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SINA Corp (NAS:SINA)
Piotroski F-Score
4 (As of Today)

The zones of discrimination were as such:

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

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

SINA' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Max: 7
Current: 4

3
7

During the past 13 years, the highest Piotroski F-Score of SINA Corp was 7. The lowest was 3. And the median was 5.


Definition

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Jun16) TTM:Last Year (Jun15) TTM:
Net Income was 9.766 + 14.553 + 15.32 + 43.327 = $83.0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0.0 Mil.
Revenue was 226.294 + 256.19 + 198.675 + 243.962 = $925.1 Mil.
Gross Profit was 143.277 + 167.136 + 117.781 + 155.045 = $583.2 Mil.
Average Total Assets from the begining of this year (Jun15)
to the end of this year (Jun16) was
(3802.751 + 3791.154 + 4356.947 + 4345.807 + 4265.929) / 5 = $4112.5176 Mil.
Total Assets at the begining of this year (Jun15) was $3,802.8 Mil.
Long-Term Debt was $0.0 Mil.
Total Current Assets was $2,675.6 Mil.
Total Current Liabilities was $1,400.2 Mil.
Net Income was 133.595 + 59.751 + -10.309 + 11.668 = $194.7 Mil.

Revenue was 198.613 + 211.137 + 184.587 + 213.598 = $807.9 Mil.
Gross Profit was 124.829 + 136.753 + 107.27 + 127.606 = $496.5 Mil.
Average Total Assets from the begining of last year (Jun14)
to the end of last year (Jun15) was
(3499.59 + 3779.089 + 3703.328 + 3590.5 + 3802.751) / 5 = $3675.0516 Mil.
Total Assets at the begining of last year (Jun14) was $3,499.6 Mil.
Long-Term Debt was $800.0 Mil.
Total Current Assets was $2,459.8 Mil.
Total Current Liabilities was $557.6 Mil.

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.

SINA Corp's current net income (TTM) was 83.0. ==> Positive ==> Score 1.

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.

SINA Corp's current cash flow from operations (TTM) was 0.0. ==> 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 (TTM)/Total Assets at the Beginning of This Year (Jun15)
=82.966/3802.751
=0.02181736

ROA (Last Year)=Net Income (TTM)/Total Assets at the Beginning of Last Year (Jun14)
=194.705/3499.59
=0.05563652

SINA Corp's return on assets of this year was 0.02181736. SINA Corp's return on assets of last year was 0.05563652. ==> Last year is higher ==> Score 0.

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.

SINA Corp's current net income (TTM) was 83.0. SINA Corp's current cash flow from operations (TTM) was 0.0. ==> 0.0 <= 83.0 ==> CFROA <= ROA ==> Score 0.

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: Jun16)=Long-Term Debt/Average Total Assets from Jun15 to Jun16
=0/4112.5176
=0

Gearing (Last Year: Jun15)=Long-Term Debt/Average Total Assets from Jun14 to Jun15
=800/3675.0516
=0.21768402

SINA Corp's gearing of this year was 0. SINA Corp's gearing of last year was 0.21768402. ==> 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: Jun16)=Total Current Assets/Total Current Liabilities
=2675.603/1400.237
=1.91082153

Current Ratio (Last Year: Jun15)=Total Current Assets/Total Current Liabilities
=2459.769/557.553
=4.41172229

SINA Corp's current ratio of this year was 1.91082153. SINA Corp's current ratio of last year was 4.41172229. ==> 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.

SINA Corp's number of shares in issue this year was 77.2. SINA Corp's number of shares in issue last year was 58.9. ==> There is larger number of shares in issue this year. ==> Score 0.

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
=583.239/925.121
=0.63044618

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=496.458/807.935
=0.61447765

SINA Corp's gross margin of this year was 0.63044618. SINA Corp's gross margin of last year was 0.61447765. ==> 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 (TTM)/Total Assets at the Beginning of This Year (Jun15)
=925.121/3802.751
=0.24327678

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (Jun14)
=807.935/3499.59
=0.23086562

SINA Corp's asset turnover of this year was 0.24327678. SINA Corp's asset turnover of last year was 0.23086562. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+0+0+0+1+0+0+1+1
=4

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

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


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.


Related Terms

Net Income, Cash Flow from Operations, Revenue, Gross Profit, Total Assets, Long-Term Debt, Total Current Assets, Total Current Liabilities


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

SINA Corp Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
Question 1 1111001111
Question 2 1000000000
Question 3 0111001110
Question 4 1000110000
Question 5 1111111011
Question 6 0111010110
Question 7 1001000001
Question 8 0000100110
Question 9 1110011100
F-score 6555344553

SINA Corp Quarterly Data

Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16
Question 1 1111111111
Question 2 0000000000
Question 3 0111110000
Question 4 0000000000
Question 5 0001111111
Question 6 1111100000
Question 7 1100111100
Question 8 1111100011
Question 9 1000000001
F-score 5545643334
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