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Don Muang Tollway PCL (BKK:DMT) Piotroski F-Score : 7 (As of May. 12, 2024)


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What is Don Muang Tollway PCL 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

Don Muang Tollway PCL 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 Don Muang Tollway PCL's Piotroski F-Score or its related term are showing as below:

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

During the past 10 years, the highest Piotroski F-Score of Don Muang Tollway PCL was 8. The lowest was 5. And the median was 7.


Don Muang Tollway PCL Piotroski F-Score Historical Data

The historical data trend for Don Muang Tollway PCL'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.

Don Muang Tollway PCL Piotroski F-Score Chart

Don Muang Tollway PCL 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 7.00 5.00 5.00 8.00 7.00

Don Muang Tollway PCL Quarterly Data
Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 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 8.00 7.00 6.00 7.00

Competitive Comparison of Don Muang Tollway PCL's Piotroski F-Score

For the Infrastructure Operations subindustry, Don Muang Tollway PCL'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.


Don Muang Tollway PCL's Piotroski F-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Don Muang Tollway PCL's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Don Muang Tollway PCL'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 (Dec23) TTM:Last Year (Sep22) TTM:
Net Income was 235.679 + 233.045 + 268.57 + 246.394 = ฿984 Mil.
Cash Flow from Operations was 411.679 + 0 + 310.58 + 451.255 = ฿1,174 Mil.
Revenue was 551.677 + 553.496 + 589.854 + 605.172 = ฿2,300 Mil.
Gross Profit was 366.926 + 348.833 + 395.306 + 372.361 = ฿1,483 Mil.
Average Total Assets from the begining of this year (Sep22)
to the end of this year (Dec23) was
(10374.161 + 10463.808 + 10465.517 + 10244.498 + 10036.798) / 5 = ฿10316.9564 Mil.
Total Assets at the begining of this year (Sep22) was ฿10,374 Mil.
Long-Term Debt & Capital Lease Obligation was ฿26 Mil.
Total Current Assets was ฿449 Mil.
Total Current Liabilities was ฿1,170 Mil.
Net Income was 155.787 + 144.203 + 186.235 + 214.458 = ฿701 Mil.

Revenue was 384.794 + 355.295 + 423.039 + 502.072 = ฿1,665 Mil.
Gross Profit was 238.404 + 219.276 + 275.09 + 315.83 = ฿1,049 Mil.
Average Total Assets from the begining of last year (Sep21)
to the end of last year (Sep22) was
(10349.739 + 10256.054 + 10373.118 + 10286.349 + 10374.161) / 5 = ฿10327.8842 Mil.
Total Assets at the begining of last year (Sep21) was ฿10,350 Mil.
Long-Term Debt & Capital Lease Obligation was ฿21 Mil.
Total Current Assets was ฿595 Mil.
Total Current Liabilities was ฿328 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.

Don Muang Tollway PCL's current Net Income (TTM) was 984. ==> 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.

Don Muang Tollway PCL's current Cash Flow from Operations (TTM) was 1,174. ==> 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 (Sep22)
=983.688/10374.161
=0.09482097

ROA (Last Year)=Net Income/Total Assets (Sep21)
=700.683/10349.739
=0.06770055

Don Muang Tollway PCL's return on assets of this year was 0.09482097. Don Muang Tollway PCL's return on assets of last year was 0.06770055. ==> 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.

Don Muang Tollway PCL's current Net Income (TTM) was 984. Don Muang Tollway PCL's current Cash Flow from Operations (TTM) was 1,174. ==> 1,174 > 984 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Dec23
=25.625/10316.9564
=0.00248378

Gearing (Last Year: Sep22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep21 to Sep22
=20.944/10327.8842
=0.00202791

Don Muang Tollway PCL's gearing of this year was 0.00248378. Don Muang Tollway PCL's gearing of last year was 0.00202791. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=449.116/1169.872
=0.38390183

Current Ratio (Last Year: Sep22)=Total Current Assets/Total Current Liabilities
=595.352/327.606
=1.81728051

Don Muang Tollway PCL's current ratio of this year was 0.38390183. Don Muang Tollway PCL's current ratio of last year was 1.81728051. ==> 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.

Don Muang Tollway PCL's number of shares in issue this year was 1187.637. Don Muang Tollway PCL's number of shares in issue last year was 1191.433. ==> 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
=1483.426/2300.199
=0.64491203

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1048.6/1665.2
=0.62971415

Don Muang Tollway PCL's gross margin of this year was 0.64491203. Don Muang Tollway PCL's gross margin of last year was 0.62971415. ==> 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 (Sep22)
=2300.199/10374.161
=0.22172386

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep21)
=1665.2/10349.739
=0.16089295

Don Muang Tollway PCL's asset turnover of this year was 0.22172386. Don Muang Tollway PCL's asset turnover of last year was 0.16089295. ==> 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+0+1+1+1
=7

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

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

Don Muang Tollway PCL  (BKK:DMT) 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.


Don Muang Tollway PCL Piotroski F-Score Related Terms

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Don Muang Tollway PCL (BKK:DMT) Business Description

Traded in Other Exchanges
N/A
Address
40/40 Viphavadi Rangsit Road, Sanambin, Don Muang, Bangkok, THA, 10210
Don Muang Tollway PCL constructs and operates Utra Phimuk - Din Daeng to National Memorial Section, the elevated toll road from Bangkok Metropolitan, and the Northern vicinities as main and direct route to the Center, Northern and North-Eastern part of Thailand. The Company is managed and operates principally in Thailand.

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