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Swire Properties Piotroski F-Score

: 6 (As of Today)
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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

Swire Properties has an F-score of 6 indicating the company's financial situation is typical for a stable company.

OTCPK:SWPFF' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 7
Current: 6

4
7

During the past 11 years, the highest Piotroski F-Score of Swire Properties was 7. The lowest was 4. And the median was 5.


Swire Properties Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

* Premium members only.

Swire Properties Annual Data
Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 6.00 5.00 6.00

Swire Properties Semi-Annual Data
Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20
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 6.00 0.00 5.00 0.00 6.00

Competitive Comparison
* 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.


Swire Properties Piotroski F-Score Distribution

* The bar in red indicates where Swire Properties's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

This Year (Dec20) TTM:Last Year (Dec19) TTM:
Net Income was $528 Mil.
Cash Flow from Operations was $706 Mil.
Revenue was $1,717 Mil.
Gross Profit was $1,279 Mil.
Average Total Assets from the begining of this year (Dec19)
to the end of this year (Dec20) was (43290.92190403 + 43523.136263368) / 2 = $43407.029083699 Mil.
Total Assets at the begining of this year (Dec19) was $43,291 Mil.
Long-Term Debt & Capital Lease Obligation was $3,335 Mil.
Total Current Assets was $3,605 Mil.
Total Current Liabilities was $1,365 Mil.
Net Income was $1,720 Mil.

Revenue was $1,822 Mil.
Gross Profit was $1,306 Mil.
Average Total Assets from the begining of last year (Dec18)
to the end of last year (Dec19) was (42669.130623833 + 43290.92190403) / 2 = $42980.026263931 Mil.
Total Assets at the begining of last year (Dec18) was $42,669 Mil.
Long-Term Debt & Capital Lease Obligation was $3,065 Mil.
Total Current Assets was $2,644 Mil.
Total Current Liabilities was $1,983 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.

Swire Properties's current Net Income (TTM) was 528. ==> 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.

Swire Properties's current Cash Flow from Operations (TTM) was 706. ==> 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 (Dec19)
=528.38658909429/43290.92190403
=0.01220548

ROA (Last Year)=Net Income/Total Assets (Dec18)
=1719.9051829073/42669.130623833
=0.04030795

Swire Properties's return on assets of this year was 0.01220548. Swire Properties's return on assets of last year was 0.04030795. ==> 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.

Swire Properties's current Net Income (TTM) was 528. Swire Properties's current Cash Flow from Operations (TTM) was 706. ==> 706 > 528 ==> 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: Dec20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec19 to Dec20
=3335.0533417614/43407.029083699
=0.0768321

Gearing (Last Year: Dec19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec18 to Dec19
=3064.5140623999/42980.026263931
=0.07130089

Swire Properties's gearing of this year was 0.0768321. Swire Properties's gearing of last year was 0.07130089. ==> 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: Dec20)=Total Current Assets/Total Current Liabilities
=3605.0516647532/1365.2136895471
=2.6406501

Current Ratio (Last Year: Dec19)=Total Current Assets/Total Current Liabilities
=2643.9874431418/1982.5741559357
=1.33361339

Swire Properties's current ratio of this year was 2.6406501. Swire Properties's current ratio of last year was 1.33361339. ==> 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.

Swire Properties's number of shares in issue this year was 5850. Swire Properties's number of shares in issue last year was 5850. ==> 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
=1278.6542654059/1716.740412028
=0.74481515

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1306.169517586/1822.2820167852
=0.71677682

Swire Properties's gross margin of this year was 0.74481515. Swire Properties's gross margin of last year was 0.71677682. ==> 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 (Dec19)
=1716.740412028/43290.92190403
=0.0396559

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec18)
=1822.2820167852/42669.130623833
=0.04270727

Swire Properties's asset turnover of this year was 0.0396559. Swire Properties's asset turnover of last year was 0.04270727. ==> 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+0+1+0+1+1+1+0
=6

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

Swire Properties has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Swire Properties  (OTCPK:SWPFF) 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.


Swire Properties Piotroski F-Score Related Terms


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