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Shanghai Zhezhong Group Co (SZSE:002346) Piotroski F-Score : 4 (As of May. 23, 2024)


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What is Shanghai Zhezhong Group Co 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

Shanghai Zhezhong Group Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Shanghai Zhezhong Group Co's Piotroski F-Score or its related term are showing as below:

SZSE:002346' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of Shanghai Zhezhong Group Co was 8. The lowest was 2. And the median was 5.


Shanghai Zhezhong Group Co Piotroski F-Score Historical Data

The historical data trend for Shanghai Zhezhong Group Co'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.

Shanghai Zhezhong Group Co Piotroski F-Score Chart

Shanghai Zhezhong Group Co 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 6.00 7.00 4.00 5.00 5.00

Shanghai Zhezhong Group Co 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 5.00 3.00 3.00 5.00 4.00

Competitive Comparison of Shanghai Zhezhong Group Co's Piotroski F-Score

For the Electrical Equipment & Parts subindustry, Shanghai Zhezhong Group Co'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.


Shanghai Zhezhong Group Co's Piotroski F-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Shanghai Zhezhong Group Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Shanghai Zhezhong Group Co'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 189.56 + -28.067 + 101.806 + -144.076 = ¥119 Mil.
Cash Flow from Operations was -54.462 + 49.279 + -41.931 + 10.172 = ¥-37 Mil.
Revenue was 236.791 + 138.889 + 595.416 + 163.53 = ¥1,135 Mil.
Gross Profit was 62.938 + 36.749 + 82.986 + 42.624 = ¥225 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(4164.499 + 4368.025 + 4263.375 + 4386.25 + 4050.901) / 5 = ¥4246.61 Mil.
Total Assets at the begining of this year (Mar23) was ¥4,164 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0 Mil.
Total Current Assets was ¥832 Mil.
Total Current Liabilities was ¥888 Mil.
Net Income was 182.642 + 84.114 + 147.059 + 33.937 = ¥448 Mil.

Revenue was 233.474 + 114.54 + 228.101 + 151.842 = ¥728 Mil.
Gross Profit was 61.987 + 51.828 + 5.902 + 36.848 = ¥157 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(3355.277 + 3635.448 + 3552.584 + 4084.483 + 4164.499) / 5 = ¥3758.4582 Mil.
Total Assets at the begining of last year (Mar22) was ¥3,355 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0 Mil.
Total Current Assets was ¥907 Mil.
Total Current Liabilities was ¥1,020 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.

Shanghai Zhezhong Group Co's current Net Income (TTM) was 119. ==> 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.

Shanghai Zhezhong Group Co's current Cash Flow from Operations (TTM) was -37. ==> 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 (Mar23)
=119.223/4164.499
=0.02862841

ROA (Last Year)=Net Income/Total Assets (Mar22)
=447.752/3355.277
=0.1334471

Shanghai Zhezhong Group Co's return on assets of this year was 0.02862841. Shanghai Zhezhong Group Co's return on assets of last year was 0.1334471. ==> 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.

Shanghai Zhezhong Group Co's current Net Income (TTM) was 119. Shanghai Zhezhong Group Co's current Cash Flow from Operations (TTM) was -37. ==> -37 <= 119 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=0/4246.61
=0

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=0/3758.4582
=0

Shanghai Zhezhong Group Co's gearing of this year was 0. Shanghai Zhezhong Group Co's gearing of last year was 0. ==> 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
=832.008/888.223
=0.93671071

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=906.669/1020.131
=0.88877703

Shanghai Zhezhong Group Co's current ratio of this year was 0.93671071. Shanghai Zhezhong Group Co's current ratio of last year was 0.88877703. ==> 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.

Shanghai Zhezhong Group Co's number of shares in issue this year was 436.594. Shanghai Zhezhong Group Co's number of shares in issue last year was 424.213. ==> 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
=225.297/1134.626
=0.19856499

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=156.565/727.957
=0.21507452

Shanghai Zhezhong Group Co's gross margin of this year was 0.19856499. Shanghai Zhezhong Group Co's gross margin of last year was 0.21507452. ==> 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)
=1134.626/4164.499
=0.27245198

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=727.957/3355.277
=0.21695884

Shanghai Zhezhong Group Co's asset turnover of this year was 0.27245198. Shanghai Zhezhong Group Co's asset turnover of last year was 0.21695884. ==> 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+0+0+0+1+1+0+0+1
=4

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

Shanghai Zhezhong Group Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Shanghai Zhezhong Group Co  (SZSE:002346) 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.


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Shanghai Zhezhong Group Co (SZSE:002346) Business Description

Traded in Other Exchanges
N/A
Address
No. 368 Canggong Road, Fengxian District, Chemical Industry Park, Shanghai, CHN, 201402
Shanghai Zhezhong Group Co Ltd manufactures and sells sets of switching equipment in China. It offers sets of switchgear, control equipment, and box-type substation.

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