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China Glass Holdings (HKSE:03300) Piotroski F-Score : 4 (As of Oct. 31, 2024)


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What is China Glass Holdings Piotroski F-Score?

The zones of discrimination were as such:

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

China Glass Holdings has an F-score of 4 indicating the company's financial situation is typical for a stable company.

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

HKSE:03300' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of China Glass Holdings was 8. The lowest was 3. And the median was 6.


China Glass Holdings Piotroski F-Score Historical Data

The historical data trend for China Glass 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.

China Glass Holdings Piotroski F-Score Chart

China Glass Holdings Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 6.00 8.00 4.00 4.00

China Glass Holdings Semi-Annual Data
Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
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 - 4.00 - 4.00 -

Competitive Comparison of China Glass Holdings's Piotroski F-Score

For the Building Materials subindustry, China Glass 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.


China Glass Holdings's Piotroski F-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, China Glass Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where China Glass 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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was HK$-448 Mil.
Cash Flow from Operations was HK$609 Mil.
Revenue was HK$5,806 Mil.
Gross Profit was HK$328 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (14835.893 + 16363.198) / 2 = HK$15599.5455 Mil.
Total Assets at the begining of this year (Dec22) was HK$14,836 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,483 Mil.
Total Current Assets was HK$3,651 Mil.
Total Current Liabilities was HK$10,318 Mil.
Net Income was HK$130 Mil.

Revenue was HK$4,832 Mil.
Gross Profit was HK$713 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (12710.625 + 14835.893) / 2 = HK$13773.259 Mil.
Total Assets at the begining of last year (Dec21) was HK$12,711 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,801 Mil.
Total Current Assets was HK$4,094 Mil.
Total Current Liabilities was HK$7,246 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.

China Glass Holdings's current Net Income (TTM) was -448. ==> Negative ==> Score 0.

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 Glass Holdings's current Cash Flow from Operations (TTM) was 609. ==> 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)
=-448.182/14835.893
=-0.0302093

ROA (Last Year)=Net Income/Total Assets (Dec21)
=129.727/12710.625
=0.01020619

China Glass Holdings's return on assets of this year was -0.0302093. China Glass Holdings's return on assets of last year was 0.01020619. ==> 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.

China Glass Holdings's current Net Income (TTM) was -448. China Glass Holdings's current Cash Flow from Operations (TTM) was 609. ==> 609 > -448 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=3482.857/15599.5455
=0.22326657

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=3801.327/13773.259
=0.27599329

China Glass Holdings's gearing of this year was 0.22326657. China Glass Holdings's gearing of last year was 0.27599329. ==> 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
=3650.544/10318.49
=0.35378665

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=4094.403/7246.381
=0.56502729

China Glass Holdings's current ratio of this year was 0.35378665. China Glass Holdings's current ratio of last year was 0.56502729. ==> 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.

China Glass Holdings's number of shares in issue this year was 1684.218. China Glass Holdings's number of shares in issue last year was 1683.06. ==> 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
=327.599/5805.695
=0.05642718

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=712.675/4832.243
=0.14748327

China Glass Holdings's gross margin of this year was 0.05642718. China Glass Holdings's gross margin of last year was 0.14748327. ==> 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 (Dec22)
=5805.695/14835.893
=0.39132764

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=4832.243/12710.625
=0.38017352

China Glass Holdings's asset turnover of this year was 0.39132764. China Glass Holdings's asset turnover of last year was 0.38017352. ==> 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
=0+1+0+1+1+0+0+0+1
=4

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

China Glass Holdings has an F-score of 4 indicating the company's financial situation is typical for a stable company.

China Glass Holdings  (HKSE:03300) 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.


China Glass Holdings Piotroski F-Score Related Terms

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China Glass Holdings Business Description

Traded in Other Exchanges
N/A
Address
168-200 Connaught Road, Unit 2608, 26th Floor, West Tower, Shun Tak Centre, Central, Hong Kong, HKG
China Glass Holdings Ltd is engaged in the production, marketing, and distribution of float glass, reflective glass, and other glass products. It has five business segments, Clear glass products; Painted glass products; Coated glass products; Energy saving and new energy glass products, such as ultra clear glass, low emission coated glass, and photovoltaic battery module products; and Designing and installation services of pharmaceutical glass production lines. Geographically, the company has operations in Mainland China, Hong Kong, the Middle East, Nigeria, Italy, Kazakhstan and other countries. It generates a majority of its revenues from the Clear glass products segment.
Executives
Tung Ching Sai 2202 Interest of your spouse
Sze Tan Hung 2101 Beneficial owner
Cao Zhijiang 2201 Interest of corporation controlled by you
Easylead Management Limited 2201 Interest of corporation controlled by you
Liu Jinduo 2201 Interest of corporation controlled by you
Zhang Zuxiang 2201 Interest of corporation controlled by you
First Fortune Enterprises Limited 2101 Beneficial owner
Right Lane Limited 2201 Interest of corporation controlled by you
Lian Xiang Hong Yi Guo Ji You Xian Gong Si 2201 Interest of corporation controlled by you
Lian Xiang Kong Gu Gu Fen You Xian Gong Si 2201 Interest of corporation controlled by you
Beng Bu Hua Jin Kong Gu Gu Fen You Xian Gong Si 2201 Interest of corporation controlled by you
Zhao John Huan 2201 Interest of corporation controlled by you
United Strength Upward Limited 2201 Interest of corporation controlled by you
New Glory Management Limited 2201 Interest of corporation controlled by you
New Glory Fund L.p. 2101 Beneficial owner

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