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Daido Metal Co (TSE:7245) Piotroski F-Score : 8 (As of Jun. 05, 2024)


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What is Daido Metal Co Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, 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

Daido Metal Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

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

TSE:7245' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 5   Max: 8
Current: 8

During the past 13 years, the highest Piotroski F-Score of Daido Metal Co was 8. The lowest was 5. And the median was 5.


Daido Metal Co Piotroski F-Score Historical Data

The historical data trend for Daido Metal 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.

Daido Metal Co Piotroski F-Score Chart

Daido Metal Co 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 5.00 5.00 8.00 5.00 8.00

Daido Metal 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 4.00 6.00 6.00 8.00

Competitive Comparison of Daido Metal Co's Piotroski F-Score

For the Auto Parts subindustry, Daido Metal 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.


Daido Metal Co's Piotroski F-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Daido Metal Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Daido Metal 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 169 + 446 + 316 + 1638 = 円2,569 Mil.
Cash Flow from Operations was 4823 + 2534 + 3619 + 5679 = 円16,655 Mil.
Revenue was 29979 + 33404 + 33614 + 31741 = 円128,738 Mil.
Gross Profit was 6818 + 7651 + 8115 + 8720 = 円31,304 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(173317 + 179797 + 185397 + 185822 + 188369) / 5 = 円182540.4 Mil.
Total Assets at the begining of this year (Mar23) was 円173,317 Mil.
Long-Term Debt & Capital Lease Obligation was 円22,486 Mil.
Total Current Assets was 円103,549 Mil.
Total Current Liabilities was 円74,468 Mil.
Net Income was 63 + -2538 + 100 + 167 = 円-2,208 Mil.

Revenue was 27569 + 29375 + 30652 + 27884 = 円115,480 Mil.
Gross Profit was 6268 + 6132 + 7019 + 6748 = 円26,167 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(166155 + 171318 + 173778 + 177950 + 173317) / 5 = 円172503.6 Mil.
Total Assets at the begining of last year (Mar22) was 円166,155 Mil.
Long-Term Debt & Capital Lease Obligation was 円22,977 Mil.
Total Current Assets was 円94,054 Mil.
Total Current Liabilities was 円68,723 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.

Daido Metal Co's current Net Income (TTM) was 2,569. ==> 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.

Daido Metal Co's current Cash Flow from Operations (TTM) was 16,655. ==> 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)
=2569/173317
=0.01482255

ROA (Last Year)=Net Income/Total Assets (Mar22)
=-2208/166155
=-0.0132888

Daido Metal Co's return on assets of this year was 0.01482255. Daido Metal Co's return on assets of last year was -0.0132888. ==> 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.

Daido Metal Co's current Net Income (TTM) was 2,569. Daido Metal Co's current Cash Flow from Operations (TTM) was 16,655. ==> 16,655 > 2,569 ==> 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
=22486/182540.4
=0.12318369

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=22977/172503.6
=0.13319722

Daido Metal Co's gearing of this year was 0.12318369. Daido Metal Co's gearing of last year was 0.13319722. ==> 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
=103549/74468
=1.39051673

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=94054/68723
=1.36859567

Daido Metal Co's current ratio of this year was 1.39051673. Daido Metal Co's current ratio of last year was 1.36859567. ==> 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.

Daido Metal Co's number of shares in issue this year was 47.157. Daido Metal Co's number of shares in issue last year was 47.109. ==> 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
=31304/128738
=0.24316053

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=26167/115480
=0.22659335

Daido Metal Co's gross margin of this year was 0.24316053. Daido Metal Co's gross margin of last year was 0.22659335. ==> This year's gross margin is higher. ==> Score 1.

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)
=128738/173317
=0.74278922

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=115480/166155
=0.69501369

Daido Metal Co's asset turnover of this year was 0.74278922. Daido Metal Co's asset turnover of last year was 0.69501369. ==> 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+1+1+0+1+1
=8

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

Daido Metal Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

Daido Metal Co  (TSE:7245) 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.


Daido Metal Co Piotroski F-Score Related Terms

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Daido Metal Co (TSE:7245) Business Description

Traded in Other Exchanges
N/A
Address
17th Floor, Tennozu Central Tower 2-2-24, Higashi Shinagawa, Shinagawa-Ku, Tokyo, JPN, 140-0002
Daido Metal Co Ltd manufactures and sells a variety of bearings including automobile engine bearings and large ship engine bearings. The company has a production and sales network in the five-hub system of Japan, North America, Europe, Asia, and China. It manufactures bearings for trucks, construction and agricultural machinery, and bearings for automobile parts such as turbochargers and shock absorbers. Its products portfolio includes metal-polymer bearings, metallic bearings, engine bearing, turbomachinery bearing systems, modular products, pump, centralized lubrication, capacitors and semi-dry processing which are used in including automotive, marine, construction machinery, agricultural machines, industrial, energy, infrastructure and transportation, leisure, and household appliances.

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