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Qi-House Holdings (HKSE:08395) Piotroski F-Score : 4 (As of May. 28, 2024)


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What is Qi-House 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

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

HKSE:08395' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 4   Max: 7
Current: 4

During the past 9 years, the highest Piotroski F-Score of Qi-House Holdings was 7. The lowest was 3. And the median was 4.


Qi-House Holdings Piotroski F-Score Historical Data

The historical data trend for Qi-House 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.

Qi-House Holdings Piotroski F-Score Chart

Qi-House Holdings Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only 3.00 5.00 7.00 5.00 4.00

Qi-House Holdings Quarterly Data
Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23
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 - -

Competitive Comparison of Qi-House Holdings's Piotroski F-Score

For the Specialty Retail subindustry, Qi-House 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.


Qi-House Holdings's Piotroski F-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Qi-House Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Qi-House 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 (Mar23) TTM:Last Year (Mar22) TTM:
Net Income was HK$-11.05 Mil.
Cash Flow from Operations was HK$-1.50 Mil.
Revenue was HK$78.19 Mil.
Gross Profit was HK$51.58 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was (114.966 + 99.791) / 2 = HK$107.3785 Mil.
Total Assets at the begining of this year (Mar22) was HK$114.97 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4.68 Mil.
Total Current Assets was HK$74.55 Mil.
Total Current Liabilities was HK$43.43 Mil.
Net Income was HK$5.23 Mil.

Revenue was HK$95.91 Mil.
Gross Profit was HK$63.52 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was (138.27 + 114.966) / 2 = HK$126.618 Mil.
Total Assets at the begining of last year (Mar21) was HK$138.27 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5.54 Mil.
Total Current Assets was HK$74.72 Mil.
Total Current Liabilities was HK$46.75 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.

Qi-House Holdings's current Net Income (TTM) was -11.05. ==> 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.

Qi-House Holdings's current Cash Flow from Operations (TTM) was -1.50. ==> Negative ==> Score 0.

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 (Mar22)
=-11.05/114.966
=-0.09611537

ROA (Last Year)=Net Income/Total Assets (Mar21)
=5.23/138.27
=0.03782455

Qi-House Holdings's return on assets of this year was -0.09611537. Qi-House Holdings's return on assets of last year was 0.03782455. ==> 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.

Qi-House Holdings's current Net Income (TTM) was -11.05. Qi-House Holdings's current Cash Flow from Operations (TTM) was -1.50. ==> -1.50 > -11.05 ==> 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: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=4.684/107.3785
=0.0436214

Gearing (Last Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=5.54/126.618
=0.04375365

Qi-House Holdings's gearing of this year was 0.0436214. Qi-House Holdings's gearing of last year was 0.04375365. ==> 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: Mar23)=Total Current Assets/Total Current Liabilities
=74.554/43.428
=1.71672654

Current Ratio (Last Year: Mar22)=Total Current Assets/Total Current Liabilities
=74.715/46.746
=1.59831857

Qi-House Holdings's current ratio of this year was 1.71672654. Qi-House Holdings's current ratio of last year was 1.59831857. ==> 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.

Qi-House Holdings's number of shares in issue this year was 1584. Qi-House Holdings's number of shares in issue last year was 1584. ==> 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
=51.584/78.194
=0.65969256

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=63.522/95.913
=0.6622877

Qi-House Holdings's gross margin of this year was 0.65969256. Qi-House Holdings's gross margin of last year was 0.6622877. ==> 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 (Mar22)
=78.194/114.966
=0.68014891

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar21)
=95.913/138.27
=0.69366457

Qi-House Holdings's asset turnover of this year was 0.68014891. Qi-House Holdings's asset turnover of last year was 0.69366457. ==> 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+0+0+1+1+1+1+0+0
=4

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

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

Qi-House Holdings  (HKSE:08395) 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.


Qi-House Holdings Piotroski F-Score Related Terms

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Qi-House Holdings (HKSE:08395) Business Description

Traded in Other Exchanges
N/A
Address
2 Lee Wing Street, 28th Floor, Horizon Plaza, Ap Lei Chau, Hong Kong, HKG
Qi-House Holdings Ltd Formerly Tree Holdings Ltd is engaged in the sale and distribution of furniture, home accessories, consignment sales, distribution and licensing of intellectual property rights, and provision of styling and consulting services. The company derives its revenue from the sale of furniture and home accessories, distribution and license fee income, food and beverage income, commission income, and consulting income. It operates in two segments, Furniture sale and consultancy services and Furniture agency service. Most of the firm's revenue gets derived from the Furniture sale and consultancy services segment. The group has a business presence in Hong Kong and the PRC, of which a majority of revenue is generated from Hong Kong.
Executives
Xu Qiang 2101 Beneficial owner
Wuxing Hehe Holding Group Co., Limited 2101 Beneficial owner
Yang Songmei 2201 Interest of corporation controlled by you
Tiptop Honour Limited 2201 Interest of corporation controlled by you
Shum Yuet Wah Anna 2202 Interest of your spouse
Tong Tang Joseph 2201 Interest of corporation controlled by you
Zhang Jianing 2401 A concert party to an agreement to buy shares

Qi-House Holdings (HKSE:08395) Headlines

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