Fortune Sun (China) Holdings (HKSE:00352) Piotroski F-Score : 3 (As of May. 20, 2024)

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What is Fortune Sun (China) Holdings Piotroski F-Score?

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

Fortune Sun (China) Holdings 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 Fortune Sun (China) Holdings's Piotroski F-Score or its related term are showing as below:

HKSE:00352' s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 3 Max: 6
Current: 3

During the past 13 years, the highest Piotroski F-Score of Fortune Sun (China) Holdings was 6. The lowest was 1. And the median was 3.

Fortune Sun (China) Holdings Piotroski F-Score Historical Data

The historical data trend for Fortune Sun (China) Holdings'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.

Fortune Sun (China) Holdings Piotroski F-Score Chart

Fortune Sun (China) Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Piotroski F-Score

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1.00

6.00

3.00

2.00

3.00

Fortune Sun (China) Holdings 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	Get a 7-Day Free Trial															3.00	-	2.00	-	3.00

Competitive Comparison of Fortune Sun (China) Holdings's Piotroski F-Score

For the Real Estate Services subindustry, Fortune Sun (China) Holdings'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.

Fortune Sun (China) Holdings's Piotroski F-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Fortune Sun (China) Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Fortune Sun (China) Holdings's Piotroski F-Score falls into.

How is the Piotroski F-Score calculated?

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Net Income was HK$-9.98 Mil.
Cash Flow from Operations was HK$-4.40 Mil.
Revenue was HK$9.81 Mil.
Gross Profit was HK$-0.28 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (40.992 + 28.419) / 2 = HK$34.7055 Mil.
Total Assets at the begining of this year (Dec22) was HK$40.99 Mil.
Long-Term Debt & Capital Lease Obligation was HK$10.94 Mil.
Total Current Assets was HK$13.98 Mil.
Total Current Liabilities was HK$5.19 Mil.

Net Income was HK$-15.92 Mil.

Revenue was HK$13.32 Mil.
Gross Profit was HK$0.34 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (54.021 + 40.992) / 2 = HK$47.5065 Mil.
Total Assets at the begining of last year (Dec21) was HK$54.02 Mil.
Long-Term Debt & Capital Lease Obligation was HK$11.57 Mil.
Total Current Assets was HK$24.41 Mil.
Total Current Liabilities was HK$6.66 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.

Fortune Sun (China) Holdings's current Net Income (TTM) was -9.98. ==> 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.

Fortune Sun (China) Holdings's current Cash Flow from Operations (TTM) was -4.40. ==> 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 (Dec22)
	=	-9.981	/	40.992
	=	-0.24348653

ROA (Last Year)	=	Net Income	/	Total Assets (Dec21)
	=	-15.923	/	54.021
	=	-0.29475574

Fortune Sun (China) Holdings's return on assets of this year was -0.24348653. Fortune Sun (China) Holdings's return on assets of last year was -0.29475574. ==> 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.

Fortune Sun (China) Holdings's current Net Income (TTM) was -9.98. Fortune Sun (China) Holdings's current Cash Flow from Operations (TTM) was -4.40. ==> -4.40 > -9.98 ==> 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: Dec23)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec22 to Dec23
	=	10.935	/	34.7055
	=	0.31507974

Gearing (Last Year: Dec22)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec21 to Dec22
	=	11.565	/	47.5065
	=	0.24344037

Fortune Sun (China) Holdings's gearing of this year was 0.31507974. Fortune Sun (China) Holdings's gearing of last year was 0.24344037. ==> 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: Dec23)	=	Total Current Assets	/	Total Current Liabilities
	=	13.98	/	5.193
	=	2.6920855

Current Ratio (Last Year: Dec22)	=	Total Current Assets	/	Total Current Liabilities
	=	24.41	/	6.657
	=	3.66681688

Fortune Sun (China) Holdings's current ratio of this year was 2.6920855. Fortune Sun (China) Holdings's current ratio of last year was 3.66681688. ==> 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.

Fortune Sun (China) Holdings's number of shares in issue this year was 246.183. Fortune Sun (China) Holdings's number of shares in issue last year was 246.183. ==> 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
	=	-0.275	/	9.807
	=	-0.0280412

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	0.339	/	13.317
	=	0.02545618

Fortune Sun (China) Holdings's gross margin of this year was -0.0280412. Fortune Sun (China) Holdings's gross margin of last year was 0.02545618. ==> 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 (Dec22)
	=	9.807	/	40.992
	=	0.2392418

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Dec21)
	=	13.317	/	54.021
	=	0.24651524

Fortune Sun (China) Holdings's asset turnover of this year was 0.2392418. Fortune Sun (China) Holdings's asset turnover of last year was 0.24651524. ==> 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

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Que. 9

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

Fortune Sun (China) Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Fortune Sun (China) Holdings (HKSE:00352) 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.

Fortune Sun (China) Holdings Piotroski F-Score Related Terms

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Fortune Sun (China) Holdings (HKSE:00352) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Fortune Sun (China) Holdings Ltd (HKSE:00352) » Definitions » Piotroski F-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 1500 Century Avenue, Unit 901, 9th Floor, Orient Building, Pudong New District, Shanghai, CHN, 200122

Website

http://www.fortune-sun.com

Fortune Sun (China) Holdings Ltd operates as an investment holding company. The firm operates a single business segment which is the provision of property consultancy and sales agency services for the primary property market in China. It specializes in diversified business models, such as real estate leasing, management, administration, sales, development, joint-building, buyout, and underwriting. Its geographical segments are China and Cambodia, of which nearly all of its revenues come from China.

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