WRFRF (Wharf Real Estate Investment Co) Beneish M-Score: -2.85 (As of Jun. 24, 2026)

What is Wharf Real Estate Investment Co Beneish M-Score?

Wharf Real Estate Investment Co WRFRF -6.90% 70 Beneish M-Score is -2.85 as of Jun. 24, 2026. GuruFocus rates WRFRF with a GF Score™ of 70/100 and a GF Value™ of $3.10 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,681 Real Estate companies, Wharf Real Estate Investment Co ranks better than 79.54% 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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Wharf Real Estate Investment Co's Beneish M-Score or its related term are showing as below:

WRFRF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3 Med: -2.65 Max: -1.87
Current: -2.85

During the past 12 years, the highest Beneish M-Score of Wharf Real Estate Investment Co was -1.87. The lowest was -3.30. And the median was -2.65.

Wharf Real Estate Investment Co Beneish M-Score Related Terms

Wharf Real Estate Investment Co Beneish M-Score Historical Data

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The historical data trend for Wharf Real Estate Investment 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.

Wharf Real Estate Investment Co Beneish M-Score Chart

Wharf Real Estate Investment Co Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.83

-2.57

-2.42

-2.74

-2.85

Wharf Real Estate Investment Co Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.42	0.00	-2.74	0.00	-2.85

WRFRF vs CBRE, BEKE, CSGP: Beneish M-Score Comparison

For the Real Estate Services subindustry, Wharf Real Estate Investment 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.

Wharf Real Estate Investment Co Beneish M-Score vs Real Estate Industry

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

* The bar in red indicates where Wharf Real Estate Investment Co's Beneish M-Score falls into.

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70GF Score

Wharf Real Estate Investment Co Ltd WRFRF

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

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Wharf Real Estate Investment 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 Wharf Real Estate Investment Co 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 * 0.8557

0.528 * 1.0228

0.404 * 0.9973

0.892 * 0.9915

0.115 * 0.9839

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1005

4.679 * -0.047999

0.327 * 0.9891

-2.85

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $109 Mil.
Revenue was $1,647 Mil.
Gross Profit was $1,290 Mil.
Total Current Assets was $471 Mil.
Total Assets was $29,520 Mil.
Property, Plant and Equipment(Net PPE) was $892 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $58 Mil.
Total Current Liabilities was $2,072 Mil.
Long-Term Debt & Capital Lease Obligation was $3,012 Mil.
Net Income was $-547 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $870 Mil.

Total Receivables was $128 Mil.
Revenue was $1,661 Mil.
Gross Profit was $1,330 Mil.
Total Current Assets was $420 Mil.
Total Assets was $30,626 Mil.
Property, Plant and Equipment(Net PPE) was $915 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $53 Mil.
Total Current Liabilities was $2,149 Mil.
Long-Term Debt & Capital Lease Obligation was $3,183 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)
	=	(108.601 / 1647.003)	/	(128.001 / 1661.049)
	=	0.065939	/	0.07706
	=	0.8557

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)
	=	(1330.177 / 1661.049)	/	(1289.585 / 1647.003)
	=	0.800805	/	0.782989
	=	1.0228

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 - (470.774 + 891.811) / 29520.486)	/	(1 - (419.893 + 915.43) / 30626.495)
	=	0.953843	/	0.9564
	=	0.9973

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
	=	1647.003	/	1661.049
	=	0.9915

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))
	=	(30.489 / (30.489 + 915.43))	/	(30.203 / (30.203 + 891.811))
	=	0.032232	/	0.032758
	=	0.9839

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)
	=	(57.835 / 1647.003)	/	(53.001 / 1661.049)
	=	0.035115	/	0.031908
	=	1.1005

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)
	=	((3011.644 + 2071.509) / 29520.486)	/	((3182.52 + 2148.995) / 30626.495)
	=	0.172191	/	0.174082
	=	0.9891

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
	=	(-547.116 - 0	-	869.833)	/	29520.486
	=	-0.047999

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.

Wharf Real Estate Investment Co has a M-score of -2.85 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 -2.85 mean?

Wharf Real Estate Investment Co (WRFRF) has a Beneish M-Score of -2.85 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Wharf Real Estate Investment Co and its competitors. According to the industry distribution chart, Wharf Real Estate Investment Co ranks #344 out of 1681 companies in the Real Estate industry, placing it in the top 20.5%.

Is Wharf Real Estate Investment Co's Beneish M-Score too high?

Wharf Real Estate Investment Co's current Beneish M-Score is -2.85. Based on the distribution chart, Wharf Real Estate Investment Co ranks #344 out of 1681 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Wharf Real Estate Investment Co has a GF Score™ of 70/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Wharf Real Estate Investment Co's Beneish M-Score compare to CBRE and BEKE?

According to the Real Estate industry distribution chart, Wharf Real Estate Investment Co ranks #344 out of 1681 companies for Beneish M-Score. This places Wharf Real Estate Investment Co in the top 21% of its industry — outperforming the majority of peers. 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 Wharf Real Estate Investment Co and its competitors. Wharf Real Estate Investment Co's current Beneish M-Score is -2.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Wharf Real Estate Investment Co stock overvalued right now?

Based on GuruFocus' analysis, Wharf Real Estate Investment Co (WRFRF) is currently considered Modestly Undervalued. The stock's GF Value™ is $3.10, compared to a current price of $2.70 — trading 12.9% below its estimated fair value. The current Beneish M-Score is -2.85. Wharf Real Estate Investment Co's overall GF Score™ is 70/100 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 Wharf Real Estate Investment Co (WRFRF), the current Beneish M-Score is -2.85 as of Jun. 24, 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 Wharf Real Estate Investment Co (WRFRF) Overvalued in 2026?

Based on GuruFocus' analysis, Wharf Real Estate Investment Co stock appears to be undervalued. The current stock price of $2.70 is trading 12.9% below its estimated GF Value™ of $3.10. GuruFocus considers Wharf Real Estate Investment Co to be Modestly Undervalued.

Key valuation signals for WRFRF:

Beneish M-Score: -2.85
GF Value™: $3.10 vs. price of $2.70 (12.9% below fair value)
GF Score™: 70/100 with 3 warning signs

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

Wharf Real Estate Investment Co Business Description

Industry Real Estate Real Estate

Comparable Companies HKSE:01209 HKSE:00101 HKSE:02602 HKSE:00010 HKSE:06098 HKSE:00014 HKSE:06049 HKSE:01972 HKSE:01686 HKSE:02869 STC:VIC CBRE ISX:DCII XMAD:CLNX TSE:8830 XTER:VNA XTAE:AZRG BEKE ADX:MODON CSGP

Other Exchanges 01997:Hong Kong 4WF:Germany

Address Canton Road, 16th Floor, Ocean Centre, Harbour City, Kowloon, Hong Kong, HKG

Website https://www.wharfreic.com

Wharf spun off Wharf Real Estate Investment Co. in November 2017. It is a leading property investor with a focus on prime retail assets in Hong Kong. Rental income from flagship assets Harbour City and Times Square accounts for over 85% of revenue. The balance comes from Plaza Hollywood, The Murray, and Marco Polo hotels, and two offices in the central business district. The group also holds two malls in Singapore and a mixed development in Suzhou. Wharf was originally a shipping company but transformed into a property developer and investor in the 1960s by redeveloping its unused industrial assets, many located in city center and waterfront locations. The Harbour City site had been wharfs, and the Times Square site was a tram depot in the 1970s. Wheelock holds a 49% stake in the group.

70GF Score

Get the complete analysis for WRFRF

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

$2.70

Price

$3.10

GF Value

View WRFRF Analysis

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