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Great Wall Motor Co (HKSE:02333) Piotroski F-Score : 9 (As of Apr. 09, 2025)


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What is Great Wall Motor Co Piotroski F-Score?

Good Sign:

Piotroski F-Score is 9, 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

Great Wall Motor Co has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Great Wall Motor Co's Piotroski F-Score or its related term are showing as below:

HKSE:02333' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 9
Current: 9

During the past 13 years, the highest Piotroski F-Score of Great Wall Motor Co was 9. The lowest was 1. And the median was 6.


Great Wall Motor Co Piotroski F-Score Historical Data

The historical data trend for Great Wall Motor Co'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.

Great Wall Motor Co Piotroski F-Score Chart

Great Wall Motor Co Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 4.00 6.00 6.00 9.00

Great Wall Motor Co Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
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 9.00 8.00 8.00 9.00

Competitive Comparison of Great Wall Motor Co's Piotroski F-Score

For the Auto Manufacturers subindustry, Great Wall Motor 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.


Great Wall Motor Co's Piotroski F-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Great Wall Motor Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Great Wall Motor Co's Piotroski F-Score falls into.


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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 (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 3506.311 + 4145.551 + 3688.026 + 2417.305 = HK$13,757 Mil.
Cash Flow from Operations was -2843.265 + 12943.72 + 5276.662 + 14503.462 = HK$29,881 Mil.
Revenue was 46558.628 + 50982.13 + 57295.429 + 61241.365 = HK$216,078 Mil.
Gross Profit was 9328.476 + 10767.589 + 12052.499 + 9872.929 = HK$42,021 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(220145.192 + 212602.943 + 213826.691 + 225022.242 + 231969.078) / 5 = HK$220713.2292 Mil.
Total Assets at the begining of this year (Dec23) was HK$220,145 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12,308 Mil.
Total Current Assets was HK$142,465 Mil.
Total Current Liabilities was HK$130,500 Mil.
Net Income was 198.45 + 1298.378 + 3897.752 + 2216.763 = HK$7,611 Mil.

Revenue was 33074.733 + 43674.582 + 54209.291 + 56573.486 = HK$187,532 Mil.
Gross Profit was 5315.007 + 7636.488 + 11661.147 + 9442.657 = HK$34,055 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(206991.225 + 202852.894 + 201499.712 + 205266.348 + 220145.192) / 5 = HK$207351.0742 Mil.
Total Assets at the begining of last year (Dec22) was HK$206,991 Mil.
Long-Term Debt & Capital Lease Obligation was HK$19,043 Mil.
Total Current Assets was HK$129,705 Mil.
Total Current Liabilities was HK$121,229 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.

Great Wall Motor Co's current Net Income (TTM) was 13,757. ==> 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.

Great Wall Motor Co's current Cash Flow from Operations (TTM) was 29,881. ==> 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 (Dec23)
=13757.193/220145.192
=0.06249145

ROA (Last Year)=Net Income/Total Assets (Dec22)
=7611.343/206991.225
=0.03677133

Great Wall Motor Co's return on assets of this year was 0.06249145. Great Wall Motor Co's return on assets of last year was 0.03677133. ==> 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.

Great Wall Motor Co's current Net Income (TTM) was 13,757. Great Wall Motor Co's current Cash Flow from Operations (TTM) was 29,881. ==> 29,881 > 13,757 ==> 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.

Gearing (This Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=12307.79/220713.2292
=0.05576372

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=19043.471/207351.0742
=0.09184168

Great Wall Motor Co's gearing of this year was 0.05576372. Great Wall Motor Co's gearing of last year was 0.09184168. ==> 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: Dec24)=Total Current Assets/Total Current Liabilities
=142464.912/130500.273
=1.09168287

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=129704.505/121229.134
=1.069912

Great Wall Motor Co's current ratio of this year was 1.09168287. Great Wall Motor Co's current ratio of last year was 1.069912. ==> 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.

Great Wall Motor Co's number of shares in issue this year was 8518.258. Great Wall Motor Co's number of shares in issue last year was 8853.926. ==> 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
=42021.493/216077.552
=0.19447413

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=34055.299/187532.092
=0.18159718

Great Wall Motor Co's gross margin of this year was 0.19447413. Great Wall Motor Co's gross margin of last year was 0.18159718. ==> 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 (Dec23)
=216077.552/220145.192
=0.98152292

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=187532.092/206991.225
=0.90599054

Great Wall Motor Co's asset turnover of this year was 0.98152292. Great Wall Motor Co's asset turnover of last year was 0.90599054. ==> 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+1+1+1+1
=9

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

Great Wall Motor Co has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

Great Wall Motor Co  (HKSE:02333) 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.


Great Wall Motor Co Piotroski F-Score Related Terms

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Great Wall Motor Co Business Description

Address
No. 2266 Chaoyang Road South, Hebei Province, Lianchi District, Baoding, CHN, 071000
Automobile manufacturer Great Wall Motor is China's market leader in the SUV and pickup truck segments. In 2023, the company sold over 715,000 Haval-branded SUVs and 240,000 WEY- and Tank-branded SUVs, making it the largest SUV manufacturer by sales volume for the 14th year. It also sold more than 200,000 pickup trucks, also ranked number one in sales volume for 25 consecutive years. China's domestic market accounts for about 70% of Great Wall's revenue in 2023, with the balance coming from Russia, the Middle East, South Africa, Australia, and Chile, among others.
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