GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Distribution » China National Accord Medicines Corp Ltd (SZSE:000028) » Definitions » Piotroski F-Score

China National Accord Medicines (SZSE:000028) Piotroski F-Score : 5 (As of May. 27, 2024)


View and export this data going back to 1993. Start your Free Trial

What is China National Accord Medicines 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

China National Accord Medicines has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for China National Accord Medicines's Piotroski F-Score or its related term are showing as below:

SZSE:000028' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of China National Accord Medicines was 9. The lowest was 2. And the median was 5.


China National Accord Medicines Piotroski F-Score Historical Data

The historical data trend for China National Accord Medicines'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.

China National Accord Medicines Piotroski F-Score Chart

China National Accord Medicines 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 3.00 5.00 5.00 8.00 5.00

China National Accord Medicines Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
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 8.00 9.00 8.00 5.00 5.00

Competitive Comparison of China National Accord Medicines's Piotroski F-Score

For the Medical Distribution subindustry, China National Accord Medicines'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.


China National Accord Medicines's Piotroski F-Score Distribution in the Medical Distribution Industry

For the Medical Distribution industry and Healthcare sector, China National Accord Medicines's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where China National Accord Medicines'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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was 468.046 + 359.413 + 409.592 + 388.771 = ¥1,626 Mil.
Cash Flow from Operations was 1276.291 + -20.807 + 1471.67 + -634.146 = ¥2,093 Mil.
Revenue was 19700.714 + 18198.333 + 18891.62 + 19090.481 = ¥75,881 Mil.
Gross Profit was 2317.434 + 2087.957 + 2513.366 + 2073.384 = ¥8,992 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(47885.198 + 49882.939 + 50736.935 + 47571.095 + 51524.997) / 5 = ¥49520.2328 Mil.
Total Assets at the begining of this year (Mar23) was ¥47,885 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,642 Mil.
Total Current Assets was ¥40,058 Mil.
Total Current Liabilities was ¥27,722 Mil.
Net Income was 421.854 + 373.428 + 439.064 + 362.205 = ¥1,597 Mil.

Revenue was 18978.053 + 18487.856 + 18826.37 + 18686.818 = ¥74,979 Mil.
Gross Profit was 2266.933 + 2084.017 + 2652.304 + 2133.302 = ¥9,137 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(44844.103 + 45968.981 + 47461.838 + 42615.761 + 47885.198) / 5 = ¥45755.1762 Mil.
Total Assets at the begining of last year (Mar22) was ¥44,844 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,329 Mil.
Total Current Assets was ¥36,929 Mil.
Total Current Liabilities was ¥25,912 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.

China National Accord Medicines's current Net Income (TTM) was 1,626. ==> 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.

China National Accord Medicines's current Cash Flow from Operations (TTM) was 2,093. ==> 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 (Mar23)
=1625.822/47885.198
=0.0339525

ROA (Last Year)=Net Income/Total Assets (Mar22)
=1596.551/44844.103
=0.03560225

China National Accord Medicines's return on assets of this year was 0.0339525. China National Accord Medicines's return on assets of last year was 0.03560225. ==> 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.

China National Accord Medicines's current Net Income (TTM) was 1,626. China National Accord Medicines's current Cash Flow from Operations (TTM) was 2,093. ==> 2,093 > 1,626 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=1642.184/49520.2328
=0.03316188

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=1328.788/45755.1762
=0.02904126

China National Accord Medicines's gearing of this year was 0.03316188. China National Accord Medicines's gearing of last year was 0.02904126. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=40058.309/27722.116
=1.44499464

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=36929.434/25911.745
=1.42520058

China National Accord Medicines's current ratio of this year was 1.44499464. China National Accord Medicines's current ratio of last year was 1.42520058. ==> 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.

China National Accord Medicines's number of shares in issue this year was 555.387. China National Accord Medicines's number of shares in issue last year was 557.239. ==> 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
=8992.141/75881.148
=0.11850296

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=9136.556/74979.097
=0.12185471

China National Accord Medicines's gross margin of this year was 0.11850296. China National Accord Medicines's gross margin of last year was 0.12185471. ==> 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 (Mar23)
=75881.148/47885.198
=1.58464726

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=74979.097/44844.103
=1.67199458

China National Accord Medicines's asset turnover of this year was 1.58464726. China National Accord Medicines's asset turnover of last year was 1.67199458. ==> 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+1+0+1+0+1+1+0+0
=5

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

China National Accord Medicines has an F-score of 5 indicating the company's financial situation is typical for a stable company.

China National Accord Medicines  (SZSE:000028) 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.


China National Accord Medicines Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of China National Accord Medicines's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


China National Accord Medicines (SZSE:000028) Business Description

Traded in Other Exchanges
Address
No. 15, Ba Gua Si 4th Road, Accord Pharmaceutical Building, Futian District, Guangdong Province, Shenzhen, CHN, 518029
China National Accord Medicines Corp Ltd develops and manufactures pharmaceuticals in China. The company engaged in the wholesale of Chinese patent drugs, traditional Chinese medicines, chemical medicine preparations, antibiotics, biochemical drugs and cerebrovascular system drugs. It operates through the following segments: The Head office segment engages in investing and managing the business; The Pharmaceutical Distribution segment engages in the distribution of medicine and pharmaceutical products to customers, including hospitals, other distributors, retail drug stores, and clinics, and Retail pharmacy segment, which is managing the operation of Guoda Pharmacy. It generates maximum revenue from the Pharmaceutical Distribution segment.
Executives
Su Wei Wei Independent director
Chen Chang Bing Secretary Dong
Peng Juan Director
Fu Ming Zhong Director

China National Accord Medicines (SZSE:000028) Headlines

No Headlines