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Clean Air Technology (ROCO:6837) Piotroski F-Score : 0 (As of Sep. 26, 2024)


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What is Clean Air Technology Piotroski F-Score?

The zones of discrimination were as such:

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

Clean Air Technology 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 Clean Air Technology's Piotroski F-Score or its related term are showing as below:


Clean Air Technology Piotroski F-Score Historical Data

The historical data trend for Clean Air Technology'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.

Clean Air Technology Piotroski F-Score Chart

Clean Air Technology Annual Data
Trend Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
N/A N/A 3.00 7.00

Clean Air Technology Semi-Annual Data
Dec18 Dec19 Jun20 Dec20 Jun21 Dec21
Piotroski F-Score Get a 7-Day Free Trial N/A - 3.00 - 7.00

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 (Dec21) TTM:Last Year (Dec20) TTM:
Net Income was NT$125.6 Mil.
Cash Flow from Operations was NT$174.4 Mil.
Revenue was NT$495.7 Mil.
Gross Profit was NT$244.2 Mil.
Average Total Assets from the begining of this year (Dec20)
to the end of this year (Dec21) was (805.769 + 917.024) / 2 = NT$861.3965 Mil.
Total Assets at the begining of this year (Dec20) was NT$805.8 Mil.
Long-Term Debt & Capital Lease Obligation was NT$99.2 Mil.
Total Current Assets was NT$702.2 Mil.
Total Current Liabilities was NT$193.1 Mil.
Net Income was NT$35.6 Mil.

Revenue was NT$269.7 Mil.
Gross Profit was NT$99.4 Mil.
Average Total Assets from the begining of last year (Dec19)
to the end of last year (Dec20) was (641.409 + 805.769) / 2 = NT$723.589 Mil.
Total Assets at the begining of last year (Dec19) was NT$641.4 Mil.
Long-Term Debt & Capital Lease Obligation was NT$129.2 Mil.
Total Current Assets was NT$563.3 Mil.
Total Current Liabilities was NT$116.5 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.

Clean Air Technology's current Net Income (TTM) was 125.6. ==> 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.

Clean Air Technology's current Cash Flow from Operations (TTM) was 174.4. ==> 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 (Dec20)
=125.598/805.769
=0.15587346

ROA (Last Year)=Net Income/Total Assets (Dec19)
=35.585/641.409
=0.05547942

Clean Air Technology's return on assets of this year was 0.15587346. Clean Air Technology's return on assets of last year was 0.05547942. ==> 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.

Clean Air Technology's current Net Income (TTM) was 125.6. Clean Air Technology's current Cash Flow from Operations (TTM) was 174.4. ==> 174.4 > 125.6 ==> 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: Dec21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec20 to Dec21
=99.188/861.3965
=0.1151479

Gearing (Last Year: Dec20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec19 to Dec20
=129.17/723.589
=0.17851294

Clean Air Technology's gearing of this year was 0.1151479. Clean Air Technology's gearing of last year was 0.17851294. ==> 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: Dec21)=Total Current Assets/Total Current Liabilities
=702.212/193.124
=3.63606802

Current Ratio (Last Year: Dec20)=Total Current Assets/Total Current Liabilities
=563.325/116.501
=4.83536622

Clean Air Technology's current ratio of this year was 3.63606802. Clean Air Technology's current ratio of last year was 4.83536622. ==> 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.

Clean Air Technology's number of shares in issue this year was 32.644. Clean Air Technology's number of shares in issue last year was 32.058. ==> 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
=244.211/495.732
=0.49262706

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=99.427/269.662
=0.36870972

Clean Air Technology's gross margin of this year was 0.49262706. Clean Air Technology's gross margin of last year was 0.36870972. ==> 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 (Dec20)
=495.732/805.769
=0.61522843

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec19)
=269.662/641.409
=0.42042129

Clean Air Technology's asset turnover of this year was 0.61522843. Clean Air Technology's asset turnover of last year was 0.42042129. ==> 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+1+0+0+1+1
=7

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

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

Clean Air Technology  (ROCO:6837) 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.


Clean Air Technology Piotroski F-Score Related Terms

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Clean Air Technology Business Description

Traded in Other Exchanges
N/A
Address
No.19, Huadong Road, DaLiao District, Kaohsiung City, TWN, 831134
Clean Air Technology Ltd is engaged in providing techniques and solutions for reducing air pollution. Its products include ceramic fiber filters and ceramic fiber filters with catalysts.

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