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Henderson Land Development Co (Henderson Land Development Co) Piotroski F-Score : 7 (As of Apr. 26, 2024)


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What is Henderson Land Development 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

Henderson Land Development 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 Henderson Land Development Co's Piotroski F-Score or its related term are showing as below:

HLDVF' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 7
Current: 7

During the past 13 years, the highest Piotroski F-Score of Henderson Land Development Co was 7. The lowest was 4. And the median was 5.


Henderson Land Development Co Piotroski F-Score Historical Data

The historical data trend for Henderson Land Development 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.

Henderson Land Development Co Piotroski F-Score Chart

Henderson Land Development Co Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 7.00 4.00 5.00 7.00

Henderson Land Development Co 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 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 4.00 - 5.00 - 7.00

Competitive Comparison of Henderson Land Development Co's Piotroski F-Score

For the Real Estate - Diversified subindustry, Henderson Land Development 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.


Henderson Land Development Co's Piotroski F-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Henderson Land Development Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Henderson Land Development Co'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 $1,186 Mil.
Cash Flow from Operations was $1,852 Mil.
Revenue was $3,530 Mil.
Gross Profit was $1,284 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (68049.169 + 69470.409) / 2 = $68759.789 Mil.
Total Assets at the begining of this year (Dec22) was $68,049 Mil.
Long-Term Debt & Capital Lease Obligation was $7,947 Mil.
Total Current Assets was $17,176 Mil.
Total Current Liabilities was $7,700 Mil.
Net Income was $1,187 Mil.

Revenue was $3,282 Mil.
Gross Profit was $1,332 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (70560.841 + 68049.169) / 2 = $69305.005 Mil.
Total Assets at the begining of last year (Dec21) was $70,561 Mil.
Long-Term Debt & Capital Lease Obligation was $7,377 Mil.
Total Current Assets was $16,026 Mil.
Total Current Liabilities was $7,768 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.

Henderson Land Development Co's current Net Income (TTM) was 1,186. ==> 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.

Henderson Land Development Co's current Cash Flow from Operations (TTM) was 1,852. ==> 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)
=1185.818/68049.169
=0.0174259

ROA (Last Year)=Net Income/Total Assets (Dec21)
=1186.708/70560.841
=0.01681822

Henderson Land Development Co's return on assets of this year was 0.0174259. Henderson Land Development Co's return on assets of last year was 0.01681822. ==> 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.

Henderson Land Development Co's current Net Income (TTM) was 1,186. Henderson Land Development Co's current Cash Flow from Operations (TTM) was 1,852. ==> 1,852 > 1,186 ==> 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
=7946.81/68759.789
=0.11557351

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=7376.756/69305.005
=0.10643901

Henderson Land Development Co's gearing of this year was 0.11557351. Henderson Land Development Co's gearing of last year was 0.10643901. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=17176.112/7699.813
=2.23071807

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=16025.638/7767.616
=2.06313469

Henderson Land Development Co's current ratio of this year was 2.23071807. Henderson Land Development Co's current ratio of last year was 2.06313469. ==> 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.

Henderson Land Development Co's number of shares in issue this year was 4841. Henderson Land Development Co's number of shares in issue last year was 4841. ==> 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
=1284.284/3530.18
=0.36380128

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1332.237/3281.912
=0.40593319

Henderson Land Development Co's gross margin of this year was 0.36380128. Henderson Land Development Co's gross margin of last year was 0.40593319. ==> 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 (Dec22)
=3530.18/68049.169
=0.0518769

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=3281.912/70560.841
=0.0465118

Henderson Land Development Co's asset turnover of this year was 0.0518769. Henderson Land Development Co's asset turnover of last year was 0.0465118. ==> 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+1+1+0+1
=7

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

Henderson Land Development Co has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Henderson Land Development Co  (OTCPK:HLDVF) 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.


Henderson Land Development Co Piotroski F-Score Related Terms

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Henderson Land Development Co (Henderson Land Development Co) Business Description

Traded in Other Exchanges
Address
8 Finance Street, 72nd -76th Floor, Two International Finance Centre, Central, Hong Kong, HKG
Henderson Land Development is a leading property developer in Hong Kong with a focus on urban redevelopment and farmland conversion. The company was founded in 1976, listed in 1981. Founder Lee Shau Kee is the controlling shareholder, and a series of disposals in December 2017 reduced his stake to below 72.8%. The share disposals were the first since 1993, lessening the possibility of a privatization. Lee stepped down in May 2019, succeeded by his two sons as joint chairmen and managing directors. Henderson Land also controls four listed entities directly, including a 33.4% stake in Hong Kong Ferry, a 69% stake in Henderson Investment, a 41.5% stake in Hong Kong and China Gas, and a 50.1% stake in Miramar Hotel & Investment.

Henderson Land Development Co (Henderson Land Development Co) Headlines

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