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Guotai Junan International Holdings (HKSE:01788) Piotroski F-Score : 5 (As of Apr. 28, 2024)


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What is Guotai Junan International Holdings 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

Guotai Junan International Holdings 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 Guotai Junan International Holdings's Piotroski F-Score or its related term are showing as below:

HKSE:01788' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 6
Current: 5

During the past 13 years, the highest Piotroski F-Score of Guotai Junan International Holdings was 6. The lowest was 2. And the median was 4.


Guotai Junan International Holdings Piotroski F-Score Historical Data

The historical data trend for Guotai Junan International Holdings'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.

Guotai Junan International Holdings Piotroski F-Score Chart

Guotai Junan International Holdings 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 3.00 3.00 6.00 5.00 -

Guotai Junan International Holdings 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 6.00 - 5.00 - -

Competitive Comparison of Guotai Junan International Holdings's Piotroski F-Score

For the Capital Markets subindustry, Guotai Junan International Holdings'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.


Guotai Junan International Holdings's Piotroski F-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Guotai Junan International Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Guotai Junan International Holdings'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 (Dec22) TTM:Last Year (Dec21) TTM:
Net Income was HK$80 Mil.
Cash Flow from Operations was HK$1,663 Mil.
Revenue was HK$2,315 Mil.
Gross Profit was HK$1,474 Mil.
Average Total Assets from the begining of this year (Dec21)
to the end of this year (Dec22) was (106288.093 + 94455.086) / 2 = HK$100371.5895 Mil.
Total Assets at the begining of this year (Dec21) was HK$106,288 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12,784 Mil.
Total Current Assets was HK$77,673 Mil.
Total Current Liabilities was HK$66,492 Mil.
Net Income was HK$1,095 Mil.

Revenue was HK$3,966 Mil.
Gross Profit was HK$2,959 Mil.
Average Total Assets from the begining of last year (Dec20)
to the end of last year (Dec21) was (121720.741 + 106288.093) / 2 = HK$114004.417 Mil.
Total Assets at the begining of last year (Dec20) was HK$121,721 Mil.
Long-Term Debt & Capital Lease Obligation was HK$11,379 Mil.
Total Current Assets was HK$88,184 Mil.
Total Current Liabilities was HK$79,320 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.

Guotai Junan International Holdings's current Net Income (TTM) was 80. ==> 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.

Guotai Junan International Holdings's current Cash Flow from Operations (TTM) was 1,663. ==> 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 (Dec21)
=80.381/106288.093
=0.00075626

ROA (Last Year)=Net Income/Total Assets (Dec20)
=1094.743/121720.741
=0.00899389

Guotai Junan International Holdings's return on assets of this year was 0.00075626. Guotai Junan International Holdings's return on assets of last year was 0.00899389. ==> 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.

Guotai Junan International Holdings's current Net Income (TTM) was 80. Guotai Junan International Holdings's current Cash Flow from Operations (TTM) was 1,663. ==> 1,663 > 80 ==> 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: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=12784.118/100371.5895
=0.12736789

Gearing (Last Year: Dec21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec20 to Dec21
=11378.5/114004.417
=0.09980754

Guotai Junan International Holdings's gearing of this year was 0.12736789. Guotai Junan International Holdings's gearing of last year was 0.09980754. ==> Last year is lower than this year ==> Score 0.

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: Dec22)=Total Current Assets/Total Current Liabilities
=77672.831/66492.35
=1.16814688

Current Ratio (Last Year: Dec21)=Total Current Assets/Total Current Liabilities
=88183.62/79320.402
=1.11173945

Guotai Junan International Holdings's current ratio of this year was 1.16814688. Guotai Junan International Holdings's current ratio of last year was 1.11173945. ==> 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.

Guotai Junan International Holdings's number of shares in issue this year was 9604.635. Guotai Junan International Holdings's number of shares in issue last year was 9610.211. ==> 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
=1473.682/2314.917
=0.63660252

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2959.152/3966.415
=0.74605204

Guotai Junan International Holdings's gross margin of this year was 0.63660252. Guotai Junan International Holdings's gross margin of last year was 0.74605204. ==> 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 (Dec21)
=2314.917/106288.093
=0.02177965

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec20)
=3966.415/121720.741
=0.03258619

Guotai Junan International Holdings's asset turnover of this year was 0.02177965. Guotai Junan International Holdings's asset turnover of last year was 0.03258619. ==> 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+0+1+1+0+0
=5

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

Guotai Junan International Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Guotai Junan International Holdings  (HKSE:01788) 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.


Guotai Junan International Holdings Piotroski F-Score Related Terms

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Guotai Junan International Holdings (HKSE:01788) Business Description

Traded in Other Exchanges
N/A
Address
No. 181 Queen’s Road Central, 27th Floor, Low Block, Grand Millennium Plaza, Central, Hong Kong, HKG
Guotai Junan International Holdings Ltd is an investment holding company with its subsidiaries engaged in providing financial services. The company operates in five segments: corporate finance, which provides advisory services, placing & underwriting services of debts and equity securities; institutional investor services segment provides market-making, investments, structured product solutions, lending, and other services; wealth management segment provides financial services and solutions to individual investors & small to medium-sized businesses and institutions; investment management is engaged in asset management and fund management services and also includes investment in funds, debts, and equity securities; and Others segment. The vast majority of its revenue comes from Hong Kong.

Guotai Junan International Holdings (HKSE:01788) Headlines

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