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Nichias (TSE:5393) Piotroski F-Score : 6 (As of Dec. 14, 2024)


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What is Nichias 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

Nichias 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 Nichias's Piotroski F-Score or its related term are showing as below:

TSE:5393' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of Nichias was 9. The lowest was 4. And the median was 6.


Nichias Piotroski F-Score Historical Data

The historical data trend for Nichias'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.

Nichias Piotroski F-Score Chart

Nichias 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 5.00 7.00 8.00 4.00 7.00

Nichias 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 6.00 5.00 5.00 7.00 6.00

Competitive Comparison of Nichias's Piotroski F-Score

For the Conglomerates subindustry, Nichias'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.


Nichias's Piotroski F-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Nichias's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Nichias'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 (Sep24) TTM:Last Year (Jun23) TTM:
Net Income was 6625 + 6704 + 7279 + 0 = 円20,608 Mil.
Cash Flow from Operations was 1301 + 2833 + 11102 + 0 = 円15,236 Mil.
Revenue was 60858 + 65061 + 64294 + 0 = 円190,213 Mil.
Gross Profit was 15104 + 17691 + 17182 + 0 = 円49,977 Mil.
Average Total Assets from the begining of this year (Jun23)
to the end of this year (Sep24) was
(271256 + 276253 + 279455 + 290788 + 290358) / 5 = 円281622 Mil.
Total Assets at the begining of this year (Jun23) was 円271,256 Mil.
Long-Term Debt & Capital Lease Obligation was 円821 Mil.
Total Current Assets was 円186,140 Mil.
Total Current Liabilities was 円63,908 Mil.
Net Income was 5692 + 6088 + 4001 + 6353 = 円22,134 Mil.

Revenue was 58890 + 62807 + 61802 + 59177 = 円242,676 Mil.
Gross Profit was 13509 + 15769 + 15404 + 14787 = 円59,469 Mil.
Average Total Assets from the begining of last year (Jun22)
to the end of last year (Jun23) was
(247525 + 255487 + 257368 + 266907 + 271256) / 5 = 円259708.6 Mil.
Total Assets at the begining of last year (Jun22) was 円247,525 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,000 Mil.
Total Current Assets was 円176,182 Mil.
Total Current Liabilities was 円73,077 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.

Nichias's current Net Income (TTM) was 20,608. ==> 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.

Nichias's current Cash Flow from Operations (TTM) was 15,236. ==> 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 (Jun23)
=20608/271256
=0.07597251

ROA (Last Year)=Net Income/Total Assets (Jun22)
=22134/247525
=0.08942127

Nichias's return on assets of this year was 0.07597251. Nichias's return on assets of last year was 0.08942127. ==> 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.

Nichias's current Net Income (TTM) was 20,608. Nichias's current Cash Flow from Operations (TTM) was 15,236. ==> 15,236 <= 20,608 ==> CFROA <= ROA ==> Score 0.

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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun23 to Sep24
=821/281622
=0.00291526

Gearing (Last Year: Jun23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun22 to Jun23
=5000/259708.6
=0.01925235

Nichias's gearing of this year was 0.00291526. Nichias's gearing of last year was 0.01925235. ==> 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: Sep24)=Total Current Assets/Total Current Liabilities
=186140/63908
=2.9126244

Current Ratio (Last Year: Jun23)=Total Current Assets/Total Current Liabilities
=176182/73077
=2.41090904

Nichias's current ratio of this year was 2.9126244. Nichias's current ratio of last year was 2.41090904. ==> 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.

Nichias's number of shares in issue this year was 65.703. Nichias's number of shares in issue last year was 66.331. ==> 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
=49977/190213
=0.26274229

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=59469/242676
=0.24505514

Nichias's gross margin of this year was 0.26274229. Nichias's gross margin of last year was 0.24505514. ==> 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 (Jun23)
=190213/271256
=0.70123057

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun22)
=242676/247525
=0.98041006

Nichias's asset turnover of this year was 0.70123057. Nichias's asset turnover of last year was 0.98041006. ==> 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+0+1+1+1+1+0
=6

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

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

Nichias  (TSE:5393) 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.


Nichias Piotroski F-Score Related Terms

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Nichias Business Description

Traded in Other Exchanges
N/A
Address
6-1, Hatchobori 1-chome, Chuo-ku, Tokyo, JPN, 104-8555
Nichias Corp is engaged in five businesses, each contributing between roughly 10% and 30% of the company's total revenue. Energy and Industrial Plants, the largest business by sales, provides engineering services and products to energy plant customers that have construction and maintenance needs. Industrial Products provides a wide range of products to the infrastructure industry. Autoparts provides heat-proofing and sound-proofing products to automobile and automobile parts manufacturers. Building Materials supplies and installs fireproof building materials for residences and buildings. Advanced Products, the smallest business, provides components and materials for semiconductors to electronics-related industries. Nearly all the company's sales are in Asia, with more than 80% from Japan.

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