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Japan Display (TSE:6740) Piotroski F-Score : 5 (As of May. 29, 2024)


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What is Japan Display 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

Japan Display 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 Japan Display's Piotroski F-Score or its related term are showing as below:

TSE:6740' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 6
Current: 5

During the past 12 years, the highest Piotroski F-Score of Japan Display was 6. The lowest was 2. And the median was 4.


Japan Display Piotroski F-Score Historical Data

The historical data trend for Japan Display'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.

Japan Display Piotroski F-Score Chart

Japan Display 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 2.00 4.00 4.00 2.00 5.00

Japan Display 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 2.00 1.00 1.00 2.00 5.00

Competitive Comparison of Japan Display's Piotroski F-Score

For the Electronic Components subindustry, Japan Display'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.


Japan Display's Piotroski F-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Japan Display's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Japan Display'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 -12248 + -16459 + -9276 + -6329 = 円-44,312 Mil.
Cash Flow from Operations was -9707 + 1411 + -2939 + -6341 = 円-17,576 Mil.
Revenue was 52996 + 66886 + 60492 + 58779 = 円239,153 Mil.
Gross Profit was -7353 + -683 + 717 + 827 = 円-6,492 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(222696 + 223566 + 232252 + 216571 + 223989) / 5 = 円223814.8 Mil.
Total Assets at the begining of this year (Mar23) was 円222,696 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Total Current Assets was 円151,969 Mil.
Total Current Liabilities was 円129,228 Mil.
Net Income was -5074 + -6559 + -5750 + -8434 = 円-25,817 Mil.

Revenue was 57099 + 81196 + 69735 + 62714 = 円270,744 Mil.
Gross Profit was 126 + 2687 + -2955 + -15047 = 円-15,189 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(258275 + 238541 + 277551 + 261123 + 222696) / 5 = 円251637.2 Mil.
Total Assets at the begining of last year (Mar22) was 円258,275 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Total Current Assets was 円150,853 Mil.
Total Current Liabilities was 円83,162 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.

Japan Display's current Net Income (TTM) was -44,312. ==> 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.

Score 1 if positive, 0 if negative.

Japan Display's current Cash Flow from Operations (TTM) was -17,576. ==> 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)
=-44312/222696
=-0.19897978

ROA (Last Year)=Net Income/Total Assets (Mar22)
=-25817/258275
=-0.09995935

Japan Display's return on assets of this year was -0.19897978. Japan Display's return on assets of last year was -0.09995935. ==> 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.

Japan Display's current Net Income (TTM) was -44,312. Japan Display's current Cash Flow from Operations (TTM) was -17,576. ==> -17,576 > -44,312 ==> 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
=0/223814.8
=0

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=0/251637.2
=0

Japan Display's gearing of this year was 0. Japan Display'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
=151969/129228
=1.17597579

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=150853/83162
=1.81396551

Japan Display's current ratio of this year was 1.17597579. Japan Display's current ratio of last year was 1.81396551. ==> 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.

Japan Display's number of shares in issue this year was 3880.393. Japan Display's number of shares in issue last year was 4762.691. ==> 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
=-6492/239153
=-0.0271458

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=-15189/270744
=-0.05610097

Japan Display's gross margin of this year was -0.0271458. Japan Display's gross margin of last year was -0.05610097. ==> 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)
=239153/222696
=1.07389895

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=270744/258275
=1.048278

Japan Display's asset turnover of this year was 1.07389895. Japan Display's asset turnover of last year was 1.048278. ==> 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
=0+0+0+1+1+0+1+1+1
=5

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

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

Japan Display  (TSE:6740) 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.


Japan Display Piotroski F-Score Related Terms

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Japan Display (TSE:6740) Business Description

Traded in Other Exchanges
Address
Landic 2nd Building, 3-7-1, Nishi-shinbashi, Minato-ku, Tokyo, JPN, 105-0003
Japan Display Inc is engaged in the development, production, and sale of small and medium-sized display devices and related products. Its products are divided into two categories: Mobile Device and Automotive and Non-Mobile. The Mobile Device category includes displays for smartphones, tablets and mobile phone devices. The Automotive and Non-Mobile category includes displays for automotive applications, consumer electronics, and industrial devices as well as income from patents and other sources. The company's business operations span across Europe, Korea, China, Philippines, America, and Hong Kong.

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