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Max Echo Technology (ROCO:5228) Piotroski F-Score : 3 (As of May. 13, 2024)


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What is Max Echo Technology 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

Max Echo Technology 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 Max Echo Technology's Piotroski F-Score or its related term are showing as below:

ROCO:5228' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 3   Max: 7
Current: 3

During the past 13 years, the highest Piotroski F-Score of Max Echo Technology was 7. The lowest was 1. And the median was 3.


Max Echo Technology Piotroski F-Score Historical Data

The historical data trend for Max Echo Technology'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.

Max Echo Technology Piotroski F-Score Chart

Max Echo Technology 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 2.00 5.00 6.00 5.00 3.00

Max Echo Technology Quarterly Data
Jun18 Dec18 Jun19 Dec19 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 N/A 3.00 3.00 3.00 3.00

Competitive Comparison of Max Echo Technology's Piotroski F-Score

For the Electronic Components subindustry, Max Echo Technology'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.


Max Echo Technology's Piotroski F-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Max Echo Technology's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Max Echo Technology'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 -9.86 + -26.867 + -31.571 + -30.602 = NT$-98.9 Mil.
Cash Flow from Operations was -24.569 + 12.204 + 1.045 + -4.42 = NT$-15.7 Mil.
Revenue was 126.93 + 96.189 + 89.877 + 95.384 = NT$408.4 Mil.
Gross Profit was 10.631 + -8.919 + 4.771 + -6.235 = NT$0.2 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(1342.266 + 1305.005 + 1266.177 + 1221.122 + 1195.882) / 5 = NT$1266.0904 Mil.
Total Assets at the begining of this year (Mar23) was NT$1,342.3 Mil.
Long-Term Debt & Capital Lease Obligation was NT$380.3 Mil.
Total Current Assets was NT$239.8 Mil.
Total Current Liabilities was NT$240.5 Mil.
Net Income was 6.513 + 13.887 + 9.257 + -7.8 = NT$21.9 Mil.

Revenue was 175.236 + 172.734 + 150.695 + 129.283 = NT$627.9 Mil.
Gross Profit was 39.241 + 44.231 + 37.145 + 18.525 = NT$139.1 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(1319.992 + 1393.907 + 1372.005 + 1347.311 + 1342.266) / 5 = NT$1355.0962 Mil.
Total Assets at the begining of last year (Mar22) was NT$1,320.0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$419.5 Mil.
Total Current Assets was NT$376.4 Mil.
Total Current Liabilities was NT$237.6 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.

Max Echo Technology's current Net Income (TTM) was -98.9. ==> 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.

Max Echo Technology's current Cash Flow from Operations (TTM) was -15.7. ==> Negative ==> Score 0.

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)
=-98.9/1342.266
=-0.07368137

ROA (Last Year)=Net Income/Total Assets (Mar22)
=21.857/1319.992
=0.01655843

Max Echo Technology's return on assets of this year was -0.07368137. Max Echo Technology's return on assets of last year was 0.01655843. ==> 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.

Max Echo Technology's current Net Income (TTM) was -98.9. Max Echo Technology's current Cash Flow from Operations (TTM) was -15.7. ==> -15.7 > -98.9 ==> 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
=380.346/1266.0904
=0.30040983

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=419.504/1355.0962
=0.30957507

Max Echo Technology's gearing of this year was 0.30040983. Max Echo Technology's gearing of last year was 0.30957507. ==> 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

Current Ratio (This Year: Mar24)=Total Current Assets/Total Current Liabilities
=239.826/240.453
=0.99739242

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=376.411/237.617
=1.58410804

Max Echo Technology's current ratio of this year was 0.99739242. Max Echo Technology's current ratio of last year was 1.58410804. ==> 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.

Max Echo Technology's number of shares in issue this year was 38.056. Max Echo Technology's number of shares in issue last year was 38.056. ==> 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
=0.248/408.38
=0.00060728

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=139.142/627.948
=0.22158204

Max Echo Technology's gross margin of this year was 0.00060728. Max Echo Technology's gross margin of last year was 0.22158204. ==> 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)
=408.38/1342.266
=0.3042467

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=627.948/1319.992
=0.47572106

Max Echo Technology's asset turnover of this year was 0.3042467. Max Echo Technology's asset turnover of last year was 0.47572106. ==> 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+0+0+1+1+0+1+0+0
=3

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

Max Echo Technology has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Max Echo Technology  (ROCO:5228) 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.


Max Echo Technology Piotroski F-Score Related Terms

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Max Echo Technology (ROCO:5228) Business Description

Traded in Other Exchanges
N/A
Address
Number 15, Jingke E. Road, Nantun District, Taichung, TWN, 408
Max Echo Technology Corp is a Taiwan based company engaged in manufacturing and selling SMD multilayer inductor and bead. Its products include multilayer GHz high-frequency ferrite chip beads, multilayer ferrite chip beads, multilayer balun transformers, and multilayer power inductors.

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