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Harn Engineering Solutions PCL (BKK:HARN) Piotroski F-Score : 4 (As of Mar. 15, 2025)


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What is Harn Engineering Solutions 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

Harn Engineering Solutions PCL 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 Harn Engineering Solutions PCL's Piotroski F-Score or its related term are showing as below:

BKK:HARN' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 9
Current: 4

During the past 12 years, the highest Piotroski F-Score of Harn Engineering Solutions PCL was 9. The lowest was 4. And the median was 6.


Harn Engineering Solutions PCL Piotroski F-Score Historical Data

The historical data trend for Harn Engineering Solutions 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.

Harn Engineering Solutions PCL Piotroski F-Score Chart

Harn Engineering Solutions PCL Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 4.00 7.00 9.00 4.00

Harn Engineering Solutions PCL Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
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 9.00 8.00 6.00 4.00 4.00

Competitive Comparison of Harn Engineering Solutions PCL's Piotroski F-Score

For the Security & Protection Services subindustry, Harn Engineering Solutions 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.


Harn Engineering Solutions PCL's Piotroski F-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Harn Engineering Solutions PCL's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Harn Engineering Solutions 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 (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 17.32 + 18.094 + 32.638 + 19.546 = ฿88 Mil.
Cash Flow from Operations was 33.337 + 20.198 + 35.419 + 28.228 = ฿117 Mil.
Revenue was 268.834 + 276.096 + 330.394 + 363.719 = ฿1,239 Mil.
Gross Profit was 75.805 + 77.521 + 88.072 + 105.661 = ฿347 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(1754.014 + 1775.367 + 1733.481 + 1792.961 + 1799.748) / 5 = ฿1771.1142 Mil.
Total Assets at the begining of this year (Dec23) was ฿1,754 Mil.
Long-Term Debt & Capital Lease Obligation was ฿100 Mil.
Total Current Assets was ฿1,071 Mil.
Total Current Liabilities was ฿257 Mil.
Net Income was 23.609 + 30.416 + 29.235 + 30.781 = ฿114 Mil.

Revenue was 308.032 + 331.449 + 340.43 + 319.709 = ฿1,300 Mil.
Gross Profit was 89.482 + 101.761 + 101.023 + 98.748 = ฿391 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(1783.103 + 1778.451 + 1721.61 + 1717.463 + 1754.014) / 5 = ฿1750.9282 Mil.
Total Assets at the begining of last year (Dec22) was ฿1,783 Mil.
Long-Term Debt & Capital Lease Obligation was ฿70 Mil.
Total Current Assets was ฿1,017 Mil.
Total Current Liabilities was ฿240 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.

Harn Engineering Solutions PCL's current Net Income (TTM) was 88. ==> 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.

Harn Engineering Solutions PCL's current Cash Flow from Operations (TTM) was 117. ==> 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 (Dec23)
=87.598/1754.014
=0.04994145

ROA (Last Year)=Net Income/Total Assets (Dec22)
=114.041/1783.103
=0.06395648

Harn Engineering Solutions PCL's return on assets of this year was 0.04994145. Harn Engineering Solutions PCL's return on assets of last year was 0.06395648. ==> 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.

Harn Engineering Solutions PCL's current Net Income (TTM) was 88. Harn Engineering Solutions PCL's current Cash Flow from Operations (TTM) was 117. ==> 117 > 88 ==> 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: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=99.546/1771.1142
=0.0562053

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=70.061/1750.9282
=0.04001363

Harn Engineering Solutions PCL's gearing of this year was 0.0562053. Harn Engineering Solutions PCL's gearing of last year was 0.04001363. ==> 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: Dec24)=Total Current Assets/Total Current Liabilities
=1071.496/256.989
=4.16942359

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=1017.05/239.761
=4.24193259

Harn Engineering Solutions PCL's current ratio of this year was 4.16942359. Harn Engineering Solutions PCL's current ratio of last year was 4.24193259. ==> 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.

Harn Engineering Solutions PCL's number of shares in issue this year was 584.5. Harn Engineering Solutions PCL's number of shares in issue last year was 584.5. ==> 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
=347.059/1239.043
=0.28010247

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=391.014/1299.62
=0.30086795

Harn Engineering Solutions PCL's gross margin of this year was 0.28010247. Harn Engineering Solutions PCL's gross margin of last year was 0.30086795. ==> 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 (Dec23)
=1239.043/1754.014
=0.70640428

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=1299.62/1783.103
=0.72885302

Harn Engineering Solutions PCL's asset turnover of this year was 0.70640428. Harn Engineering Solutions PCL's asset turnover of last year was 0.72885302. ==> 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+0+0
=4

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

Harn Engineering Solutions PCL has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Harn Engineering Solutions PCL  (BKK:HARN) 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.


Harn Engineering Solutions PCL Piotroski F-Score Related Terms

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Harn Engineering Solutions PCL Business Description

Traded in Other Exchanges
Address
559 Soi Soonvijai 4, Rama 9 Road, Bangkapi, Huaykwang, Bangkok, THA, 10310
Harn Engineering Solutions PCL is engaged in wholesaling, retailing, repairing, renting, leasing, contracting, and installing fire protection systems and fire suppression agents, trading cold storage devices, trading, repairing and renting printing equipment. The company operates in five segments namely, Fire protection products and project segment which also contributes a majority part of revenue, Sanitary and Air conditioning system, Refrigeration System, Digital printing system, and Building-IoT Solutions segment.

Harn Engineering Solutions PCL Headlines

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