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China Quanjude (Group) Co (SZSE:002186) Piotroski F-Score : 8 (As of May. 24, 2024)


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What is China Quanjude (Group) Co Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, indicates a very healthy situation.

The zones of discrimination were as such:

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

China Quanjude (Group) Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for China Quanjude (Group) Co's Piotroski F-Score or its related term are showing as below:

SZSE:002186' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 8
Current: 8

During the past 13 years, the highest Piotroski F-Score of China Quanjude (Group) Co was 8. The lowest was 1. And the median was 6.


China Quanjude (Group) Co Piotroski F-Score Historical Data

The historical data trend for China Quanjude (Group) Co'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.

China Quanjude (Group) Co Piotroski F-Score Chart

China Quanjude (Group) Co 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 5.00 1.00 6.00 2.00 8.00

China Quanjude (Group) Co 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 3.00 7.00 6.00 8.00 8.00

Competitive Comparison of China Quanjude (Group) Co's Piotroski F-Score

For the Restaurants subindustry, China Quanjude (Group) Co'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.


China Quanjude (Group) Co's Piotroski F-Score Distribution in the Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, China Quanjude (Group) Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where China Quanjude (Group) Co'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 18.743 + 43.83 + -11.707 + 15.307 = ¥66 Mil.
Cash Flow from Operations was 56.871 + 74.878 + -27.302 + 23.595 = ¥128 Mil.
Revenue was 348.312 + 422.072 + 342.33 + 357.947 = ¥1,471 Mil.
Gross Profit was 70.653 + 102.423 + 30.636 + 69.376 = ¥273 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(1563.216 + 1530.604 + 1621.995 + 1517.704 + 1503.453) / 5 = ¥1547.3944 Mil.
Total Assets at the begining of this year (Mar23) was ¥1,563 Mil.
Long-Term Debt & Capital Lease Obligation was ¥128 Mil.
Total Current Assets was ¥325 Mil.
Total Current Liabilities was ¥487 Mil.
Net Income was -105.432 + -22.712 + -101.636 + 9.174 = ¥-221 Mil.

Revenue was 113.381 + 237.002 + 154.459 + 319.634 = ¥824 Mil.
Gross Profit was -51.943 + 15.55 + -51.437 + 56.088 = ¥-32 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(1694.533 + 1568.658 + 1565.247 + 1536.294 + 1563.216) / 5 = ¥1585.5896 Mil.
Total Assets at the begining of last year (Mar22) was ¥1,695 Mil.
Long-Term Debt & Capital Lease Obligation was ¥123 Mil.
Total Current Assets was ¥356 Mil.
Total Current Liabilities was ¥590 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.

China Quanjude (Group) Co's current Net Income (TTM) was 66. ==> 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.

China Quanjude (Group) Co's current Cash Flow from Operations (TTM) was 128. ==> 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)
=66.173/1563.216
=0.04233132

ROA (Last Year)=Net Income/Total Assets (Mar22)
=-220.606/1694.533
=-0.1301869

China Quanjude (Group) Co's return on assets of this year was 0.04233132. China Quanjude (Group) Co's return on assets of last year was -0.1301869. ==> This year is higher. ==> Score 1.

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.

China Quanjude (Group) Co's current Net Income (TTM) was 66. China Quanjude (Group) Co's current Cash Flow from Operations (TTM) was 128. ==> 128 > 66 ==> 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
=128.469/1547.3944
=0.08302279

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=123.411/1585.5896
=0.07783288

China Quanjude (Group) Co's gearing of this year was 0.08302279. China Quanjude (Group) Co's gearing of last year was 0.07783288. ==> 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
=324.818/486.884
=0.66713632

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=356.212/589.856
=0.60389654

China Quanjude (Group) Co's current ratio of this year was 0.66713632. China Quanjude (Group) Co's current ratio of last year was 0.60389654. ==> 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.

China Quanjude (Group) Co's number of shares in issue this year was 0. China Quanjude (Group) Co's number of shares in issue last year was 0. ==> 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
=273.088/1470.661
=0.18569065

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=-31.742/824.476
=-0.0384996

China Quanjude (Group) Co's gross margin of this year was 0.18569065. China Quanjude (Group) Co's gross margin of last year was -0.0384996. ==> This year's gross margin is higher. ==> Score 1.

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)
=1470.661/1563.216
=0.94079193

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=824.476/1694.533
=0.48655057

China Quanjude (Group) Co's asset turnover of this year was 0.94079193. China Quanjude (Group) Co's asset turnover of last year was 0.48655057. ==> 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+1+1+0+1+1+1+1
=8

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

China Quanjude (Group) Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

China Quanjude (Group) Co  (SZSE:002186) 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.


China Quanjude (Group) Co Piotroski F-Score Related Terms

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China Quanjude (Group) Co (SZSE:002186) Business Description

Traded in Other Exchanges
N/A
Address
No.217 Qianmenxi River Bank Street, Xuanwu District, Beijing, Beijing, CHN, 100051
China Quanjude (Group) Co Ltd operates in the foodservice industry. The principal business activities of the company include catering service, food processing and sale of food. In addition, the company is engaged in the production and sales of Quanjude vacuum packaging roast duck and duck series cooked food products, lotus leaf cake, sweet noodle sauce and other roast duck accessories for the holiday consumer market.
Executives
Shi Bing Feng Directors, executives
Wang Zhi Qiang Director
Tang Li Xin Executives
Yu Jia Xiang Supervisors
Xing Ying Directors, executives
Xu Jia Executives
Tang Ying Securities Affairs Representative
Ye Xin Nian Executives
Wang Ru Qin Director

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