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Shinhan Financial Group Co (MEX:SHG N) Piotroski F-Score : 7 (As of Jul. 14, 2025)


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What is Shinhan Financial Group Co Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

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

Shinhan Financial Group Co has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

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

MEX:SHG N' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 8
Current: 7

During the past 13 years, the highest Piotroski F-Score of Shinhan Financial Group Co was 8. The lowest was 1. And the median was 5.


Shinhan Financial Group Co Piotroski F-Score Historical Data

The historical data trend for Shinhan Financial Group Co'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.

Shinhan Financial Group Co Piotroski F-Score Chart

Shinhan Financial Group Co Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 6.00 8.00 5.00 4.00

Shinhan Financial Group Co Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
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 3.00 5.00 4.00 7.00

Competitive Comparison of Shinhan Financial Group Co's Piotroski F-Score

For the Banks - Regional subindustry, Shinhan Financial Group Co'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.


Shinhan Financial Group Co's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, Shinhan Financial Group Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Shinhan Financial Group Co's Piotroski F-Score falls into.


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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 (Mar25) TTM:Last Year (Mar24) TTM:
Net Income was 18936.857 + 19192.671 + 5881.582 + 20879.062 = MXN64,890 Mil.
Cash Flow from Operations was -18926.017 + 100330.87 + 7367.409 + 91251.279 = MXN180,024 Mil.
Revenue was 58424.831 + 63192.143 + 66623.686 + 60976.06 = MXN249,217 Mil.
Average Total Assets from the begining of this year (Mar24)
to the end of this year (Mar25) was
(8845518.574 + 9666904.952 + 11029606.409 + 10714122.743 + 10468279.808) / 5 = MXN10144886.4972 Mil.
Total Assets at the begining of this year (Mar24) was MXN8,845,519 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,830,034 Mil.
Total Assets was MXN10,468,280 Mil.
Total Liabilities was MXN9,635,730 Mil.
Net Income was 16364.362 + 15562.795 + 7153.926 + 16469.843 = MXN55,551 Mil.

Revenue was 54618.51 + 53291.73 + 61992.911 + 53104.88 = MXN223,008 Mil.
Average Total Assets from the begining of last year (Mar23)
to the end of last year (Mar24) was
(9332247.109 + 8946495.356 + 9008347.126 + 9002418.783 + 8845518.574) / 5 = MXN9027005.3896 Mil.
Total Assets at the begining of last year (Mar23) was MXN9,332,247 Mil.
Long-Term Debt & Capital Lease Obligation was MXN1,547,464 Mil.
Total Assets was MXN8,845,519 Mil.
Total Liabilities was MXN8,138,066 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.

Shinhan Financial Group Co's current Net Income (TTM) was 64,890. ==> 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.

Shinhan Financial Group Co's current Cash Flow from Operations (TTM) was 180,024. ==> 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 (Mar24)
=64890.172/8845518.574
=0.00733594

ROA (Last Year)=Net Income/Total Assets (Mar23)
=55550.926/9332247.109
=0.00595258

Shinhan Financial Group Co's return on assets of this year was 0.00733594. Shinhan Financial Group Co's return on assets of last year was 0.00595258. ==> This year is higher. ==> Score 1.

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.

Shinhan Financial Group Co's current Net Income (TTM) was 64,890. Shinhan Financial Group Co's current Cash Flow from Operations (TTM) was 180,024. ==> 180,024 > 64,890 ==> 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: Mar25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar24 to Mar25
=1830034.133/10144886.4972
=0.18038981

Gearing (Last Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=1547463.921/9027005.3896
=0.17142605

Shinhan Financial Group Co's gearing of this year was 0.18038981. Shinhan Financial Group Co's gearing of last year was 0.17142605. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Mar25)=Total Assets/Total Liabilities
=10468279.808/9635730.159
=1.08640234

Current Ratio (Last Year: Mar24)=Total Assets/Total Liabilities
=8845518.574/8138066.009
=1.08693129

Shinhan Financial Group Co's current ratio of this year was 1.08640234. Shinhan Financial Group Co's current ratio of last year was 1.08693129. ==> 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.

Shinhan Financial Group Co's number of shares in issue this year was 495.589. Shinhan Financial Group Co's number of shares in issue last year was 511.579. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=64890.172/249216.72
=0.26037648

Net Margin (Last Year: TTM)=Net Income/Revenue
=55550.926/223008.031
=0.24909832

Shinhan Financial Group Co's net margin of this year was 0.26037648. Shinhan Financial Group Co's net margin of last year was 0.24909832. ==> This year's net 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 (Mar24)
=249216.72/8845518.574
=0.02817435

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar23)
=223008.031/9332247.109
=0.0238965

Shinhan Financial Group Co's asset turnover of this year was 0.02817435. Shinhan Financial Group Co's asset turnover of last year was 0.0238965. ==> 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+0+1+1+1
=7

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

Shinhan Financial Group Co has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Shinhan Financial Group Co  (MEX:SHG N) 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.


Shinhan Financial Group Co Piotroski F-Score Related Terms

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Shinhan Financial Group Co Business Description

Traded in Other Exchanges
Address
20, Sejong-daero 9-gil, Jung-gu, Seoul, KOR, 04513
Shinhan Financial is a Korean banking group. Along with its subsidiaries the company provides, comprehensive financial services which consist of commercial banking services, credit card services, securities services, insurance, credit services, and asset management services, including securities investment trust management, investment advisory, call transaction, domestic and foreign private equity fund business, and other services. The majority of the revenue is generated from its Banking business which includes retail, corporate, international, and other banking services the company offers.

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