* 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.
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Hefei Jianghang Aircraft Equipment Co Piotroski F-Score Chart
Competitive Comparison of Hefei Jianghang Aircraft Equipment Co's Piotroski F-Score
For the Aerospace & Defense subindustry, Hefei Jianghang Aircraft Equipment 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.
Hefei Jianghang Aircraft Equipment Co's Piotroski F-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Hefei Jianghang Aircraft Equipment Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Hefei Jianghang Aircraft Equipment 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.
*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.
Hefei Jianghang Aircraft Equipment Co's current Net Income (TTM) was 194.
==> 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.
Hefei Jianghang Aircraft Equipment Co's current Cash Flow from Operations (TTM) was 111.
==> 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.
Hefei Jianghang Aircraft Equipment Co's return on assets of this year was 0.05438114. Hefei Jianghang Aircraft Equipment Co's return on assets of last year was 0.07163258.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Hefei Jianghang Aircraft Equipment Co's gearing of this year was 0.00113406. Hefei Jianghang Aircraft Equipment Co's gearing of last year was 0.00172003.
==> 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
Hefei Jianghang Aircraft Equipment Co's current ratio of this year was 3.67241497. Hefei Jianghang Aircraft Equipment Co's current ratio of last year was 3.25207904.
==> 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.
Hefei Jianghang Aircraft Equipment Co's number of shares in issue this year was 760.856. Hefei Jianghang Aircraft Equipment Co's number of shares in issue last year was 752.583.
==> 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.
Hefei Jianghang Aircraft Equipment Co's gross margin of this year was 0.38967502. Hefei Jianghang Aircraft Equipment Co's gross margin of last year was 0.39118568.
==> 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
Hefei Jianghang Aircraft Equipment Co's asset turnover of this year was 0.34201099. Hefei Jianghang Aircraft Equipment Co's asset turnover of last year was 0.33316794.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Que. 1
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Que. 2
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Que. 4
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Que. 5
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Que. 6
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Que. 7
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1
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Hefei Jianghang Aircraft Equipment Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Hefei Jianghang Aircraft Equipment Co (SHSE:688586) 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.
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.
Hefei Jianghang Aircraft Equipment Co Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Hefei Jianghang Aircraft Equipment Co's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Hefei Jianghang Aircraft Equipment Co (SHSE:688586) Business Description
Hefei Jianghang Aircraft Equipment Co Ltd is engaged in production of aviation equipments and special refrigeration. The company produces aviation oxygen system, air service oxygen system, aircraft cabin equipment facilities, emergency oxygen supply device, engine oxygen supplement system, inert protection system, aviation fuel tank system, landing gear, aerospace environmental control life support equipment, aerospace individual protective device, ground oxygen protection device, plug-in pod, aviation ground equipment, non-standard testing equipment, non-standard training equipment, oxygen generator, sensitive element, sensor, refrigeration equipment, civil oxygen generator, medical oxygen generator, air purifier, and water purification.
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