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Tsun Yip Holdings (HKSE:08356) Piotroski F-Score : 6 (As of Dec. 15, 2024)


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What is Tsun Yip 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

Tsun Yip Holdings 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 Tsun Yip Holdings's Piotroski F-Score or its related term are showing as below:

HKSE:08356' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of Tsun Yip Holdings was 7. The lowest was 3. And the median was 5.


Tsun Yip Holdings Piotroski F-Score Historical Data

The historical data trend for Tsun Yip 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.

Tsun Yip Holdings Piotroski F-Score Chart

Tsun Yip Holdings Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 4.00 6.00 6.00 6.00

Tsun Yip Holdings Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Mar24 Sep24
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 - - 6.00 -

Competitive Comparison of Tsun Yip Holdings's Piotroski F-Score

For the Engineering & Construction subindustry, Tsun Yip 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.


Tsun Yip Holdings's Piotroski F-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Tsun Yip Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Tsun Yip 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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was HK$-9.3 Mil.
Cash Flow from Operations was HK$4.6 Mil.
Revenue was HK$469.0 Mil.
Gross Profit was HK$18.1 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was (245.543 + 218.96) / 2 = HK$232.2515 Mil.
Total Assets at the begining of this year (Mar23) was HK$245.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.1 Mil.
Total Current Assets was HK$202.4 Mil.
Total Current Liabilities was HK$620.8 Mil.
Net Income was HK$-9.4 Mil.

Revenue was HK$496.5 Mil.
Gross Profit was HK$3.4 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was (213.481 + 245.543) / 2 = HK$229.512 Mil.
Total Assets at the begining of last year (Mar22) was HK$213.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$43.3 Mil.
Total Current Assets was HK$217.4 Mil.
Total Current Liabilities was HK$588.0 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.

Tsun Yip Holdings's current Net Income (TTM) was -9.3. ==> 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.

Tsun Yip Holdings's current Cash Flow from Operations (TTM) was 4.6. ==> 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 (Mar23)
=-9.324/245.543
=-0.03797298

ROA (Last Year)=Net Income/Total Assets (Mar22)
=-9.44/213.481
=-0.04421939

Tsun Yip Holdings's return on assets of this year was -0.03797298. Tsun Yip Holdings's return on assets of last year was -0.04421939. ==> 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.

Tsun Yip Holdings's current Net Income (TTM) was -9.3. Tsun Yip Holdings's current Cash Flow from Operations (TTM) was 4.6. ==> 4.6 > -9.3 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=0.071/232.2515
=0.0003057

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=43.336/229.512
=0.18881801

Tsun Yip Holdings's gearing of this year was 0.0003057. Tsun Yip Holdings's gearing of last year was 0.18881801. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=202.404/620.83
=0.32602162

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=217.443/587.953
=0.36983058

Tsun Yip Holdings's current ratio of this year was 0.32602162. Tsun Yip Holdings's current ratio of last year was 0.36983058. ==> 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.

Tsun Yip Holdings's number of shares in issue this year was 0.406. Tsun Yip Holdings's number of shares in issue last year was 40.553. ==> 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
=18.063/468.963
=0.0385169

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=3.42/496.457
=0.00688881

Tsun Yip Holdings's gross margin of this year was 0.0385169. Tsun Yip Holdings's gross margin of last year was 0.00688881. ==> 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 (Mar23)
=468.963/245.543
=1.90990173

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=496.457/213.481
=2.32553248

Tsun Yip Holdings's asset turnover of this year was 1.90990173. Tsun Yip Holdings's asset turnover of last year was 2.32553248. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+1+1+1+0+1+1+0
=6

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

Tsun Yip Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Tsun Yip Holdings  (HKSE:08356) 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.


Tsun Yip Holdings Piotroski F-Score Related Terms

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Tsun Yip Holdings Business Description

Traded in Other Exchanges
N/A
Address
28 On Lok Mun Street, Fuk Shing Commercial Building, Flat 314, 3rd Floor, Fanling, New Territories, HKG
Tsun Yip Holdings Ltd provides civil engineering services for the public sector in Hong Kong and the television broadcasting business in the Asia-Pacific region. Its operating segments are the Provision of civil engineering services and the Television broadcasting business. The Provision of civil engineering services segment is engaged in the provision of waterworks engineering services, road works, drainage services, and site formation works for the public sector in Hong Kong, and the Media and advertising business television broadcasting business segment is engaged in broadcasting television programs on television channels operated by television broadcasting companies in the Asia-Pacific region.
Executives
Kan Kwok Cheung 2201 Interest of corporation controlled by you
Lam Shun Kiu, Rosita 2202 Interest of your spouse
Shunleetat (bvi) Limited 2101 Beneficial owner

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