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MACAU (Moringa Acquisition) Piotroski F-Score : 2 (As of Mar. 03, 2025)


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What is Moringa Acquisition Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 2 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Moringa Acquisition has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

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

MACAU' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 6
Current: 2

During the past 4 years, the highest Piotroski F-Score of Moringa Acquisition was 6. The lowest was 2. And the median was 5.


Moringa Acquisition Piotroski F-Score Historical Data

The historical data trend for Moringa Acquisition'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.

Moringa Acquisition Piotroski F-Score Chart

Moringa Acquisition Annual Data
Trend Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
- N/A N/A 4.00

Moringa Acquisition Quarterly Data
Nov20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
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 6.00 6.00 4.00 2.00 2.00

Competitive Comparison of Moringa Acquisition's Piotroski F-Score

For the Shell Companies subindustry, Moringa Acquisition'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.


Moringa Acquisition's Piotroski F-Score Distribution in the Diversified Financial Services Industry

For the Diversified Financial Services industry and Financial Services sector, Moringa Acquisition's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Moringa Acquisition'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 (Jun24) TTM:Last Year (Jun23) TTM:
Net Income was 0.074 + -0.287 + -0.2 + -0.111 = $-0.52 Mil.
Cash Flow from Operations was -0.024 + -0.187 + -0.266 + -0.103 = $-0.58 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Average Total Assets from the begining of this year (Jun23)
to the end of this year (Jun24) was
(27.481 + 5.671 + 5.834 + 5.842 + 5.967) / 5 = $10.159 Mil.
Total Assets at the begining of this year (Jun23) was $27.48 Mil.
Long-Term Debt & Capital Lease Obligation was $3.35 Mil.
Total Current Assets was $5.97 Mil.
Total Current Liabilities was $0.08 Mil.
Net Income was 0.293 + 0.494 + 0.313 + 0.163 = $1.26 Mil.

Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Average Total Assets from the begining of last year (Jun22)
to the end of last year (Jun23) was
(115.403 + 116.027 + 116.796 + 26.96 + 27.481) / 5 = $80.5334 Mil.
Total Assets at the begining of last year (Jun22) was $115.40 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $27.48 Mil.
Total Current Liabilities was $2.24 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.

Moringa Acquisition's current Net Income (TTM) was -0.52. ==> 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.

Moringa Acquisition's current Cash Flow from Operations (TTM) was -0.58. ==> 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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun23)
=-0.524/27.481
=-0.01906772

ROA (Last Year)=Net Income/Total Assets (Jun22)
=1.263/115.403
=0.01094426

Moringa Acquisition's return on assets of this year was -0.01906772. Moringa Acquisition's return on assets of last year was 0.01094426. ==> 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.

Moringa Acquisition's current Net Income (TTM) was -0.52. Moringa Acquisition's current Cash Flow from Operations (TTM) was -0.58. ==> -0.58 <= -0.52 ==> CFROA <= ROA ==> Score 0.

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: Jun24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun23 to Jun24
=3.346/10.159
=0.32936313

Gearing (Last Year: Jun23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun22 to Jun23
=0/80.5334
=0

Moringa Acquisition's gearing of this year was 0.32936313. Moringa Acquisition's gearing of last year was 0. ==> 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

Current Ratio (This Year: Jun24)=Total Current Assets/Total Current Liabilities
=5.967/0.082
=72.76829268

Current Ratio (Last Year: Jun23)=Total Current Assets/Total Current Liabilities
=27.481/2.242
=12.2573595

Moringa Acquisition's current ratio of this year was 72.76829268. Moringa Acquisition's current ratio of last year was 12.2573595. ==> 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.

Moringa Acquisition's number of shares in issue this year was 0. Moringa Acquisition's number of shares in issue last year was 0. ==> 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
=0/0
=

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=0/0
=

Moringa Acquisition's gross margin of this year was . Moringa Acquisition's gross margin of last year was . ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun23)
=0/27.481
=0

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun22)
=0/115.403
=0

Moringa Acquisition's asset turnover of this year was 0. Moringa Acquisition's asset turnover of last year was 0. ==> 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+0+0+1+1+0+0
=2

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

Moringa Acquisition has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

Moringa Acquisition  (NAS:MACAU) 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.


Moringa Acquisition Piotroski F-Score Related Terms

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Moringa Acquisition Business Description

Traded in Other Exchanges
N/A
Address
250 Park Avenue, 7th Floor, New York, NY, USA, 10177
Moringa Acquisition Corp is a blank check company.
Executives
Hudson Bay Capital Management Lp 10 percent owner 28 HAVEMEYER PLACE, 2ND FLOOR, GREENWICH CT 06830
Sander Gerber 10 percent owner C/O HUDSON BAY CAPITAL MANAGEMENT, L.P., 28 HAVEMEYER PLACE, 2ND FLOOR, GREENWICH CT 06830
Ruth Alon director 1/3 HIGH-TECH VILLAGE, GIVAT RAM, P.O. BOX 39264, JERUSALEM L3 9139102
Eric Brachfeld director C/O MORINGA ACQUISITION CORP, 250 PARK AVENUE, 7TH FLOOR, NEW YORK NY 11040
Michael Basch director C/O MORINGA ACQUISITION CORP, 250 PARK AVENUE, 7TH FLOOR, NEW YORK NY 11040
Gil Maman officer: Chief Financial Officer C/O MORINGA ACQUISITION CORP, 250 PARK AVENUE, 7TH FLOOR, NEW YORK NY 11040
Ilan Levin director, 10 percent owner, officer: Chairman and CEO C/O MORINGA ACQUISITION CORP, 250 PARK AVENUE, 7TH FLOOR, NEW YORK NY 11040
Moringa Sponsor Us L.p. 10 percent owner C/O MORINGA ACQUISITION CORP, 250 PARK AVENUE, 7TH FLOOR, NEW YORK NY 11040
Moringa Sponsor, Lp 10 percent owner C/O MORINGA ACQUISITION CORP, 250 PARK AVENUE, 7TH FLOOR, NEW YORK NY 11040
Dan Yalon officer: Advisor C/O MORINGA ACQUISITION CORP, 250 PARK AVENUE, 7TH FLOOR, NEW YORK NY 10177