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

: 5 (As of Today)

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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 5 indicating the company's financial situation is typical for a stable company.

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: 5

During the past 10 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

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Piotroski F-Score

6.00

5.00

2.00

5.00

Macau Legend Development Semi-Annual Data
	Dec12	Jun13	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22
Piotroski F-Score																-	2.00	-	5.00	-

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.

Annual Data Quarterly Data

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 in comparison to its industry or sector. The grey bar indicates the Piotroski F-Score's extreme value range as defined by GuruFocus.

How is the Piotroski F-Score calculated?

This Year (Dec21) TTM:

Last Year (Dec20) TTM:

Net Income was HK$-1,190 Mil.
Cash Flow from Operations was HK$-344 Mil.
Revenue was HK$1,136 Mil.
Gross Profit was HK$-371 Mil.
Average Total Assets from the begining of this year (Dec20)
to the end of this year (Dec21) was (8692.978 + 7970.106) / 2 = HK$8331.542 Mil.
Total Assets at the begining of this year (Dec20) was HK$8,693 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,305 Mil.
Total Current Assets was HK$424 Mil.
Total Current Liabilities was HK$1,211 Mil.

Net Income was HK$-1,955 Mil.

Revenue was HK$701 Mil.
Gross Profit was HK$-468 Mil.
Average Total Assets from the begining of last year (Dec19)
to the end of last year (Dec20) was (11179.838 + 8692.978) / 2 = HK$9936.408 Mil.
Total Assets at the begining of last year (Dec19) was HK$11,180 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,879 Mil.
Total Current Assets was HK$412 Mil.
Total Current Liabilities was HK$1,147 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 -1,190. ==> 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 -344. ==> 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 (Dec20)
	=	-1190.444	/	8692.978
	=	-0.13694317

ROA (Last Year)	=	Net Income	/	Total Assets (Dec19)
	=	-1955.147	/	11179.838
	=	-0.17488151

Macau Legend Development's return on assets of this year was -0.13694317. Macau Legend Development's return on assets of last year was -0.17488151. ==> 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 -1,190. Macau Legend Development's current Cash Flow from Operations (TTM) was -344. ==> -344 > -1,190 ==> 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: Dec21)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec20 to Dec21
	=	2304.708	/	8331.542
	=	0.27662442

Gearing (Last Year: Dec20)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec19 to Dec20
	=	1878.899	/	9936.408
	=	0.18909238

Macau Legend Development's gearing of this year was 0.27662442. Macau Legend Development's gearing of last year was 0.18909238. ==> 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: Dec21)	=	Total Current Assets	/	Total Current Liabilities
	=	423.723	/	1211.412
	=	0.34977613

Current Ratio (Last Year: Dec20)	=	Total Current Assets	/	Total Current Liabilities
	=	412.43	/	1147.342
	=	0.35946562

Macau Legend Development's current ratio of this year was 0.34977613. Macau Legend Development's current ratio of last year was 0.35946562. ==> 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 6205.252. ==> 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
	=	-371.254	/	1135.586
	=	-0.32692724

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	-467.977	/	700.726
	=	-0.66784592

Macau Legend Development's gross margin of this year was -0.32692724. Macau Legend Development's gross margin of last year was -0.66784592. ==> This year's gross margin is higher. ==> Score 1.

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 (Dec20)
	=	1135.586	/	8692.978
	=	0.13063256

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Dec19)
	=	700.726	/	11179.838
	=	0.06267765

Macau Legend Development's asset turnover of this year was 0.13063256. Macau Legend Development's asset turnover of last year was 0.06267765. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score

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

Macau Legend Development has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Macau Legend Development Ltd (HKSE:01680) » Definitions » Piotroski F-Score

Traded in Other Exchanges

N/A

Address

Avenida da Amizade e Avenida da, Palace Building, Macau Fisherman’s Wharf, Dr. Sun Yat Sen, Macau, MAC

Website

http://www.macaulegend.com

Macau Legend Development Ltd is an investment holdings company,It is engaged in the resorts and casinos industry. The business has two segments: Gaming and Non-Gaming. The Gaming segment is engaged in gaming-related services such as gaming tables and electronic gaming machines. The company's flagship resort and gaming center is The Landmark Macau, a hotel, casino, and luxury shopping center. The Non-Gaming segment is involved in hotel operations, such as food and beverage services and others. The company generates the vast majority of its revenue in Macau.

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