Sands China Beneish M-Score Historical Data
The historical data trend for Sands China'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.
Sands China Beneish M-Score Chart
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Sands China Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.77 |
-3.16 |
-2.75 |
-2.41 |
-0.55 |
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Sands China Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.75 |
- |
-2.41 |
- |
-0.55 |
Competitive Comparison of Sands China's Beneish M-Score
For the Resorts & Casinos subindustry, Sands China'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.
Sands China's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Sands China's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sands China's Beneish M-Score falls into.
Sands China 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 Sands China 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 * 0.5014 | + | 0.528 * 1.0756 | + | 0.404 * 1.6089 | + | 0.892 * 4.0838 | + | 0.115 * 0.8729 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.633 | + | 4.679 * -0.156073 | - | 0.327 * 0.8962 |
| = | -0.55 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$2,312 Mil.
Revenue was HK$51,029 Mil.
Gross Profit was HK$30,771 Mil.
Total Current Assets was HK$13,144 Mil.
Total Assets was HK$80,113 Mil.
Property, Plant and Equipment(Net PPE) was HK$57,316 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6,318 Mil.
Selling, General, & Admin. Expense(SGA) was HK$523 Mil.
Total Current Liabilities was HK$10,715 Mil.
Long-Term Debt & Capital Lease Obligation was HK$64,915 Mil.
Net Income was HK$5,404 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$17,908 Mil.
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Total Receivables was HK$1,129 Mil.
Revenue was HK$12,496 Mil.
Gross Profit was HK$8,105 Mil.
Total Current Assets was HK$14,535 Mil.
Total Assets was HK$82,229 Mil.
Property, Plant and Equipment(Net PPE) was HK$61,536 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5,839 Mil.
Selling, General, & Admin. Expense(SGA) was HK$202 Mil.
Total Current Liabilities was HK$22,352 Mil.
Long-Term Debt & Capital Lease Obligation was HK$64,268 Mil.
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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) |
| = | (2311.701 / 51029.233) | / | (1128.883 / 12495.567) |
| = | 0.045302 | / | 0.090343 |
| | = | 0.5014 |
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) |
| = | (8104.601 / 12495.567) | / | (30770.612 / 51029.233) |
| = | 0.648598 | / | 0.603 |
| | = | 1.0756 |
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 - (13143.893 + 57316.122) / 80112.928) | / | (1 - (14535.342 + 61535.802) / 82229.395) |
| = | 0.120491 | / | 0.074891 |
| | = | 1.6089 |
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 |
| = | 51029.233 | / | 12495.567 |
| | = | 4.0838 |
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)) |
| = | (5839.05 / (5839.05 + 61535.802)) | / | (6318.128 / (6318.128 + 57316.122)) |
| = | 0.086665 | / | 0.099288 |
| | = | 0.8729 |
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) |
| = | (523.257 / 51029.233) | / | (202.42 / 12495.567) |
| = | 0.010254 | / | 0.016199 |
| | = | 0.633 |
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) |
| = | ((64915.058 + 10715.046) / 80112.928) | / | ((64268.477 + 22351.883) / 82229.395) |
| = | 0.944044 | / | 1.053399 |
| | = | 0.8962 |
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 |
| = | (5404.382 - 0 | - | 17907.871) | / | 80112.928 |
| | = | -0.156073 |
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.
Sands China has a M-score of -0.55 signals that the company is likely to be a manipulator.
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