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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Cang Bao Tian Xia International Art Trade Center 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 Cang Bao Tian Xia International Art Trade Center's Piotroski F-Score or its related term are showing as below:
The historical data trend for Cang Bao Tian Xia International Art Trade Center'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.
Cang Bao Tian Xia International Art Trade Center Annual Data | |||||||||||||||||||||
Trend | Dec05 | Dec06 | Jun07 | Jun08 | Jun09 | Jun10 | Jun18 | Jun19 | Jun20 | Jun21 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 8.00 | 2.00 | N/A | N/A | N/A |
Cang Bao Tian Xia International Art Trade Center Quarterly Data | ||||||||||||||||||||
Mar11 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | |
Piotroski F-Score | Get a 7-Day Free Trial | N/A | N/A | N/A | N/A | - |
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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Net Income was -1.747 + -4.291 + -4.755 + -3.602 = $-14.40 Mil. Cash Flow from Operations was 2.234 + -5.328 + -0.163 + -3.194 = $-6.45 Mil. Revenue was -0.728 + 0.725 + 0.005 + 0.001 = $0.00 Mil. Gross Profit was -0.74 + -0.382 + -0.831 + -0.833 = $-2.79 Mil. Average Total Assets from the begining of this year (Dec20) to the end of this year (Dec21) was (10.471 + 18.933 + 20.442 + 19.17 + 18.483) / 5 = $17.4998 Mil. Total Assets at the begining of this year (Dec20) was $10.47 Mil. Long-Term Debt & Capital Lease Obligation was $3.42 Mil. Total Current Assets was $11.43 Mil. Total Current Liabilities was $37.13 Mil. |
Net Income was 1.427 + -1.239 + -1.475 + -1.955 = $-3.24 Mil. Revenue was 0.49 + 4.748 + 0.071 + 0.259 = $5.57 Mil. Gross Profit was 0.969 + 1.578 + 0.03 + -0.36 = $2.22 Mil. Average Total Assets from the begining of last year (Dec19) to the end of last year (Dec20) was (0 + 0 + 9.181 + 6.186 + 10.471) / 5 = $8.61266667 Mil. Total Assets at the begining of last year (Dec19) was $0.00 Mil. Long-Term Debt & Capital Lease Obligation was $0.06 Mil. Total Current Assets was $9.70 Mil. Total Current Liabilities was $17.11 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.
Cang Bao Tian Xia International Art Trade Center's current Net Income (TTM) was -14.40.
==> Negative ==> Score 0.
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.
Cang Bao Tian Xia International Art Trade Center's current Cash Flow from Operations (TTM) was -6.45.
==> 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 (Dec20) |
= | -14.395 | / | 10.471 | |
= | -1.37474931 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec19) |
= | -3.242 | / | 0 | |
= |
Cang Bao Tian Xia International Art Trade Center's return on assets of this year was -1.37474931. Cang Bao Tian Xia International Art Trade Center's return on assets of last year was .
==> 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.
Cang Bao Tian Xia International Art Trade Center's current Net Income (TTM) was -14.40. Cang Bao Tian Xia International Art Trade Center's current Cash Flow from Operations (TTM) was -6.45.
==> -6.45 > -14.40 ==> 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: Dec21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec20 to Dec21 |
= | 3.415 | / | 17.4998 | |
= | 0.19514509 |
Gearing (Last Year: Dec20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec19 to Dec20 |
= | 0.06 | / | 8.61266667 | |
= | 0.00696648 |
Cang Bao Tian Xia International Art Trade Center's gearing of this year was 0.19514509. Cang Bao Tian Xia International Art Trade Center's gearing of last year was 0.00696648.
==> 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: Dec21) | = | Total Current Assets | / | Total Current Liabilities |
= | 11.432 | / | 37.132 | |
= | 0.30787461 |
Current Ratio (Last Year: Dec20) | = | Total Current Assets | / | Total Current Liabilities |
= | 9.696 | / | 17.108 | |
= | 0.5667524 |
Cang Bao Tian Xia International Art Trade Center's current ratio of this year was 0.30787461. Cang Bao Tian Xia International Art Trade Center's current ratio of last year was 0.5667524.
==> 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.
Cang Bao Tian Xia International Art Trade Center's number of shares in issue this year was 110.319. Cang Bao Tian Xia International Art Trade Center's number of shares in issue last year was 110.319.
==> 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 |
= | -2.786 | / | 0.003 | |
= | -928.66666667 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 2.217 | / | 5.568 | |
= | 0.3981681 |
Cang Bao Tian Xia International Art Trade Center's gross margin of this year was -928.66666667. Cang Bao Tian Xia International Art Trade Center's gross margin of last year was 0.3981681.
==> 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 (Dec20) |
= | 0.003 | / | 10.471 | |
= | 0.00028651 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec19) |
= | 5.568 | / | 0 | |
= |
Cang Bao Tian Xia International Art Trade Center's asset turnover of this year was 0.00028651. Cang Bao Tian Xia International Art Trade Center's asset turnover of last year was .
==> 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 |
= | 0 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | + | 0 | + | 1 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Cang Bao Tian Xia International Art Trade Center has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Cang Bao Tian Xia International Art Trade Center (OTCPK:TXCB) 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.
Thank you for viewing the detailed overview of Cang Bao Tian Xia International Art Trade Center's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Wei Wang | 10 percent owner | NO. 14, LANE 1, DONGXIAO CITY, CHONGWEN DISTRICT, BEIJING F4 0000000 |
Liang Tan | director | NO. 88 LANE 7171 SHENGIANG RD., PUDONG NEW DISTRICT, SHANGHAI F4 00000 |
Yaqin Fu | 10 percent owner | NO. 88 LANE 7171 SHENGIANG RD., PUDONG NEW DISTRICT, SHANGHAI F4 00000 |
Xingtao Zhou | director, 10 percent owner, officer: CEO and CFO | 5-1-1206 HEFENG JIANGAN, NIANQUING ROAD MEILAN DISTRICT, HAIKOU, HAINAN PROVINCE F4 00000 |
Ruihua International Ltd | 10 percent owner | PO BOX 83, DES PLAINES IL 60016 |
Jayhawk Capital Management Llc | other: 13(d) group owning > 10% | 13021 W 74TH ST, SHAWNEE KS 66216 |
Jayhawk Private Equity Gp, L.p. | other: 13(d) group owning > 10% | 5410 WEST 61ST PLACE, SUITE 100, MISSION KS 66205 |
Jayhawk Private Equity Co Invest Fund Lp | other: 13(d) group owning > 10% | 5410 WEST 61ST PLACE, SUITE 100, MISSION KS 66205 |
Jayhawk Private Equity Fund L P | other: 13(d) group owning > 10% | 5410 WEST 61ST PLACE, SUITE 100, MISSION KS 66205 |
Kent C Mccarthy | 10 percent owner, other: 13(d) group owning > 10% | 930 TAHOE BLVD., 802-281, INCLINE VILLAGE NV 89451 |
Pinnacle China Fund, L.p. | 10 percent owner | 4965 PRESTON PARK BLVD., SUITE 240, PLANO TX 75093 |
Philip Widmann | officer: Senior Vice President | C/O USUNCO, 10510 HILLSBORO ROAD, SANTA ANA CA 92705 |
Jason Lu | director, officer: Chief Executive Officer | C/O USUNCO, 10510 HILLSBORO ROAD, SANTA ANA CA 92705 |
Ming He | officer: Chief Financial Officer | NO. 106 ZHONGHUAN SOUTH ROAD, AIRPORT INDUSTRIAL PARK, TIANJIN F4 300308 |
Haining Liu | director | C/O USUNCO, 10510 HILLSBORO ROAD, SANTA ANA CA 92705 |
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