Starts Proceed 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.

Starts Proceed Investment Beneish M-Score vs REITs Industry

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

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

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66GF Score

Starts Proceed Investment Corp TSE:8979

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

View Full Analysis

Starts Proceed 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 Starts Proceed 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 * 0.9938

0.528 * 1.024

0.404 * 0.9976

0.892 * 0.9926

0.115 * 0.9559

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9767

4.679 * -0.038329

0.327 * 1.0209

-2.67

This Year (Oct25) TTM:

Last Year (Oct24) TTM:

Total Receivables was 円30 Mil.
Revenue was 円7,469 Mil.
Gross Profit was 円4,276 Mil.
Total Current Assets was 円4,075 Mil.
Total Assets was 円101,715 Mil.
Property, Plant and Equipment(Net PPE) was 円95,608 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,412 Mil.
Selling, General, & Admin. Expense(SGA) was 円710 Mil.
Total Current Liabilities was 円7,407 Mil.
Long-Term Debt & Capital Lease Obligation was 円46,426 Mil.
Net Income was 円2,591 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円6,489 Mil.

Total Receivables was 円31 Mil.
Revenue was 円7,525 Mil.
Gross Profit was 円4,411 Mil.
Total Current Assets was 円3,821 Mil.
Total Assets was 円103,835 Mil.
Property, Plant and Equipment(Net PPE) was 円97,934 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,381 Mil.
Selling, General, & Admin. Expense(SGA) was 円732 Mil.
Total Current Liabilities was 円8,735 Mil.
Long-Term Debt & Capital Lease Obligation was 円45,097 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)
	=	(30.175 / 7469.405)	/	(30.594 / 7525.368)
	=	0.00404	/	0.004065
	=	0.9938

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)
	=	(4411.072 / 7525.368)	/	(4275.78 / 7469.405)
	=	0.58616	/	0.572439
	=	1.024

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 - (4074.921 + 95608.194) / 101715.374)	/	(1 - (3820.584 + 97934.444) / 103834.781)
	=	0.01998	/	0.020029
	=	0.9976

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
	=	7469.405	/	7525.368
	=	0.9926

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))
	=	(1381.191 / (1381.191 + 97934.444))	/	(1411.524 / (1411.524 + 95608.194))
	=	0.013907	/	0.014549
	=	0.9559

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)
	=	(709.8 / 7469.405)	/	(732.206 / 7525.368)
	=	0.095028	/	0.097298
	=	0.9767

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)
	=	((46426 + 7407.222) / 101715.374)	/	((45097 + 8735.289) / 103834.781)
	=	0.529254	/	0.518442
	=	1.0209

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
	=	(2590.831 - 0	-	6489.46)	/	101715.374
	=	-0.038329

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.

Starts Proceed Investment has a M-score of -2.67 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 -2.67 mean?

Starts Proceed Investment (TSE:8979) has a Beneish M-Score of -2.67 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Starts Proceed Investment and its competitors. According to the industry distribution chart, Starts Proceed Investment ranks #227 out of 764 companies in the REITs industry, placing it in the top 29.7%.

Is Starts Proceed Investment's Beneish M-Score too high?

Starts Proceed Investment's current Beneish M-Score is -2.67. Based on the distribution chart, Starts Proceed Investment ranks #227 out of 764 companies in the REITs industry, which is above the industry midpoint. Overall, Starts Proceed Investment has a GF Score™ of 66/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Starts Proceed Investment's Beneish M-Score compare to AVB and EQR?

According to the REITs industry distribution chart, Starts Proceed Investment ranks #227 out of 764 companies for Beneish M-Score. This puts Starts Proceed Investment in the upper 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 Starts Proceed Investment and its competitors. Starts Proceed Investment's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Starts Proceed Investment stock overvalued right now?

Based on GuruFocus' analysis, Starts Proceed Investment (TSE:8979) is currently considered Modestly Undervalued. The stock's GF Value™ is 円211,712.23, compared to a current price of 円189,100.00 — trading 10.7% below its estimated fair value. The current Beneish M-Score is -2.67. Starts Proceed Investment's overall GF Score™ is 66/100 with 6 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 Starts Proceed Investment (TSE:8979), the current Beneish M-Score is -2.67 as of Jun. 27, 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 Starts Proceed Investment (TSE:8979) Overvalued in 2026?

Based on GuruFocus' analysis, Starts Proceed Investment stock appears to be undervalued. The current stock price of 円189,100.00 is trading 10.7% below its estimated GF Value™ of 円211,712.23. GuruFocus considers Starts Proceed Investment to be Modestly Undervalued.

Key valuation signals for TSE:8979:

Beneish M-Score: -2.67
GF Value™: 円211,712.23 vs. price of 円189,100.00 (10.7% below fair value)
GF Score™: 66/100 with 6 warning signs

No single metric tells the full story. See the TSE:8979 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Starts Proceed Investment Business Description

Industry Real Estate REITs

Comparable Companies TSE:3459 TSE:8986 TSE:3282 AVB EQR ESS INVH SUI MAA UDR ELS AMH CPT JAN MRP DFM:DUBAIRESI TSX:CAR.UN IRT XPAR:ALTA TSE:3269

Address 3-1-8 Nihonbashi, Chuo-ku, Tokyo, JPN

Website http://www.sp-inv.co.jp

Starts Proceed Investment Corp operates as a REIT in Japan. The Company invests in lease real estate properties, short-term leasing apartments, and special feature business hotel.

66GF Score

Get the complete analysis for TSE:8979

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

円189,100.00

Price

円211,712.23

GF Value

View TSE:8979 Analysis

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