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RL Commercial REIT (PHS:RCR) Piotroski F-Score : 5 (As of May. 06, 2024)


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What is RL Commercial REIT 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

RL Commercial REIT 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 RL Commercial REIT's Piotroski F-Score or its related term are showing as below:

PHS:RCR' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 5
Current: 5

During the past 5 years, the highest Piotroski F-Score of RL Commercial REIT was 5. The lowest was 4. And the median was 5.


RL Commercial REIT Piotroski F-Score Historical Data

The historical data trend for RL Commercial REIT'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.

RL Commercial REIT Piotroski F-Score Chart

RL Commercial REIT Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
N/A N/A N/A 4.00 5.00

RL Commercial REIT Quarterly Data
Dec19 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 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 4.00 N/A N/A 3.00 5.00

Competitive Comparison of RL Commercial REIT's Piotroski F-Score

For the REIT - Office subindustry, RL Commercial REIT'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.


RL Commercial REIT's Piotroski F-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, RL Commercial REIT's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where RL Commercial REIT'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 1086.197 + 1094.309 + 1056.191 + 8226.346 = ₱11,463 Mil.
Cash Flow from Operations was 1309 + 1556.353 + 1034.192 + 1172.008 = ₱5,072 Mil.
Revenue was 1452.837 + 1418.405 + 1257.943 + 1294.368 = ₱5,424 Mil.
Gross Profit was 1240.589 + 1239.648 + 1070.172 + 1209.82 = ₱4,760 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(58715.485 + 58863.747 + 59132.172 + 59003.477 + 66298.058) / 5 = ₱60402.5878 Mil.
Total Assets at the begining of this year (Dec22) was ₱58,715 Mil.
Long-Term Debt & Capital Lease Obligation was ₱267 Mil.
Total Current Assets was ₱2,194 Mil.
Total Current Liabilities was ₱1,445 Mil.
Net Income was 989.691 + 1000.127 + 1135.733 + -8695.062 = ₱-5,570 Mil.

Revenue was 1298.968 + 1304.755 + 1452.565 + 1337.909 = ₱5,394 Mil.
Gross Profit was 1122.766 + 1131.483 + 1276.135 + 1214.387 = ₱4,745 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(61723.086 + 61666.38 + 61933.737 + 67920.035 + 58715.485) / 5 = ₱62391.7446 Mil.
Total Assets at the begining of last year (Dec21) was ₱61,723 Mil.
Long-Term Debt & Capital Lease Obligation was ₱257 Mil.
Total Current Assets was ₱1,830 Mil.
Total Current Liabilities was ₱1,175 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.

RL Commercial REIT's current Net Income (TTM) was 11,463. ==> 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.

RL Commercial REIT's current Cash Flow from Operations (TTM) was 5,072. ==> 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)
=11463.043/58715.485
=0.19523032

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-5569.511/61723.086
=-0.09023384

RL Commercial REIT's return on assets of this year was 0.19523032. RL Commercial REIT's return on assets of last year was -0.09023384. ==> This year is higher. ==> Score 1.

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.

RL Commercial REIT's current Net Income (TTM) was 11,463. RL Commercial REIT's current Cash Flow from Operations (TTM) was 5,072. ==> 5,072 <= 11,463 ==> 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
=267.416/60402.5878
=0.00442723

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=257.366/62391.7446
=0.004125

RL Commercial REIT's gearing of this year was 0.00442723. RL Commercial REIT's gearing of last year was 0.004125. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=2193.727/1444.885
=1.518271

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=1829.713/1174.927
=1.5572993

RL Commercial REIT's current ratio of this year was 1.518271. RL Commercial REIT's current ratio of last year was 1.5572993. ==> 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.

RL Commercial REIT's number of shares in issue this year was 10726.804. RL Commercial REIT's number of shares in issue last year was 10732.097. ==> 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
=4760.229/5423.553
=0.87769567

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=4744.771/5394.197
=0.87960655

RL Commercial REIT's gross margin of this year was 0.87769567. RL Commercial REIT's gross margin of last year was 0.87960655. ==> 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)
=5423.553/58715.485
=0.09237006

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=5394.197/61723.086
=0.08739351

RL Commercial REIT's asset turnover of this year was 0.09237006. RL Commercial REIT's asset turnover of last year was 0.08739351. ==> 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
=1+1+1+0+0+0+1+0+1
=5

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

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

RL Commercial REIT  (PHS:RCR) 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.


RL Commercial REIT Piotroski F-Score Related Terms

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RL Commercial REIT (PHS:RCR) Business Description

Traded in Other Exchanges
N/A
Address
Sapphire and Garnet Roads, Brgy. San Antonio, 25th Floor, Robinsons Cyberscape Alpha, Ortigas Center, Pasig City, PHL, 1605
RL Commercial REIT Inc is a real estate company established in the Philippines. Its portfolio includes Exxa Tower, Robinsons Galleria Cebu Office, and Zeta Tower among others.

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