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Tosei Reit Investment (TSE:3451) Piotroski F-Score : 5 (As of May. 27, 2024)


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What is Tosei Reit Investment 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

Tosei Reit Investment has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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

TSE:3451' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 7
Current: 5

During the past 9 years, the highest Piotroski F-Score of Tosei Reit Investment was 7. The lowest was 4. And the median was 5.


Tosei Reit Investment Piotroski F-Score Historical Data

The historical data trend for Tosei Reit Investment'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.

Tosei Reit Investment Piotroski F-Score Chart

Tosei Reit Investment Annual Data
Trend Oct15 Oct16 Oct17 Oct18 Oct19 Oct20 Oct21 Oct22 Oct23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only 6.00 4.00 5.00 5.00 5.00

Tosei Reit Investment Semi-Annual Data
Apr15 Oct15 Apr16 Oct16 Apr17 Oct17 Apr18 Oct18 Apr19 Oct19 Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23
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 5.00 - 5.00 - 5.00

Competitive Comparison of Tosei Reit Investment's Piotroski F-Score

For the REIT - Diversified subindustry, Tosei Reit Investment'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.


Tosei Reit Investment's Piotroski F-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Tosei Reit Investment's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Tosei Reit Investment'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 (Oct23) TTM:Last Year (Oct22) TTM:
Net Income was 円2,683 Mil.
Cash Flow from Operations was 円3,680 Mil.
Revenue was 円7,004 Mil.
Gross Profit was 円3,887 Mil.
Average Total Assets from the begining of this year (Oct22)
to the end of this year (Oct23) was (85690.74 + 86611.475) / 2 = 円86151.1075 Mil.
Total Assets at the begining of this year (Oct22) was 円85,691 Mil.
Long-Term Debt & Capital Lease Obligation was 円35,300 Mil.
Total Current Assets was 円8,690 Mil.
Total Current Liabilities was 円7,147 Mil.
Net Income was 円2,602 Mil.

Revenue was 円6,740 Mil.
Gross Profit was 円3,805 Mil.
Average Total Assets from the begining of last year (Oct21)
to the end of last year (Oct22) was (79985.404 + 85690.74) / 2 = 円82838.072 Mil.
Total Assets at the begining of last year (Oct21) was 円79,985 Mil.
Long-Term Debt & Capital Lease Obligation was 円34,700 Mil.
Total Current Assets was 円8,345 Mil.
Total Current Liabilities was 円7,280 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.

Tosei Reit Investment's current Net Income (TTM) was 2,683. ==> 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.

Tosei Reit Investment's current Cash Flow from Operations (TTM) was 3,680. ==> 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 (Oct22)
=2682.71/85690.74
=0.03130688

ROA (Last Year)=Net Income/Total Assets (Oct21)
=2601.713/79985.404
=0.03252735

Tosei Reit Investment's return on assets of this year was 0.03130688. Tosei Reit Investment's return on assets of last year was 0.03252735. ==> 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.

Tosei Reit Investment's current Net Income (TTM) was 2,683. Tosei Reit Investment's current Cash Flow from Operations (TTM) was 3,680. ==> 3,680 > 2,683 ==> 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: Oct23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct22 to Oct23
=35300/86151.1075
=0.40974517

Gearing (Last Year: Oct22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct21 to Oct22
=34700/82838.072
=0.41888952

Tosei Reit Investment's gearing of this year was 0.40974517. Tosei Reit Investment's gearing of last year was 0.41888952. ==> 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: Oct23)=Total Current Assets/Total Current Liabilities
=8690.009/7147.299
=1.21584517

Current Ratio (Last Year: Oct22)=Total Current Assets/Total Current Liabilities
=8344.986/7280.183
=1.14626047

Tosei Reit Investment's current ratio of this year was 1.21584517. Tosei Reit Investment's current ratio of last year was 1.14626047. ==> 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.

Tosei Reit Investment's number of shares in issue this year was 0.363. Tosei Reit Investment's number of shares in issue last year was 0.358. ==> 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
=3887.49/7003.759
=0.55505765

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=3804.578/6739.939
=0.56448256

Tosei Reit Investment's gross margin of this year was 0.55505765. Tosei Reit Investment's gross margin of last year was 0.56448256. ==> 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 (Oct22)
=7003.759/85690.74
=0.08173297

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Oct21)
=6739.939/79985.404
=0.08426461

Tosei Reit Investment's asset turnover of this year was 0.08173297. Tosei Reit Investment's asset turnover of last year was 0.08426461. ==> 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+1+1+0+0+0
=5

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

Tosei Reit Investment has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Tosei Reit Investment  (TSE:3451) 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.


Tosei Reit Investment Piotroski F-Score Related Terms

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Tosei Reit Investment (TSE:3451) Business Description

Traded in Other Exchanges
N/A
Address
Toranomon Tosei Building, 4-2-3 Toranomon, Minato-ku, Tokyo, JPN
Tosei Reit Investment Corp is a Japanese company operating in the real estate industry. The company invests in real estate and other assets and the investments are spread across Offices, Commercial facility and Housing.

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