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Tochigi Bank (TSE:8550) Piotroski F-Score : 5 (As of May. 06, 2024)


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What is Tochigi Bank 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

Tochigi Bank has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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

TSE:8550' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 7
Current: 5

During the past 13 years, the highest Piotroski F-Score of Tochigi Bank was 7. The lowest was 2. And the median was 4.


Tochigi Bank Piotroski F-Score Historical Data

The historical data trend for Tochigi Bank'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.

Tochigi Bank Piotroski F-Score Chart

Tochigi Bank Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 6.00 5.00 5.00 5.00

Tochigi Bank Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 - - -

Competitive Comparison of Tochigi Bank's Piotroski F-Score

For the Banks - Regional subindustry, Tochigi Bank'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.


Tochigi Bank's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, Tochigi Bank's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Tochigi Bank'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 (Mar23) TTM:Last Year (Mar22) TTM:
Net Income was 円2,652 Mil.
Cash Flow from Operations was 円-290,895 Mil.
Revenue was 円41,185 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was (3516989 + 3279153) / 2 = 円3398071 Mil.
Total Assets at the begining of this year (Mar22) was 円3,516,989 Mil.
Long-Term Debt & Capital Lease Obligation was 円41,748 Mil.
Total Assets was 円3,279,153 Mil.
Total Liabilities was 円3,124,275 Mil.
Net Income was 円3,628 Mil.

Revenue was 円37,523 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was (3261125 + 3516989) / 2 = 円3389057 Mil.
Total Assets at the begining of last year (Mar21) was 円3,261,125 Mil.
Long-Term Debt & Capital Lease Obligation was 円313,799 Mil.
Total Assets was 円3,516,989 Mil.
Total Liabilities was 円3,354,332 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.

Tochigi Bank's current Net Income (TTM) was 2,652. ==> 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.

Tochigi Bank's current Cash Flow from Operations (TTM) was -290,895. ==> 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 (Mar22)
=2652/3516989
=0.00075405

ROA (Last Year)=Net Income/Total Assets (Mar21)
=3628/3261125
=0.0011125

Tochigi Bank's return on assets of this year was 0.00075405. Tochigi Bank's return on assets of last year was 0.0011125. ==> 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.

Tochigi Bank's current Net Income (TTM) was 2,652. Tochigi Bank's current Cash Flow from Operations (TTM) was -290,895. ==> -290,895 <= 2,652 ==> 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: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=41748/3398071
=0.01228579

Gearing (Last Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=313799/3389057
=0.09259183

Tochigi Bank's gearing of this year was 0.01228579. Tochigi Bank's gearing of last year was 0.09259183. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Mar23)=Total Assets/Total Liabilities
=3279153/3124275
=1.04957246

Current Ratio (Last Year: Mar22)=Total Assets/Total Liabilities
=3516989/3354332
=1.04849162

Tochigi Bank's current ratio of this year was 1.04957246. Tochigi Bank's current ratio of last year was 1.04849162. ==> 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.

Tochigi Bank's number of shares in issue this year was 103.878. Tochigi Bank's number of shares in issue last year was 105.007. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=2652/41185
=0.06439238

Net Margin (Last Year: TTM)=Net Income/Revenue
=3628/37523
=0.09668737

Tochigi Bank's net margin of this year was 0.06439238. Tochigi Bank's net margin of last year was 0.09668737. ==> Last year's net margin is higher ==> Score 0.

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 (Mar22)
=41185/3516989
=0.0117103

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar21)
=37523/3261125
=0.01150615

Tochigi Bank's asset turnover of this year was 0.0117103. Tochigi Bank's asset turnover of last year was 0.01150615. ==> 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+0+0+0+1+1+1+0+1
=5

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

Tochigi Bank has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Tochigi Bank  (TSE:8550) 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.


Tochigi Bank Piotroski F-Score Related Terms

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Tochigi Bank (TSE:8550) Business Description

Traded in Other Exchanges
N/A
Address
2- 1-18, Nishi, Tochigi Prefecture, Utsunomiya, JPN, 320-8680
Tochigi Bank Ltd is a regional bank based in Tochigi. It provides commercial banking services such as deposit services, domestic and foreign exchange services, asset management plan service, mutual fund, money life support plan, brokerage agent intermediary service, life insurance, term insurance, housing loan, as well as the over-the-counter sale of insurance products. All the business activity of the group is primarily functioned through Japan.

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