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KDDI Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

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

KDDI has an F-score of 6 indicating the company's financial situation is typical for a stable company.

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

OTCPK:KDDIF' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 9
Current: 6

1
9

During the past 13 years, the highest Piotroski F-Score of KDDI was 9. The lowest was 1. And the median was 6.


KDDI Piotroski F-Score Historical Data

The historical data trend for KDDI'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.

KDDI Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 9.00 6.00 6.00 5.00 6.00

KDDI Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 5.00 6.00 6.00

Competitive Comparison

For the Telecom Services industry, KDDI'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.

   

KDDI Piotroski F-Score Distribution

For the Telecom Services industry and Communication Services sector, KDDI's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where KDDI'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 (Jun21) TTM:Last Year (Jun20) TTM:
Net Income was 1804.8755078654 + 1693.9704340856 + 945.4540101988 + 1724.590467662 = $6,169 Mil.
Cash Flow from Operations was 4429.6754396765 + 3348.5459828586 + 5813.6543908827 + 142.57002033471 = $13,734 Mil.
Revenue was 12259.951320687 + 13358.796938587 + 12776.77552068 + 11809.062614377 = $50,205 Mil.
Gross Profit was 5878.8794287284 + 5999.2465932914 + 4955.1652221592 + 5768.4095423283 = $22,602 Mil.
Average Total Assets from the begining of this year (Jun20)
to the end of this year (Jun21) was
(89697.076173425 + 93741.043101081 + 97889.931326304 + 96921.924836544 + 93442.5601209) / 5 = $94338.50711165 Mil.
Total Assets at the begining of this year (Jun20) was $89,697 Mil.
Long-Term Debt & Capital Lease Obligation was $12,967 Mil.
Total Current Assets was $28,550 Mil.
Total Current Liabilities was $29,640 Mil.
Net Income was 1720.2157336805 + 1680.378731634 + 1011.3655678186 + 1694.8043376818 = $6,107 Mil.

Revenue was 12259.215175749 + 12264.947159054 + 12396.010673621 + 11551.401678035 = $48,472 Mil.
Gross Profit was 5646.6617072717 + 5579.5272270648 + 4927.0205531299 + 5599.3128719387 = $21,753 Mil.
Average Total Assets from the begining of last year (Jun19)
to the end of last year (Jun20) was
(83065.17625395 + 86175.255718802 + 86134.499225488 + 88979.188667311 + 89697.076173425) / 5 = $86810.2392078 Mil.
Total Assets at the begining of last year (Jun19) was $83,065 Mil.
Long-Term Debt & Capital Lease Obligation was $13,150 Mil.
Total Current Assets was $27,823 Mil.
Total Current Liabilities was $28,280 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.

KDDI's current Net Income (TTM) was 6,169. ==> 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.

KDDI's current Cash Flow from Operations (TTM) was 13,734. ==> 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 (Jun20)
=6168.8904198118/89697.076173425
=0.06877471

ROA (Last Year)=Net Income/Total Assets (Jun19)
=6106.7643708149/83065.17625395
=0.07351774

KDDI's return on assets of this year was 0.06877471. KDDI's return on assets of last year was 0.07351774. ==> 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.

KDDI's current Net Income (TTM) was 6,169. KDDI's current Cash Flow from Operations (TTM) was 13,734. ==> 13,734 > 6,169 ==> 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: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=12967.323692435/94338.50711165
=0.13745526

Gearing (Last Year: Jun20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun19 to Jun20
=13150.043410282/86810.2392078
=0.15148033

KDDI's gearing of this year was 0.13745526. KDDI's gearing of last year was 0.15148033. ==> 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: Jun21)=Total Current Assets/Total Current Liabilities
=28550.477579597/29640.423477826
=0.96322772

Current Ratio (Last Year: Jun20)=Total Current Assets/Total Current Liabilities
=27822.997596167/28280.255665181
=0.98383119

KDDI's current ratio of this year was 0.96322772. KDDI's current ratio of last year was 0.98383119. ==> 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.

KDDI's number of shares in issue this year was 2261.422. KDDI's number of shares in issue last year was 2301.564. ==> 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
=22601.700786507/50204.586394331
=0.45019195

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=21752.522359405/48471.57468646
=0.44876863

KDDI's gross margin of this year was 0.45019195. KDDI's gross margin of last year was 0.44876863. ==> 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 (Jun20)
=50204.586394331/89697.076173425
=0.55971263

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun19)
=48471.57468646/83065.17625395
=0.58353665

KDDI's asset turnover of this year was 0.55971263. KDDI's asset turnover of last year was 0.58353665. ==> 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+1+1+0
=6

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

KDDI has an F-score of 6 indicating the company's financial situation is typical for a stable company.

KDDI  (OTCPK:KDDIF) 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.


KDDI Piotroski F-Score Related Terms

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KDDI Business Description

KDDI logo
Traded in Other Exchanges
Address
Garden Air Tower, 10-10, Iidabashi 3-chome, Chiyoda-ku, Tokyo, JPN, 102-8460
KDDI is Japan's second-largest wireless operator (31% market share), the largest pay-TV operator (53% market share) and the second-largest provider of fibre-to-the-home broadband (12% market share). It has grown through acquisition and is focusing on increasing the number of customers who subscribe to more than one telecommunication service. It is also looking to grow its Life Design business which includes commerce, energy, and finance and had over 18 million IOT connections by the end of March 2021.

KDDI Headlines

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