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Winstar Display Co (TPE:6916) Piotroski F-Score : N/A (As of Mar. 15, 2025)


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What is Winstar Display Co 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

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

During the past 6 years, the highest Piotroski F-Score of Winstar Display Co was 7. The lowest was 4. And the median was 4.


Winstar Display Co Piotroski F-Score Historical Data

The historical data trend for Winstar Display 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.

Winstar Display Co Piotroski F-Score Chart

Winstar Display Co Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial N/A N/A N/A 4.00 -

Winstar Display Co Quarterly Data
Dec19 Dec20 Jun21 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 4.00 N/A 4.00 N/A -

Competitive Comparison of Winstar Display Co's Piotroski F-Score

For the Electronic Components subindustry, Winstar Display 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.


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

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

* The bar in red indicates where Winstar Display 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 (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 3.251 + 0.65 + 11.622 + 16.186 = NT$32 Mil.
Cash Flow from Operations was -17.673 + 41.325 + -12.516 + 122.307 = NT$133 Mil.
Revenue was 468.128 + 508.454 + 567.29 + 490.051 = NT$2,034 Mil.
Gross Profit was 104.125 + 108.524 + 150.64 + 127.673 = NT$491 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(2298.684 + 2422.464 + 2493.68 + 2431.91 + 2485.445) / 5 = NT$2426.4366 Mil.
Total Assets at the begining of this year (Dec23) was NT$2,299 Mil.
Long-Term Debt & Capital Lease Obligation was NT$266 Mil.
Total Current Assets was NT$1,427 Mil.
Total Current Liabilities was NT$989 Mil.
Net Income was 26.917 + 21.167 + 37.363 + -4.638 = NT$81 Mil.

Revenue was 701.647 + 555.073 + 501.602 + 470.908 = NT$2,229 Mil.
Gross Profit was 164.833 + 133.919 + 150.901 + 126.942 = NT$577 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(2357.778 + 2224.195 + 2088.235 + 2136.038 + 2298.684) / 5 = NT$2220.986 Mil.
Total Assets at the begining of last year (Dec22) was NT$2,358 Mil.
Long-Term Debt & Capital Lease Obligation was NT$140 Mil.
Total Current Assets was NT$1,516 Mil.
Total Current Liabilities was NT$920 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.

Winstar Display Co's current Net Income (TTM) was 32. ==> 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.

Winstar Display Co's current Cash Flow from Operations (TTM) was 133. ==> 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)
=31.709/2298.684
=0.01379441

ROA (Last Year)=Net Income/Total Assets (Dec22)
=80.809/2357.778
=0.03427337

Winstar Display Co's return on assets of this year was 0.01379441. Winstar Display Co's return on assets of last year was 0.03427337. ==> 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.

Winstar Display Co's current Net Income (TTM) was 32. Winstar Display Co's current Cash Flow from Operations (TTM) was 133. ==> 133 > 32 ==> 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
=266.33/2426.4366
=0.10976178

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=139.506/2220.986
=0.06281264

Winstar Display Co's gearing of this year was 0.10976178. Winstar Display Co's gearing of last year was 0.06281264. ==> 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: Dec24)=Total Current Assets/Total Current Liabilities
=1427.098/989.402
=1.44238439

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=1516.466/919.751
=1.64877885

Winstar Display Co's current ratio of this year was 1.44238439. Winstar Display Co's current ratio of last year was 1.64877885. ==> 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.

Winstar Display Co's number of shares in issue this year was 67.364. Winstar Display Co's number of shares in issue last year was 63.035. ==> 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
=490.962/2033.923
=0.24138672

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=576.595/2229.23
=0.25865209

Winstar Display Co's gross margin of this year was 0.24138672. Winstar Display Co's gross margin of last year was 0.25865209. ==> 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)
=2033.923/2298.684
=0.88482062

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=2229.23/2357.778
=0.94547918

Winstar Display Co's asset turnover of this year was 0.88482062. Winstar Display Co's asset turnover of last year was 0.94547918. ==> 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+0+0+0+0+0
=3

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

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

Winstar Display Co  (TPE:6916) 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.


Winstar Display Co Piotroski F-Score Related Terms

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Winstar Display Co Business Description

Traded in Other Exchanges
N/A
Address
No. 43, Keya Road, 2nd Floor, Daya District, Taichung City, TWN, 428
Winstar Display Co Ltd engages in the manufacturing and development of Industrial LCD Displays including monochrome, various display modules, and System Integrated Solutions. It offers a wide range of standard and total/semi-custom design LCD module displays and PMOLED display modules. The company's operating revenue mainly comes from the production and sales of LCD modules and OLED display modules. Its LCM modules product lines include monochrome TN/STN/FSTN character module LCD and graphic LCD modules, COG LCD, FSC-LCD, VATN LCM module. The company's reportable segments consist of Domestic operations, covering production and sales within the domestic region; Asian operations, encompassing production and sales in Asia; and Others, comprising sales in additional areas.

Winstar Display Co Headlines

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