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Nomura Real Estate Holdings (TSE:3231) Piotroski F-Score : 7 (As of May. 14, 2024)


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What is Nomura Real Estate Holdings Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

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

Nomura Real Estate Holdings has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Nomura Real Estate Holdings's Piotroski F-Score or its related term are showing as below:

TSE:3231' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 7
Current: 7

During the past 13 years, the highest Piotroski F-Score of Nomura Real Estate Holdings was 7. The lowest was 2. And the median was 5.


Nomura Real Estate Holdings Piotroski F-Score Historical Data

The historical data trend for Nomura Real Estate 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.

Nomura Real Estate Holdings Piotroski F-Score Chart

Nomura Real Estate Holdings Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.00 4.00 7.00 5.00 7.00

Nomura Real Estate Holdings 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 5.00 6.00 6.00 7.00

Competitive Comparison of Nomura Real Estate Holdings's Piotroski F-Score

For the Real Estate Services subindustry, Nomura Real Estate 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.


Nomura Real Estate Holdings's Piotroski F-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where Nomura Real Estate 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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was 24318 + 8638 + 10269 + 24939 = 円68,164 Mil.
Cash Flow from Operations was 37683 + 42687 + -55812 + 46320 = 円70,878 Mil.
Revenue was 209366 + 158952 + 150027 + 216370 = 円734,715 Mil.
Gross Profit was 69401 + 54565 + 48174 + 72324 = 円244,464 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(2110693 + 2100034 + 2130310 + 2171581 + 2251456) / 5 = 円2152814.8 Mil.
Total Assets at the begining of this year (Mar23) was 円2,110,693 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,085,040 Mil.
Total Current Assets was 円1,256,777 Mil.
Total Current Liabilities was 円331,064 Mil.
Net Income was 26933 + 6941 + 7045 + 23601 = 円64,520 Mil.

Revenue was 199721 + 115035 + 107834 + 232145 = 円654,735 Mil.
Gross Profit was 67063 + 40994 + 39504 + 75101 = 円222,662 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(2040506 + 2005770 + 2024916 + 2065732 + 2110693) / 5 = 円2049523.4 Mil.
Total Assets at the begining of last year (Mar22) was 円2,040,506 Mil.
Long-Term Debt & Capital Lease Obligation was 円983,684 Mil.
Total Current Assets was 円1,182,306 Mil.
Total Current Liabilities was 円327,829 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.

Nomura Real Estate Holdings's current Net Income (TTM) was 68,164. ==> 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.

Nomura Real Estate Holdings's current Cash Flow from Operations (TTM) was 70,878. ==> 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)
=68164/2110693
=0.03229461

ROA (Last Year)=Net Income/Total Assets (Mar22)
=64520/2040506
=0.03161961

Nomura Real Estate Holdings's return on assets of this year was 0.03229461. Nomura Real Estate Holdings's return on assets of last year was 0.03161961. ==> 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.

Nomura Real Estate Holdings's current Net Income (TTM) was 68,164. Nomura Real Estate Holdings's current Cash Flow from Operations (TTM) was 70,878. ==> 70,878 > 68,164 ==> 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
=1085040/2152814.8
=0.50400991

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=983684/2049523.4
=0.47995744

Nomura Real Estate Holdings's gearing of this year was 0.50400991. Nomura Real Estate Holdings's gearing of last year was 0.47995744. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=1256777/331064
=3.79617536

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=1182306/327829
=3.60647167

Nomura Real Estate Holdings's current ratio of this year was 3.79617536. Nomura Real Estate Holdings's current ratio of last year was 3.60647167. ==> 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.

Nomura Real Estate Holdings's number of shares in issue this year was 173.284. Nomura Real Estate Holdings's number of shares in issue last year was 175.16. ==> 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
=244464/734715
=0.3327331

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=222662/654735
=0.34007957

Nomura Real Estate Holdings's gross margin of this year was 0.3327331. Nomura Real Estate Holdings's gross margin of last year was 0.34007957. ==> 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)
=734715/2110693
=0.34809184

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=654735/2040506
=0.32086894

Nomura Real Estate Holdings's asset turnover of this year was 0.34809184. Nomura Real Estate Holdings's asset turnover of last year was 0.32086894. ==> 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+1+0+1+1+0+1
=7

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

Nomura Real Estate Holdings has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Nomura Real Estate Holdings  (TSE:3231) 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.


Nomura Real Estate Holdings Piotroski F-Score Related Terms

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Nomura Real Estate Holdings (TSE:3231) Business Description

Traded in Other Exchanges
Address
Shinjuku Nomura Building, 1-26-2 Nishi-Shinjuku, Shinjuku-ku, Tokyo, JPN, 163-0566
Nomura Real Estate Holdings Inc comprises Nomura Real Estate Development and other group companies. It operates in residential development, leasing, investment management, property brokerage, commercial real estate, property management, and other areas. Residential development is the leading business and provides a diverse group of services. Condominiums and detached housing are among the various property types offered. The group launches numerous properties under its branded names, like Proud and Ohana, in various parts of the Tokyo metropolitan area. In addition to commercial property development, the group provides corporate real estate brokerage and architectural design.

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