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China Beststudy Education Group (HKSE:03978) Piotroski F-Score : 6 (As of Apr. 17, 2025)


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What is China Beststudy Education Group 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 Beststudy Education Group has an F-score of 6 indicating the company's financial situation is typical for a stable company.

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

HKSE:03978' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 8
Current: 6

During the past 10 years, the highest Piotroski F-Score of China Beststudy Education Group was 8. The lowest was 4. And the median was 5.


China Beststudy Education Group Piotroski F-Score Historical Data

The historical data trend for China Beststudy Education Group'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 Beststudy Education Group Piotroski F-Score Chart

China Beststudy Education Group 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 5.00 4.00 4.00 6.00 -

China Beststudy Education Group Semi-Annual Data
Dec15 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 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 4.00 - 6.00 - -

Competitive Comparison of China Beststudy Education Group's Piotroski F-Score

For the Education & Training Services subindustry, China Beststudy Education Group'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 Beststudy Education Group's Piotroski F-Score Distribution in the Education Industry

For the Education industry and Consumer Defensive sector, China Beststudy Education Group's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where China Beststudy Education Group'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was HK$100 Mil.
Cash Flow from Operations was HK$318 Mil.
Revenue was HK$535 Mil.
Gross Profit was HK$251 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (971.187 + 1144.504) / 2 = HK$1057.8455 Mil.
Total Assets at the begining of this year (Dec22) was HK$971 Mil.
Long-Term Debt & Capital Lease Obligation was HK$152 Mil.
Total Current Assets was HK$560 Mil.
Total Current Liabilities was HK$449 Mil.
Net Income was HK$63 Mil.

Revenue was HK$548 Mil.
Gross Profit was HK$193 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (1614.646 + 971.187) / 2 = HK$1292.9165 Mil.
Total Assets at the begining of last year (Dec21) was HK$1,615 Mil.
Long-Term Debt & Capital Lease Obligation was HK$162 Mil.
Total Current Assets was HK$463 Mil.
Total Current Liabilities was HK$356 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 Beststudy Education Group's current Net Income (TTM) was 100. ==> 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 Beststudy Education Group's current Cash Flow from Operations (TTM) was 318. ==> 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)
=99.803/971.187
=0.10276394

ROA (Last Year)=Net Income/Total Assets (Dec21)
=62.857/1614.646
=0.03892928

China Beststudy Education Group's return on assets of this year was 0.10276394. China Beststudy Education Group's return on assets of last year was 0.03892928. ==> 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.

China Beststudy Education Group's current Net Income (TTM) was 100. China Beststudy Education Group's current Cash Flow from Operations (TTM) was 318. ==> 318 > 100 ==> 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
=152.028/1057.8455
=0.14371475

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=161.841/1292.9165
=0.12517514

China Beststudy Education Group's gearing of this year was 0.14371475. China Beststudy Education Group's gearing of last year was 0.12517514. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=560.137/449.486
=1.24617229

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=462.949/356.082
=1.30011907

China Beststudy Education Group's current ratio of this year was 1.24617229. China Beststudy Education Group's current ratio of last year was 1.30011907. ==> 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 Beststudy Education Group's number of shares in issue this year was 753.033. China Beststudy Education Group's number of shares in issue last year was 752.705. ==> 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
=251.414/535.201
=0.46975622

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=193.26/548.457
=0.35237038

China Beststudy Education Group's gross margin of this year was 0.46975622. China Beststudy Education Group's gross margin of last year was 0.35237038. ==> 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 (Dec22)
=535.201/971.187
=0.55107925

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=548.457/1614.646
=0.33967631

China Beststudy Education Group's asset turnover of this year was 0.55107925. China Beststudy Education Group's asset turnover of last year was 0.33967631. ==> 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+0+0+0+1+1
=6

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

China Beststudy Education Group has an F-score of 6 indicating the company's financial situation is typical for a stable company.

China Beststudy Education Group  (HKSE:03978) 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 Beststudy Education Group Piotroski F-Score Related Terms

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China Beststudy Education Group Business Description

Traded in Other Exchanges
N/A
Address
65 Xianlie Middle Road, 11th Floor, Yuexiu District, Guangdong, Guangzhou, CHN
China Beststudy Education Group is an investment holding company. Along with its subsidiaries, it is engaged in providing education-related courses which include full-time revision business, talent education, self-study programs, vocational education, and after-school tutoring programs for high school students. It generates the majority of its revenue from the Full-time test preparation programs segment. Geographically the company operates in mainland China.
Executives
Huang Yanyun 2202 Interest of your spouse
Tang Junjing 2101 Beneficial owner
Tang Junying 2101 Beneficial owner
Yu Hua 2202 Interest of your spouse
Zhang Xiaoying 2202 Interest of your spouse
Zhou Gui 2101 Beneficial owner
Elite Education Investment Co. Ltd. 2103 Interests held jointly with another person
Jameson Ying Industrial Co. Ltd. 2103 Interests held jointly with another person
Texcellence Holding Company Limited 2103 Interests held jointly with another person
Jtc Trustees (bvi) Limited 2301 Trustee
Hung Sing Global Fund Limited Spc – Hung Sing Global Multi-strategy No.3 Fund Sp 2102 Investment manager
Fu Shaoping 2301 Trustee
Soarise Bulex Limited 2306 Nominee for another person

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