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ASEFA PCL (BKK:ASEFA) Piotroski F-Score : 5 (As of Dec. 13, 2024)


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What is ASEFA PCL 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

ASEFA PCL has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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

BKK:ASEFA' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 5

During the past 10 years, the highest Piotroski F-Score of ASEFA PCL was 8. The lowest was 3. And the median was 6.


ASEFA PCL Piotroski F-Score Historical Data

The historical data trend for ASEFA PCL'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.

ASEFA PCL Piotroski F-Score Chart

ASEFA PCL 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 6.00 6.00 4.00 4.00 6.00

ASEFA PCL Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 7.00 6.00 5.00 5.00 5.00

Competitive Comparison of ASEFA PCL's Piotroski F-Score

For the Electrical Equipment & Parts subindustry, ASEFA PCL'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.


ASEFA PCL's Piotroski F-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, ASEFA PCL's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where ASEFA PCL'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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 66.438 + 10.09 + -16.071 + 23.04 = ฿83 Mil.
Cash Flow from Operations was -17.671 + 177.555 + 55.11 + 105.966 = ฿321 Mil.
Revenue was 979.638 + 674.994 + 821.48 + 799.964 = ฿3,276 Mil.
Gross Profit was 200.597 + 129.751 + 136.156 + 179.779 = ฿646 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(2987.734 + 3331.493 + 3098.322 + 3240.482 + 3497.507) / 5 = ฿3231.1076 Mil.
Total Assets at the begining of this year (Sep23) was ฿2,988 Mil.
Long-Term Debt & Capital Lease Obligation was ฿58 Mil.
Total Current Assets was ฿1,795 Mil.
Total Current Liabilities was ฿1,482 Mil.
Net Income was 43.588 + 34.288 + 33.218 + 34.458 = ฿146 Mil.

Revenue was 937.249 + 863.157 + 795.93 + 794.618 = ฿3,391 Mil.
Gross Profit was 179.259 + 142.795 + 146.751 + 146.872 = ฿616 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(2682.055 + 2920.632 + 2952.375 + 3030.249 + 2987.734) / 5 = ฿2914.609 Mil.
Total Assets at the begining of last year (Sep22) was ฿2,682 Mil.
Long-Term Debt & Capital Lease Obligation was ฿4 Mil.
Total Current Assets was ฿1,990 Mil.
Total Current Liabilities was ฿1,379 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.

ASEFA PCL's current Net Income (TTM) was 83. ==> 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.

ASEFA PCL's current Cash Flow from Operations (TTM) was 321. ==> 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 (Sep23)
=83.497/2987.734
=0.0279466

ROA (Last Year)=Net Income/Total Assets (Sep22)
=145.552/2682.055
=0.05426883

ASEFA PCL's return on assets of this year was 0.0279466. ASEFA PCL's return on assets of last year was 0.05426883. ==> 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.

ASEFA PCL's current Net Income (TTM) was 83. ASEFA PCL's current Cash Flow from Operations (TTM) was 321. ==> 321 > 83 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=58.198/3231.1076
=0.01801178

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=4.197/2914.609
=0.00143999

ASEFA PCL's gearing of this year was 0.01801178. ASEFA PCL's gearing of last year was 0.00143999. ==> 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: Sep24)=Total Current Assets/Total Current Liabilities
=1795.286/1481.769
=1.21158291

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=1989.713/1378.727
=1.44315227

ASEFA PCL's current ratio of this year was 1.21158291. ASEFA PCL's current ratio of last year was 1.44315227. ==> 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.

ASEFA PCL's number of shares in issue this year was 529.948. ASEFA PCL's number of shares in issue last year was 532.382. ==> 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
=646.283/3276.076
=0.19727351

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=615.677/3390.954
=0.18156454

ASEFA PCL's gross margin of this year was 0.19727351. ASEFA PCL's gross margin of last year was 0.18156454. ==> 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 (Sep23)
=3276.076/2987.734
=1.09650859

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=3390.954/2682.055
=1.26431188

ASEFA PCL's asset turnover of this year was 1.09650859. ASEFA PCL's asset turnover of last year was 1.26431188. ==> 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+Que. 8+Que. 9
=1+1+0+1+0+0+1+1+0
=5

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

ASEFA PCL has an F-score of 5 indicating the company's financial situation is typical for a stable company.

ASEFA PCL  (BKK:ASEFA) 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.


ASEFA PCL Piotroski F-Score Related Terms

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ASEFA PCL Business Description

Traded in Other Exchanges
N/A
Address
No.5 Moo 1 Rama 2 Road, Khok-krabue Subdistrict, Mueang Samut Sakhon District, Samutsakhon, THA, 74000
ASEFA PCL is a Thailand-based company. It is involved in the manufacturing and distribution of electrical power distribution, switchboard, and trunking systems. The company operates its business through segments that are Manufacturing, Trading, Services, and Decommissioning of the Power Plant. The Manufacturing segment generates maximum revenue for the company.

ASEFA PCL Headlines

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