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Advanced Optoelectronic Technology (TPE:3437) Piotroski F-Score : 4 (As of Apr. 05, 2025)


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What is Advanced Optoelectronic Technology 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

Advanced Optoelectronic Technology has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Advanced Optoelectronic Technology's Piotroski F-Score or its related term are showing as below:

TPE:3437' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 7
Current: 4

During the past 13 years, the highest Piotroski F-Score of Advanced Optoelectronic Technology was 7. The lowest was 3. And the median was 6.


Advanced Optoelectronic Technology Piotroski F-Score Historical Data

The historical data trend for Advanced Optoelectronic Technology'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.

Advanced Optoelectronic Technology Piotroski F-Score Chart

Advanced Optoelectronic Technology Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 6.00 4.00 6.00 4.00

Advanced Optoelectronic Technology Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
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 6.00 7.00 7.00 6.00 4.00

Competitive Comparison of Advanced Optoelectronic Technology's Piotroski F-Score

For the Semiconductors subindustry, Advanced Optoelectronic Technology'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.


Advanced Optoelectronic Technology's Piotroski F-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Advanced Optoelectronic Technology's Piotroski F-Score distribution charts can be found below:

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


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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 (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was -43.34 + -12.653 + -28.439 + -50.982 = NT$-135 Mil.
Cash Flow from Operations was 19.685 + -18.561 + 27.578 + 45.796 = NT$74 Mil.
Revenue was 508.787 + 529.814 + 514.33 + 482.277 = NT$2,035 Mil.
Gross Profit was 85.191 + 105.842 + 108.611 + 62.575 = NT$362 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(3356.485 + 3294.577 + 3389.427 + 3290.061 + 3318.124) / 5 = NT$3329.7348 Mil.
Total Assets at the begining of this year (Dec23) was NT$3,356 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0 Mil.
Total Current Assets was NT$2,149 Mil.
Total Current Liabilities was NT$723 Mil.
Net Income was -52.125 + -10.709 + 22.913 + -61.412 = NT$-101 Mil.

Revenue was 431.774 + 472.403 + 586.453 + 481.994 = NT$1,973 Mil.
Gross Profit was 52.93 + 108.676 + 136.423 + 84.572 = NT$383 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(3220.038 + 3331.433 + 3500.777 + 3566.634 + 3356.485) / 5 = NT$3395.0734 Mil.
Total Assets at the begining of last year (Dec22) was NT$3,220 Mil.
Long-Term Debt & Capital Lease Obligation was NT$28 Mil.
Total Current Assets was NT$2,204 Mil.
Total Current Liabilities was NT$690 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.

Advanced Optoelectronic Technology's current Net Income (TTM) was -135. ==> 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.

Advanced Optoelectronic Technology's current Cash Flow from Operations (TTM) was 74. ==> 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 (Dec23)
=-135.414/3356.485
=-0.04034399

ROA (Last Year)=Net Income/Total Assets (Dec22)
=-101.333/3220.038
=-0.0314695

Advanced Optoelectronic Technology's return on assets of this year was -0.04034399. Advanced Optoelectronic Technology's return on assets of last year was -0.0314695. ==> 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.

Advanced Optoelectronic Technology's current Net Income (TTM) was -135. Advanced Optoelectronic Technology's current Cash Flow from Operations (TTM) was 74. ==> 74 > -135 ==> 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: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=0.37/3329.7348
=0.00011112

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=27.962/3395.0734
=0.00823605

Advanced Optoelectronic Technology's gearing of this year was 0.00011112. Advanced Optoelectronic Technology's gearing of last year was 0.00823605. ==> 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: Dec24)=Total Current Assets/Total Current Liabilities
=2149.186/722.551
=2.97444194

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=2204.254/689.624
=3.19631277

Advanced Optoelectronic Technology's current ratio of this year was 2.97444194. Advanced Optoelectronic Technology's current ratio of last year was 3.19631277. ==> 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.

Advanced Optoelectronic Technology's number of shares in issue this year was 144.548. Advanced Optoelectronic Technology's number of shares in issue last year was 144.548. ==> 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
=362.219/2035.208
=0.1779764

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=382.601/1972.624
=0.19395536

Advanced Optoelectronic Technology's gross margin of this year was 0.1779764. Advanced Optoelectronic Technology's gross margin of last year was 0.19395536. ==> 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 (Dec23)
=2035.208/3356.485
=0.60635099

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=1972.624/3220.038
=0.61260892

Advanced Optoelectronic Technology's asset turnover of this year was 0.60635099. Advanced Optoelectronic Technology's asset turnover of last year was 0.61260892. ==> 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
=0+1+0+1+1+0+1+0+0
=4

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

Advanced Optoelectronic Technology has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Advanced Optoelectronic Technology  (TPE:3437) 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.


Advanced Optoelectronic Technology Piotroski F-Score Related Terms

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Advanced Optoelectronic Technology Business Description

Traded in Other Exchanges
N/A
Address
No. 13, Gongye 5th Road, Hsinchu Industrial Park, Hukou Shiang, Hsinchu Hsien, TWN, 303
Advanced Optoelectronic Technology is focused on the research and development, testing, manufacturing, and sale of LEDs, as well as the import/export and trading of raw materials and semi-finished products. Its product portfolio comprises Backlight applications, Sensor applications, Vehicle applications, UV applications, and VR applications (ASPHETEK).

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