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Yealink Network Technology Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

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

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

SZSE:300628' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Max: 8
Current: 6

3
8

During the past 7 years, the highest Piotroski F-Score of Yealink Network Technology was 8. The lowest was 3. And the median was 6.


Yealink Network Technology Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Yealink Network Technology Annual Data
Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Piotroski F-Score Premium Member Only Premium Member Only N/A N/A 8.00 4.00 3.00

Yealink Network Technology Quarterly Data
Dec12 Dec13 Dec14 Mar15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only N/A 3.00 6.00 7.00 6.00

Competitive Comparison
* 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.


Yealink Network Technology Piotroski F-Score Distribution

* The bar in red indicates where Yealink Network Technology's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Sep19) TTM:Last Year (Sep18) TTM:
Net Income was 187.871 + 260.98 + 345.771 + 376.105 = CN¥1,171 Mil.
Cash Flow from Operations was 211.043 + 170.097 + 250.994 + 346.775 = CN¥979 Mil.
Revenue was 496.266 + 533.047 + 641.413 + 681.37 = CN¥2,352 Mil.
Gross Profit was 314.736 + 348.302 + 417.317 + 453.489 = CN¥1,534 Mil.
Average Total Assets from the begining of this year (Sep18)
to the end of this year (Sep19) was
(3484.869 + 3749.987 + 3930.434 + 4349.369 + 4459.458) / 5 = CN¥3994.8234 Mil.
Total Assets at the begining of this year (Sep18) was CN¥3,485 Mil.
Long-Term Debt & Capital Lease Obligation was CN¥0 Mil.
Total Current Assets was CN¥4,276 Mil.
Total Current Liabilities was CN¥336 Mil.
Net Income was 113.23 + 196.339 + 213.802 + 253.465 = CN¥777 Mil.

Revenue was 323.786 + 412.423 + 428.02 + 478.65 = CN¥1,643 Mil.
Gross Profit was 192.89 + 251.48 + 257.531 + 297.931 = CN¥1,000 Mil.
Average Net Income from the begining of last year (Sep17)
to the end of last year (Sep18) was
(2865.556 + 3022.914 + 3165.565 + 3207.255 + 3484.869) / 5 = CN¥3149.2318 Mil.
Total Assets at the begining of last year (Sep17) was CN¥2,866 Mil.
Long-Term Debt & Capital Lease Obligation was CN¥0 Mil.
Total Current Assets was CN¥3,336 Mil.
Total Current Liabilities was CN¥160 Mil.

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.

Yealink Network Technology's current Net Income (TTM) was 1,171. ==> 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.

Yealink Network Technology's current Cash Flow from Operations (TTM) was 979. ==> 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(Sep18)
=1170.727/3484.869
=0.33594577

ROA (Last Year)=Net Income/Total Assets(Sep17)
=776.836/2865.556
=0.27109434

Yealink Network Technology's return on assets of this year was 0.33594577. Yealink Network Technology's return on assets of last year was 0.27109434. ==> This year is higher. ==> Score 1.

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.

Yealink Network Technology's current Net Income (TTM) was 1,171. Yealink Network Technology's current Cash Flow from Operations (TTM) was 979. ==> 979 <= 1,171 ==> 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.

Yealink Network Technology's gearing of this year was 0. Yealink Network Technology's gearing of last year was 0. ==> 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: Sep19)=Total Current Assets/Total Current Liabilities
=4276.192/335.773
=12.73536586

Current Ratio (Last Year: Sep18)=Total Current Assets/Total Current Liabilities
=3335.589/160.037
=20.8426114

Yealink Network Technology's current ratio of this year was 12.73536586. Yealink Network Technology's current ratio of last year was 20.8426114. ==> Last year's current ratio is higher ==> Score 0.

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.

Yealink Network Technology's number of shares in issue this year was 600.5. Yealink Network Technology's number of shares in issue last year was 597.4. ==> 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
=1533.844/2352.096
=0.65211794

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=999.832/1642.879
=0.60858529

Yealink Network Technology's gross margin of this year was 0.65211794. Yealink Network Technology's gross margin of last year was 0.60858529. ==> 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 (Sep18)
=2352.096/3484.869
=0.67494531

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep17)
=1642.879/2865.556
=0.57331945

Yealink Network Technology's asset turnover of this year was 0.67494531. Yealink Network Technology's asset turnover of last year was 0.57331945. ==> 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
=1+1+1+0+1+0+0+1+1
=6

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

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

Yealink Network Technology  (SZSE:300628) 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.


Yealink Network Technology Piotroski F-Score Related Terms


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