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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
CBL International has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for CBL International's Piotroski F-Score or its related term are showing as below:
During the past 4 years, the highest Piotroski F-Score of CBL International was 5. The lowest was 4. And the median was 5.
The historical data trend for CBL International'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.
CBL International Annual Data | |||||||||
Trend | Dec20 | Dec21 | Dec22 | Dec23 | |||||
Piotroski F-Score | N/A | N/A | 5.00 | 4.00 |
CBL International Semi-Annual Data | ||||||||
Dec20 | Jun21 | Dec21 | Jun22 | Dec22 | Jun23 | Dec23 | ||
Piotroski F-Score | Get a 7-Day Free Trial | N/A | - | 5.00 | - | 4.00 |
For the Oil & Gas Midstream subindustry, CBL International'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.
For the Oil & Gas industry and Energy sector, CBL International's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where CBL International'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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Net Income was $1.1 Mil. Cash Flow from Operations was $-10.0 Mil. Revenue was $435.9 Mil. Gross Profit was $7.2 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (25.597 + 53.462) / 2 = $39.5295 Mil. Total Assets at the begining of this year (Dec22) was $25.6 Mil. Long-Term Debt & Capital Lease Obligation was $0.2 Mil. Total Current Assets was $52.1 Mil. Total Current Liabilities was $28.0 Mil. |
Net Income was $3.7 Mil. Revenue was $462.9 Mil. Gross Profit was $9.1 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (26.993 + 25.597) / 2 = $26.295 Mil. Total Assets at the begining of last year (Dec21) was $27.0 Mil. Long-Term Debt & Capital Lease Obligation was $0.2 Mil. Total Current Assets was $23.7 Mil. Total Current Liabilities was $13.3 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.
CBL International's current Net Income (TTM) was 1.1.
==> 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.
CBL International's current Cash Flow from Operations (TTM) was -10.0.
==> 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 (Dec22) |
= | 1.139 | / | 25.597 | |
= | 0.0444974 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 3.685 | / | 26.993 | |
= | 0.13651687 |
CBL International's return on assets of this year was 0.0444974. CBL International's return on assets of last year was 0.13651687.
==> 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.
CBL International's current Net Income (TTM) was 1.1. CBL International's current Cash Flow from Operations (TTM) was -10.0.
==> -10.0 <= 1.1 ==> 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: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 0.194 | / | 39.5295 | |
= | 0.00490773 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 0.229 | / | 26.295 | |
= | 0.00870888 |
CBL International's gearing of this year was 0.00490773. CBL International's gearing of last year was 0.00870888.
==> 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: Dec23) | = | Total Current Assets | / | Total Current Liabilities |
= | 52.127 | / | 27.974 | |
= | 1.86340888 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 23.733 | / | 13.256 | |
= | 1.79035908 |
CBL International's current ratio of this year was 1.86340888. CBL International's current ratio of last year was 1.79035908.
==> 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.
CBL International's number of shares in issue this year was 25. CBL International's number of shares in issue last year was 25.
==> 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 |
= | 7.211 | / | 435.898 | |
= | 0.01654286 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 9.125 | / | 462.906 | |
= | 0.01971243 |
CBL International's gross margin of this year was 0.01654286. CBL International's gross margin of last year was 0.01971243.
==> 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 (Dec22) |
= | 435.898 | / | 25.597 | |
= | 17.02926124 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 462.906 | / | 26.993 | |
= | 17.14911273 |
CBL International's asset turnover of this year was 17.02926124. CBL International's asset turnover of last year was 17.14911273.
==> 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 | + | 0 | + | 0 | + | 0 | + | 1 | + | 1 | + | 1 | + | 0 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
CBL International has an F-score of 4 indicating the company's financial situation is typical for a stable company.
CBL International (NAS:BANL) 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.
Thank you for viewing the detailed overview of CBL International's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Logeswaran Ramasamy | director | 95 JALAN TAMING INDAH 2, TAMAN TAMING INDAH, BANDAR SUNGAI LONG, 43000 KAJANG N8 68100 |
Kam Choy Ho | director, 10 percent owner | FLAT 2, 22/F, BLOCK 46, HENG FA CHUEN, CHAI WAN K3 0000 |
Ulf Lothar Naujeck | director | NYSWANDERWEG 13, HAMBURG 2M 22523 |
Chiu Sing Chung Raymond | officer: Chief Financial Officer | ROOM 2101, 21/F, PRINCESS MANSION, 165 KING'S ROAD, NORTH POINT K3 0000 |
Cbl (asia) Ltd | 10 percent owner | ROOM 1213, 12/F, TOWER A, HUNGHOM COMMERCIAL CENTRE, 39 MA TAU WAI ROAD, HUNGHOM K3 0000 |
Teck Lim Chia | director, 10 percent owner, officer: Chief Executive Officer | FLAT B, 16/F, TOWER 3, ULTIMA, 23 FAT KWONG STREET, HO MAN TIN, KOWLOON K3 0000 |
Straits Energy Resources Berhad | 10 percent owner | B-07-06, PLAZA MONT KIARA, 2, JALAN KIARA, MONT KIARA, 50480 KUALA LUMPUR N8 50480 |
Khai Fei Wong | director | 33, LRG 14/2, SEKSYEN 14, PETALING JAYA N8 46100 |
Koon Liang Ong | director | 1-3-6, SEGAR VIEW CONDOMINIUM, JLN 5/100A, TMN SEGAR, WILAYAH PERSEKUTUAN N8 56100 |
Cheah Karen Yee Lynn | director | 17D-1-2, CASAVISTA CONDOMINIUM, JALAN PENAGA, BANGSAR, KUALA LUMPUR N8 59000 |
Xiaoling Lu | 10 percent owner | FLAT B, 16/F, TOWER 3, ULTIMA, 23 FAT KWONG STREET, HO MAN TIN, KOWLOON K3 0000 |
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