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TISCO Financial Group PCL (BKK:TISCO) Piotroski F-Score : 3 (As of May. 11, 2024)


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What is TISCO Financial Group PCL Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

TISCO Financial Group PCL has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for TISCO Financial Group PCL's Piotroski F-Score or its related term are showing as below:

BKK:TISCO' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 3

During the past 13 years, the highest Piotroski F-Score of TISCO Financial Group PCL was 8. The lowest was 3. And the median was 6.


TISCO Financial Group PCL Piotroski F-Score Historical Data

The historical data trend for TISCO Financial Group 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.

TISCO Financial Group PCL Piotroski F-Score Chart

TISCO Financial Group 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 8.00 6.00 7.00 6.00 3.00

TISCO Financial Group PCL 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 6.00 7.00 6.00 6.00 3.00

Competitive Comparison of TISCO Financial Group PCL's Piotroski F-Score

For the Banks - Regional subindustry, TISCO Financial Group 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.


TISCO Financial Group PCL's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, TISCO Financial Group PCL's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where TISCO Financial Group 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 (Dec22) TTM:
Net Income was 1792.58 + 1853.888 + 1874.485 + 1780.16 = ฿7,301 Mil.
Cash Flow from Operations was 710.165 + 5114.711 + 3082.98 + -1242.396 = ฿7,665 Mil.
Revenue was 4887.485 + 4970.065 + 5036.723 + 5073.506 = ฿19,968 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(265414.437 + 273226.656 + 274358.889 + 273932.581 + 290724.253) / 5 = ฿275531.3632 Mil.
Total Assets at the begining of this year (Dec22) was ฿265,414 Mil.
Long-Term Debt & Capital Lease Obligation was ฿19,483 Mil.
Total Assets was ฿290,724 Mil.
Total Liabilities was ฿248,276 Mil.
Net Income was 1795.491 + 1848.432 + 1773.425 + 1806.729 = ฿7,224 Mil.

Revenue was 4507.994 + 4647.931 + 4560.221 + 4961.099 = ฿18,677 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(243621.934 + 246448.941 + 244722.367 + 255937.922 + 265414.437) / 5 = ฿251229.1202 Mil.
Total Assets at the begining of last year (Dec21) was ฿243,622 Mil.
Long-Term Debt & Capital Lease Obligation was ฿17,419 Mil.
Total Assets was ฿265,414 Mil.
Total Liabilities was ฿222,624 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.

TISCO Financial Group PCL's current Net Income (TTM) was 7,301. ==> 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.

TISCO Financial Group PCL's current Cash Flow from Operations (TTM) was 7,665. ==> 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 (Dec22)
=7301.113/265414.437
=0.02750835

ROA (Last Year)=Net Income/Total Assets (Dec21)
=7224.077/243621.934
=0.02965282

TISCO Financial Group PCL's return on assets of this year was 0.02750835. TISCO Financial Group PCL's return on assets of last year was 0.02965282. ==> Last year is higher ==> Score 0.

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.

TISCO Financial Group PCL's current Net Income (TTM) was 7,301. TISCO Financial Group PCL's current Cash Flow from Operations (TTM) was 7,665. ==> 7,665 > 7,301 ==> 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 Dec22 to Dec23
=19482.783/275531.3632
=0.07070986

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=17419.408/251229.1202
=0.06933674

TISCO Financial Group PCL's gearing of this year was 0.07070986. TISCO Financial Group PCL's gearing of last year was 0.06933674. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Dec23)=Total Assets/Total Liabilities
=290724.253/248276.271
=1.17097076

Current Ratio (Last Year: Dec22)=Total Assets/Total Liabilities
=265414.437/222623.814
=1.19221045

TISCO Financial Group PCL's current ratio of this year was 1.17097076. TISCO Financial Group PCL's current ratio of last year was 1.19221045. ==> 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.

TISCO Financial Group PCL's number of shares in issue this year was 802.206. TISCO Financial Group PCL's number of shares in issue last year was 802.022. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=7301.113/19967.779
=0.36564472

Net Margin (Last Year: TTM)=Net Income/Revenue
=7224.077/18677.245
=0.38678494

TISCO Financial Group PCL's net margin of this year was 0.36564472. TISCO Financial Group PCL's net margin of last year was 0.38678494. ==> Last year's net 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 (Dec22)
=19967.779/265414.437
=0.07523245

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=18677.245/243621.934
=0.07666487

TISCO Financial Group PCL's asset turnover of this year was 0.07523245. TISCO Financial Group PCL's asset turnover of last year was 0.07666487. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+0+0+0
=3

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

TISCO Financial Group PCL has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

TISCO Financial Group PCL  (BKK:TISCO) 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.


TISCO Financial Group PCL Piotroski F-Score Related Terms

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TISCO Financial Group PCL (BKK:TISCO) Business Description

Traded in Other Exchanges
Address
No. 48/49, North Sathorn Road, TISCO Tower, 21st Floor, Silom Sub-district, Bangrak District, Bangkok, THA, 10500
TISCO Financial Group PCL is a bank that provides commercial banking products and services. The company is headquartered in Thailand and generates revenue domestically. The bank separates itself into four segments: commercial banking and lending business, securities business, asset management, and support business. Of these, commercial banking provides the largest percentage of revenue. Services include deposits, accounts, car and home loans, investment services, insurance, business finance, capital markets, mergers and acquisitions, and debt restructuring.

TISCO Financial Group PCL (BKK:TISCO) Headlines

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