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Zhejiang Taihua New Material Group Co (SHSE:603055) Piotroski F-Score : 6 (As of Dec. 13, 2024)


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What is Zhejiang Taihua New Material Group 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

Zhejiang Taihua New Material Group Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Zhejiang Taihua New Material Group Co's Piotroski F-Score or its related term are showing as below:

SHSE:603055' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 8
Current: 6

During the past 12 years, the highest Piotroski F-Score of Zhejiang Taihua New Material Group Co was 8. The lowest was 2. And the median was 5.


Zhejiang Taihua New Material Group Co Piotroski F-Score Historical Data

The historical data trend for Zhejiang Taihua New Material Group 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.

Zhejiang Taihua New Material Group Co Piotroski F-Score Chart

Zhejiang Taihua New Material Group 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 4.00 5.00 6.00 4.00 5.00

Zhejiang Taihua New Material Group Co Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 4.00 5.00 6.00 6.00 6.00

Competitive Comparison of Zhejiang Taihua New Material Group Co's Piotroski F-Score

For the Textile Manufacturing subindustry, Zhejiang Taihua New Material Group 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.


Zhejiang Taihua New Material Group Co's Piotroski F-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Zhejiang Taihua New Material Group Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Zhejiang Taihua New Material Group 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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 122.142 + 149.8 + 274.15 + 194.658 = ¥741 Mil.
Cash Flow from Operations was -26.739 + -154.985 + 266.735 + 193.55 = ¥279 Mil.
Revenue was 1577.949 + 1472.423 + 1946.466 + 1765.795 = ¥6,763 Mil.
Gross Profit was 344.806 + 344.527 + 479.078 + 421.21 = ¥1,590 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(9809.737 + 10559.978 + 10987.085 + 11258.294 + 11391.334) / 5 = ¥10801.2856 Mil.
Total Assets at the begining of this year (Sep23) was ¥9,810 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,368 Mil.
Total Current Assets was ¥4,972 Mil.
Total Current Liabilities was ¥3,997 Mil.
Net Income was -28.591 + 74.48 + 108.631 + 143.861 = ¥298 Mil.

Revenue was 999.096 + 970.497 + 1226.236 + 1319.17 = ¥4,515 Mil.
Gross Profit was 173.905 + 199.734 + 265.103 + 300.207 = ¥939 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(7520.831 + 7586.048 + 8077.147 + 9095.977 + 9809.737) / 5 = ¥8417.948 Mil.
Total Assets at the begining of last year (Sep22) was ¥7,521 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2,571 Mil.
Total Current Assets was ¥3,825 Mil.
Total Current Liabilities was ¥2,774 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.

Zhejiang Taihua New Material Group Co's current Net Income (TTM) was 741. ==> 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.

Zhejiang Taihua New Material Group Co's current Cash Flow from Operations (TTM) was 279. ==> 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 (Sep23)
=740.75/9809.737
=0.07551171

ROA (Last Year)=Net Income/Total Assets (Sep22)
=298.381/7520.831
=0.03967394

Zhejiang Taihua New Material Group Co's return on assets of this year was 0.07551171. Zhejiang Taihua New Material Group Co's return on assets of last year was 0.03967394. ==> 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.

Zhejiang Taihua New Material Group Co's current Net Income (TTM) was 741. Zhejiang Taihua New Material Group Co's current Cash Flow from Operations (TTM) was 279. ==> 279 <= 741 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=2367.632/10801.2856
=0.21919909

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=2571.328/8417.948
=0.30545781

Zhejiang Taihua New Material Group Co's gearing of this year was 0.21919909. Zhejiang Taihua New Material Group Co's gearing of last year was 0.30545781. ==> 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: Sep24)=Total Current Assets/Total Current Liabilities
=4972.168/3997.013
=1.24397094

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=3825.029/2774.134
=1.37881912

Zhejiang Taihua New Material Group Co's current ratio of this year was 1.24397094. Zhejiang Taihua New Material Group Co's current ratio of last year was 1.37881912. ==> 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.

Zhejiang Taihua New Material Group Co's number of shares in issue this year was 923.14. Zhejiang Taihua New Material Group Co's number of shares in issue last year was 907.211. ==> 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
=1589.621/6762.633
=0.23505948

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=938.949/4514.999
=0.20796217

Zhejiang Taihua New Material Group Co's gross margin of this year was 0.23505948. Zhejiang Taihua New Material Group Co's gross margin of last year was 0.20796217. ==> 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 (Sep23)
=6762.633/9809.737
=0.68937964

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=4514.999/7520.831
=0.60033246

Zhejiang Taihua New Material Group Co's asset turnover of this year was 0.68937964. Zhejiang Taihua New Material Group Co's asset turnover of last year was 0.60033246. ==> 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+0+1+0+0+1+1
=6

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

Zhejiang Taihua New Material Group Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Zhejiang Taihua New Material Group Co  (SHSE:603055) 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.


Zhejiang Taihua New Material Group Co Piotroski F-Score Related Terms

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Zhejiang Taihua New Material Group Co Business Description

Traded in Other Exchanges
N/A
Address
Meibei Road, No. 113, Wangdian Town, Xiuzhou District, Zhejiang Province, Jiaxing, CHN, 314011
Zhejiang Taihua New Material Group Co Ltd is involved in the research, development, production and sales of nylon filaments, nylon gray fabrics and nylon finished fabrics.
Executives
Ding Zhong Hua senior management
Li Zeng Hua senior management
Zhang Zhang Jian Director
Liu Xiao Yang Supervisors

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