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Havix (TSE:3895) Piotroski F-Score : 7 (As of Mar. 04, 2025)


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What is Havix Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, 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

Havix has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

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

TSE:3895' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 9
Current: 7

During the past 13 years, the highest Piotroski F-Score of Havix was 9. The lowest was 2. And the median was 5.


Havix Piotroski F-Score Historical Data

The historical data trend for Havix'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.

Havix Piotroski F-Score Chart

Havix Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 6.00 4.00 6.00 7.00

Havix Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Sep24
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 - - - 7.00 -

Competitive Comparison of Havix's Piotroski F-Score

For the Paper & Paper Products subindustry, Havix'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.


Havix's Piotroski F-Score Distribution in the Forest Products Industry

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

* The bar in red indicates where Havix'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 円675 Mil.
Cash Flow from Operations was 円1,645 Mil.
Revenue was 円13,205 Mil.
Gross Profit was 円2,480 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was (12604.321 + 13095.579) / 2 = 円12849.95 Mil.
Total Assets at the begining of this year (Mar23) was 円12,604 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,301 Mil.
Total Current Assets was 円9,316 Mil.
Total Current Liabilities was 円4,826 Mil.
Net Income was 円52 Mil.

Revenue was 円12,084 Mil.
Gross Profit was 円1,448 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was (11800.453 + 12604.321) / 2 = 円12202.387 Mil.
Total Assets at the begining of last year (Mar22) was 円11,800 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,842 Mil.
Total Current Assets was 円8,978 Mil.
Total Current Liabilities was 円4,422 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.

Havix's current Net Income (TTM) was 675. ==> 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.

Havix's current Cash Flow from Operations (TTM) was 1,645. ==> 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 (Mar23)
=674.843/12604.321
=0.05354061

ROA (Last Year)=Net Income/Total Assets (Mar22)
=52.083/11800.453
=0.00441364

Havix's return on assets of this year was 0.05354061. Havix's return on assets of last year was 0.00441364. ==> 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.

Havix's current Net Income (TTM) was 675. Havix's current Cash Flow from Operations (TTM) was 1,645. ==> 1,645 > 675 ==> 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
=1301.206/12849.95
=0.10126156

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=1841.51/12202.387
=0.15091392

Havix's gearing of this year was 0.10126156. Havix's gearing of last year was 0.15091392. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=9315.615/4825.648
=1.93043815

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=8977.5/4422.464
=2.02997695

Havix's current ratio of this year was 1.93043815. Havix's current ratio of last year was 2.02997695. ==> 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.

Havix's number of shares in issue this year was 7.767. Havix's number of shares in issue last year was 7.727. ==> 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
=2479.812/13204.697
=0.18779772

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1447.771/12084.138
=0.11980755

Havix's gross margin of this year was 0.18779772. Havix's gross margin of last year was 0.11980755. ==> 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 (Mar23)
=13204.697/12604.321
=1.04763255

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=12084.138/11800.453
=1.02404018

Havix's asset turnover of this year was 1.04763255. Havix's asset turnover of last year was 1.02404018. ==> 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+0+1+1
=7

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

Havix has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Havix  (TSE:3895) 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.


Havix Piotroski F-Score Related Terms

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Havix Business Description

Traded in Other Exchanges
N/A
Address
3-5-7 Fukumitsuhigashi, Gifu, JPN, 502-0813
Havix Corp is engaged in manufacturing paper and paper products in Japan. The products of the company include pulp nonwoven fabric, pulp nonwoven fabric, synthetic composite nonwoven fabric, and sanitary paper.

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