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Baotek Industrial Materials (ROCO:5340) Piotroski F-Score : 5 (As of Jun. 06, 2024)


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What is Baotek Industrial Materials 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

Baotek Industrial Materials 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 Baotek Industrial Materials's Piotroski F-Score or its related term are showing as below:

ROCO:5340' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of Baotek Industrial Materials was 9. The lowest was 4. And the median was 6.


Baotek Industrial Materials Piotroski F-Score Historical Data

The historical data trend for Baotek Industrial Materials'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.

Baotek Industrial Materials Piotroski F-Score Chart

Baotek Industrial Materials 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 5.00 5.00 7.00 5.00

Baotek Industrial Materials 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 6.00 6.00 5.00 5.00 5.00

Competitive Comparison of Baotek Industrial Materials's Piotroski F-Score

For the Textile Manufacturing subindustry, Baotek Industrial Materials'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.


Baotek Industrial Materials's Piotroski F-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Baotek Industrial Materials's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Baotek Industrial Materials'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 -1.896 + 12.122 + 12.412 + 32.061 = NT$55 Mil.
Cash Flow from Operations was 30.703 + 0.335 + 3.139 + 67.231 = NT$101 Mil.
Revenue was 248.339 + 308.947 + 394.576 + 432.69 = NT$1,385 Mil.
Gross Profit was 18.664 + 27.203 + 57.456 + 57.824 = NT$161 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(2196.565 + 2176.354 + 2208.379 + 2295.197 + 2340.307) / 5 = NT$2243.3604 Mil.
Total Assets at the begining of this year (Mar23) was NT$2,197 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2 Mil.
Total Current Assets was NT$1,137 Mil.
Total Current Liabilities was NT$358 Mil.
Net Income was 35.913 + 21.688 + 2.99 + 2.298 = NT$63 Mil.

Revenue was 370.695 + 285.184 + 341.02 + 280.285 = NT$1,277 Mil.
Gross Profit was 57.91 + 35.934 + 34.223 + 27.496 = NT$156 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(2191.881 + 2225.176 + 2216.359 + 2181.578 + 2196.565) / 5 = NT$2202.3118 Mil.
Total Assets at the begining of last year (Mar22) was NT$2,192 Mil.
Long-Term Debt & Capital Lease Obligation was NT$6 Mil.
Total Current Assets was NT$950 Mil.
Total Current Liabilities was NT$264 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.

Baotek Industrial Materials's current Net Income (TTM) was 55. ==> 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.

Baotek Industrial Materials's current Cash Flow from Operations (TTM) was 101. ==> 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 (Mar23)
=54.699/2196.565
=0.02490206

ROA (Last Year)=Net Income/Total Assets (Mar22)
=62.889/2191.881
=0.02869179

Baotek Industrial Materials's return on assets of this year was 0.02490206. Baotek Industrial Materials's return on assets of last year was 0.02869179. ==> 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.

Baotek Industrial Materials's current Net Income (TTM) was 55. Baotek Industrial Materials's current Cash Flow from Operations (TTM) was 101. ==> 101 > 55 ==> 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
=1.508/2243.3604
=0.00067221

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=5.733/2202.3118
=0.00260317

Baotek Industrial Materials's gearing of this year was 0.00067221. Baotek Industrial Materials's gearing of last year was 0.00260317. ==> 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
=1137.014/357.596
=3.17960492

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=950.347/264.114
=3.59824545

Baotek Industrial Materials's current ratio of this year was 3.17960492. Baotek Industrial Materials's current ratio of last year was 3.59824545. ==> 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.

Baotek Industrial Materials's number of shares in issue this year was 194.925. Baotek Industrial Materials's number of shares in issue last year was 194.894. ==> There is larger number of shares in issue this year. ==> Score 0.

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
=161.147/1384.552
=0.11638927

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=155.563/1277.184
=0.12180156

Baotek Industrial Materials's gross margin of this year was 0.11638927. Baotek Industrial Materials's gross margin of last year was 0.12180156. ==> 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 (Mar23)
=1384.552/2196.565
=0.63032599

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=1277.184/2191.881
=0.58268857

Baotek Industrial Materials's asset turnover of this year was 0.63032599. Baotek Industrial Materials's asset turnover of last year was 0.58268857. ==> 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+0+1+1+0+0+0+1
=5

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

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

Baotek Industrial Materials  (ROCO:5340) 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.


Baotek Industrial Materials Piotroski F-Score Related Terms

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Baotek Industrial Materials (ROCO:5340) Business Description

Traded in Other Exchanges
N/A
Address
No. 277, Minfeng Road, Yang Mei District, Taoyuan, TWN, 326
Baotek Industrial Materials Ltd is a Taiwan-based company engaged in manufacturing high-end fiberglass fabrics for copper-clad laminates of various electronic applications. It offers products for industrial purposes such as aerospace fiberglass, filter bags, fiberglass sun shade, PTFE, and electronic products. Its Electronic Grade Fiberglass products encompass copper-clad laminates for electronic applications. The company generates its revenue from Taiwan, China, Japan, America, and Other countries.

Baotek Industrial Materials (ROCO:5340) Headlines

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