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North-Star International Co (ROCO:8927) Piotroski F-Score : 5 (As of May. 11, 2024)


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What is North-Star International Co 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

North-Star International Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for North-Star International Co's Piotroski F-Score or its related term are showing as below:

ROCO:8927' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 6
Current: 5

During the past 13 years, the highest Piotroski F-Score of North-Star International Co was 6. The lowest was 2. And the median was 5.


North-Star International Co Piotroski F-Score Historical Data

The historical data trend for North-Star International 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.

North-Star International Co Piotroski F-Score Chart

North-Star International 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 6.00 6.00 5.00 3.00 5.00

North-Star International Co Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 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 3.00 2.00 5.00 5.00 5.00

Competitive Comparison of North-Star International Co's Piotroski F-Score

For the Specialty Retail subindustry, North-Star International 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.


North-Star International Co's Piotroski F-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, North-Star International Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where North-Star International 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 18.488 + 31.56 + 60.426 + 2.184 = NT$113 Mil.
Cash Flow from Operations was -211.312 + 514.994 + 257.517 + -554.414 = NT$7 Mil.
Revenue was 1740.914 + 1819.783 + 2104.145 + 2033.12 = NT$7,698 Mil.
Gross Profit was 253 + 281.698 + 353.797 + 340.982 = NT$1,229 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(16714.553 + 17027.8 + 19338.894 + 24122.726 + 29075.951) / 5 = NT$21255.9848 Mil.
Total Assets at the begining of this year (Dec22) was NT$16,715 Mil.
Long-Term Debt & Capital Lease Obligation was NT$7,620 Mil.
Total Current Assets was NT$7,726 Mil.
Total Current Liabilities was NT$13,201 Mil.
Net Income was 5.837 + 113.719 + 26.787 + -14.876 = NT$131 Mil.

Revenue was 1603.944 + 1611.468 + 1779.423 + 1759.601 = NT$6,754 Mil.
Gross Profit was 224.16 + 192.743 + 222.097 + 212.819 = NT$852 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(9270.299 + 10321.533 + 11732.385 + 13440.991 + 16714.553) / 5 = NT$12295.9522 Mil.
Total Assets at the begining of last year (Dec21) was NT$9,270 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8,399 Mil.
Total Current Assets was NT$2,782 Mil.
Total Current Liabilities was NT$3,675 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.

North-Star International Co's current Net Income (TTM) was 113. ==> 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.

North-Star International Co's current Cash Flow from Operations (TTM) was 7. ==> 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)
=112.658/16714.553
=0.00674011

ROA (Last Year)=Net Income/Total Assets (Dec21)
=131.467/9270.299
=0.01418153

North-Star International Co's return on assets of this year was 0.00674011. North-Star International Co's return on assets of last year was 0.01418153. ==> 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.

North-Star International Co's current Net Income (TTM) was 113. North-Star International Co's current Cash Flow from Operations (TTM) was 7. ==> 7 <= 113 ==> CFROA <= ROA ==> Score 0.

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
=7620.376/21255.9848
=0.35850496

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=8399.025/12295.9522
=0.68307235

North-Star International Co's gearing of this year was 0.35850496. North-Star International Co's gearing of last year was 0.68307235. ==> 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
=7725.731/13201.243
=0.58522754

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=2781.795/3674.691
=0.75701467

North-Star International Co's current ratio of this year was 0.58522754. North-Star International Co's current ratio of last year was 0.75701467. ==> 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.

North-Star International Co's number of shares in issue this year was 332.576. North-Star International Co's number of shares in issue last year was 392.13. ==> 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
=1229.477/7697.962
=0.15971461

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=851.819/6754.436
=0.12611253

North-Star International Co's gross margin of this year was 0.15971461. North-Star International Co's gross margin of last year was 0.12611253. ==> 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)
=7697.962/16714.553
=0.46055446

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=6754.436/9270.299
=0.72861037

North-Star International Co's asset turnover of this year was 0.46055446. North-Star International Co's asset turnover of last year was 0.72861037. ==> 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+0+1+0+1+1+0
=5

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

North-Star International Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.

North-Star International Co  (ROCO:8927) 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.


North-Star International Co Piotroski F-Score Related Terms

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North-Star International Co (ROCO:8927) Business Description

Traded in Other Exchanges
N/A
Address
No. 137, Xinhai Road, Banqiao District, New Taipei City, TWN, 220
North-Star International Co Ltd has mainly engaged in the operation of petrol filling stations and the retail business of gasoline products in Taiwan. It provides petroleum and diesel and is also involved in the provision of cleaning services for cars, the sale of spare parts, and simple vehicle repair services. It also diversified its operation of the Group, the Group has been expanding into hotels, real estate development, and sale as well as renewable energy development services. It has three reportable segments: gasoline sales, restaurant, travel service, and optoelectronics business. It generates the majority of its revenue from gasoline sales.

North-Star International Co (ROCO:8927) Headlines

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