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ZJLD Group (FRA:LH6) Piotroski F-Score : 7 (As of Dec. 15, 2024)


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What is ZJLD Group Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, 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

ZJLD Group has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

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

FRA:LH6' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 6   Max: 7
Current: 7

During the past 4 years, the highest Piotroski F-Score of ZJLD Group was 7. The lowest was 5. And the median was 6.


ZJLD Group Piotroski F-Score Historical Data

The historical data trend for ZJLD Group'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.

ZJLD Group Piotroski F-Score Chart

ZJLD Group Annual Data
Trend Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
N/A N/A 5.00 7.00

ZJLD Group Semi-Annual Data
Dec20 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
Piotroski F-Score Get a 7-Day Free Trial - 5.00 - 7.00 -

Competitive Comparison of ZJLD Group's Piotroski F-Score

For the Beverages - Wineries & Distilleries subindustry, ZJLD Group'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.


ZJLD Group's Piotroski F-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, ZJLD Group's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where ZJLD Group'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 €298.9 Mil.
Cash Flow from Operations was €46.4 Mil.
Revenue was €902.9 Mil.
Gross Profit was €524.0 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (1497.424 + 2257.465) / 2 = €1877.4445 Mil.
Total Assets at the begining of this year (Dec22) was €1,497.4 Mil.
Long-Term Debt & Capital Lease Obligation was €3.2 Mil.
Total Current Assets was €1,654.4 Mil.
Total Current Liabilities was €623.2 Mil.
Net Income was €139.4 Mil.

Revenue was €792.9 Mil.
Gross Profit was €438.6 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (1062.18 + 1497.424) / 2 = €1279.802 Mil.
Total Assets at the begining of last year (Dec21) was €1,062.2 Mil.
Long-Term Debt & Capital Lease Obligation was €5.0 Mil.
Total Current Assets was €981.1 Mil.
Total Current Liabilities was €619.1 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.

ZJLD Group's current Net Income (TTM) was 298.9. ==> 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.

ZJLD Group's current Cash Flow from Operations (TTM) was 46.4. ==> 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)
=298.862/1497.424
=0.19958409

ROA (Last Year)=Net Income/Total Assets (Dec21)
=139.449/1062.18
=0.13128566

ZJLD Group's return on assets of this year was 0.19958409. ZJLD Group's return on assets of last year was 0.13128566. ==> 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.

ZJLD Group's current Net Income (TTM) was 298.9. ZJLD Group's current Cash Flow from Operations (TTM) was 46.4. ==> 46.4 <= 298.9 ==> CFROA <= ROA ==> Score 0.

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
=3.247/1877.4445
=0.00172948

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=5.032/1279.802
=0.00393186

ZJLD Group's gearing of this year was 0.00172948. ZJLD Group's gearing of last year was 0.00393186. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=1654.431/623.236
=2.65458189

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=981.128/619.068
=1.5848469

ZJLD Group's current ratio of this year was 2.65458189. ZJLD Group's current ratio of last year was 1.5848469. ==> 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.

ZJLD Group's number of shares in issue this year was 3115.383. ZJLD Group's number of shares in issue last year was 3271.331. ==> 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
=523.979/902.907
=0.58032444

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=438.566/792.918
=0.55310385

ZJLD Group's gross margin of this year was 0.58032444. ZJLD Group's gross margin of last year was 0.55310385. ==> 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 (Dec22)
=902.907/1497.424
=0.60297351

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=792.918/1062.18
=0.74650059

ZJLD Group's asset turnover of this year was 0.60297351. ZJLD Group's asset turnover of last year was 0.74650059. ==> 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+1+0+1+1+1+1+0
=7

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

ZJLD Group has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

ZJLD Group  (FRA:LH6) 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.


ZJLD Group Piotroski F-Score Related Terms

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ZJLD Group Business Description

Traded in Other Exchanges
Address
No.15 Baiqiao Avenue, 8th Floor, Jiahe Guoxin Building, Dongcheng District, Beijing, CHN
Zhenjiu Lidu, or ZJLD, is one of the leading non-state-owned baijiu distillers in China. It operates a portfolio of baijiu brands with aroma ranging across Jiang, Rich, and Mixed flavors that include Zhen Jiu, Li Du, Xiang Jiao, and Kai Kou Xiao, which contributed 65%, 16%, 12% and 6% of total revenue in 2023, respectively. ZJLD listed on the Hong Kong Stock Exchange in April 2023, ranking it as the ninth largest among the listed baijiu distillers in terms of revenue in 2023. Chairman Wu Xiangdong through Jindong Investment, controls 69% of the firm's total equity stake as of December 2023.

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