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PT Indo-Rama Synthetics Tbk (ISX:INDR) Piotroski F-Score : 3 (As of May. 27, 2024)


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What is PT Indo-Rama Synthetics Tbk 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

PT Indo-Rama Synthetics Tbk 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 PT Indo-Rama Synthetics Tbk's Piotroski F-Score or its related term are showing as below:

ISX:INDR' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 9
Current: 3

During the past 13 years, the highest Piotroski F-Score of PT Indo-Rama Synthetics Tbk was 9. The lowest was 3. And the median was 6.


PT Indo-Rama Synthetics Tbk Piotroski F-Score Historical Data

The historical data trend for PT Indo-Rama Synthetics Tbk'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.

PT Indo-Rama Synthetics Tbk Piotroski F-Score Chart

PT Indo-Rama Synthetics Tbk 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 6.00 5.00 9.00 4.00 4.00

PT Indo-Rama Synthetics Tbk Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
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 5.00 4.00 4.00 4.00 3.00

Competitive Comparison of PT Indo-Rama Synthetics Tbk's Piotroski F-Score

For the Textile Manufacturing subindustry, PT Indo-Rama Synthetics 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 Indo-Rama Synthetics Tbk's Piotroski F-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, PT Indo-Rama Synthetics Tbk's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where PT Indo-Rama Synthetics 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 -265524.49 + -231057.895 + -128261.061 + -116961.138 = Rp-741,805 Mil.
Cash Flow from Operations was 263165.408 + 294341.861 + -254564.29 + 98184.459 = Rp401,127 Mil.
Revenue was 2901506.056 + 3103119.018 + 2882451.513 + 3402140.048 = Rp12,289,217 Mil.
Gross Profit was -205645.87 + -126397.146 + -58842.845 + -14352.289 = Rp-405,238 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(12876512.602 + 12633832.848 + 12597188.863 + 12658071.737 + 12298724.943) / 5 = Rp12612866.1986 Mil.
Total Assets at the begining of this year (Mar23) was Rp12,876,513 Mil.
Long-Term Debt & Capital Lease Obligation was Rp982,692 Mil.
Total Current Assets was Rp4,532,225 Mil.
Total Current Liabilities was Rp4,404,842 Mil.
Net Income was 297361.063 + 48729.392 + -230648.102 + 994.093 = Rp116,436 Mil.

Revenue was 3619914.743 + 3677620.615 + 2825903.314 + 3097577.728 = Rp13,221,016 Mil.
Gross Profit was 455210.24 + 191197.301 + -133524.832 + 68185.721 = Rp581,068 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(13466793.512 + 13772433.485 + 13579689.175 + 13682834.477 + 12876512.602) / 5 = Rp13475652.6502 Mil.
Total Assets at the begining of last year (Mar22) was Rp13,466,794 Mil.
Long-Term Debt & Capital Lease Obligation was Rp868,250 Mil.
Total Current Assets was Rp5,052,461 Mil.
Total Current Liabilities was Rp4,119,490 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 Indo-Rama Synthetics Tbk's current Net Income (TTM) was -741,805. ==> 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.

PT Indo-Rama Synthetics Tbk's current Cash Flow from Operations (TTM) was 401,127. ==> 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 (Mar23)
=-741804.584/12876512.602
=-0.05760912

ROA (Last Year)=Net Income/Total Assets (Mar22)
=116436.446/13466793.512
=0.00864619

PT Indo-Rama Synthetics Tbk's return on assets of this year was -0.05760912. PT Indo-Rama Synthetics Tbk's return on assets of last year was 0.00864619. ==> 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.

PT Indo-Rama Synthetics Tbk's current Net Income (TTM) was -741,805. PT Indo-Rama Synthetics Tbk's current Cash Flow from Operations (TTM) was 401,127. ==> 401,127 > -741,805 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=982692.465/12612866.1986
=0.07791191

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=868249.584/13475652.6502
=0.06443099

PT Indo-Rama Synthetics Tbk's gearing of this year was 0.07791191. PT Indo-Rama Synthetics Tbk's gearing of last year was 0.06443099. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=4532224.821/4404842.472
=1.02891871

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=5052460.982/4119489.94
=1.22647732

PT Indo-Rama Synthetics Tbk's current ratio of this year was 1.02891871. PT Indo-Rama Synthetics Tbk's current ratio of last year was 1.22647732. ==> 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 Indo-Rama Synthetics Tbk's number of shares in issue this year was 654.352. PT Indo-Rama Synthetics Tbk's number of shares in issue last year was 654.352. ==> 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
=-405238.15/12289216.635
=-0.0329751

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=581068.43/13221016.4
=0.04395036

PT Indo-Rama Synthetics Tbk's gross margin of this year was -0.0329751. PT Indo-Rama Synthetics Tbk's gross margin of last year was 0.04395036. ==> 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 (Mar23)
=12289216.635/12876512.602
=0.95439014

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=13221016.4/13466793.512
=0.9817494

PT Indo-Rama Synthetics Tbk's asset turnover of this year was 0.95439014. PT Indo-Rama Synthetics Tbk's asset turnover of last year was 0.9817494. ==> 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
=0+1+0+1+0+0+1+0+0
=3

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

PT Indo-Rama Synthetics Tbk has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

PT Indo-Rama Synthetics Tbk  (ISX:INDR) 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.


PT Indo-Rama Synthetics Tbk Piotroski F-Score Related Terms

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PT Indo-Rama Synthetics Tbk (ISX:INDR) Business Description

Traded in Other Exchanges
N/A
Address
Jalan H. R. Rasuna Said, Blok X-1, Kav. 1-2, Graha Irama, 17th Floor, Jakarta, IDN, 12950
PT Indo-Rama Synthetics Tbk manufactures polyester, fertilizers, and textiles. The company operates in segments that include Spun Yarns which manufactures spun yarn and sewing threads, Polyester which manufactures polyester yarns, polyester staple fiber, chips, and pet resin, Fabrics which manufactures polyester fabrics, and others which is engaged in trading, investment, and Other activities. The Spun Yarn and Polyester segment of the company generates maximum revenue for the company. Geographically the company exports its products to Europe, Asia, and North and South America.

PT Indo-Rama Synthetics Tbk (ISX:INDR) Headlines

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