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Joy City Property (HKSE:00207) Piotroski F-Score : 6 (As of May. 14, 2024)


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What is Joy City Property 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

Joy City Property has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Joy City Property's Piotroski F-Score or its related term are showing as below:

HKSE:00207' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of Joy City Property was 7. The lowest was 3. And the median was 6.


Joy City Property Piotroski F-Score Historical Data

The historical data trend for Joy City Property'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.

Joy City Property Piotroski F-Score Chart

Joy City Property Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 6.00 3.00 6.00 6.00

Joy City Property Semi-Annual Data
Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23
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 3.00 - 6.00 - 6.00

Competitive Comparison of Joy City Property's Piotroski F-Score

For the Real Estate - Diversified subindustry, Joy City Property'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.


Joy City Property's Piotroski F-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Joy City Property's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Joy City Property'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 HK$694 Mil.
Cash Flow from Operations was HK$8,663 Mil.
Revenue was HK$14,517 Mil.
Gross Profit was HK$6,171 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (156343.96 + 157087.515) / 2 = HK$156715.7375 Mil.
Total Assets at the begining of this year (Dec22) was HK$156,344 Mil.
Long-Term Debt & Capital Lease Obligation was HK$38,049 Mil.
Total Current Assets was HK$78,708 Mil.
Total Current Liabilities was HK$48,257 Mil.
Net Income was HK$966 Mil.

Revenue was HK$23,263 Mil.
Gross Profit was HK$7,154 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (160430.193 + 156343.96) / 2 = HK$158387.0765 Mil.
Total Assets at the begining of last year (Dec21) was HK$160,430 Mil.
Long-Term Debt & Capital Lease Obligation was HK$42,268 Mil.
Total Current Assets was HK$68,749 Mil.
Total Current Liabilities was HK$38,483 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.

Joy City Property's current Net Income (TTM) was 694. ==> 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.

Joy City Property's current Cash Flow from Operations (TTM) was 8,663. ==> 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 (Dec22)
=693.842/156343.96
=0.00443792

ROA (Last Year)=Net Income/Total Assets (Dec21)
=966.367/160430.193
=0.0060236

Joy City Property's return on assets of this year was 0.00443792. Joy City Property's return on assets of last year was 0.0060236. ==> 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.

Joy City Property's current Net Income (TTM) was 694. Joy City Property's current Cash Flow from Operations (TTM) was 8,663. ==> 8,663 > 694 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=38048.668/156715.7375
=0.24278779

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=42268.067/158387.0765
=0.26686563

Joy City Property's gearing of this year was 0.24278779. Joy City Property's gearing of last year was 0.26686563. ==> 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
=78708.315/48256.703
=1.63103383

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=68749.252/38483.02
=1.78648277

Joy City Property's current ratio of this year was 1.63103383. Joy City Property's current ratio of last year was 1.78648277. ==> 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.

Joy City Property's number of shares in issue this year was 15326.426. Joy City Property's number of shares in issue last year was 15326.426. ==> 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
=6170.544/14516.736
=0.42506415

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=7154.074/23262.683
=0.30753435

Joy City Property's gross margin of this year was 0.42506415. Joy City Property's gross margin of last year was 0.30753435. ==> 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 (Dec22)
=14516.736/156343.96
=0.09285127

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=23262.683/160430.193
=0.1450019

Joy City Property's asset turnover of this year was 0.09285127. Joy City Property's asset turnover of last year was 0.1450019. ==> 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+1+1+0
=6

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

Joy City Property has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Joy City Property  (HKSE:00207) 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.


Joy City Property Piotroski F-Score Related Terms

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Joy City Property (HKSE:00207) Business Description

Traded in Other Exchanges
Address
262 Gloucester Road, 33rd Floor, COFCO Tower, Causeway Bay, Hong Kong, HKG
Joy City Property Ltd is a large-scale commercial property developer and operator, working on the development, operation, sales, leasing and management of mixed-use complexes and other commercial properties such as shopping centers, hotels, offices, serviced apartments and resort and tourist properties in China. Rental income accounts for majority of the operating profit. The company's portfolio consists of various retail malls under the flagship brand of Joy City, and some office and hotel assets. Recently, it introduced a second brand called Joy Breeze, consisting of smaller retail assets. The businesses of the Group are divided into four areas, namely investment properties, property development, hotel operations and output management and other services.

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