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Hytera Communications (SZSE:002583) Piotroski F-Score : 6 (As of May. 27, 2024)


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What is Hytera Communications 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

Hytera Communications 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 Hytera Communications's Piotroski F-Score or its related term are showing as below:

SZSE:002583' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of Hytera Communications was 9. The lowest was 2. And the median was 6.


Hytera Communications Piotroski F-Score Historical Data

The historical data trend for Hytera Communications'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.

Hytera Communications Piotroski F-Score Chart

Hytera Communications 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 5.00 8.00 5.00 9.00 6.00

Hytera Communications 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 9.00 7.00 7.00 6.00 6.00

Competitive Comparison of Hytera Communications's Piotroski F-Score

For the Communication Equipment subindustry, Hytera Communications'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.


Hytera Communications's Piotroski F-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Hytera Communications's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Hytera Communications'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 133.73 + 70.1 + -535.361 + 112.263 = ¥-219 Mil.
Cash Flow from Operations was 31.747 + 122.708 + 451.451 + 21.412 = ¥627 Mil.
Revenue was 1400.951 + 1340.977 + 2054.158 + 1265.592 = ¥6,062 Mil.
Gross Profit was 698.866 + 688.752 + 970.561 + 613.916 = ¥2,972 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(11647.221 + 11518.944 + 11857.908 + 11820.098 + 11907.583) / 5 = ¥11750.3508 Mil.
Total Assets at the begining of this year (Mar23) was ¥11,647 Mil.
Long-Term Debt & Capital Lease Obligation was ¥237 Mil.
Total Current Assets was ¥7,105 Mil.
Total Current Liabilities was ¥4,623 Mil.
Net Income was 84.426 + 341.894 + 54.652 + -56.325 = ¥425 Mil.

Revenue was 1390.33 + 1272.374 + 1942.344 + 856.968 = ¥5,462 Mil.
Gross Profit was 635.021 + 630.521 + 861.37 + 421.083 = ¥2,548 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(12528.657 + 12807.151 + 11822.949 + 11509.573 + 11647.221) / 5 = ¥12063.1102 Mil.
Total Assets at the begining of last year (Mar22) was ¥12,529 Mil.
Long-Term Debt & Capital Lease Obligation was ¥564 Mil.
Total Current Assets was ¥6,559 Mil.
Total Current Liabilities was ¥4,507 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.

Hytera Communications's current Net Income (TTM) was -219. ==> Negative ==> Score 0.

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.

Hytera Communications's current Cash Flow from Operations (TTM) was 627. ==> 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)
=-219.268/11647.221
=-0.01882578

ROA (Last Year)=Net Income/Total Assets (Mar22)
=424.647/12528.657
=0.03389406

Hytera Communications's return on assets of this year was -0.01882578. Hytera Communications's return on assets of last year was 0.03389406. ==> 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.

Hytera Communications's current Net Income (TTM) was -219. Hytera Communications's current Cash Flow from Operations (TTM) was 627. ==> 627 > -219 ==> 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
=237.479/11750.3508
=0.02021038

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=563.564/12063.1102
=0.04671797

Hytera Communications's gearing of this year was 0.02021038. Hytera Communications's gearing of last year was 0.04671797. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=7105.433/4622.969
=1.53698478

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=6559.459/4506.635
=1.45551148

Hytera Communications's current ratio of this year was 1.53698478. Hytera Communications's current ratio of last year was 1.45551148. ==> 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.

Hytera Communications's number of shares in issue this year was 1819.498. Hytera Communications's number of shares in issue last year was 1816.943. ==> 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
=2972.095/6061.678
=0.49030895

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2547.995/5462.016
=0.46649351

Hytera Communications's gross margin of this year was 0.49030895. Hytera Communications's gross margin of last year was 0.46649351. ==> 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 (Mar23)
=6061.678/11647.221
=0.52043985

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=5462.016/12528.657
=0.43596181

Hytera Communications's asset turnover of this year was 0.52043985. Hytera Communications's asset turnover of last year was 0.43596181. ==> 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
=0+1+0+1+1+1+0+1+1
=6

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

Hytera Communications has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Hytera Communications  (SZSE:002583) 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.


Hytera Communications Piotroski F-Score Related Terms

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Hytera Communications (SZSE:002583) Business Description

Traded in Other Exchanges
N/A
Address
North Ring Road, No. 9108 Hytera Building, Shenzhen Hi-Tech Industrial Park North, Nanshan District, Guangdong, Shenzhen, CHN, 518057
Hytera Communications Corp Ltd designs & manufactures professional wireless communications equipment, offering customized communication solutions to government, utility, enterprises & businesses to help achieve higher organizational efficiency.
Executives
Jiang Ye Lin Directors, executives
Zhu De You Supervisors
Peng Jian Feng Director
Chen Qing Zhou Director
Wu Mei Directors, executives
Tian Zhi Yong Securities Affairs Representative
Deng Feng Supervisors
Zhang Ju Directors, Directors, and Executives
Li Shao Qian Independent director
Zhang Yu Cheng Supervisors
Tan Xue Zhi Director
Ceng Hua Directors, executives
Wang Zhuo Supervisors
Fu Dong Hui Supervisors
Zhang Yong Securities Affairs Representative

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