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CLP Holdings (CLP Holdings) Piotroski F-Score

: 7 (As of Today)
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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

CLP Holdings 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 CLP Holdings's Piotroski F-Score or its related term are showing as below:

CLPHF' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 7

During the past 13 years, the highest Piotroski F-Score of CLP Holdings was 8. The lowest was 4. And the median was 6.


CLP Holdings Piotroski F-Score Historical Data

The historical data trend for CLP Holdings'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.

CLP Holdings Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 4.00 5.00 7.00

CLP Holdings Semi-Annual Data
Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23
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 4.00 - 5.00 - 7.00

Competitive Comparison

For the Utilities - Regulated Electric subindustry, CLP Holdings'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.


CLP Holdings Piotroski F-Score Distribution

For the Utilities - Regulated industry and Utilities sector, CLP Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where CLP Holdings'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was $870 Mil.
Cash Flow from Operations was $3,018 Mil.
Revenue was $11,161 Mil.
Gross Profit was $3,653 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (30316.49 + 29328.664) / 2 = $29822.577 Mil.
Total Assets at the begining of this year (Dec22) was $30,316 Mil.
Long-Term Debt & Capital Lease Obligation was $5,755 Mil.
Total Current Assets was $3,448 Mil.
Total Current Liabilities was $5,439 Mil.
Net Income was $137 Mil.

Revenue was $12,930 Mil.
Gross Profit was $2,422 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (30748.686 + 30316.49) / 2 = $30532.588 Mil.
Total Assets at the begining of last year (Dec21) was $30,749 Mil.
Long-Term Debt & Capital Lease Obligation was $6,153 Mil.
Total Current Assets was $4,426 Mil.
Total Current Liabilities was $5,711 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.

CLP Holdings's current Net Income (TTM) was 870. ==> 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.

CLP Holdings's current Cash Flow from Operations (TTM) was 3,018. ==> 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 (Dec22)
=869.933/30316.49
=0.02869504

ROA (Last Year)=Net Income/Total Assets (Dec21)
=136.538/30748.686
=0.00444045

CLP Holdings's return on assets of this year was 0.02869504. CLP Holdings's return on assets of last year was 0.00444045. ==> 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.

CLP Holdings's current Net Income (TTM) was 870. CLP Holdings's current Cash Flow from Operations (TTM) was 3,018. ==> 3,018 > 870 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=5754.693/29822.577
=0.19296431

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=6152.927/30532.588
=0.20152

CLP Holdings's gearing of this year was 0.19296431. CLP Holdings's gearing of last year was 0.20152. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=3448.232/5439.192
=0.63396034

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=4426.362/5710.818
=0.77508371

CLP Holdings's current ratio of this year was 0.63396034. CLP Holdings's current ratio of last year was 0.77508371. ==> 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.

CLP Holdings's number of shares in issue this year was 2526.451. CLP Holdings's number of shares in issue last year was 2526.451. ==> 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
=3652.718/11161.489
=0.32726082

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2421.969/12929.586
=0.18731992

CLP Holdings's gross margin of this year was 0.32726082. CLP Holdings's gross margin of last year was 0.18731992. ==> 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 (Dec22)
=11161.489/30316.49
=0.36816561

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=12929.586/30748.686
=0.42049231

CLP Holdings's asset turnover of this year was 0.36816561. CLP Holdings's asset turnover of last year was 0.42049231. ==> 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+1+1+1+0+1+1+0
=7

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

CLP Holdings has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

CLP Holdings  (OTCPK:CLPHF) 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.


CLP Holdings Piotroski F-Score Related Terms

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CLP Holdings (CLP Holdings) Business Description

Traded in Other Exchanges
Address
8 Laguna Verde Avenue, Hung Hom, Kowloon, Hong Kong, HKG
CLP Holdings is the larger of the two electric utility companies in Hong Kong, serving 80% of the city population. It generates, transmits and distributes electricity to about 2.6 million customers in Kowloon and the New Territories through its wholly owned network. The business is regulated by the Hong Kong government with a permitted return on net fixed asset of 8.00%. Besides Hong Kong, the company has expanded its reach overseas, with generation and retail assets in Australia and generation assets in China, India, Taiwan, and Southeast Asia. Its Hong Kong activities made up more than 80% of recurring net profit in 2021.

CLP Holdings (CLP Holdings) Headlines

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