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Chailease Holding Co (TPE:5871) Piotroski F-Score

: 3 (As of Today)
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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

Chailease Holding 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 Chailease Holding Co's Piotroski F-Score or its related term are showing as below:

TPE:5871' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 6
Current: 3

During the past 13 years, the highest Piotroski F-Score of Chailease Holding Co was 6. The lowest was 3. And the median was 5.


Chailease Holding Co Piotroski F-Score Historical Data

The historical data trend for Chailease Holding 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.

Chailease Holding Co Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 5.00 5.00 4.00 3.00

Chailease Holding 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 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 4.00 2.00 2.00 3.00 3.00

Competitive Comparison

For the Credit Services subindustry, Chailease Holding 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.


Chailease Holding Co Piotroski F-Score Distribution

For the Credit Services industry and Financial Services sector, Chailease Holding Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Chailease Holding 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 6889.6 + 6174.247 + 6232.387 + 5737.402 = NT$25,034 Mil.
Cash Flow from Operations was -17980.529 + -1805.519 + -749.462 + 4117.342 = NT$-16,418 Mil.
Revenue was 5242.554 + 5861.543 + 6162.122 + 5541.716 = NT$22,808 Mil.
Gross Profit was 2230.223 + 2590.139 + 2683.737 + 2193.221 = NT$9,697 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(877198.754 + 887263.727 + 908202.408 + 932011.833 + 943344.87) / 5 = NT$909604.3184 Mil.
Total Assets at the begining of this year (Dec22) was NT$877,199 Mil.
Long-Term Debt & Capital Lease Obligation was NT$221,104 Mil.
Total Current Assets was NT$640,832 Mil.
Total Current Liabilities was NT$545,780 Mil.
Net Income was 7169.996 + 6913.874 + 7009.598 + 6128.259 = NT$27,222 Mil.

Revenue was 5088.635 + 5569.891 + 5788.696 + 5632.445 = NT$22,080 Mil.
Gross Profit was 2183.822 + 2511.04 + 2997.488 + 2450.628 = NT$10,143 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(713226.916 + 763928.857 + 798890.741 + 831545.078 + 877198.754) / 5 = NT$796958.0692 Mil.
Total Assets at the begining of last year (Dec21) was NT$713,227 Mil.
Long-Term Debt & Capital Lease Obligation was NT$232,366 Mil.
Total Current Assets was NT$611,946 Mil.
Total Current Liabilities was NT$483,277 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.

Chailease Holding Co's current Net Income (TTM) was 25,034. ==> 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.

Chailease Holding Co's current Cash Flow from Operations (TTM) was -16,418. ==> 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)
=25033.636/877198.754
=0.02853816

ROA (Last Year)=Net Income/Total Assets (Dec21)
=27221.727/713226.916
=0.03816699

Chailease Holding Co's return on assets of this year was 0.02853816. Chailease Holding Co's return on assets of last year was 0.03816699. ==> 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.

Chailease Holding Co's current Net Income (TTM) was 25,034. Chailease Holding Co's current Cash Flow from Operations (TTM) was -16,418. ==> -16,418 <= 25,034 ==> 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
=221104.32/909604.3184
=0.24307747

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=232366.301/796958.0692
=0.29156653

Chailease Holding Co's gearing of this year was 0.24307747. Chailease Holding Co's gearing of last year was 0.29156653. ==> 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
=640832.086/545779.615
=1.17415907

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=611945.678/483276.945
=1.26624223

Chailease Holding Co's current ratio of this year was 1.17415907. Chailease Holding Co's current ratio of last year was 1.26624223. ==> 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.

Chailease Holding Co's number of shares in issue this year was 1637.476. Chailease Holding Co's number of shares in issue last year was 1637.823. ==> 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
=9697.32/22807.935
=0.42517308

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=10142.978/22079.667
=0.45938093

Chailease Holding Co's gross margin of this year was 0.42517308. Chailease Holding Co's gross margin of last year was 0.45938093. ==> 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)
=22807.935/877198.754
=0.02600087

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=22079.667/713226.916
=0.03095742

Chailease Holding Co's asset turnover of this year was 0.02600087. Chailease Holding Co's asset turnover of last year was 0.03095742. ==> 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+0+1+0+0
=3

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

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

Chailease Holding Co  (TPE:5871) 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.


Chailease Holding Co Piotroski F-Score Related Terms

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Chailease Holding Co (TPE:5871) Business Description

Traded in Other Exchanges
Address
No. 362, Ruiguang Road, Neihu District, Taipei, TWN
Chailease Holding Co Ltd provides various forms of financing and primarily operates in Taiwan and mainland China. The company also has a presence in the Western United States. Its main products and services include leasing, instalment sales, import/export financing, and direct financing to corporations and small and medium-sized enterprises. The company began operations by primarily providing asset-backed financing to companies in heavy industries to help with their property, plant, and equipment needs. The majority of the company's revenue is interest income. Geographically, the company's revenue is split nearly evenly between Taiwan, China, and ASEAN regions.

Chailease Holding Co (TPE:5871) Headlines

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