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Chongqing Genori Technology Co (SHSE:688797) 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.
Chongqing Genori Technology Co Piotroski F-Score Related Terms
Chongqing Genori Technology Co Piotroski F-Score Historical Data
* 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.
Chongqing Genori Technology Co Piotroski F-Score Chart
SHSE:688797 vs AMAT, LRCX, KLAC: Piotroski F-Score Comparison
For the Semiconductor Equipment & Materials subindustry, Chongqing Genori Technology 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.
Chongqing Genori Technology Co Piotroski F-Score vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Chongqing Genori Technology Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Chongqing Genori Technology Co's Piotroski F-Score falls into.
* 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.
Chongqing Genori Technology Co's current Net Income (TTM) was 247.4.
==> 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.
Chongqing Genori Technology Co's current Cash Flow from Operations (TTM) was 72.4.
==> 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.
Chongqing Genori Technology Co's return on assets of this year was . Chongqing Genori Technology Co's return on assets of last year was 0.11857564.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Chongqing Genori Technology Co's gearing of this year was 0.06733258. Chongqing Genori Technology 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
Chongqing Genori Technology Co's current ratio of this year was 3.9744224. Chongqing Genori Technology Co's current ratio of last year was .
==> 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.
Chongqing Genori Technology Co's number of shares in issue this year was 115.967. Chongqing Genori Technology Co's number of shares in issue last year was 118.406.
==> 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.
Chongqing Genori Technology Co's gross margin of this year was 0.50063601. Chongqing Genori Technology Co's gross margin of last year was 0.72515913.
==> 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
Chongqing Genori Technology Co's asset turnover of this year was . Chongqing Genori Technology Co's asset turnover of last year was 0.60328137.
==> 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
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Que. 9
=
1
+
1
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0
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0
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0
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1
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1
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0
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0
=
4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Chongqing Genori Technology Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Chongqing Genori Technology Co Ltd is engaged in the research, development, production and sales of core components for semiconductor equipment, as well as the provision of surface treatment services. The company's main products include equipment components made of silicon, quartz, silicon carbide, and alumina ceramics, as well as surface treatment services such as plasma regeneration, anodizing, and precision cleaning. These components and surface treatment services are used in semiconductor equipment for processes such as plasma etching and thin film deposition in the integrated circuit industry, and in panel manufacturing equipment for processes such as plasma etching, thin film deposition, and evaporation in the display panel industry.
20GF Score
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