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Meiji Holdings Co (TSE:2269) Piotroski F-Score : 6 (As of Apr. 30, 2024)


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What is Meiji Holdings 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

Meiji Holdings Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.

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

TSE:2269' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of Meiji Holdings Co was 7. The lowest was 2. And the median was 6.


Meiji Holdings Co Piotroski F-Score Historical Data

The historical data trend for Meiji Holdings 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.

Meiji Holdings Co Piotroski F-Score Chart

Meiji Holdings Co Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.00 7.00 5.00 6.00 7.00

Meiji Holdings 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 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 6.00 7.00 6.00

Competitive Comparison of Meiji Holdings Co's Piotroski F-Score

For the Packaged Foods subindustry, Meiji Holdings 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.


Meiji Holdings Co's Piotroski F-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Meiji Holdings Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Meiji Holdings 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 22141 + 11593 + 16328 + 17025 = 円67,087 Mil.
Cash Flow from Operations was 48319 + 2403 + 23496 + 38638 = 円112,856 Mil.
Revenue was 264074 + 262734 + 283313 + 286956 = 円1,097,077 Mil.
Gross Profit was 71996 + 76264 + 86241 + 85150 = 円319,651 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(1214970 + 1136217 + 1171743 + 1207796 + 1235981) / 5 = 円1193341.4 Mil.
Total Assets at the begining of this year (Dec22) was 円1,214,970 Mil.
Long-Term Debt & Capital Lease Obligation was 円46,494 Mil.
Total Current Assets was 円558,998 Mil.
Total Current Liabilities was 円324,714 Mil.
Net Income was 31314 + 16015 + 17371 + 13897 = 円78,597 Mil.

Revenue was 243133 + 247131 + 270389 + 280563 = 円1,041,216 Mil.
Gross Profit was 69951 + 72988 + 82486 + 79332 = 円304,757 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(1161517 + 1117459 + 1144335 + 1183879 + 1214970) / 5 = 円1164432 Mil.
Total Assets at the begining of last year (Dec21) was 円1,161,517 Mil.
Long-Term Debt & Capital Lease Obligation was 円40,128 Mil.
Total Current Assets was 円540,479 Mil.
Total Current Liabilities was 円356,680 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.

Meiji Holdings Co's current Net Income (TTM) was 67,087. ==> 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.

Meiji Holdings Co's current Cash Flow from Operations (TTM) was 112,856. ==> 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)
=67087/1214970
=0.055217

ROA (Last Year)=Net Income/Total Assets (Dec21)
=78597/1161517
=0.06766754

Meiji Holdings Co's return on assets of this year was 0.055217. Meiji Holdings Co's return on assets of last year was 0.06766754. ==> 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.

Meiji Holdings Co's current Net Income (TTM) was 67,087. Meiji Holdings Co's current Cash Flow from Operations (TTM) was 112,856. ==> 112,856 > 67,087 ==> 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
=46494/1193341.4
=0.03896119

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=40128/1164432
=0.03446144

Meiji Holdings Co's gearing of this year was 0.03896119. Meiji Holdings Co's gearing of last year was 0.03446144. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=558998/324714
=1.72150877

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=540479/356680
=1.51530504

Meiji Holdings Co's current ratio of this year was 1.72150877. Meiji Holdings Co's current ratio of last year was 1.51530504. ==> 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.

Meiji Holdings Co's number of shares in issue this year was 279.107. Meiji Holdings Co's number of shares in issue last year was 280.374. ==> 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
=319651/1097077
=0.29136606

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=304757/1041216
=0.29269335

Meiji Holdings Co's gross margin of this year was 0.29136606. Meiji Holdings Co's gross margin of last year was 0.29269335. ==> 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)
=1097077/1214970
=0.90296633

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=1041216/1161517
=0.89642769

Meiji Holdings Co's asset turnover of this year was 0.90296633. Meiji Holdings Co's asset turnover of last year was 0.89642769. ==> This year's asset turnover is higher. ==> Score 1.

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+1+1+0+1
=6

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

Meiji Holdings Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Meiji Holdings Co  (TSE:2269) 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.


Meiji Holdings Co Piotroski F-Score Related Terms

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Meiji Holdings Co (TSE:2269) Business Description

Traded in Other Exchanges
Address
4-16, Kyobashi 2-chome, Chuo-ku, Tokyo, JPN, 104-0031
Meiji Holdings was established in April 2009 as a merged entity of Meiji Dairies, Japan's largest dairy company, and Meiji Seika, the country's number-two confectionery maker. The amalgamation was propelled by a surge in commodity prices, Japan's aging and shrinking population, and fierce competition. The food business, comprising dairy and confectionery operations, represents more than 80% of the group's sales and profits. The rest mainly comes from the pharmaceutical business, specializing in antibacterial and generic drugs, as well as vaccines. Meiji is looking to step up overseas expansion of the food business, particularly in China, which will serve as a key growth driver over the medium term.

Meiji Holdings Co (TSE:2269) Headlines

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