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Bukit Sembawang Estates (SGX:B61) Piotroski F-Score : 3 (As of Jun. 03, 2024)


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What is Bukit Sembawang Estates Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Bukit Sembawang Estates has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Bukit Sembawang Estates's Piotroski F-Score or its related term are showing as below:

SGX:B61' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 3

During the past 13 years, the highest Piotroski F-Score of Bukit Sembawang Estates was 8. The lowest was 3. And the median was 6.


Bukit Sembawang Estates Piotroski F-Score Historical Data

The historical data trend for Bukit Sembawang Estates'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.

Bukit Sembawang Estates Piotroski F-Score Chart

Bukit Sembawang Estates Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 6.00 8.00 6.00 3.00

Bukit Sembawang Estates Semi-Annual Data
Mar14 Sep14 Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23
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 - 3.00 -

Competitive Comparison of Bukit Sembawang Estates's Piotroski F-Score

For the Real Estate - Development subindustry, Bukit Sembawang Estates'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.


Bukit Sembawang Estates's Piotroski F-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Bukit Sembawang Estates's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Bukit Sembawang Estates'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 (Mar23) TTM:Last Year (Mar22) TTM:
Net Income was S$34.4 Mil.
Cash Flow from Operations was S$-85.1 Mil.
Revenue was S$197.1 Mil.
Gross Profit was S$34.1 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was (1673.363 + 1578.582) / 2 = S$1625.9725 Mil.
Total Assets at the begining of this year (Mar22) was S$1,673.4 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.5 Mil.
Total Current Assets was S$1,350.2 Mil.
Total Current Liabilities was S$102.9 Mil.
Net Income was S$82.9 Mil.

Revenue was S$288.2 Mil.
Gross Profit was S$100.3 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was (1951.395 + 1673.363) / 2 = S$1812.379 Mil.
Total Assets at the begining of last year (Mar21) was S$1,951.4 Mil.
Long-Term Debt & Capital Lease Obligation was S$131.6 Mil.
Total Current Assets was S$1,445.4 Mil.
Total Current Liabilities was S$59.6 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.

Bukit Sembawang Estates's current Net Income (TTM) was 34.4. ==> 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.

Bukit Sembawang Estates's current Cash Flow from Operations (TTM) was -85.1. ==> 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 (Mar22)
=34.4/1673.363
=0.0205574

ROA (Last Year)=Net Income/Total Assets (Mar21)
=82.918/1951.395
=0.04249165

Bukit Sembawang Estates's return on assets of this year was 0.0205574. Bukit Sembawang Estates's return on assets of last year was 0.04249165. ==> 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.

Bukit Sembawang Estates's current Net Income (TTM) was 34.4. Bukit Sembawang Estates's current Cash Flow from Operations (TTM) was -85.1. ==> -85.1 <= 34.4 ==> 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: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=0.452/1625.9725
=0.00027799

Gearing (Last Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=131.63/1812.379
=0.0726283

Bukit Sembawang Estates's gearing of this year was 0.00027799. Bukit Sembawang Estates's gearing of last year was 0.0726283. ==> 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: Mar23)=Total Current Assets/Total Current Liabilities
=1350.154/102.925
=13.11784309

Current Ratio (Last Year: Mar22)=Total Current Assets/Total Current Liabilities
=1445.444/59.566
=24.26625928

Bukit Sembawang Estates's current ratio of this year was 13.11784309. Bukit Sembawang Estates's current ratio of last year was 24.26625928. ==> 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.

Bukit Sembawang Estates's number of shares in issue this year was 258.911. Bukit Sembawang Estates's number of shares in issue last year was 258.911. ==> 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
=34.11/197.126
=0.17303654

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=100.304/288.229
=0.34800107

Bukit Sembawang Estates's gross margin of this year was 0.17303654. Bukit Sembawang Estates's gross margin of last year was 0.34800107. ==> 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 (Mar22)
=197.126/1673.363
=0.11780229

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar21)
=288.229/1951.395
=0.14770408

Bukit Sembawang Estates's asset turnover of this year was 0.11780229. Bukit Sembawang Estates's asset turnover of last year was 0.14770408. ==> 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+0+1+0+0
=3

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

Bukit Sembawang Estates has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Bukit Sembawang Estates  (SGX:B61) 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.


Bukit Sembawang Estates Piotroski F-Score Related Terms

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Bukit Sembawang Estates (SGX:B61) Business Description

Traded in Other Exchanges
Address
No. 13-01, 2 Bukit Merah Central, Singapore, SGP, 159835
Bukit Sembawang Estates Ltd is an investment holding company. The principal activities of the group and subsidiaries are those relating to investment holding, property development and Hospitality. The Property development segment includes the development of residential properties for sale and the Investment holding segment involves holding and management of office buildings and investments. The Hospitality segment owns serviced apartment units. The Property development segment generates maximum revenue for the company. The portfolio includes landed homes, private condominiums, and apartments.

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