JPMorgan China Growth &ome (CHIX:JCGIL) Piotroski F-Score : 7 (As of Jun. 07, 2024)

JPMorgan China Growth &ome Piotroski F-Score Chart

JPMorgan China Growth &ome Annual Data
	Trend	Sep14	Sep15	Sep16	Sep17	Sep18	Sep19	Sep20	Sep21	Sep22	Sep23
Piotroski F-Score		Get a 7-Day Free Trial					6.00	6.00	2.00	3.00	7.00

JPMorgan China Growth &ome Quarterly Data
	Mar14	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Piotroski F-Score	Get a 7-Day Free Trial															2.00	-	3.00	-	7.00

Competitive Comparison of JPMorgan China Growth &ome's Piotroski F-Score

For the Asset Management subindustry, JPMorgan China Growth &ome'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.

JPMorgan China Growth &ome's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, JPMorgan China Growth &ome's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where JPMorgan China Growth &ome'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.

*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.

JPMorgan China Growth &ome's current Net Income (TTM) was -213.28. ==> 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.

JPMorgan China Growth &ome's current Cash Flow from Operations (TTM) was -0.24. ==> 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.

JPMorgan China Growth &ome's return on assets of this year was -0.40551856. JPMorgan China Growth &ome's return on assets of last year was 0.59481665. ==> 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.

JPMorgan China Growth &ome's current Net Income (TTM) was -213.28. JPMorgan China Growth &ome's current Cash Flow from Operations (TTM) was -0.24. ==> -0.24 > -213.28 ==> 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.

JPMorgan China Growth &ome's gearing of this year was 0.08496126. JPMorgan China Growth &ome's gearing of last year was 0.11315107. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

JPMorgan China Growth &ome's current ratio of this year was 8.07491455. JPMorgan China Growth &ome's current ratio of last year was 10.01168811. ==> 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.

JPMorgan China Growth &ome's number of shares in issue this year was 83.202. JPMorgan China Growth &ome's number of shares in issue last year was 79.482. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

JPMorgan China Growth &ome's net margin of this year was 1.00815406. JPMorgan China Growth &ome's net margin of last year was 0.99163819. ==> This year's net 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

JPMorgan China Growth &ome's asset turnover of this year was -0.40223868. JPMorgan China Growth &ome's asset turnover of last year was 0.59983234. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

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

JPMorgan China Growth &ome has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

JPMorgan China Growth &ome  (CHIX:JCGIl) 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.

JPMorgan China Growth &ome Piotroski F-Score Related Terms

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JPMorgan China Growth &ome (CHIX:JCGIL) Business Description