* 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.
For the Packaged Foods subindustry, PT Budi Starch & Sweetener Tbk'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.
PT Budi Starch & Sweetener Tbk's Piotroski F-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Budi Starch & Sweetener Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Budi Starch & Sweetener Tbk'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 15851 + 21581 + 29120 + 20798 = Rp87,350 Mil. Cash Flow from Operations was 115898 + 103478 + 40724 + -75436 = Rp184,664 Mil. Revenue was 962120 + 1232464 + 763237 + 968170 = Rp3,925,991 Mil. Gross Profit was 104606 + 110274 + 135683 + 110625 = Rp461,188 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(3225547 + 3196763 + 3178273 + 3327846 + 3512869) / 5 = Rp3288259.6 Mil. Total Assets at the begining of this year (Mar23) was Rp3,225,547 Mil. Long-Term Debt & Capital Lease Obligation was Rp180,550 Mil. Total Current Assets was Rp1,917,499 Mil. Total Current Liabilities was Rp1,446,867 Mil.
Net Income was 6231 + 27283 + 25103 + 34250 = Rp92,867 Mil.
Revenue was 748008 + 853876 + 930454 + 987132 = Rp3,519,470 Mil. Gross Profit was 80248 + 102719 + 117558 + 129928 = Rp430,453 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(3105465 + 3070392 + 3068423 + 3173651 + 3225547) / 5 = Rp3128695.6 Mil. Total Assets at the begining of last year (Mar22) was Rp3,105,465 Mil. Long-Term Debt & Capital Lease Obligation was Rp248,500 Mil. Total Current Assets was Rp1,669,198 Mil. Total Current Liabilities was Rp1,231,700 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.
PT Budi Starch & Sweetener Tbk's current Net Income (TTM) was 87,350.
==> 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.
PT Budi Starch & Sweetener Tbk's current Cash Flow from Operations (TTM) was 184,664.
==> 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.
PT Budi Starch & Sweetener Tbk's return on assets of this year was 0.02708068. PT Budi Starch & Sweetener Tbk's return on assets of last year was 0.02990438.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
PT Budi Starch & Sweetener Tbk's gearing of this year was 0.05490747. PT Budi Starch & Sweetener Tbk's gearing of last year was 0.07942607.
==> 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
PT Budi Starch & Sweetener Tbk's current ratio of this year was 1.32527661. PT Budi Starch & Sweetener Tbk's current ratio of last year was 1.35519851.
==> 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.
PT Budi Starch & Sweetener Tbk's number of shares in issue this year was 4498.997. PT Budi Starch & Sweetener Tbk's number of shares in issue last year was 4498.997.
==> 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.
PT Budi Starch & Sweetener Tbk's gross margin of this year was 0.11747047. PT Budi Starch & Sweetener Tbk's gross margin of last year was 0.1223062.
==> 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
PT Budi Starch & Sweetener Tbk's asset turnover of this year was 1.21715511. PT Budi Starch & Sweetener Tbk's asset turnover of last year was 1.13331498.
==> 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
+
0
+
1
+
1
+
0
+
1
+
0
+
1
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Budi Starch & Sweetener Tbk has an F-score of 6 indicating the company's financial situation is typical for a stable company.
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.
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.
PT Budi Starch & Sweetener Tbk Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of PT Budi Starch & Sweetener Tbk's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
PT Budi Starch & Sweetener Tbk (ISX:BUDI) Business Description
PT Budi Starch & Sweetener Tbk is an Indonesia-based company involved in the packaged food business sector. The Company's primary activities include industrial food processing and chemicals, and all derivative products produced from cassava, sweet potato, palm oil, copra, and other agricultural products and a wide variety of industries, especially the plastics industry. The segments of the company are tapioca starch, sweeteners, PP Woven Bags, Sulphuric Acid, and Other Chemical Products. The company generates maximum revenue from Tapioca starch products.
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