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Hannstar Display (TPE:6116) Piotroski F-Score : 2 (As of May. 16, 2024)


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What is Hannstar Display Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 2 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

Hannstar Display has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

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

TPE:6116' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 9
Current: 2

During the past 13 years, the highest Piotroski F-Score of Hannstar Display was 9. The lowest was 1. And the median was 5.


Hannstar Display Piotroski F-Score Historical Data

The historical data trend for Hannstar Display'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.

Hannstar Display Piotroski F-Score Chart

Hannstar Display 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 9.00 7.00 3.00 1.00

Hannstar Display 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 2.00 2.00 2.00 1.00 2.00

Competitive Comparison of Hannstar Display's Piotroski F-Score

For the Electronic Components subindustry, Hannstar Display'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.


Hannstar Display's Piotroski F-Score Distribution in the Hardware Industry

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

* The bar in red indicates where Hannstar Display'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 -730.119 + -1079.616 + -1854.123 + -1311.835 = NT$-4,976 Mil.
Cash Flow from Operations was -479.38 + -573.669 + -309.376 + -1446.585 = NT$-2,809 Mil.
Revenue was 3415.758 + 3263.92 + 2997.418 + 2536.53 = NT$12,214 Mil.
Gross Profit was -500.113 + -617.917 + -970.22 + -633.113 = NT$-2,721 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(55733.568 + 54027.812 + 54084.785 + 52628.784 + 52703.505) / 5 = NT$53835.6908 Mil.
Total Assets at the begining of this year (Mar23) was NT$55,734 Mil.
Long-Term Debt & Capital Lease Obligation was NT$4,751 Mil.
Total Current Assets was NT$12,015 Mil.
Total Current Liabilities was NT$7,136 Mil.
Net Income was 19.271 + -371.287 + -1736.576 + -1008.12 = NT$-3,097 Mil.

Revenue was 4492.769 + 3825.374 + 3776.669 + 2675.869 = NT$14,771 Mil.
Gross Profit was 485.362 + -118.92 + -710.405 + -454.776 = NT$-799 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(61919.55 + 61610.723 + 57359.386 + 56717.054 + 55733.568) / 5 = NT$58668.0562 Mil.
Total Assets at the begining of last year (Mar22) was NT$61,920 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2,151 Mil.
Total Current Assets was NT$13,718 Mil.
Total Current Liabilities was NT$6,461 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.

Hannstar Display's current Net Income (TTM) was -4,976. ==> 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.

Hannstar Display's current Cash Flow from Operations (TTM) was -2,809. ==> 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 (Mar23)
=-4975.693/55733.568
=-0.08927641

ROA (Last Year)=Net Income/Total Assets (Mar22)
=-3096.712/61919.55
=-0.05001186

Hannstar Display's return on assets of this year was -0.08927641. Hannstar Display's return on assets of last year was -0.05001186. ==> 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.

Hannstar Display's current Net Income (TTM) was -4,976. Hannstar Display's current Cash Flow from Operations (TTM) was -2,809. ==> -2,809 > -4,976 ==> 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
=4750.583/53835.6908
=0.08824226

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=2151.115/58668.0562
=0.03666586

Hannstar Display's gearing of this year was 0.08824226. Hannstar Display's gearing of last year was 0.03666586. ==> Last year is lower than this year ==> Score 0.

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
=12015.025/7136.028
=1.68371326

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=13718.05/6460.725
=2.12329886

Hannstar Display's current ratio of this year was 1.68371326. Hannstar Display's current ratio of last year was 2.12329886. ==> 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.

Hannstar Display's number of shares in issue this year was 2858.655. Hannstar Display's number of shares in issue last year was 2858.655. ==> 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
=-2721.363/12213.626
=-0.22281368

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=-798.739/14770.681
=-0.05407598

Hannstar Display's gross margin of this year was -0.22281368. Hannstar Display's gross margin of last year was -0.05407598. ==> 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 (Mar23)
=12213.626/55733.568
=0.21914308

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=14770.681/61919.55
=0.23854632

Hannstar Display's asset turnover of this year was 0.21914308. Hannstar Display's asset turnover of last year was 0.23854632. ==> 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+0+0+1+0+0+1+0+0
=2

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

Hannstar Display has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

Hannstar Display  (TPE:6116) 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.


Hannstar Display Piotroski F-Score Related Terms

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Hannstar Display (TPE:6116) Business Description

Traded in Other Exchanges
N/A
Address
Lane 168, Xingshan Road, 4Floor, No.15, Neihu District, Taipei, TWN, 11469
Hannstar Display Corp is a Taiwan-based manufacturer and seller of TFT-LCD panels, flat-panel displays, CCTV and related components. The firm has two fabrication facilities, one facility to manufacture liquid crystal displays, and one facility to manufacture liquid crystal monitors. These display products are low-radiation, low energy consumption, and lightweight. Hannstar display products are sold primarily to original equipment manufacturers of computer products. The firm has operations in Taiwan and China.

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