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Logiq Asset Management Piotroski F-Score

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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

Logiq Asset Management has an F-score of 4 indicating the company's financial situation is typical for a stable company.

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


Logiq Asset Management Piotroski F-Score Historical Data

The historical data trend for Logiq Asset Management'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.

Logiq Asset Management Annual Data
Trend Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Sep17
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 7.00 7.00 3.00 3.00

Logiq Asset Management Quarterly Data
Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18
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 2.00 3.00 3.00 4.00 4.00

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 (Mar18) TTM:Last Year (Mar17) TTM:
Net Income was -7.724708537044 + -4.2861796563238 + -4.2791134779544 + -0.35954534910694 = $-16.65 Mil.
Cash Flow from Operations was -1.1974426476119 + 0.91945598175747 + 0.18169003054272 + -5.5308126498106 = $-5.63 Mil.
Revenue was 5.4742384355021 + -14.148546298559 + 0.012530346933981 + 0.0061857264362484 = $-8.66 Mil.
Gross Profit was 5.4742384355021 + -14.148546298559 + 0.012530346933981 + 0.0061857264362484 = $-8.66 Mil.
Average Total Assets from the begining of this year (Mar17)
to the end of this year (Mar18) was
(65.798162396355 + 56.657389996239 + 67.261992018894 + 37.995927637246 + 13.14157581381) / 5 = $48.17100957 Mil.
Total Assets at the begining of this year (Mar17) was $65.80 Mil.
Long-Term Debt & Capital Lease Obligation was $3.60 Mil.
Total Current Assets was $13.10 Mil.
Total Current Liabilities was $3.11 Mil.
Net Income was -1.7465487823794 + -13.533719865731 + -0.95209535947222 + -2.0654366176141 = $-18.30 Mil.

Revenue was 4.3919652551574 + 4.202776930119 + 5.112077367119 + 0.43773810413087 = $14.14 Mil.
Gross Profit was 4.3919652551574 + 4.202776930119 + 5.112077367119 + 0.43773810413087 = $14.14 Mil.
Average Total Assets from the begining of last year (Mar16)
to the end of last year (Mar17) was
(50.901255103584 + 50.713510159764 + 32.544247787611 + 69.223330084714 + 65.798162396355) / 5 = $53.83610111 Mil.
Total Assets at the begining of last year (Mar16) was $50.90 Mil.
Long-Term Debt & Capital Lease Obligation was $11.07 Mil.
Total Current Assets was $22.08 Mil.
Total Current Liabilities was $27.12 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.

Logiq Asset Management's current Net Income (TTM) was -16.65. ==> 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.

Logiq Asset Management's current Cash Flow from Operations (TTM) was -5.63. ==> 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 (Mar17)
=-16.649547020429/65.798162396355
=-0.2530397

ROA (Last Year)=Net Income/Total Assets (Mar16)
=-18.297800625197/50.901255103584
=-0.35947641

Logiq Asset Management's return on assets of this year was -0.2530397. Logiq Asset Management's return on assets of last year was -0.35947641. ==> 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.

Logiq Asset Management's current Net Income (TTM) was -16.65. Logiq Asset Management's current Cash Flow from Operations (TTM) was -5.63. ==> -5.63 > -16.65 ==> 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: Mar18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar17 to Mar18
=3.6039588649192/48.17100957
=0.07481593

Gearing (Last Year: Mar17)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar16 to Mar17
=11.06595951296/53.83610111
=0.20554905

Logiq Asset Management's gearing of this year was 0.07481593. Logiq Asset Management's gearing of last year was 0.20554905. ==> 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: Mar18)=Total Current Assets/Total Current Liabilities
=13.095956081342/3.114513260651
=4.20481629

Current Ratio (Last Year: Mar17)=Total Current Assets/Total Current Liabilities
=22.079629491298/27.123328602375
=0.81404572

Logiq Asset Management's current ratio of this year was 4.20481629. Logiq Asset Management's current ratio of last year was 0.81404572. ==> 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.

Logiq Asset Management's number of shares in issue this year was 327.115. Logiq Asset Management's number of shares in issue last year was 327.041. ==> 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
=-8.6555917896862/-8.6555917896862
=1

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=14.144557656526/14.144557656526
=1

Logiq Asset Management's gross margin of this year was 1. Logiq Asset Management's gross margin of last year was 1. ==> 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 (Mar17)
=-8.6555917896862/65.798162396355
=-0.13154762

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar16)
=14.144557656526/50.901255103584
=0.2778823

Logiq Asset Management's asset turnover of this year was -0.13154762. Logiq Asset Management's asset turnover of last year was 0.2778823. ==> 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+1+1+1+1+0+0+0
=4

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

Logiq Asset Management has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Logiq Asset Management  (OTCPK:AHFCF) 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.


Logiq Asset Management Piotroski F-Score Related Terms

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Logiq Asset Management Business Description

Logiq Asset Management logo
Industry
Financial Services » Asset Management NAICS : 523920 SIC : 7214
Traded in Other Exchanges
N/A
Address
Logiq Asset Management Ltd. is a Canada based company engaged in asset management and advisory business. The main business activities of the company are management, distribution, and administration of mutual funds, closed-end funds, private equity funds, hedge funds, segregated institutional funds, and other fee-based investment products for Canadian investors. Management fees for portfolios contribute majorly to the company's revenue.
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