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Okayama Paper Industries Co (TSE:3892) Piotroski F-Score : 8 (As of Dec. 14, 2024)


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What is Okayama Paper Industries Co Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, indicates a very healthy situation.

The zones of discrimination were as such:

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

Okayama Paper Industries Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

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

TSE:3892' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 8
Current: 8

During the past 13 years, the highest Piotroski F-Score of Okayama Paper Industries Co was 8. The lowest was 2. And the median was 6.


Okayama Paper Industries Co Piotroski F-Score Historical Data

The historical data trend for Okayama Paper Industries 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.

Okayama Paper Industries Co Piotroski F-Score Chart

Okayama Paper Industries Co Annual Data
Trend May15 May16 May17 May18 May19 May20 May21 May22 May23 May24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 5.00 4.00 5.00 8.00

Okayama Paper Industries Co Quarterly Data
Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24
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 5.00 - - - 8.00

Competitive Comparison of Okayama Paper Industries Co's Piotroski F-Score

For the Paper & Paper Products subindustry, Okayama Paper Industries 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.


Okayama Paper Industries Co's Piotroski F-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Okayama Paper Industries Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Okayama Paper Industries 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 (May24) TTM:Last Year (May23) TTM:
Net Income was 円1,157 Mil.
Cash Flow from Operations was 円1,924 Mil.
Revenue was 円11,512 Mil.
Gross Profit was 円3,317 Mil.
Average Total Assets from the begining of this year (May23)
to the end of this year (May24) was (14990.746 + 17822.85) / 2 = 円16406.798 Mil.
Total Assets at the begining of this year (May23) was 円14,991 Mil.
Long-Term Debt & Capital Lease Obligation was 円26 Mil.
Total Current Assets was 円11,809 Mil.
Total Current Liabilities was 円4,473 Mil.
Net Income was 円495 Mil.

Revenue was 円10,870 Mil.
Gross Profit was 円2,295 Mil.
Average Total Assets from the begining of last year (May22)
to the end of last year (May23) was (14876.764 + 14990.746) / 2 = 円14933.755 Mil.
Total Assets at the begining of last year (May22) was 円14,877 Mil.
Long-Term Debt & Capital Lease Obligation was 円49 Mil.
Total Current Assets was 円9,996 Mil.
Total Current Liabilities was 円3,626 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.

Okayama Paper Industries Co's current Net Income (TTM) was 1,157. ==> 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.

Okayama Paper Industries Co's current Cash Flow from Operations (TTM) was 1,924. ==> 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 (May23)
=1157.182/14990.746
=0.07719309

ROA (Last Year)=Net Income/Total Assets (May22)
=494.92/14876.764
=0.03326799

Okayama Paper Industries Co's return on assets of this year was 0.07719309. Okayama Paper Industries Co's return on assets of last year was 0.03326799. ==> This year is higher. ==> Score 1.

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.

Okayama Paper Industries Co's current Net Income (TTM) was 1,157. Okayama Paper Industries Co's current Cash Flow from Operations (TTM) was 1,924. ==> 1,924 > 1,157 ==> 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: May24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May23 to May24
=25.765/16406.798
=0.00157039

Gearing (Last Year: May23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May22 to May23
=48.801/14933.755
=0.00326783

Okayama Paper Industries Co's gearing of this year was 0.00157039. Okayama Paper Industries Co's gearing of last year was 0.00326783. ==> 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: May24)=Total Current Assets/Total Current Liabilities
=11808.99/4472.568
=2.64031536

Current Ratio (Last Year: May23)=Total Current Assets/Total Current Liabilities
=9996.281/3626.206
=2.75667764

Okayama Paper Industries Co's current ratio of this year was 2.64031536. Okayama Paper Industries Co's current ratio of last year was 2.75667764. ==> 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.

Okayama Paper Industries Co's number of shares in issue this year was 4.625. Okayama Paper Industries Co's number of shares in issue last year was 4.882. ==> 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
=3317.319/11511.853
=0.28816551

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2295.05/10870.057
=0.21113505

Okayama Paper Industries Co's gross margin of this year was 0.28816551. Okayama Paper Industries Co's gross margin of last year was 0.21113505. ==> This year's gross margin is higher. ==> Score 1.

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 (May23)
=11511.853/14990.746
=0.76793063

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (May22)
=10870.057/14876.764
=0.73067349

Okayama Paper Industries Co's asset turnover of this year was 0.76793063. Okayama Paper Industries Co's asset turnover of last year was 0.73067349. ==> 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+1+1+1+0+1+1+1
=8

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

Okayama Paper Industries Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

Okayama Paper Industries Co  (TSE:3892) 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.


Okayama Paper Industries Co Piotroski F-Score Related Terms

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Okayama Paper Industries Co Business Description

Traded in Other Exchanges
N/A
Address
No. 4 No. 34, Minami-ku, Hamano 1-chome, Okayama, JPN, 700-0845
Okayama Paper Industries Co Ltd is engaged in manufacturing and sales of SMIC raw paper, paper tube base paper, flat sheet. It is in a packaging material field as a manufacturer of cardboard and decorative corrugated cardboard made of core paper and paper tube base paper. It offers products such as base papers, containerboard, stencil paper tubes, paper tube base papers, and cardboard plates.

Okayama Paper Industries Co Headlines

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