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Highnoon Laboratories (KAR:HINOON) Piotroski F-Score : 5 (As of Mar. 14, 2025)


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What is Highnoon Laboratories 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

Highnoon Laboratories has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Highnoon Laboratories's Piotroski F-Score or its related term are showing as below:

KAR:HINOON' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 8
Current: 5

During the past 11 years, the highest Piotroski F-Score of Highnoon Laboratories was 8. The lowest was 3. And the median was 5.


Highnoon Laboratories Piotroski F-Score Historical Data

The historical data trend for Highnoon Laboratories'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.

Highnoon Laboratories Piotroski F-Score Chart

Highnoon Laboratories Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 5.00 5.00 4.00 4.00

Highnoon Laboratories Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 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 3.00 4.00 4.00 8.00 5.00

Competitive Comparison of Highnoon Laboratories's Piotroski F-Score

For the Drug Manufacturers - General subindustry, Highnoon Laboratories'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.


Highnoon Laboratories's Piotroski F-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Highnoon Laboratories's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Highnoon Laboratories'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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 623.358 + 809.024 + 821.78 + 789.23 = ₨3,043 Mil.
Cash Flow from Operations was 778.436 + 7.592 + 2074.895 + 1434.239 = ₨4,295 Mil.
Revenue was 4698.997 + 6141.87 + 5896.753 + 6285.303 = ₨23,023 Mil.
Gross Profit was 2580.132 + 3023.235 + 2965.431 + 3194.032 = ₨11,763 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(12891.407 + 14743.274 + 15175.243 + 14890.891 + 17111.326) / 5 = ₨14962.4282 Mil.
Total Assets at the begining of this year (Sep23) was ₨12,891 Mil.
Long-Term Debt & Capital Lease Obligation was ₨762 Mil.
Total Current Assets was ₨12,620 Mil.
Total Current Liabilities was ₨4,690 Mil.
Net Income was 696.401 + 613.66 + 600.225 + 610.432 = ₨2,521 Mil.

Revenue was 3783.808 + 4955.076 + 4958.85 + 5153.34 = ₨18,851 Mil.
Gross Profit was 2198.947 + 2228.698 + 2250.422 + 2460.096 = ₨9,138 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(10146.942 + 10956.661 + 11574.722 + 11961.147 + 12891.407) / 5 = ₨11506.1758 Mil.
Total Assets at the begining of last year (Sep22) was ₨10,147 Mil.
Long-Term Debt & Capital Lease Obligation was ₨694 Mil.
Total Current Assets was ₨9,402 Mil.
Total Current Liabilities was ₨2,962 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.

Highnoon Laboratories's current Net Income (TTM) was 3,043. ==> 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.

Highnoon Laboratories's current Cash Flow from Operations (TTM) was 4,295. ==> 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 (Sep23)
=3043.392/12891.407
=0.23607912

ROA (Last Year)=Net Income/Total Assets (Sep22)
=2520.718/10146.942
=0.24842145

Highnoon Laboratories's return on assets of this year was 0.23607912. Highnoon Laboratories's return on assets of last year was 0.24842145. ==> 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.

Highnoon Laboratories's current Net Income (TTM) was 3,043. Highnoon Laboratories's current Cash Flow from Operations (TTM) was 4,295. ==> 4,295 > 3,043 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=762.088/14962.4282
=0.05093344

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=694.155/11506.1758
=0.06032891

Highnoon Laboratories's gearing of this year was 0.05093344. Highnoon Laboratories's gearing of last year was 0.06032891. ==> 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: Sep24)=Total Current Assets/Total Current Liabilities
=12620.099/4689.756
=2.69099267

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=9402.222/2962.324
=3.17393438

Highnoon Laboratories's current ratio of this year was 2.69099267. Highnoon Laboratories's current ratio of last year was 3.17393438. ==> 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.

Highnoon Laboratories's number of shares in issue this year was 56.013. Highnoon Laboratories's number of shares in issue last year was 52.989. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=11762.83/23022.923
=0.51091818

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=9138.163/18851.074
=0.48475556

Highnoon Laboratories's gross margin of this year was 0.51091818. Highnoon Laboratories's gross margin of last year was 0.48475556. ==> 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 (Sep23)
=23022.923/12891.407
=1.78591235

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=18851.074/10146.942
=1.85780839

Highnoon Laboratories's asset turnover of this year was 1.78591235. Highnoon Laboratories's asset turnover of last year was 1.85780839. ==> 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
=1+1+0+1+1+0+0+1+0
=5

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

Highnoon Laboratories has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Highnoon Laboratories  (KAR:HINOON) 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.


Highnoon Laboratories Piotroski F-Score Related Terms

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Highnoon Laboratories Business Description

Traded in Other Exchanges
N/A
Address
Jail Road, 901-9th floor, Tricon Corporate Center 73-E, Lahore, PAK
Highnoon Laboratories Ltd is a company engaged in the manufacture, import, sale, and marketing of pharmaceutical and allied consumer products. It focuses on the alimentary tract and metabolism, antihistamines, anti-infectives, cardiovascular, endocrine, hematology, musculoskeletal, nervous system, parasitology, respiratory, and urinary. Its products include AIRTAL (Aceclofenac); ARIA (ketotifen); ARTECXCIN, and artrodar (diacerein). Its other products include Asthavent, AXESOME, Bezisox, Betatec, and many more.

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