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Macau Legend Development (HKSE:01680) Piotroski F-Score

: 3 (As of Today)
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Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Macau Legend Development has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Macau Legend Development's Piotroski F-Score or its related term are showing as below:

HKSE:01680' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 6
Current: 3

During the past 12 years, the highest Piotroski F-Score of Macau Legend Development was 6. The lowest was 2. And the median was 5.


Macau Legend Development Piotroski F-Score Historical Data

The historical data trend for Macau Legend Development's Piotroski F-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.

* Premium members only.

Macau Legend Development Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 2.00 5.00 3.00 -

Macau Legend Development Semi-Annual Data
Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 - 3.00 - -

Competitive Comparison

For the Resorts & Casinos subindustry, Macau Legend Development's Piotroski F-Score, along with its competitors' market caps and Piotroski F-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.


Macau Legend Development Piotroski F-Score Distribution

For the Travel & Leisure industry and Consumer Cyclical sector, Macau Legend Development's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Macau Legend Development's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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 (Dec22) TTM:Last Year (Dec21) TTM:
Net Income was HK$-607.2 Mil.
Cash Flow from Operations was HK$-242.6 Mil.
Revenue was HK$711.6 Mil.
Gross Profit was HK$-335.4 Mil.
Average Total Assets from the begining of this year (Dec21)
to the end of this year (Dec22) was (7970.106 + 7150.38) / 2 = HK$7560.243 Mil.
Total Assets at the begining of this year (Dec21) was HK$7,970.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,107.3 Mil.
Total Current Assets was HK$224.7 Mil.
Total Current Liabilities was HK$1,202.4 Mil.
Net Income was HK$-1,190.4 Mil.

Revenue was HK$1,135.6 Mil.
Gross Profit was HK$-371.3 Mil.
Average Total Assets from the begining of last year (Dec20)
to the end of last year (Dec21) was (8692.978 + 7970.106) / 2 = HK$8331.542 Mil.
Total Assets at the begining of last year (Dec20) was HK$8,693.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,304.7 Mil.
Total Current Assets was HK$423.7 Mil.
Total Current Liabilities was HK$1,211.4 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Macau Legend Development's current Net Income (TTM) was -607.2. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Macau Legend Development's current Cash Flow from Operations (TTM) was -242.6. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec21)
=-607.209/7970.106
=-0.07618581

ROA (Last Year)=Net Income/Total Assets (Dec20)
=-1190.444/8692.978
=-0.13694317

Macau Legend Development's return on assets of this year was -0.07618581. Macau Legend Development's return on assets of last year was -0.13694317. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Macau Legend Development's current Net Income (TTM) was -607.2. Macau Legend Development's current Cash Flow from Operations (TTM) was -242.6. ==> -242.6 > -607.2 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=2107.257/7560.243
=0.27872874

Gearing (Last Year: Dec21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec20 to Dec21
=2304.708/8331.542
=0.27662442

Macau Legend Development's gearing of this year was 0.27872874. Macau Legend Development's gearing of last year was 0.27662442. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec22)=Total Current Assets/Total Current Liabilities
=224.715/1202.371
=0.18689323

Current Ratio (Last Year: Dec21)=Total Current Assets/Total Current Liabilities
=423.723/1211.412
=0.34977613

Macau Legend Development's current ratio of this year was 0.18689323. Macau Legend Development's current ratio of last year was 0.34977613. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Macau Legend Development's number of shares in issue this year was 6201.187. Macau Legend Development's number of shares in issue last year was 6201.187. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=-335.358/711.605
=-0.47126988

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=-371.254/1135.586
=-0.32692724

Macau Legend Development's gross margin of this year was -0.47126988. Macau Legend Development's gross margin of last year was -0.32692724. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec21)
=711.605/7970.106
=0.08928426

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec20)
=1135.586/8692.978
=0.13063256

Macau Legend Development's asset turnover of this year was 0.08928426. Macau Legend Development's asset turnover of last year was 0.13063256. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+0+1+1+0+0+1+0+0
=3

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Macau Legend Development has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Macau Legend Development  (HKSE:01680) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Macau Legend Development Piotroski F-Score Related Terms

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Macau Legend Development (HKSE:01680) Business Description

Traded in Other Exchanges
Address
Avenida da Amizade e Avenida da, Palace Building, Macau Fisherman’s Wharf, Dr. Sun Yat Sen, Macau, MAC
Macau Legend Development Ltd is an investment holdings company. The company is one of the owners of entertainment and casino gaming facilities in Macau. The company currently has Macau Fisherman's Wharf operated by MFW Investment (MFW), which is a waterfront integrated gaming, hotel, convention and entertainment complex located on the Macau Peninsula. The company's businesses include 1) the provision of gaming services to SJM for the operation of Legend Palace Casino; 2) the operation of casino inside Savan Legend Resorts Hotel and Entertainment Complex in the Lao People's Democratic Republic (Lao PDR); and 3) the operation of hotels, entertainment and leisure facilities within its properties.

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