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Tenaga Nasional Bhd (Tenaga Nasional Bhd) Piotroski F-Score : 5 (As of Apr. 30, 2024)


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What is Tenaga Nasional Bhd 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

Tenaga Nasional Bhd 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 Tenaga Nasional Bhd's Piotroski F-Score or its related term are showing as below:

TNABY' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 7
Current: 5

During the past 13 years, the highest Piotroski F-Score of Tenaga Nasional Bhd was 7. The lowest was 3. And the median was 5.


Tenaga Nasional Bhd Piotroski F-Score Historical Data

The historical data trend for Tenaga Nasional Bhd'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.

Tenaga Nasional Bhd Piotroski F-Score Chart

Tenaga Nasional Bhd Annual Data
Trend Aug14 Aug15 Aug16 Aug17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 4.00 7.00 5.00 5.00

Tenaga Nasional Bhd 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 5.00 6.00 5.00 6.00 5.00

Competitive Comparison of Tenaga Nasional Bhd's Piotroski F-Score

For the Utilities - Regulated Electric subindustry, Tenaga Nasional Bhd'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.


Tenaga Nasional Bhd's Piotroski F-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Tenaga Nasional Bhd's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Tenaga Nasional Bhd'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 224.53 + 70.819 + 182.847 + 125.354 = $604 Mil.
Cash Flow from Operations was 994.691 + 2574.026 + 1270.555 + 2133.018 = $6,972 Mil.
Revenue was 2828.315 + 2877.519 + 2875.774 + 2930.872 = $11,512 Mil.
Gross Profit was 2828.315 + 2877.519 + 2875.774 + 2930.872 = $11,512 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(46699.694 + 45557.325 + 43329.021 + 43133.024 + 43955.26) / 5 = $44534.8648 Mil.
Total Assets at the begining of this year (Dec22) was $46,700 Mil.
Long-Term Debt & Capital Lease Obligation was $17,672 Mil.
Total Current Assets was $8,727 Mil.
Total Current Liabilities was $7,050 Mil.
Net Income was 212.699 + 198.259 + 195.522 + 183.49 = $790 Mil.

Revenue was 2894.353 + 2918.123 + 2851.066 + 2928.926 = $11,592 Mil.
Gross Profit was 2894.353 + 2918.123 + 2851.066 + 2928.926 = $11,592 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(43359.675 + 45759.151 + 46016.321 + 44871.918 + 46699.694) / 5 = $45341.3518 Mil.
Total Assets at the begining of last year (Dec21) was $43,360 Mil.
Long-Term Debt & Capital Lease Obligation was $18,315 Mil.
Total Current Assets was $10,218 Mil.
Total Current Liabilities was $8,526 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.

Tenaga Nasional Bhd's current Net Income (TTM) was 604. ==> 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.

Tenaga Nasional Bhd's current Cash Flow from Operations (TTM) was 6,972. ==> 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 (Dec22)
=603.55/46699.694
=0.01292407

ROA (Last Year)=Net Income/Total Assets (Dec21)
=789.97/43359.675
=0.018219

Tenaga Nasional Bhd's return on assets of this year was 0.01292407. Tenaga Nasional Bhd's return on assets of last year was 0.018219. ==> 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.

Tenaga Nasional Bhd's current Net Income (TTM) was 604. Tenaga Nasional Bhd's current Cash Flow from Operations (TTM) was 6,972. ==> 6,972 > 604 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=17672.177/44534.8648
=0.39681668

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=18314.525/45341.3518
=0.40392543

Tenaga Nasional Bhd's gearing of this year was 0.39681668. Tenaga Nasional Bhd's gearing of last year was 0.40392543. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=8726.535/7049.936
=1.23781762

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=10217.984/8526.432
=1.1983892

Tenaga Nasional Bhd's current ratio of this year was 1.23781762. Tenaga Nasional Bhd's current ratio of last year was 1.1983892. ==> 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.

Tenaga Nasional Bhd's number of shares in issue this year was 1471.884. Tenaga Nasional Bhd's number of shares in issue last year was 1446.81. ==> 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
=11512.48/11512.48
=1

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=11592.468/11592.468
=1

Tenaga Nasional Bhd's gross margin of this year was 1. Tenaga Nasional Bhd's gross margin of last year was 1. ==> 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 (Dec22)
=11512.48/46699.694
=0.24652153

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=11592.468/43359.675
=0.26735597

Tenaga Nasional Bhd's asset turnover of this year was 0.24652153. Tenaga Nasional Bhd's asset turnover of last year was 0.26735597. ==> 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+1+1+0+0+0
=5

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

Tenaga Nasional Bhd has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Tenaga Nasional Bhd  (OTCPK:TNABY) 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.


Tenaga Nasional Bhd Piotroski F-Score Related Terms

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Tenaga Nasional Bhd (Tenaga Nasional Bhd) Business Description

Traded in Other Exchanges
Address
No. 3, Jalan Bukit Pantai, Tingkat 16, Tower A, TNB Platinum, Pejabat Setiausaha Syarikat, Bangsar, Kuala Lumpur, SGR, MYS, 59100
Tenaga Nasional Bhd, or TNB, is the largest electric utility company in Malaysia. The company is involved in the generation, transmission, distribution, and sale of electricity. TNB segments its operations into a generation division, a transmission division, and a distribution division. The generation division encompasses the company's portfolio of thermal and hydroelectric power plants located throughout Malaysia. Through its subsidiaries, TNB also engages in other energy-related operations, such as the manufacturing of transformers and the providing of consulting services. The company primarily generates revenue through the sale of electricity in West Malaysia. Its customers are mainly commercial operations, domestic consumers, and large industrial entities.

Tenaga Nasional Bhd (Tenaga Nasional Bhd) Headlines

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