* 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.
Competitive Comparison of PT Indo Tambangraya Megah Tbk's Piotroski F-Score
For the Thermal Coal subindustry, PT Indo Tambangraya Megah 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 Tambangraya Megah Tbk's Piotroski F-Score Distribution in the Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, PT Indo Tambangraya Megah Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Indo Tambangraya Megah 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.
*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 Tambangraya Megah Tbk's current Net Income (TTM) was 500.
==> 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 Indo Tambangraya Megah Tbk's current Cash Flow from Operations (TTM) was 221.
==> 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 Indo Tambangraya Megah Tbk's return on assets of this year was 0.18950661. PT Indo Tambangraya Megah Tbk's return on assets of last year was 0.72022741.
==> 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 Indo Tambangraya Megah Tbk's gearing of this year was 0.00318102. PT Indo Tambangraya Megah Tbk's gearing of last year was 0.00613145.
==> 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 Indo Tambangraya Megah Tbk's current ratio of this year was 4.34954835. PT Indo Tambangraya Megah Tbk's current ratio of last year was 3.25905504.
==> This year's current ratio is higher. ==> Score 1.
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 Tambangraya Megah Tbk's number of shares in issue this year was 564.963. PT Indo Tambangraya Megah Tbk's number of shares in issue last year was 565.008.
==> 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 Indo Tambangraya Megah Tbk's gross margin of this year was 0.31273946. PT Indo Tambangraya Megah Tbk's gross margin of last year was 0.52097938.
==> 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 Indo Tambangraya Megah Tbk's asset turnover of this year was 0.89930145. PT Indo Tambangraya Megah Tbk's asset turnover of last year was 2.18228778.
==> 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
+
0
+
1
+
1
+
1
+
0
+
0
=
5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Indo Tambangraya Megah Tbk has an F-score of 5 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 Indo Tambangraya Megah Tbk Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of PT Indo Tambangraya Megah Tbk's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
PT Indo Tambangraya Megah Tbk is an Indonesia-based coal mining company. It operates in three segments: Upstream business, which includes coal mining, blending, and sales; Energy supply chain management segment includes fuel distribution, sales, and logistics, as well as empowerment of internal mining contractors; and Downstream segment includes the development of power plants and renewable energy ventures. The company's geographical segments include Taiwan, China, Hong Kong, and Korea; Domestic; South East Asia (excluding Indonesia), India, and Pakistan; Japan; Europe; and Australia & Oceania.
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