Shangri-La Asia Beneish M-Score Historical Data
The historical data trend for Shangri-La Asia'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.
Shangri-La Asia Beneish M-Score Chart
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Shangri-La Asia Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.29 |
-1.96 |
-2.55 |
-2.58 |
-2.29 |
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Shangri-La Asia 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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-2.55 |
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-2.58 |
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-2.29 |
Competitive Comparison of Shangri-La Asia's Beneish M-Score
For the Lodging subindustry, Shangri-La Asia'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.
Shangri-La Asia's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Shangri-La Asia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shangri-La Asia's Beneish M-Score falls into.
Shangri-La Asia 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 Shangri-La Asia 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 * 0.778 | + | 0.528 * 0.8619 | + | 0.404 * 0.8976 | + | 0.892 * 1.4694 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8425 | + | 4.679 * 0.014316 | - | 0.327 * 1.0063 |
| = | -2.29 |
* 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$2,130 Mil.
Revenue was HK$16,727 Mil.
Gross Profit was HK$9,112 Mil.
Total Current Assets was HK$11,369 Mil.
Total Assets was HK$100,454 Mil.
Property, Plant and Equipment(Net PPE) was HK$39,435 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,509 Mil.
Total Current Liabilities was HK$11,466 Mil.
Long-Term Debt & Capital Lease Obligation was HK$43,789 Mil.
Net Income was HK$1,438 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$0 Mil.
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Total Receivables was HK$1,863 Mil.
Revenue was HK$11,383 Mil.
Gross Profit was HK$5,345 Mil.
Total Current Assets was HK$9,636 Mil.
Total Assets was HK$98,357 Mil.
Property, Plant and Equipment(Net PPE) was HK$34,560 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$2,170 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,027 Mil.
Total Current Liabilities was HK$13,444 Mil.
Long-Term Debt & Capital Lease Obligation was HK$40,320 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) |
| = | (2129.662 / 16726.952) | / | (1862.992 / 11383.384) |
| = | 0.127319 | / | 0.163659 |
| | = | 0.778 |
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) |
| = | (5344.817 / 11383.384) | / | (9112.022 / 16726.952) |
| = | 0.469528 | / | 0.544751 |
| | = | 0.8619 |
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 - (11369.249 + 39434.804) / 100454.224) | / | (1 - (9635.631 + 34560.356) / 98356.898) |
| = | 0.494257 | / | 0.550657 |
| | = | 0.8976 |
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 |
| = | 16726.952 | / | 11383.384 |
| | = | 1.4694 |
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)) |
| = | (2169.557 / (2169.557 + 34560.356)) | / | (0 / (0 + 39434.804)) |
| = | 0.059068 | / | 0 |
| | = | 1 |
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) |
| = | (2509.086 / 16726.952) | / | (2026.82 / 11383.384) |
| = | 0.150003 | / | 0.178051 |
| | = | 0.8425 |
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) |
| = | ((43788.729 + 11466.091) / 100454.224) | / | ((40320.065 + 13444.358) / 98356.898) |
| = | 0.55005 | / | 0.546626 |
| | = | 1.0063 |
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 |
| = | (1438.089 - 0 | - | 0) | / | 100454.224 |
| | = | 0.014316 |
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.
Shangri-La Asia has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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