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Thai Beverage (SGX:Y92) Piotroski F-Score : 3 (As of Apr. 25, 2024)


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What is Thai Beverage Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Thai Beverage has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Thai Beverage's Piotroski F-Score or its related term are showing as below:

SGX:Y92' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 8
Current: 3

During the past 13 years, the highest Piotroski F-Score of Thai Beverage was 8. The lowest was 3. And the median was 5.


Thai Beverage Piotroski F-Score Historical Data

The historical data trend for Thai Beverage'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.

Thai Beverage Piotroski F-Score Chart

Thai Beverage Annual Data
Trend Dec13 Dec14 Dec15 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 5.00 6.00 5.00 4.00

Thai Beverage Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Sep20 Dec20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23
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 6.00 5.00 5.00 3.00 4.00

Competitive Comparison of Thai Beverage's Piotroski F-Score

For the Beverages - Wineries & Distilleries subindustry, Thai Beverage'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.


Thai Beverage's Piotroski F-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Thai Beverage's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Thai Beverage'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 (Mar23) TTM:Last Year (Mar21) TTM:
Net Income was 0 + 290.738 + 0 + 286.153 = S$577 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = S$0 Mil.
Revenue was 0 + 2689.958 + 0 + 2621.41 = S$5,311 Mil.
Gross Profit was 0 + 800.18 + 0 + 793.86 = S$1,594 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar23) was
(19452.955 + 19244.632 + 19269.375 + 19376.605 + 18622.989) / 5 = S$19193.3112 Mil.
Total Assets at the begining of this year (Mar21) was S$19,453 Mil.
Long-Term Debt & Capital Lease Obligation was S$5,771 Mil.
Total Current Assets was S$4,130 Mil.
Total Current Liabilities was S$3,692 Mil.
Net Income was 218.641 + 0 + 375.123 + 258.416 = S$852 Mil.

Revenue was 2711.558 + 0 + 3179.865 + 2591.916 = S$8,483 Mil.
Gross Profit was 822.331 + 0 + 942.562 + 783.263 = S$2,548 Mil.
Average Total Assets from the begining of last year (Dec19)
to the end of last year (Mar21) was
(18544.738 + 18967.083 + 18876.088 + 18889.113 + 19452.955) / 5 = S$18945.9954 Mil.
Total Assets at the begining of last year (Dec19) was S$18,545 Mil.
Long-Term Debt & Capital Lease Obligation was S$6,514 Mil.
Total Current Assets was S$3,839 Mil.
Total Current Liabilities was S$4,456 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.

Thai Beverage's current Net Income (TTM) was 577. ==> 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.

Thai Beverage's current Cash Flow from Operations (TTM) was 0. ==> Negative ==> Score 0.

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 (Mar21)
=576.891/19452.955
=0.0296557

ROA (Last Year)=Net Income/Total Assets (Dec19)
=852.18/18544.738
=0.04595266

Thai Beverage's return on assets of this year was 0.0296557. Thai Beverage's return on assets of last year was 0.04595266. ==> 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.

Thai Beverage's current Net Income (TTM) was 577. Thai Beverage's current Cash Flow from Operations (TTM) was 0. ==> 0 <= 577 ==> 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: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar23
=5771.497/19193.3112
=0.30070356

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec19 to Mar21
=6513.617/18945.9954
=0.34379914

Thai Beverage's gearing of this year was 0.30070356. Thai Beverage's gearing of last year was 0.34379914. ==> 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: Mar23)=Total Current Assets/Total Current Liabilities
=4130.077/3692.493
=1.11850639

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=3839.162/4455.664
=0.86163634

Thai Beverage's current ratio of this year was 1.11850639. Thai Beverage's current ratio of last year was 0.86163634. ==> 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.

Thai Beverage's number of shares in issue this year was 25368.672. Thai Beverage's number of shares in issue last year was 25122. ==> 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
=1594.04/5311.368
=0.30011854

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2548.156/8483.339
=0.30037182

Thai Beverage's gross margin of this year was 0.30011854. Thai Beverage's gross margin of last year was 0.30037182. ==> 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 (Mar21)
=5311.368/19452.955
=0.27303656

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec19)
=8483.339/18544.738
=0.45745262

Thai Beverage's asset turnover of this year was 0.27303656. Thai Beverage's asset turnover of last year was 0.45745262. ==> 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+0+0+0+1+1+0+0+0
=3

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

Thai Beverage has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Thai Beverage  (SGX:Y92) 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.


Thai Beverage Piotroski F-Score Related Terms

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Thai Beverage (SGX:Y92) Business Description

Traded in Other Exchanges
Address
14 Vibhavadi Rangsit Road, Chomphon Sub-District, Chatuchak District, Bangkok, THA, 10900
Thai Beverage PLC is a Thailand-based company engaged in producing and distributing alcoholic and non-alcoholic beverages and food. The company's operating segment includes Spirits; Beer; Non-alcoholic beverages and Food. It generates maximum revenue from the Beer segment. The Spirits segment is engaged in the production and sales of branded spirits products and soda. Its Beer segment is engaged in the production and sales of raw materials and branded beer products. Geographically, it derives a majority of its revenue from Thailand and also has a presence in the Socialist Republic of Vietnam and Overseas.

Thai Beverage (SGX:Y92) Headlines

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