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
Manho Rope & Wire 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 Manho Rope & Wire's Piotroski F-Score or its related term are showing as below:
XKRX:001080'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 5 Max: 8
Current: 3
During the past 13 years, the highest Piotroski F-Score of Manho Rope & Wire was 8. The lowest was 1. And the median was 5.
Manho Rope & Wire Piotroski F-Score Historical Data
The historical data trend for Manho Rope & Wire'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.
Competitive Comparison of Manho Rope & Wire's Piotroski F-Score
For the Steel subindustry, Manho Rope & Wire'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.
Manho Rope & Wire's Piotroski F-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Manho Rope & Wire's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Manho Rope & Wire'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 -89.357 + -5660.896 + -20008.907 + -3871.485 = ₩-29,631 Mil. Cash Flow from Operations was -2543.564 + -2108.266 + 327.201 + -20893.612 = ₩-25,218 Mil. Revenue was 48579.578 + 37786.242 + 40772.61 + 40986.125 = ₩168,125 Mil. Gross Profit was 1980.505 + -924.023 + -1065.627 + 130.786 = ₩122 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(282588.635 + 279981.667 + 273949.406 + 266602.287 + 247608.895) / 5 = ₩270146.178 Mil. Total Assets at the begining of this year (Mar23) was ₩282,589 Mil. Long-Term Debt & Capital Lease Obligation was ₩58 Mil. Total Current Assets was ₩120,715 Mil. Total Current Liabilities was ₩19,062 Mil.
Net Income was -2654.736 + 697.647 + -504.677 + 8387.354 = ₩5,926 Mil.
Revenue was 67916.321 + 55438.54 + 56552.889 + 52725.302 = ₩232,633 Mil. Gross Profit was 5677.607 + 4596.936 + 2368.503 + 3260.347 = ₩15,903 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(260874.561 + 275646.355 + 250074.152 + 275216.784 + 282588.635) / 5 = ₩268880.0974 Mil. Total Assets at the begining of last year (Mar22) was ₩260,875 Mil. Long-Term Debt & Capital Lease Obligation was ₩119 Mil. Total Current Assets was ₩159,627 Mil. Total Current Liabilities was ₩26,252 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.
Manho Rope & Wire's current Net Income (TTM) was -29,631.
==> Negative ==> Score 0.
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.
Manho Rope & Wire's return on assets of this year was -0.10485434. Manho Rope & Wire's return on assets of last year was 0.02271432.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Manho Rope & Wire's gearing of this year was 0.00021465. Manho Rope & Wire's gearing of last year was 0.00044093.
==> 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
Manho Rope & Wire's current ratio of this year was 6.33261136. Manho Rope & Wire's current ratio of last year was 6.08049917.
==> 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.
Manho Rope & Wire's number of shares in issue this year was 2.958. Manho Rope & Wire's number of shares in issue last year was 2.893.
==> 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.
Manho Rope & Wire's gross margin of this year was 0.00072352. Manho Rope & Wire's gross margin of last year was 0.06836257.
==> 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
Manho Rope & Wire's asset turnover of this year was 0.5949445. Manho Rope & Wire's asset turnover of last year was 0.89174296.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Manho Rope & Wire has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
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.
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.
Manho Rope & Wire Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Manho Rope & Wire's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Manho Rope & Wire (XKRX:001080) Business Description
Manho Rope & Wire Ltd is a Korea-based company engaged in the manufacturing of ropes. Its products include fiber ropes, wire ropes, stainless wires, stainless cables, hard drawn steel wires, piano wires, pre-stressed concrete (PC) wires, PC strands, elevator ropes, galvanized steel wires for aluminum stranded conductors steel reinforced (ACSR) and others, which are used in shipbuilding, mining, elevator, spring manufacturing, bridge construction and other industries.
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