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Tokyo Infrastructure Energy Investment (TSE:9285) Piotroski F-Score : 7 (As of Apr. 17, 2025)


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What is Tokyo Infrastructure Energy Investment 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

Tokyo Infrastructure Energy Investment 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 Tokyo Infrastructure Energy Investment's Piotroski F-Score or its related term are showing as below:

TSE:9285' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 5   Max: 7
Current: 7

During the past 6 years, the highest Piotroski F-Score of Tokyo Infrastructure Energy Investment was 7. The lowest was 5. And the median was 5.


Tokyo Infrastructure Energy Investment Piotroski F-Score Historical Data

The historical data trend for Tokyo Infrastructure Energy Investment'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 Infrastructure Energy Investment Piotroski F-Score Chart

Tokyo Infrastructure Energy Investment Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial N/A 5.00 5.00 5.00 7.00

Tokyo Infrastructure Energy Investment Semi-Annual Data
Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 - 5.00 - 7.00

Competitive Comparison of Tokyo Infrastructure Energy Investment's Piotroski F-Score

For the Utilities - Renewable subindustry, Tokyo Infrastructure Energy Investment'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 Infrastructure Energy Investment's Piotroski F-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Tokyo Infrastructure Energy Investment's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Tokyo Infrastructure Energy Investment's Piotroski F-Score falls into.


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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 (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 円516 Mil.
Cash Flow from Operations was 円1,727 Mil.
Revenue was 円2,443 Mil.
Gross Profit was 円2,443 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was (29484.612 + 27942.101) / 2 = 円28713.3565 Mil.
Total Assets at the begining of this year (Dec23) was 円29,485 Mil.
Long-Term Debt & Capital Lease Obligation was 円11,875 Mil.
Total Current Assets was 円2,550 Mil.
Total Current Liabilities was 円1,247 Mil.
Net Income was 円536 Mil.

Revenue was 円2,498 Mil.
Gross Profit was 円2,498 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was (31916.717 + 29484.612) / 2 = 円30700.6645 Mil.
Total Assets at the begining of last year (Dec22) was 円31,917 Mil.
Long-Term Debt & Capital Lease Obligation was 円12,953 Mil.
Total Current Assets was 円3,024 Mil.
Total Current Liabilities was 円1,289 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 Infrastructure Energy Investment's current Net Income (TTM) was 516. ==> 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 Infrastructure Energy Investment's current Cash Flow from Operations (TTM) was 1,727. ==> 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 (Dec23)
=515.872/29484.612
=0.01749631

ROA (Last Year)=Net Income/Total Assets (Dec22)
=536.272/31916.717
=0.01680223

Tokyo Infrastructure Energy Investment's return on assets of this year was 0.01749631. Tokyo Infrastructure Energy Investment's return on assets of last year was 0.01680223. ==> 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 Infrastructure Energy Investment's current Net Income (TTM) was 516. Tokyo Infrastructure Energy Investment's current Cash Flow from Operations (TTM) was 1,727. ==> 1,727 > 516 ==> 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: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=11875.294/28713.3565
=0.41358084

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=12953.365/30700.6645
=0.42192458

Tokyo Infrastructure Energy Investment's gearing of this year was 0.41358084. Tokyo Infrastructure Energy Investment's gearing of last year was 0.42192458. ==> 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: Dec24)=Total Current Assets/Total Current Liabilities
=2550.029/1246.999
=2.04493267

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=3024.329/1289.306
=2.34570304

Tokyo Infrastructure Energy Investment's current ratio of this year was 2.04493267. Tokyo Infrastructure Energy Investment's current ratio of last year was 2.34570304. ==> 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 Infrastructure Energy Investment's number of shares in issue this year was 0.179. Tokyo Infrastructure Energy Investment's number of shares in issue last year was 0.179. ==> 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
=2442.682/2442.682
=1

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2497.744/2497.744
=1

Tokyo Infrastructure Energy Investment's gross margin of this year was 1. Tokyo Infrastructure Energy Investment's gross margin of last year was 1. ==> Last year's gross 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 (Dec23)
=2442.682/29484.612
=0.08284599

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=2497.744/31916.717
=0.07825817

Tokyo Infrastructure Energy Investment's asset turnover of this year was 0.08284599. Tokyo Infrastructure Energy Investment's asset turnover of last year was 0.07825817. ==> 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+1+0+1
=7

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

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

Tokyo Infrastructure Energy Investment  (TSE:9285) 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 Infrastructure Energy Investment Piotroski F-Score Related Terms

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Tokyo Infrastructure Energy Investment Business Description

Traded in Other Exchanges
N/A
Address
2-3 Kojimachi, 8th floor, Kojimachi Place, Chiyoda-ku, Tokyo, JPN
Tokyo Infrastructure Energy Investment Corp is a Japan-based investment corporation. The company mainly invests in renewable energy generation equipment related assets. Its investment objective is to maximize the investor's value by creating high-quality investment opportunities and at the same time achieves the government's goal of promoting renewable energy power generation and revitalizes the local community. Its portfolio consists of TI Ryugasaki Solar Power Station, TI Ushisa Solar Power Station, TI Kanuma Solar Power Station, TI Yabuki Solar Power Station, and TI Kushiro Solar Power Station.

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