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Trc Construction PCL (BKK:TRC) Piotroski F-Score : 3 (As of May. 02, 2024)


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What is Trc Construction PCL 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

Trc Construction PCL 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 Trc Construction PCL's Piotroski F-Score or its related term are showing as below:

BKK:TRC' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 8
Current: 3

During the past 13 years, the highest Piotroski F-Score of Trc Construction PCL was 8. The lowest was 2. And the median was 4.


Trc Construction PCL Piotroski F-Score Historical Data

The historical data trend for Trc Construction 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.

Trc Construction PCL Piotroski F-Score Chart

Trc Construction 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 2.00 7.00 4.00 3.00

Trc Construction PCL Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 4.00 4.00 3.00 4.00 3.00

Competitive Comparison of Trc Construction PCL's Piotroski F-Score

For the Engineering & Construction subindustry, Trc Construction 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.


Trc Construction PCL's Piotroski F-Score Distribution in the Construction Industry

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

* The bar in red indicates where Trc Construction 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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was -8.854 + -171.732 + -25.562 + -334.168 = ฿-540 Mil.
Cash Flow from Operations was -0.633 + -113.314 + 270.075 + -101.153 = ฿55 Mil.
Revenue was 634.422 + 527.27 + 580.781 + 398.793 = ฿2,141 Mil.
Gross Profit was 65.075 + 9.704 + 51.265 + -246.946 = ฿-121 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(4353.391 + 4208.938 + 4254.007 + 4047.613 + 3926.876) / 5 = ฿4158.165 Mil.
Total Assets at the begining of this year (Dec22) was ฿4,353 Mil.
Long-Term Debt & Capital Lease Obligation was ฿13 Mil.
Total Current Assets was ฿3,165 Mil.
Total Current Liabilities was ฿4,091 Mil.
Net Income was -33.002 + -10.509 + -53.697 + -14.753 = ฿-112 Mil.

Revenue was 836.787 + 896.424 + 890.112 + 719.967 = ฿3,343 Mil.
Gross Profit was 50.349 + 51.197 + 54.283 + 66.73 = ฿223 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(4095.333 + 4235.093 + 4389.085 + 4367.713 + 4353.391) / 5 = ฿4288.123 Mil.
Total Assets at the begining of last year (Dec21) was ฿4,095 Mil.
Long-Term Debt & Capital Lease Obligation was ฿8 Mil.
Total Current Assets was ฿3,551 Mil.
Total Current Liabilities was ฿3,988 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.

Trc Construction PCL's current Net Income (TTM) was -540. ==> 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.

Trc Construction PCL's current Cash Flow from Operations (TTM) was 55. ==> 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 (Dec22)
=-540.316/4353.391
=-0.12411382

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-111.961/4095.333
=-0.02733868

Trc Construction PCL's return on assets of this year was -0.12411382. Trc Construction PCL's return on assets of last year was -0.02733868. ==> 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.

Trc Construction PCL's current Net Income (TTM) was -540. Trc Construction PCL's current Cash Flow from Operations (TTM) was 55. ==> 55 > -540 ==> 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
=12.696/4158.165
=0.00305327

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=7.804/4288.123
=0.00181991

Trc Construction PCL's gearing of this year was 0.00305327. Trc Construction PCL's gearing of last year was 0.00181991. ==> 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
=3165.088/4091.168
=0.77363922

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=3551.415/3987.671
=0.8905988

Trc Construction PCL's current ratio of this year was 0.77363922. Trc Construction PCL's current ratio of last year was 0.8905988. ==> 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.

Trc Construction PCL's number of shares in issue this year was 10735.607. Trc Construction PCL's number of shares in issue last year was 10735.607. ==> 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
=-120.902/2141.266
=-0.05646286

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=222.559/3343.29
=0.06656886

Trc Construction PCL's gross margin of this year was -0.05646286. Trc Construction PCL's gross margin of last year was 0.06656886. ==> 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)
=2141.266/4353.391
=0.49186163

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=3343.29/4095.333
=0.81636585

Trc Construction PCL's asset turnover of this year was 0.49186163. Trc Construction PCL's asset turnover of last year was 0.81636585. ==> 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
=0+1+0+1+0+0+1+0+0
=3

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

Trc Construction PCL has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Trc Construction PCL  (BKK:TRC) 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.


Trc Construction PCL Piotroski F-Score Related Terms

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Trc Construction PCL (BKK:TRC) Business Description

Traded in Other Exchanges
N/A
Address
Number 8, Soi Sukhapiban 5 soi 32, Kwang Tha Raeng, Khet Bang Khen, Bangkok, THA, 10220
Trc Construction PCL is engaged in the construction business. It offers engineering design, procurement, construction, project management and maintenance services. Business activity of the group functions through various segments which include Pipeline System Construction segment, Civil Work Construction segment, Engineering System installation and factory construction for energy and petrochemical business segment, and Sales and Other Services. Its geographical reach includes Thailand and the Sultanate of Oman and it earns through Construction Services income, interest income, and other income.