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GF Securities Co (SZSE:000776) Piotroski F-Score : 3 (As of Apr. 24, 2024)


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What is GF Securities Co Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

GF Securities Co has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for GF Securities Co's Piotroski F-Score or its related term are showing as below:

SZSE:000776' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 9
Current: 3

During the past 13 years, the highest Piotroski F-Score of GF Securities Co was 9. The lowest was 2. And the median was 5.


GF Securities Co Piotroski F-Score Historical Data

The historical data trend for GF Securities 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.

GF Securities Co Piotroski F-Score Chart

GF Securities 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 9.00 7.00 2.00 4.00 3.00

GF Securities Co Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 3.00

Competitive Comparison of GF Securities Co's Piotroski F-Score

For the Capital Markets subindustry, GF Securities 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.


GF Securities Co's Piotroski F-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, GF Securities Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where GF Securities 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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 2156.743 + 2381.663 + 1271.602 + 1167.791 = ¥6,978 Mil.
Cash Flow from Operations was -4582.032 + 12457.683 + 4551.355 + -21345.982 = ¥-8,919 Mil.
Revenue was 6226.869 + 6624.414 + 4628.486 + 5095.629 = ¥22,575 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(617256.282 + 664447.966 + 678663.16 + 668917.788 + 682181.679) / 5 = ¥662293.375 Mil.
Total Assets at the begining of this year (Dec22) was ¥617,256 Mil.
Long-Term Debt & Capital Lease Obligation was ¥179,405 Mil.
Total Assets was ¥682,182 Mil.
Total Liabilities was ¥541,506 Mil.
Net Income was 1302.527 + 2895.556 + 1036.209 + 2694.991 = ¥7,929 Mil.

Revenue was 4697.613 + 7672.001 + 4756.98 + 7069.853 = ¥24,196 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(535855.324 + 554667.334 + 581023.326 + 590256.779 + 617256.282) / 5 = ¥575811.809 Mil.
Total Assets at the begining of last year (Dec21) was ¥535,855 Mil.
Long-Term Debt & Capital Lease Obligation was ¥177,612 Mil.
Total Assets was ¥617,256 Mil.
Total Liabilities was ¥492,463 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.

GF Securities Co's current Net Income (TTM) was 6,978. ==> 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.

GF Securities Co's current Cash Flow from Operations (TTM) was -8,919. ==> Negative ==> Score 0.

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 (Dec22)
=6977.799/617256.282
=0.01130454

ROA (Last Year)=Net Income/Total Assets (Dec21)
=7929.283/535855.324
=0.01479743

GF Securities Co's return on assets of this year was 0.01130454. GF Securities Co's return on assets of last year was 0.01479743. ==> 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.

GF Securities Co's current Net Income (TTM) was 6,978. GF Securities Co's current Cash Flow from Operations (TTM) was -8,919. ==> -8,919 <= 6,978 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=179405.019/662293.375
=0.27088451

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=177611.98/575811.809
=0.30845491

GF Securities Co's gearing of this year was 0.27088451. GF Securities Co's gearing of last year was 0.30845491. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Dec23)=Total Assets/Total Liabilities
=682181.679/541505.969
=1.25978607

Current Ratio (Last Year: Dec22)=Total Assets/Total Liabilities
=617256.282/492463.442
=1.25340529

GF Securities Co's current ratio of this year was 1.25978607. GF Securities Co's current ratio of last year was 1.25340529. ==> 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.

GF Securities Co's number of shares in issue this year was 8727.915. GF Securities Co's number of shares in issue last year was 7658.098. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=6977.799/22575.398
=0.30908864

Net Margin (Last Year: TTM)=Net Income/Revenue
=7929.283/24196.447
=0.32770444

GF Securities Co's net margin of this year was 0.30908864. GF Securities Co's net margin of last year was 0.32770444. ==> Last year's net 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 (Dec22)
=22575.398/617256.282
=0.03657378

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=24196.447/535855.324
=0.04515481

GF Securities Co's asset turnover of this year was 0.03657378. GF Securities Co's asset turnover of last year was 0.04515481. ==> 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+0+0+0+1+1+0+0+0
=3

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

GF Securities Co has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

GF Securities Co  (SZSE:000776) 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.


GF Securities Co Piotroski F-Score Related Terms

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GF Securities Co (SZSE:000776) Business Description

Traded in Other Exchanges
Address
26 Machang Road, 59th Floor, GF Securities Tower, Tianhe District, Guangdong, Guangzhou, CHN, 510627
GF Securities Co Ltd is a full-service investment bank with operating branches located across China. The principal activities of the company include commodity futures brokerage, financial futures brokerage, investment consulting and asset management, trading and trading agent, project investment, investment management, and financial advisory. It operates through the following segments: Investment banking, Wealth management, Trading & Institutions, and Investment management.

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