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Tokyo Century (TSE:8439) Piotroski F-Score : 3 (As of Dec. 13, 2024)


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What is Tokyo Century Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Tokyo Century has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

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

TSE:8439' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 6
Current: 3

During the past 13 years, the highest Piotroski F-Score of Tokyo Century was 6. The lowest was 2. And the median was 4.


Tokyo Century Piotroski F-Score Historical Data

The historical data trend for Tokyo Century'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.

Tokyo Century Piotroski F-Score Chart

Tokyo Century 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 3.00 5.00 6.00 4.00 3.00

Tokyo Century Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 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 - - 3.00 - -

Competitive Comparison of Tokyo Century's Piotroski F-Score

For the Rental & Leasing Services subindustry, Tokyo Century'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.


Tokyo Century's Piotroski F-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Tokyo Century's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Tokyo Century'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72,136 Mil.
Cash Flow from Operations was 円-176,742 Mil.
Revenue was 円1,346,113 Mil.
Gross Profit was 円253,187 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was (6082114 + 6460930) / 2 = 円6271522 Mil.
Total Assets at the begining of this year (Mar23) was 円6,082,114 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,024,619 Mil.
Total Current Assets was 円2,938,879 Mil.
Total Current Liabilities was 円2,142,083 Mil.
Net Income was 円4,765 Mil.

Revenue was 円1,324,962 Mil.
Gross Profit was 円225,503 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was (5663787 + 6082114) / 2 = 円5872950.5 Mil.
Total Assets at the begining of last year (Mar22) was 円5,663,787 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,828,650 Mil.
Total Current Assets was 円2,996,794 Mil.
Total Current Liabilities was 円2,106,181 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.

Tokyo Century's current Net Income (TTM) was 72,136. ==> 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.

Tokyo Century's current Cash Flow from Operations (TTM) was -176,742. ==> Negative ==> Score 0.

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)
=72136/6082114
=0.01186035

ROA (Last Year)=Net Income/Total Assets (Mar22)
=4765/5663787
=0.00084131

Tokyo Century's return on assets of this year was 0.01186035. Tokyo Century's return on assets of last year was 0.00084131. ==> 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.

Tokyo Century's current Net Income (TTM) was 72,136. Tokyo Century's current Cash Flow from Operations (TTM) was -176,742. ==> -176,742 <= 72,136 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=3024619/6271522
=0.48227831

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=2828650/5872950.5
=0.48164036

Tokyo Century's gearing of this year was 0.48227831. Tokyo Century's gearing of last year was 0.48164036. ==> 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
=2938879/2142083
=1.37197251

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=2996794/2106181
=1.42285682

Tokyo Century's current ratio of this year was 1.37197251. Tokyo Century's current ratio of last year was 1.42285682. ==> 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.

Tokyo Century's number of shares in issue this year was 491.557. Tokyo Century's number of shares in issue last year was 491.237. ==> 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
=253187/1346113
=0.18808748

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=225503/1324962
=0.17019582

Tokyo Century's gross margin of this year was 0.18808748. Tokyo Century's gross margin of last year was 0.17019582. ==> 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)
=1346113/6082114
=0.22132321

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=1324962/5663787
=0.2339357

Tokyo Century's asset turnover of this year was 0.22132321. Tokyo Century's asset turnover of last year was 0.2339357. ==> 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+0+1+0+0+0+0+1+0
=3

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

Tokyo Century has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Tokyo Century  (TSE:8439) 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.


Tokyo Century Piotroski F-Score Related Terms

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Tokyo Century Business Description

Traded in Other Exchanges
Address
World Trade Center Building, 4-1 Hamamatsu-cho 2-chome, Minato-ku, Tokyo, JPN, 1056110
Tokyo Century Corp is a provider of various leasing and financing solutions. The company offers finance leases and operating leases, automobile leasing, instalment sales, real estate financing, ship financing, aviation financing, and account receivable financing and securitization. Century Tokyo Leasing specialises in information technology related equipment leasing as well as industrial equipment and machinery. The end markets for Century Tokyo Leasing are Japan and Ireland.

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