* 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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The People's Insurance Co (Group) of China Piotroski F-Score Chart
The People's Insurance Co (Group) of China Annual Data
Competitive Comparison of The People's Insurance Co (Group) of China's Piotroski F-Score
For the Insurance - Property & Casualty subindustry, The People's Insurance Co (Group) of China'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.
The People's Insurance Co (Group) of China's Piotroski F-Score Distribution in the Insurance Industry
* The bar in red indicates where The People's Insurance Co (Group) of China'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 (Jun24) TTM:
Last Year (Jun23) TTM:
Net Income was 667.223 + 2482.878 + 9736.52 + 15542.058 = HK$28,429 Mil. Cash Flow from Operations was 4149.226 + 0 + 36015.239 + 39713.689 = HK$79,878 Mil. Revenue was 120559.265 + 136586.732 + 138496.919 + 165076.101 = HK$560,719 Mil.
Average Total Assets from the begining of this year (Jun23)
to the end of this year (Jun24) was
(1632663.251 + 1616274.863 + 1703187.636 + 1710444.662 + 1777037.407) / 5 = HK$1687921.5638 Mil. Total Assets at the begining of this year (Jun23) was HK$1,632,663 Mil. Long-Term Debt & Capital Lease Obligation was HK$42,719 Mil. Total Assets was HK$1,777,037 Mil. Total Liabilities was HK$1,404,818 Mil.
Net Income was 5979.164 + 1236.203 + 13350.159 + 8925.249 = HK$29,491 Mil.
Revenue was 120717.163 + 129624.894 + 141533.785 + 153381.94 = HK$545,258 Mil.
Average Total Assets from the begining of last year (Jun22)
to the end of last year (Jun23) was
(1755788.485 + 0 + 1582356.838 + 0 + 1632663.251) / 5 = HK$1656936.1913333 Mil. Total Assets at the begining of last year (Jun22) was HK$1,755,788 Mil. Long-Term Debt & Capital Lease Obligation was HK$44,423 Mil. Total Assets was HK$1,632,663 Mil. Total Liabilities was HK$1,271,473 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.
The People's Insurance Co (Group) of China's current Net Income (TTM) was 28,429.
==> 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.
The People's Insurance Co (Group) of China's current Cash Flow from Operations (TTM) was 79,878.
==> 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.
The People's Insurance Co (Group) of China's return on assets of this year was 0.01741246. The People's Insurance Co (Group) of China's return on assets of last year was 0.01679631.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
The People's Insurance Co (Group) of China's gearing of this year was 0.02530888. The People's Insurance Co (Group) of China's gearing of last year was 0.02681021.
==> 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.
The People's Insurance Co (Group) of China's current ratio of this year was 1.26495899. The People's Insurance Co (Group) of China's current ratio of last year was 1.28407244.
==> 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.
The People's Insurance Co (Group) of China's number of shares in issue this year was 43633. The People's Insurance Co (Group) of China's number of shares in issue last year was 45036.889.
==> 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.
* 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.
The People's Insurance Co (Group) of China's net margin of this year was 0.0507004. The People's Insurance Co (Group) of China's net margin of last year was 0.05408593.
==> Last year's net 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
The People's Insurance Co (Group) of China's asset turnover of this year was 0.34343825. The People's Insurance Co (Group) of China's asset turnover of last year was 0.31054867.
==> 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
+
1
+
1
+
1
+
1
+
0
+
1
+
0
+
1
=
7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
The People's Insurance Co (Group) of China has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The People's Insurance Co (Group) of China (HKSE:01339) 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.
The People's Insurance Co (Group) of China Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of The People's Insurance Co (Group) of China's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
The People's Insurance Co (Group) of China Business Description
With headquarters in Beijing, PICC Group is the largest state-owned insurance group, holding a 69% stake in PICC P&C, an 80% stake in PICC Life, and a 69% stake in PICC Health Insurance. Its P&C subsidiary is the largest nonlife insurer with about one third of market share in China. Life and health insurance subsidiaries hold about 2.9% and 1.3% share, respectively. The Ministry of Finance is the largest shareholder, with 61% share. China's Social Security Fund is the group's second-largest shareholder holding nearly 13% share.
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