* 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.
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China New Town Development Co Piotroski F-Score Chart
Competitive Comparison of China New Town Development Co's Piotroski F-Score
For the Real Estate - Development subindustry, China New Town Development Co'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.
China New Town Development Co's Piotroski F-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, China New Town Development Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where China New Town Development Co'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.
China New Town Development Co's current Net Income (TTM) was 154.1.
==> 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.
China New Town Development Co's current Cash Flow from Operations (TTM) was -21.9.
==> 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.
China New Town Development Co's return on assets of this year was 0.02095608. China New Town Development Co's return on assets of last year was 0.00036896.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
China New Town Development Co's gearing of this year was 0.2766055. China New Town Development Co's gearing of last year was 0.08742116.
==> 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
China New Town Development Co's current ratio of this year was 4.61830167. China New Town Development Co's current ratio of last year was 2.90291792.
==> 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.
China New Town Development Co's number of shares in issue this year was 9726.246. China New Town Development Co's number of shares in issue last year was 9726.246.
==> 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.
China New Town Development Co's gross margin of this year was 0.76369624. China New Town Development Co's gross margin of last year was 0.73276882.
==> 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
China New Town Development Co's asset turnover of this year was 0.02420202. China New Town Development Co's asset turnover of last year was 0.02211143.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
0
+
1
+
0
+
0
+
1
+
1
+
1
+
1
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
China New Town Development Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.
China New Town Development Co (HKSE:01278) 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.
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.
China New Town Development Co Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of China New Town Development Co's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
China New Town Development Co (HKSE:01278) Business Description
China New Town Development Co Ltd is engaged in the real estate business. The company is a new town developer in Mainland China and has been engaged in the investment and operation of new types of urbanization and primary land development. The operating segments of the company are the Land development segment which provides land infrastructure development, and construction of ancillary public facilities; the Urbanization development segment which is responsible for investments in new town projects; Property leasing segment which provides property leasing services of investment property; and Others segment which includes the provision of other services. It derives major revenue from the Urbanization development segment.
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