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Keio (TSE:9008) Piotroski F-Score : 7 (As of May. 03, 2024)


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What is Keio 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

Keio 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 Keio's Piotroski F-Score or its related term are showing as below:

TSE:9008' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 8
Current: 7

During the past 13 years, the highest Piotroski F-Score of Keio was 8. The lowest was 3. And the median was 5.


Keio Piotroski F-Score Historical Data

The historical data trend for Keio'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.

Keio Piotroski F-Score Chart

Keio 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 6.00 5.00 4.00 7.00 7.00

Keio Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 - 7.00 - - -

Competitive Comparison of Keio's Piotroski F-Score

For the Conglomerates subindustry, Keio'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.


Keio's Piotroski F-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Keio's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Keio'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 円13,114 Mil.
Cash Flow from Operations was 円25,039 Mil.
Revenue was 円347,133 Mil.
Gross Profit was 円70,191 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was (906212 + 955233) / 2 = 円930722.5 Mil.
Total Assets at the begining of this year (Mar22) was 円906,212 Mil.
Long-Term Debt & Capital Lease Obligation was 円321,036 Mil.
Total Current Assets was 円182,894 Mil.
Total Current Liabilities was 円219,414 Mil.
Net Income was 円5,585 Mil.

Revenue was 円299,872 Mil.
Gross Profit was 円47,787 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was (912624 + 906212) / 2 = 円909418 Mil.
Total Assets at the begining of last year (Mar21) was 円912,624 Mil.
Long-Term Debt & Capital Lease Obligation was 円267,081 Mil.
Total Current Assets was 円157,066 Mil.
Total Current Liabilities was 円233,231 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.

Keio's current Net Income (TTM) was 13,114. ==> 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.

Keio's current Cash Flow from Operations (TTM) was 25,039. ==> 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 (Mar22)
=13114/906212
=0.01447123

ROA (Last Year)=Net Income/Total Assets (Mar21)
=5585/912624
=0.00611972

Keio's return on assets of this year was 0.01447123. Keio's return on assets of last year was 0.00611972. ==> 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.

Keio's current Net Income (TTM) was 13,114. Keio's current Cash Flow from Operations (TTM) was 25,039. ==> 25,039 > 13,114 ==> 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: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=321036/930722.5
=0.34493203

Gearing (Last Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=267081/909418
=0.29368343

Keio's gearing of this year was 0.34493203. Keio's gearing of last year was 0.29368343. ==> 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: Mar23)=Total Current Assets/Total Current Liabilities
=182894/219414
=0.83355666

Current Ratio (Last Year: Mar22)=Total Current Assets/Total Current Liabilities
=157066/233231
=0.67343535

Keio's current ratio of this year was 0.83355666. Keio's current ratio of last year was 0.67343535. ==> 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.

Keio's number of shares in issue this year was 122.106. Keio's number of shares in issue last year was 122.1. ==> 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
=70191/347133
=0.20220204

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=47787/299872
=0.15935799

Keio's gross margin of this year was 0.20220204. Keio's gross margin of last year was 0.15935799. ==> 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 (Mar22)
=347133/906212
=0.38305937

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar21)
=299872/912624
=0.3285822

Keio's asset turnover of this year was 0.38305937. Keio's asset turnover of last year was 0.3285822. ==> 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+0+1+1
=7

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

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

Keio  (TSE:9008) 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.


Keio Piotroski F-Score Related Terms

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Keio (TSE:9008) Business Description

Traded in Other Exchanges
N/A
Address
1-9-1 Sekido, Tama-shi, Tokyo, JPN, 206-8502
Keio Corp. is passenger transportation, retail, and real estate company, domiciled in Japan. The company organizes itself into five segments: transportation, merchandise sales, real estate, leisure, and other businesses. Merchandise sales, which contributes the largest portion of revenue, operates department stores, retail stores, and shopping centers. Transportation, the next most significant segment, transports passengers principally by rail, and by bus and taxi. The real estate segment leases, develops and sells real estate. The leisure segment operates hotels, travel services, and provides advertising services. Other includes construction and maintenance income.

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