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Grand Ming Group Holdings (HKSE:01271) Piotroski F-Score : 2 (As of Dec. 16, 2024)


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What is Grand Ming Group Holdings Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 2 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

Grand Ming Group Holdings has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

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

HKSE:01271' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 7
Current: 2

During the past 12 years, the highest Piotroski F-Score of Grand Ming Group Holdings was 7. The lowest was 2. And the median was 4.


Grand Ming Group Holdings Piotroski F-Score Historical Data

The historical data trend for Grand Ming Group Holdings'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.

Grand Ming Group Holdings Piotroski F-Score Chart

Grand Ming Group Holdings Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 7.00 3.00 6.00 2.00

Grand Ming Group Holdings Semi-Annual Data
Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 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 - 6.00 - 2.00 -

Competitive Comparison of Grand Ming Group Holdings's Piotroski F-Score

For the Engineering & Construction subindustry, Grand Ming Group Holdings'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.


Grand Ming Group Holdings's Piotroski F-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Grand Ming Group Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Grand Ming Group Holdings'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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was HK$298 Mil.
Cash Flow from Operations was HK$238 Mil.
Revenue was HK$533 Mil.
Gross Profit was HK$169 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was (8150.242 + 9386.245) / 2 = HK$8768.2435 Mil.
Total Assets at the begining of this year (Mar23) was HK$8,150 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4,221 Mil.
Total Current Assets was HK$2,506 Mil.
Total Current Liabilities was HK$2,124 Mil.
Net Income was HK$1,275 Mil.

Revenue was HK$5,005 Mil.
Gross Profit was HK$1,988 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was (10673.73 + 8150.242) / 2 = HK$9411.986 Mil.
Total Assets at the begining of last year (Mar22) was HK$10,674 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,859 Mil.
Total Current Assets was HK$2,622 Mil.
Total Current Liabilities was HK$1,236 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.

Grand Ming Group Holdings's current Net Income (TTM) was 298. ==> 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.

Grand Ming Group Holdings's current Cash Flow from Operations (TTM) was 238. ==> 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 (Mar23)
=298.45/8150.242
=0.03661854

ROA (Last Year)=Net Income/Total Assets (Mar22)
=1275.46/10673.73
=0.11949525

Grand Ming Group Holdings's return on assets of this year was 0.03661854. Grand Ming Group Holdings's return on assets of last year was 0.11949525. ==> 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.

Grand Ming Group Holdings's current Net Income (TTM) was 298. Grand Ming Group Holdings's current Cash Flow from Operations (TTM) was 238. ==> 238 <= 298 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=4220.666/8768.2435
=0.48135821

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=3859.106/9411.986
=0.41002037

Grand Ming Group Holdings's gearing of this year was 0.48135821. Grand Ming Group Holdings's gearing of last year was 0.41002037. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=2505.742/2123.872
=1.17979897

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=2622.06/1235.679
=2.12195886

Grand Ming Group Holdings's current ratio of this year was 1.17979897. Grand Ming Group Holdings's current ratio of last year was 2.12195886. ==> 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.

Grand Ming Group Holdings's number of shares in issue this year was 1420.99. Grand Ming Group Holdings's number of shares in issue last year was 1420.543. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=168.565/532.691
=0.31644049

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1987.772/5004.56
=0.39719216

Grand Ming Group Holdings's gross margin of this year was 0.31644049. Grand Ming Group Holdings's gross margin of last year was 0.39719216. ==> 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 (Mar23)
=532.691/8150.242
=0.06535892

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=5004.56/10673.73
=0.46886702

Grand Ming Group Holdings's asset turnover of this year was 0.06535892. Grand Ming Group Holdings's asset turnover of last year was 0.46886702. ==> 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+0+0+0+0+0+0
=2

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

Grand Ming Group Holdings has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

Grand Ming Group Holdings  (HKSE:01271) 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.


Grand Ming Group Holdings Piotroski F-Score Related Terms

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Grand Ming Group Holdings Business Description

Traded in Other Exchanges
N/A
Address
No. 39 Chatham Road South, 22nd Floor, Railway Plaza, Tsim Sha Tsui, Kowloon, Hong Kong, HKG
Grand Ming Group Holdings Ltd is an investment holding company. Through its subsidiaries, the company is principally engaged in building construction, property leasing, and property development. Its reportable segments are; Construction, which involves constructing residential buildings, commercial buildings, and data centres; Property leasing which engages in the leasing of data centres and commercial shops; and the Property development segment which is involved in the development and sale of properties. Maximum revenue is generated from the Construction segment. Geographically, all of the company's revenue is generated from its customers in Hong Kong.
Executives
Xu Chujia 2201 Interest of corporation controlled by you
Banco Well Link, S.a. 2106 Person having a security interest in shares
Well Link Holdings Limited 2201 Interest of corporation controlled by you
Lau Chi Wah 2101 Beneficial owner
Chan Hm Company Limited 2101 Beneficial owner
Chan Hung Ming 2201 Interest of corporation controlled by you
Lau Cw Company Limited 2101 Beneficial owner
Cheung Shuk Fong 2202 Interest of your spouse

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