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Sinkang Industries Co (TPE:2032) Piotroski F-Score : 9 (As of May. 27, 2024)


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What is Sinkang Industries Co Piotroski F-Score?

Good Sign:

Piotroski F-Score is 9, indicates a very healthy situation.

The zones of discrimination were as such:

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

Sinkang Industries Co has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Sinkang Industries Co's Piotroski F-Score or its related term are showing as below:

TPE:2032' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 9
Current: 9

During the past 13 years, the highest Piotroski F-Score of Sinkang Industries Co was 9. The lowest was 3. And the median was 6.


Sinkang Industries Co Piotroski F-Score Historical Data

The historical data trend for Sinkang Industries Co'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.

Sinkang Industries Co Piotroski F-Score Chart

Sinkang Industries Co Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.00 6.00 6.00 6.00 4.00

Sinkang Industries Co Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 5.00 4.00 9.00

Competitive Comparison of Sinkang Industries Co's Piotroski F-Score

For the Steel subindustry, Sinkang Industries Co'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.


Sinkang Industries Co's Piotroski F-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Sinkang Industries Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Sinkang Industries Co's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was -12.789 + 8.292 + -8.641 + 16.689 = NT$4 Mil.
Cash Flow from Operations was 116.923 + -44.973 + 53.756 + 8.313 = NT$134 Mil.
Revenue was 679.219 + 724.811 + 720.83 + 666.893 = NT$2,792 Mil.
Gross Profit was -1.193 + 31.709 + 11.575 + 32.071 = NT$74 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(2006.076 + 1908.52 + 1897.801 + 1887.544 + 1925.373) / 5 = NT$1925.0628 Mil.
Total Assets at the begining of this year (Mar23) was NT$2,006 Mil.
Long-Term Debt & Capital Lease Obligation was NT$9 Mil.
Total Current Assets was NT$1,101 Mil.
Total Current Liabilities was NT$102 Mil.
Net Income was -34.554 + 12.593 + 6.903 + -7.672 = NT$-23 Mil.

Revenue was 762.988 + 805.825 + 756.461 + 737.416 = NT$3,063 Mil.
Gross Profit was -38.716 + 28.086 + 29.805 + 1.327 = NT$21 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(2203.928 + 2070.997 + 1968.101 + 1923.936 + 2006.076) / 5 = NT$2034.6076 Mil.
Total Assets at the begining of last year (Mar22) was NT$2,204 Mil.
Long-Term Debt & Capital Lease Obligation was NT$12 Mil.
Total Current Assets was NT$1,237 Mil.
Total Current Liabilities was NT$183 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.

Sinkang Industries Co's current Net Income (TTM) was 4. ==> 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.

Sinkang Industries Co's current Cash Flow from Operations (TTM) was 134. ==> Positive ==> Score 1.

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 (Mar23)
=3.551/2006.076
=0.00177012

ROA (Last Year)=Net Income/Total Assets (Mar22)
=-22.73/2203.928
=-0.0103134

Sinkang Industries Co's return on assets of this year was 0.00177012. Sinkang Industries Co's return on assets of last year was -0.0103134. ==> 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.

Sinkang Industries Co's current Net Income (TTM) was 4. Sinkang Industries Co's current Cash Flow from Operations (TTM) was 134. ==> 134 > 4 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=8.669/1925.0628
=0.00450323

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=12.039/2034.6076
=0.00591711

Sinkang Industries Co's gearing of this year was 0.00450323. Sinkang Industries Co's gearing of last year was 0.00591711. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=1100.815/102.064
=10.78553653

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=1236.563/183.253
=6.74784587

Sinkang Industries Co's current ratio of this year was 10.78553653. Sinkang Industries Co's current ratio of last year was 6.74784587. ==> This year's current ratio is higher. ==> Score 1.

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.

Sinkang Industries Co's number of shares in issue this year was 130.547. Sinkang Industries Co's number of shares in issue last year was 130.561. ==> 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
=74.162/2791.753
=0.02656467

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=20.502/3062.69
=0.00669412

Sinkang Industries Co's gross margin of this year was 0.02656467. Sinkang Industries Co's gross margin of last year was 0.00669412. ==> 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/Total Assets at the Beginning of This Year (Mar23)
=2791.753/2006.076
=1.39164867

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=3062.69/2203.928
=1.38965066

Sinkang Industries Co's asset turnover of this year was 1.39164867. Sinkang Industries Co's asset turnover of last year was 1.38965066. ==> 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+1+1+1+1+1+1+1+1
=9

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

Sinkang Industries Co has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

Sinkang Industries Co  (TPE:2032) 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.


Sinkang Industries Co Piotroski F-Score Related Terms

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Sinkang Industries Co (TPE:2032) Business Description

Traded in Other Exchanges
N/A
Address
No. 8 Da'an Road, Xinzhuang, New Taipei, TWN, 242
Sinkang Industries Co Ltd is engaged in the manufacturing, processing, and sale of stainless steel. The firm also involves in Metal wire products manufacturing, Surface treatments and Mechanical equipment manufacturing.

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