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Kweichow Moutai Co Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicating 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

Kweichow Moutai 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 Kweichow Moutai Co's Piotroski F-Score or its related term are showing as below:

SHSE:600519' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 7

3
8

During the past 13 years, the highest Piotroski F-Score of Kweichow Moutai Co was 8. The lowest was 3. And the median was 6.


Kweichow Moutai Co Piotroski F-Score Historical Data

The historical data trend for Kweichow Moutai 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.

Kweichow Moutai Co Annual Data
Trend 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 6.00 8.00 7.00 6.00

Kweichow Moutai Co Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
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 5.00 6.00 6.00 5.00 7.00

Competitive Comparison

For the Beverages - Wineries & Distilleries subindustry, Kweichow Moutai 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.

   

Kweichow Moutai Co Piotroski F-Score Distribution

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

* The bar in red indicates where Kweichow Moutai 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 (Jun21) TTM:Last Year (Jun20) TTM:
Net Income was 11225.449 + 12870.181 + 13954.462 + 10699.523 = CN¥48,750 Mil.
Cash Flow from Operations was 12490.039 + 26558.066 + -1484.893 + 23204.364 = CN¥60,768 Mil.
Revenue was 23940.506 + 28418.364 + 28064.736 + 22656.847 = CN¥103,080 Mil.
Gross Profit was 21835.88 + 26063.171 + 25759.582 + 20654.741 = CN¥94,313 Mil.
Average Total Assets from the begining of this year (Jun20)
to the end of this year (Jun21) was
(172197.875 + 184579.197 + 213395.811 + 215218.186 + 212868.537) / 5 = CN¥199651.9212 Mil.
Total Assets at the begining of this year (Jun20) was CN¥172,198 Mil.
Long-Term Debt & Capital Lease Obligation was CN¥426 Mil.
Total Current Assets was CN¥181,851 Mil.
Total Current Liabilities was CN¥44,877 Mil.
Net Income was 10503.83 + 10751.616 + 13093.77 + 9507.885 = CN¥43,857 Mil.

Revenue was 22335.982 + 25345.391 + 25298.492 + 20335.879 = CN¥93,316 Mil.
Gross Profit was 20297.69 + 23083.882 + 23235.001 + 18594.058 = CN¥85,211 Mil.
Average Total Assets from the begining of last year (Jun19)
to the end of last year (Jun20) was
(165121.649 + 162550.409 + 183042.372 + 181624.734 + 172197.875) / 5 = CN¥172907.4078 Mil.
Total Assets at the begining of last year (Jun19) was CN¥165,122 Mil.
Long-Term Debt & Capital Lease Obligation was CN¥0 Mil.
Total Current Assets was CN¥144,835 Mil.
Total Current Liabilities was CN¥29,605 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.

Kweichow Moutai Co's current Net Income (TTM) was 48,750. ==> 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.

Kweichow Moutai Co's current Cash Flow from Operations (TTM) was 60,768. ==> 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 (Jun20)
=48749.615/172197.875
=0.2831023

ROA (Last Year)=Net Income/Total Assets (Jun19)
=43857.101/165121.649
=0.26560479

Kweichow Moutai Co's return on assets of this year was 0.2831023. Kweichow Moutai Co's return on assets of last year was 0.26560479. ==> 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.

Kweichow Moutai Co's current Net Income (TTM) was 48,750. Kweichow Moutai Co's current Cash Flow from Operations (TTM) was 60,768. ==> 60,768 > 48,750 ==> 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: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=426.298/199651.9212
=0.00213521

Gearing (Last Year: Jun20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun19 to Jun20
=0/172907.4078
=0

Kweichow Moutai Co's gearing of this year was 0.00213521. Kweichow Moutai Co's gearing of last year was 0. ==> 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: Jun21)=Total Current Assets/Total Current Liabilities
=181850.572/44877.251
=4.05217717

Current Ratio (Last Year: Jun20)=Total Current Assets/Total Current Liabilities
=144835.134/29605.466
=4.89217545

Kweichow Moutai Co's current ratio of this year was 4.05217717. Kweichow Moutai Co's current ratio of last year was 4.89217545. ==> 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.

Kweichow Moutai Co's number of shares in issue this year was 1255.841. Kweichow Moutai Co's number of shares in issue last year was 1256.091. ==> 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
=94313.374/103080.453
=0.91494916

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=85210.631/93315.744
=0.91314313

Kweichow Moutai Co's gross margin of this year was 0.91494916. Kweichow Moutai Co's gross margin of last year was 0.91314313. ==> 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 (Jun20)
=103080.453/172197.875
=0.59861629

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun19)
=93315.744/165121.649
=0.56513331

Kweichow Moutai Co's asset turnover of this year was 0.59861629. Kweichow Moutai Co's asset turnover of last year was 0.56513331. ==> 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+0+1+1+1
=7

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

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

Kweichow Moutai Co  (SHSE:600519) 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.


Kweichow Moutai Co Piotroski F-Score Related Terms

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Kweichow Moutai Co Business Description

Kweichow Moutai Co logo
Industry
Traded in Other Exchanges
N/A
Address
Guizhou Province, Maotai Town, Renhuai, CHN, 564501
Kweichow Moutai is one of China's largest liquor producers. The company was established in 1951 and its headquarters is located in Moutai Town, Guizhou province, southwest China. Its core product, 53-degree Feitian Moutai, is known as China's national drink and has been consumed during many high-profile historical and political events. Given its historical and cultural significance, the company achieves the industry's highest retail prices and profit margins.

Kweichow Moutai Co Headlines

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