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 Sinar Terang Mandiri Tbk Piotroski F-Score Related Terms
PT Sinar Terang Mandiri 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 the Other Industrial Metals & Mining subindustry, PT Sinar Terang Mandiri Tbk'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.
PT Sinar Terang Mandiri Tbk Piotroski F-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, PT Sinar Terang Mandiri Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Sinar Terang Mandiri Tbk's Piotroski F-Score falls into.
* 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 (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 55692 + 27563 + 56486 + 61948 = Rp201,689 Mil. Cash Flow from Operations was 96494 + 29118 + 53647 + 366938 = Rp546,197 Mil. Revenue was 577288 + 633584 + 578705 + 676199 = Rp2,465,776 Mil. Gross Profit was 105664 + 85222 + 100143 + 118300 = Rp409,329 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(1941804 + 2009708 + 2143370 + 2077292 + 1985585) / 5 = Rp2031551.8 Mil. Total Assets at the begining of this year (Mar25) was Rp1,941,804 Mil. Long-Term Debt & Capital Lease Obligation was Rp332,246 Mil. Total Current Assets was Rp1,068,691 Mil. Total Current Liabilities was Rp647,677 Mil.
Net Income was 88257 + 53903 + 106284 + 62288 = Rp310,732 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 Sinar Terang Mandiri Tbk's current Net Income (TTM) was 201,689.
==> 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.
PT Sinar Terang Mandiri Tbk's current Cash Flow from Operations (TTM) was 546,197.
==> 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.
PT Sinar Terang Mandiri Tbk's return on assets of this year was 0.10386682. PT Sinar Terang Mandiri Tbk's return on assets of last year was .
==> 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 Sinar Terang Mandiri Tbk's gearing of this year was 0.16354296. PT Sinar Terang Mandiri Tbk's gearing of last year was 0.16256458.
==> 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
PT Sinar Terang Mandiri Tbk's current ratio of this year was 1.65003698. PT Sinar Terang Mandiri Tbk's current ratio of last year was 1.33550262.
==> 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.
PT Sinar Terang Mandiri Tbk's number of shares in issue this year was 4084.435. PT Sinar Terang Mandiri Tbk's number of shares in issue last year was 3675.992.
==> 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.
PT Sinar Terang Mandiri Tbk's gross margin of this year was 0.16600413. PT Sinar Terang Mandiri Tbk's gross margin of last year was 0.25314195.
==> 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 Sinar Terang Mandiri Tbk's asset turnover of this year was 1.26983774. PT Sinar Terang Mandiri Tbk's asset turnover of last year was .
==> 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
+
1
+
0
+
0
+
1
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Sinar Terang Mandiri Tbk has an F-score of 6 indicating the company's financial situation is typical for a stable company.
AddressJl. Jendral Sudirman Kav. 52-53, Kecamatan Kebayoran Baru, Treasury Tower 5th Floor Unit G, District 8 SCBD Lot 28, Selatan, Jakarta, IDN, 12190
PT Sinar Terang Mandiri Tbk specializes in mining support services. The company offers a comprehensive range of services, including mine planning, mining infrastructure construction, mining operations, to mining product transportation (hauling, barging, and transshipment) as well as stone crushing and paving production. It is engaged in nickel mining support activities in Morowali, Central Sulawesi, and Weda, North Maluku. The company organizes its operations into two main segments: mining services and construction services.
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