Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
PT Cowell Development Tbk (ISX:COWL) 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.
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.
PT Cowell Development Tbk Piotroski F-Score Related Terms
PT Cowell Development Tbk Piotroski F-Score Historical Data
* 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.
* 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 (Dec19) TTM:
Last Year (Sep18) TTM:
Net Income was -19294.48 + 0 + -16200.547 + -933915.182 = Rp-969,410 Mil. Cash Flow from Operations was -120576.277 + 0 + 5931.076 + -2667.772 = Rp-117,313 Mil. Revenue was 76431.839 + 0 + 75797.308 + 224146.518 = Rp376,376 Mil. Gross Profit was 51162.201 + 0 + 56258.142 + -215244.176 = Rp-107,824 Mil.
Average Total Assets from the begining of this year (Sep18)
to the end of this year (Dec19) was
(3572966.237 + 3733012.257 + 3671918.247 + 3660964.183 + 2550516.101) / 5 = Rp3437875.405 Mil. Total Assets at the begining of this year (Sep18) was Rp3,572,966 Mil. Long-Term Debt & Capital Lease Obligation was Rp639 Mil. Total Current Assets was Rp304,368 Mil. Total Current Liabilities was Rp2,194,111 Mil.
Net Income was -45177.162 + -35954.747 + -74128.463 + -95193.367 = Rp-250,454 Mil.
Revenue was 118159.987 + 125889.073 + 141768.332 + 74079.668 = Rp459,897 Mil. Gross Profit was 75665.803 + 76392.904 + 94824.477 + 52171.251 = Rp299,054 Mil.
Average Total Assets from the begining of last year (Sep17)
to the end of last year (Sep18) was
(3550441.41 + 3578766.165 + 3507893.642 + 3490948.672 + 3572966.237) / 5 = Rp3540203.2252 Mil. Total Assets at the begining of last year (Sep17) was Rp3,550,441 Mil. Long-Term Debt & Capital Lease Obligation was Rp1,616,836 Mil. Total Current Assets was Rp779,137 Mil. Total Current Liabilities was Rp913,816 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.
PT Cowell Development Tbk's current Net Income (TTM) was -969,410.
==> 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.
PT Cowell Development Tbk's current Cash Flow from Operations (TTM) was -117,313.
==> 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.
PT Cowell Development Tbk's return on assets of this year was -0.27131804. PT Cowell Development Tbk's return on assets of last year was -0.07054158.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
PT Cowell Development Tbk's gearing of this year was 0.00018575. PT Cowell Development Tbk's gearing of last year was 0.45670697.
==> 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
PT Cowell Development Tbk's current ratio of this year was 0.1387205. PT Cowell Development Tbk's current ratio of last year was 0.85261895.
==> 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.
PT Cowell Development Tbk's number of shares in issue this year was 4871.214. PT Cowell Development Tbk's number of shares in issue last year was 4871.214.
==> 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.
PT Cowell Development Tbk's gross margin of this year was -0.28647929. PT Cowell Development Tbk's gross margin of last year was 0.65026385.
==> 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
PT Cowell Development Tbk's asset turnover of this year was 0.10533983. PT Cowell Development Tbk's asset turnover of last year was 0.12953236.
==> 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
+
0
+
1
+
0
+
0
=
3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Cowell Development Tbk has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
PT Cowell Development Tbk is a real estate company. It is engaged in construction and development of residential and commercial real estate. The company portfolio consists of residential properties, namely Melati Mas Residence, Serpong Park, Serpong Terrace, Laverde, and Borneo Paradiso, and multi-story buildings such as Westmark, The Oasis, and Lexington Residence. The company's segments include Real estate; Apartment and Rental space. It derives its revenues from Rental space segment.
4GF Score
Get the complete analysis for ISX:COWL
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ISX:COWL has been successfully added to your 
