Fat Projects Acquisition (Fat Projects Acquisition) Piotroski F-Score : 4 (As of May. 11, 2024)

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What is Fat Projects Acquisition Piotroski F-Score?

The zones of discrimination were as such:

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

Fat Projects Acquisition has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Fat Projects Acquisition's Piotroski F-Score or its related term are showing as below:

FATP' s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 4 Max: 4
Current: 4

During the past 2 years, the highest Piotroski F-Score of Fat Projects Acquisition was 4. The lowest was 4. And the median was 4.

Fat Projects Acquisition Piotroski F-Score Historical Data

The historical data trend for Fat Projects Acquisition'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.

Fat Projects Acquisition Piotroski F-Score Chart

Fat Projects Acquisition Annual Data

Trend

Dec21

Dec22

Piotroski F-Score

N/A

Fat Projects Acquisition Quarterly Data
	Apr21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23
Piotroski F-Score	Get a 7-Day Free Trial				N/A	N/A	N/A	N/A	4.00

Competitive Comparison of Fat Projects Acquisition's Piotroski F-Score

For the Shell Companies subindustry, Fat Projects Acquisition'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.

Fat Projects Acquisition's Piotroski F-Score Distribution in the Diversified Financial Services Industry

For the Diversified Financial Services industry and Financial Services sector, Fat Projects Acquisition's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Fat Projects Acquisition's Piotroski F-Score falls into.

How is the Piotroski F-Score calculated?

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Net Income was -0.677 + 0.177 + -0.344 + -0.598 = $-1.44 Mil.
Cash Flow from Operations was -0.225 + -0.311 + -0.036 + -0.26 = $-0.83 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Average Total Assets from the begining of this year (Jun22)
to the end of this year (Jun23) was
(115.91 + 116.208 + 116.946 + 56.85 + 5.345) / 5 = $82.2518 Mil.
Total Assets at the begining of this year (Jun22) was $115.91 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $5.35 Mil.
Total Current Liabilities was $7.49 Mil.

Net Income was -0.044 + -0.181 + -0.158 + -0.078 = $-0.46 Mil.

Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Average Total Assets from the begining of last year (Apr21)
to the end of last year (Jun22) was
(0.047 + 0.156 + 116.091 + 115.975 + 115.91) / 5 = $69.6358 Mil.
Total Assets at the begining of last year (Apr21) was $0.05 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $0.64 Mil.
Total Current Liabilities was $0.19 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.

Fat Projects Acquisition's current Net Income (TTM) was -1.44. ==> 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.

Fat Projects Acquisition's current Cash Flow from Operations (TTM) was -0.83. ==> 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 (Jun22)
	=	-1.442	/	115.91
	=	-0.01244069

ROA (Last Year)	=	Net Income	/	Total Assets (Apr21)
	=	-0.461	/	0.047
	=	-9.80851064

Fat Projects Acquisition's return on assets of this year was -0.01244069. Fat Projects Acquisition's return on assets of last year was -9.80851064. ==> 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.

Fat Projects Acquisition's current Net Income (TTM) was -1.44. Fat Projects Acquisition's current Cash Flow from Operations (TTM) was -0.83. ==> -0.83 > -1.44 ==> 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: Jun23)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Jun22 to Jun23
	=	0	/	82.2518
	=	0

Gearing (Last Year: Jun22)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Apr21 to Jun22
	=	0	/	69.6358
	=	0

Fat Projects Acquisition's gearing of this year was 0. Fat Projects Acquisition's gearing of last year was 0. ==> This year is lower or equal to last year. ==> Score 1.

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: Jun23)	=	Total Current Assets	/	Total Current Liabilities
	=	5.345	/	7.488
	=	0.71380876

Current Ratio (Last Year: Jun22)	=	Total Current Assets	/	Total Current Liabilities
	=	0.643	/	0.192
	=	3.34895833

Fat Projects Acquisition's current ratio of this year was 0.71380876. Fat Projects Acquisition's current ratio of last year was 3.34895833. ==> 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.

Fat Projects Acquisition's number of shares in issue this year was 4.184. Fat Projects Acquisition's number of shares in issue last year was 14.49. ==> 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
	=	0	/	0
	=

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	0	/	0
	=

Fat Projects Acquisition's gross margin of this year was . Fat Projects Acquisition's gross margin of last year was . ==> 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 (Jun22)
	=	0	/	115.91
	=	0

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Apr21)
	=	0	/	0.047
	=	0

Fat Projects Acquisition's asset turnover of this year was 0. Fat Projects Acquisition's asset turnover of last year was 0. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score

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

Fat Projects Acquisition has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Fat Projects Acquisition (NAS:FATP) 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.

Fat Projects Acquisition Piotroski F-Score Related Terms

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Fat Projects Acquisition (Fat Projects Acquisition) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Diversified Financial Services » Fat Projects Acquisition Corp (NAS:FATP) » Definitions » Piotroski F-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

27 Bukit Manis Road, Sentosa Golf Club, Singapore, SGP, 099892

Website

https://www.fatprojectscorp.com

Fat Projects Acquisition Corp is a blank check company.

Executives

David E Shaw	10 percent owner	120 WEST FORTY-FIFTH STREET, 39TH FLOOR, NEW YORK NY 10036
D. E. Shaw Valence Portfolios, L.l.c.	10 percent owner	120 WEST FORTY-FIFTH STREET, 39TH FLOOR, NEW YORK NY 10036
D. E. Shaw & Co, L.p.	10 percent owner	1166 AVENUE OF THE AMERICAS, NINTH FLOOR, NEW YORK NY 10036
D. E. Shaw & Co, L.l.c.	10 percent owner	1166 AVENUE OF THE AMERICAS, NINTH FLOOR, NEW YORK NY 10036
Aqr Capital Management Holdings, Llc	10 percent owner	ONE GREENWICH PLAZA, GREENWICH CT 06830
Fat Projects International Investments & Holdings Ltd	10 percent owner	27 BUKIT MANIS ROAD, SENTOSA GOLF CLUB, SINGAPORE U0 099892
Aqr Capital Management Llc	10 percent owner	ONE GREENWICH PLAZA, GREENWICH CT 06830
Aqr Arbitrage Llc	10 percent owner	ONE GREENWICH PLAZA, GREENWICH CT 06830
Polar Asset Management Partners Inc.	10 percent owner	16 YORK STREET SUITE 2900, TORONTO A6 M5J 0E6
Fat Projects Spac Pte. Ltd.	10 percent owner	27 BUKIT MANIS ROAD, SENTOSA GOLF CLUB, SINGAPORE U0 099892
Stan Sugarman	director	27 BUKIT MANIS ROAD, SENTOSA GOLF CLUB, SINGAPORE U0 099892
Tristan Lo	director, 10 percent owner, officer: Co-Chief Executive Officer	27 BUKIT MANIS ROAD, SENTOSA GOLF CLUB, SINGAPORE U0 099892
Tina Wyer	director	27 BUKIT MANIS ROAD, SENTOSA GOLF CLUB, SINGAPORE U0 099892
Nils Michaelis	officer: President, COO, Head of M&A	27 BUKIT MANIS ROAD, SENTOSA GOLF CLUB, SINGAPORE U0 099892
Samir Addamine	director	27 BUKIT MANIS ROAD, SENTOSA GOLF CLUB, SINGAPORE U0 099892