PT Kertas Basuki Rachmat Indonesia Tbk (ISX:KBRI) 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 Kertas Basuki Rachmat Indonesia Tbk Piotroski F-Score Related Terms
PT Kertas Basuki Rachmat Indonesia 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.
PT Kertas Basuki Rachmat Indonesia Tbk Piotroski F-Score Chart
PT Kertas Basuki Rachmat Indonesia Tbk Annual 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.
This Year (Sep19) TTM:
Last Year (Jun18) TTM:
Net Income was -44236.655 + -545.157 + 0 + -17368.849 = Rp-62,151 Mil. Cash Flow from Operations was -1226.483 + -1105.637 + 0 + 4.735 = Rp-2,327 Mil. Revenue was 381.174 + 1043.938 + 0 + 0 = Rp1,425 Mil. Gross Profit was -10638.106 + -12362.609 + 0 + -9642.687 = Rp-32,643 Mil.
Average Total Assets from the begining of this year (Jun18)
to the end of this year (Sep19) was
(1101615.031 + 1078300.398 + 1058927.512 + 1023728.917 + 1012660.89) / 5 = Rp1055046.5496 Mil. Total Assets at the begining of this year (Jun18) was Rp1,101,615 Mil. Long-Term Debt & Capital Lease Obligation was Rp125,996 Mil. Total Current Assets was Rp19,179 Mil. Total Current Liabilities was Rp673,153 Mil.
Net Income was 0 + -80704.541 + -37664.835 + -42321.15 = Rp-160,691 Mil.
Revenue was 0 + 48388.738 + 642.859 + 803.49 = Rp49,835 Mil. Gross Profit was 0 + -23993.008 + -11338.101 + -10967.122 = Rp-46,298 Mil.
Average Total Assets from the begining of last year (Jun17)
to the end of last year (Jun18) was
(1205800.739 + 1210224.177 + 1171234.611 + 1127589.888 + 1101615.031) / 5 = Rp1163292.8892 Mil. Total Assets at the begining of last year (Jun17) was Rp1,205,801 Mil. Long-Term Debt & Capital Lease Obligation was Rp523,028 Mil. Total Current Assets was Rp57,537 Mil. Total Current Liabilities was Rp291,121 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 Kertas Basuki Rachmat Indonesia Tbk's current Net Income (TTM) was -62,151.
==> 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 Kertas Basuki Rachmat Indonesia Tbk's current Cash Flow from Operations (TTM) was -2,327.
==> 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 Kertas Basuki Rachmat Indonesia Tbk's return on assets of this year was -0.05641777. PT Kertas Basuki Rachmat Indonesia Tbk's return on assets of last year was -0.13326458.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
PT Kertas Basuki Rachmat Indonesia Tbk's gearing of this year was 0.11942179. PT Kertas Basuki Rachmat Indonesia Tbk's gearing of last year was 0.44961007.
==> 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 Kertas Basuki Rachmat Indonesia Tbk's current ratio of this year was 0.02849194. PT Kertas Basuki Rachmat Indonesia Tbk's current ratio of last year was 0.19764083.
==> 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 Kertas Basuki Rachmat Indonesia Tbk's number of shares in issue this year was 8687.996. PT Kertas Basuki Rachmat Indonesia Tbk's number of shares in issue last year was 8690.844.
==> 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 Kertas Basuki Rachmat Indonesia Tbk's gross margin of this year was -22.90585021. PT Kertas Basuki Rachmat Indonesia Tbk's gross margin of last year was -0.9290288.
==> 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 Kertas Basuki Rachmat Indonesia Tbk's asset turnover of this year was 0.00129366. PT Kertas Basuki Rachmat Indonesia Tbk's asset turnover of last year was 0.04132945.
==> 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
+
1
+
1
+
1
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0
+
1
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0
+
0
=
4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Kertas Basuki Rachmat Indonesia Tbk has an F-score of 4 indicating the company's financial situation is typical for a stable company.
PT Kertas Basuki Rachmat Indonesia Tbk Business Description
AddressJalan Letjen. TB. Simatupang no.1, Gedung Antam Office Park, Tower B Lantai 11, RT. 010/04 Tanjung Barat - Jagakarsa, Jakarta Selatan, IDN, 12530
PT Kertas Basuki Rachmat Indonesia Tbk manufactures a wide range of paper products for office and consumer use. It has produced various papers for offices and general needs such as intermediate liner, wrapping, back kraft and Uncoated Wood Free Paper. The firm also offers culture papers, writing papers, printing papers, and wrapping papers. Its products are in the form of sheets, plano size, and rolls. The firm mainly operates in Indonesia.
4GF Score
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