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Forcs Co (XKRX:189690) Piotroski F-Score : 5 (As of Jun. 22, 2024)


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What is Forcs Co 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

Forcs Co 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 Forcs Co's Piotroski F-Score or its related term are showing as below:

XKRX:189690' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 5

During the past 10 years, the highest Piotroski F-Score of Forcs Co was 8. The lowest was 4. And the median was 6.


Forcs Co Piotroski F-Score Historical Data

The historical data trend for Forcs Co'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.

Forcs Co Piotroski F-Score Chart

Forcs Co Annual Data
Trend Jun14 Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 8.00 6.00 5.00 7.00

Forcs Co 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 6.00 7.00 5.00

Competitive Comparison of Forcs Co's Piotroski F-Score

For the Software - Application subindustry, Forcs Co'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.


Forcs Co's Piotroski F-Score Distribution in the Software Industry

For the Software industry and Technology sector, Forcs Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Forcs Co'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 1110.819 + 1096.289 + 3611.561 + -282.881 = ₩5,536 Mil.
Cash Flow from Operations was 1603.842 + 2163.864 + 4801.429 + -294.534 = ₩8,275 Mil.
Revenue was 6512.478 + 7215.16 + 11043.607 + 5876.728 = ₩30,648 Mil.
Gross Profit was 3838.181 + 4672.42 + 8175.15 + 3330.051 = ₩20,016 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(73004.516 + 74008.045 + 75389.79 + 80568.698 + 78151.754) / 5 = ₩76224.5606 Mil.
Total Assets at the begining of this year (Mar23) was ₩73,005 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Total Current Assets was ₩28,609 Mil.
Total Current Liabilities was ₩3,587 Mil.
Net Income was 2280.541 + 82.765 + 3884.591 + 165.504 = ₩6,413 Mil.

Revenue was 8395.276 + 7737.912 + 12787.58 + 6209.414 = ₩35,130 Mil.
Gross Profit was 5569.635 + 3339.729 + 8092.337 + 3555.167 = ₩20,557 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(67578.33 + 70305.743 + 70305.115 + 75269.812 + 73004.516) / 5 = ₩71292.7032 Mil.
Total Assets at the begining of last year (Mar22) was ₩67,578 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Total Current Assets was ₩24,133 Mil.
Total Current Liabilities was ₩2,987 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.

Forcs Co's current Net Income (TTM) was 5,536. ==> 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.

Forcs Co's current Cash Flow from Operations (TTM) was 8,275. ==> 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)
=5535.788/73004.516
=0.07582802

ROA (Last Year)=Net Income/Total Assets (Mar22)
=6413.401/67578.33
=0.09490322

Forcs Co's return on assets of this year was 0.07582802. Forcs Co's return on assets of last year was 0.09490322. ==> 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.

Forcs Co's current Net Income (TTM) was 5,536. Forcs Co's current Cash Flow from Operations (TTM) was 8,275. ==> 8,275 > 5,536 ==> 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
=0/76224.5606
=0

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=0/71292.7032
=0

Forcs Co's gearing of this year was 0. Forcs Co's gearing of last year was 0. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=28609.182/3586.534
=7.97683279

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=24133.021/2987.298
=8.07854489

Forcs Co's current ratio of this year was 7.97683279. Forcs Co's current ratio of last year was 8.07854489. ==> 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.

Forcs Co's number of shares in issue this year was 28.288. Forcs Co's number of shares in issue last year was 27.584. ==> 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
=20015.802/30647.973
=0.6530873

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=20556.868/35130.182
=0.58516258

Forcs Co's gross margin of this year was 0.6530873. Forcs Co's gross margin of last year was 0.58516258. ==> 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)
=30647.973/73004.516
=0.41980928

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=35130.182/67578.33
=0.51984389

Forcs Co's asset turnover of this year was 0.41980928. Forcs Co's asset turnover of last year was 0.51984389. ==> 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+1+0+1+1+0+0+1+0
=5

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

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

Forcs Co  (XKRX:189690) 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.


Forcs Co Piotroski F-Score Related Terms

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Forcs Co (XKRX:189690) Business Description

Traded in Other Exchanges
N/A
Address
SEI Tower 17th floor, 39, Eonju-ro 30 gil, Gangnam-gu, Seoul, KOR
Forcs Co Ltd is an e-Form and Reporting solutions provider. The company provides solutions which include Digital form, Electronic documentation, and Enterprise reporting. Its products include OZ e-form, OZ report.

Forcs Co (XKRX:189690) Headlines

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