Sands China (HKSE:01928) Beneish M-Score: -2.35 (As of Jul. 02, 2026)

What is Sands China Beneish M-Score?

Sands China HKSE:01928 +0.54% 88 Beneish M-Score is -2.35 as of Jul. 02, 2026. GuruFocus rates HKSE:01928 with a GF Score™ of 88/100 and a GF Value™ of HK$22.85 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 820 Travel & Leisure companies, Sands China ranks worse than 71.34% 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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Sands China's Beneish M-Score or its related term are showing as below:

HKSE:01928' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.76 Max: -0.79
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Sands China was -0.79. The lowest was -3.33. And the median was -2.76.

Sands China Beneish M-Score Related Terms

Sands China Beneish M-Score Historical Data

* Premium members only.

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

Sands China Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.75

-2.41

-0.79

-3.00

-2.35

Sands China 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															-0.79	0.00	-3.00	0.00	-2.35

HKSE:01928 vs LVS, MGM, WYNN: Beneish M-Score Comparison

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 Beneish M-Score vs 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.

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88GF Score

Sands China Ltd HKSE:01928

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

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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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.695

0.528 * 1.0139

0.404 * 1.0167

0.892 * 1.0523

0.115 * 0.929

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.266

4.679 * -0.114369

0.327 * 0.9488

-2.35

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was HK$2,607 Mil.
Revenue was HK$57,912 Mil.
Gross Profit was HK$33,714 Mil.
Total Current Assets was HK$15,359 Mil.
Total Assets was HK$82,251 Mil.
Property, Plant and Equipment(Net PPE) was HK$57,959 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6,162 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,377 Mil.
Total Current Liabilities was HK$18,044 Mil.
Long-Term Debt & Capital Lease Obligation was HK$48,428 Mil.
Net Income was HK$6,972 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$16,379 Mil.

Total Receivables was HK$1,461 Mil.
Revenue was HK$55,036 Mil.
Gross Profit was HK$32,485 Mil.
Total Current Assets was HK$17,762 Mil.
Total Assets was HK$86,821 Mil.
Property, Plant and Equipment(Net PPE) was HK$59,785 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$5,861 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,034 Mil.
Total Current Liabilities was HK$23,266 Mil.
Long-Term Debt & Capital Lease Obligation was HK$50,683 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)
	=	(2606.568 / 57912.494)	/	(1461.399 / 55035.672)
	=	0.045009	/	0.026554
	=	1.695

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)
	=	(32485.039 / 55035.672)	/	(33714.206 / 57912.494)
	=	0.590254	/	0.582158
	=	1.0139

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 - (15359.299 + 57959.179) / 82250.837)	/	(1 - (17762.219 + 59785.219) / 86821.105)
	=	0.108599	/	0.106814
	=	1.0167

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
	=	57912.494	/	55035.672
	=	1.0523

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))
	=	(5861.144 / (5861.144 + 59785.219))	/	(6162.394 / (6162.394 + 57959.179))
	=	0.089284	/	0.096105
	=	0.929

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)
	=	(1377.202 / 57912.494)	/	(1033.862 / 55035.672)
	=	0.023781	/	0.018785
	=	1.266

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)
	=	((48427.699 + 18043.675) / 82250.837)	/	((50682.568 + 23265.786) / 86821.105)
	=	0.808154	/	0.851732
	=	0.9488

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
	=	(6971.597 - 0	-	16378.584)	/	82250.837
	=	-0.114369

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 -2.35 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 -2.35 mean?

Sands China (HKSE:01928) has a Beneish M-Score of -2.35 as of Jul. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sands China and its competitors. According to the industry distribution chart, Sands China ranks #585 out of 820 companies in the Travel & Leisure industry, placing it in the top 71.3%.

Is Sands China's Beneish M-Score too high?

Sands China's current Beneish M-Score is -2.35. Based on the distribution chart, Sands China ranks #585 out of 820 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Sands China has a GF Score™ of 88/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Sands China's Beneish M-Score compare to LVS and MGM?

According to the Travel & Leisure industry distribution chart, Sands China ranks #585 out of 820 companies for Beneish M-Score. This places Sands China in the lower half of its industry. 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 Travel & Leisure company?

A good Beneish M-Score depends on the Travel & Leisure 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 Sands China and its competitors. Sands China's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sands China stock overvalued right now?

Based on GuruFocus' analysis, Sands China (HKSE:01928) is currently considered Significantly Undervalued. The stock's GF Value™ is HK$22.85, compared to a current price of HK$13.12 — trading 42.6% below its estimated fair value. The current Beneish M-Score is -2.35. Sands China's overall GF Score™ is 88/100 with 4 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 Sands China (HKSE:01928), the current Beneish M-Score is -2.35 as of Jul. 02, 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 Sands China (HKSE:01928) Overvalued in 2026?

Based on GuruFocus' analysis, Sands China stock appears to be undervalued. The current stock price of HK$13.12 is trading 42.6% below its estimated GF Value™ of HK$22.85. GuruFocus considers Sands China to be Significantly Undervalued.

Key valuation signals for HKSE:01928:

Beneish M-Score: -2.35
GF Value™: HK$22.85 vs. price of HK$13.12 (42.6% below fair value)
GF Score™: 88/100 with 4 warning signs

No single metric tells the full story. See the HKSE:01928 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Sands China Business Description

Industry Consumer Cyclical Travel & Leisure

Comparable Companies HKSE:00027 HKSE:02282 HKSE:01128 HKSE:03918 HKSE:00880 HKSE:00200 HKSE:02536 HKSE:01180 HKSE:00169 HKSE:00296 LVS MGM WYNN BYD CZR STC:VPL SGX:G13 MTN HGV RRR

Other Exchanges SCHYY:USA SCHYF:USA 599A:Germany

Address Estrada da Baia de Nossa Senhora da Esperanca, The Venetian Macao, Executive Offices - L2, Taipa, MAC

Website https://www.sandschina.com

Sands China operates integrated resorts and casinos in Macao. Its properties include Sands Macao, the Venetian Macao, the Plaza Macao, the Londoner, and the Parisian Macao. It has about 23.5% market share in the Macao gaming sector in terms of gross gaming revenue as of 2025. Las Vegas Sands has a 74.8% stake in Sands China.

88GF Score

Get the complete analysis for HKSE:01928

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

HK$13.12

Price

HK$22.85

GF Value

View HKSE:01928 Analysis

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