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Nitto Kogyo (TSE:6651) Piotroski F-Score : 7 (As of Jun. 21, 2024)


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What is Nitto Kogyo 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

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

TSE:6651' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 7

During the past 13 years, the highest Piotroski F-Score of Nitto Kogyo was 8. The lowest was 4. And the median was 6.


Nitto Kogyo Piotroski F-Score Historical Data

The historical data trend for Nitto Kogyo'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.

Nitto Kogyo Piotroski F-Score Chart

Nitto Kogyo 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 7.00 7.00 5.00 4.00 7.00

Nitto Kogyo Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
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 4.00 - - - 7.00

Competitive Comparison of Nitto Kogyo's Piotroski F-Score

For the Electrical Equipment & Parts subindustry, Nitto Kogyo'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.


Nitto Kogyo's Piotroski F-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Nitto Kogyo's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Nitto Kogyo'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8,715 Mil.
Cash Flow from Operations was 円12,321 Mil.
Revenue was 円160,709 Mil.
Gross Profit was 円43,075 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was (135581 + 161742) / 2 = 円148661.5 Mil.
Total Assets at the begining of this year (Mar23) was 円135,581 Mil.
Long-Term Debt & Capital Lease Obligation was 円16,546 Mil.
Total Current Assets was 円90,826 Mil.
Total Current Liabilities was 円33,785 Mil.
Net Income was 円5,476 Mil.

Revenue was 円146,698 Mil.
Gross Profit was 円37,297 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was (124316 + 135581) / 2 = 円129948.5 Mil.
Total Assets at the begining of last year (Mar22) was 円124,316 Mil.
Long-Term Debt & Capital Lease Obligation was 円6,441 Mil.
Total Current Assets was 円80,110 Mil.
Total Current Liabilities was 円24,651 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.

Nitto Kogyo's current Net Income (TTM) was 8,715. ==> 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.

Nitto Kogyo's current Cash Flow from Operations (TTM) was 12,321. ==> 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)
=8715/135581
=0.06427892

ROA (Last Year)=Net Income/Total Assets (Mar22)
=5476/124316
=0.04404904

Nitto Kogyo's return on assets of this year was 0.06427892. Nitto Kogyo's return on assets of last year was 0.04404904. ==> 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.

Nitto Kogyo's current Net Income (TTM) was 8,715. Nitto Kogyo's current Cash Flow from Operations (TTM) was 12,321. ==> 12,321 > 8,715 ==> 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
=16546/148661.5
=0.11129983

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=6441/129948.5
=0.04956579

Nitto Kogyo's gearing of this year was 0.11129983. Nitto Kogyo's gearing of last year was 0.04956579. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=90826/33785
=2.68835282

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=80110/24651
=3.24976674

Nitto Kogyo's current ratio of this year was 2.68835282. Nitto Kogyo's current ratio of last year was 3.24976674. ==> 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.

Nitto Kogyo's number of shares in issue this year was 37.929. Nitto Kogyo's number of shares in issue last year was 37.931. ==> 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
=43075/160709
=0.26803104

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=37297/146698
=0.25424341

Nitto Kogyo's gross margin of this year was 0.26803104. Nitto Kogyo's gross margin of last year was 0.25424341. ==> 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)
=160709/135581
=1.1853357

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=146698/124316
=1.18004119

Nitto Kogyo's asset turnover of this year was 1.1853357. Nitto Kogyo's asset turnover of last year was 1.18004119. ==> 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+0+0+1+1+1
=7

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

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

Nitto Kogyo  (TSE:6651) 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.


Nitto Kogyo Piotroski F-Score Related Terms

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Nitto Kogyo (TSE:6651) Business Description

Traded in Other Exchanges
N/A
Address
2201, Kanihara, Nagakute-cho, Aichi County, Tokyo, JPN, 480-1189
Nitto Kogyo Corp is a Japan-based company which provides a wide range of product materials, such as electric circuit panelboard powered high-pressure equipment, such as information and communications-related materials. It is engaged in manufacture and sales of electric and mechanical equipment such as high-voltage power-receiving equipment, panel boards, home panel boards, charging stations, optical junction boxes, metal enclosures, plastic enclosures, racks, breakers, switches, thermal management products, and so on. The company is also in Power Generation and sales business.

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