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Maruchiyo Yamaokaya (TSE:3399) Piotroski F-Score : 7 (As of May. 25, 2024)


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What is Maruchiyo Yamaokaya Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, 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

Maruchiyo Yamaokaya has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Maruchiyo Yamaokaya's Piotroski F-Score or its related term are showing as below:

TSE:3399' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 7   Max: 9
Current: 7

During the past 13 years, the highest Piotroski F-Score of Maruchiyo Yamaokaya was 9. The lowest was 5. And the median was 7.


Maruchiyo Yamaokaya Piotroski F-Score Historical Data

The historical data trend for Maruchiyo Yamaokaya'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.

Maruchiyo Yamaokaya Piotroski F-Score Chart

Maruchiyo Yamaokaya Annual Data
Trend Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.00 6.00 8.00 6.00 7.00

Maruchiyo Yamaokaya Quarterly Data
Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24
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 6.00 6.00 8.00 8.00 7.00

Competitive Comparison of Maruchiyo Yamaokaya's Piotroski F-Score

For the Restaurants subindustry, Maruchiyo Yamaokaya'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.


Maruchiyo Yamaokaya's Piotroski F-Score Distribution in the Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Maruchiyo Yamaokaya's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Maruchiyo Yamaokaya'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 (Jan24) TTM:Last Year (Jan23) TTM:
Net Income was 141.352 + 171.539 + 613.878 + 505.859 = 円1,433 Mil.
Cash Flow from Operations was 279.99 + 378.877 + 652.32 + 1130.737 = 円2,442 Mil.
Revenue was 5548.967 + 6068.862 + 7069.111 + 7807.196 = 円26,494 Mil.
Gross Profit was 3950.466 + 4302.458 + 5032.775 + 5550.81 = 円18,837 Mil.
Average Total Assets from the begining of this year (Jan23)
to the end of this year (Jan24) was
(8462.952 + 9301.056 + 9295.01 + 9991.123 + 11163.578) / 5 = 円9642.7438 Mil.
Total Assets at the begining of this year (Jan23) was 円8,463 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,962 Mil.
Total Current Assets was 円4,844 Mil.
Total Current Liabilities was 円5,150 Mil.
Net Income was -94.796 + 187.377 + 237.208 + 84.005 = 円414 Mil.

Revenue was 3532.469 + 4464.856 + 5116.535 + 5562.811 = 円18,677 Mil.
Gross Profit was 2521.048 + 3256.811 + 3689.511 + 4007.794 = 円13,475 Mil.
Average Total Assets from the begining of last year (Jan22)
to the end of last year (Jan23) was
(6702.184 + 7161.088 + 7814.877 + 8203.977 + 8462.952) / 5 = 円7669.0156 Mil.
Total Assets at the begining of last year (Jan22) was 円6,702 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,197 Mil.
Total Current Assets was 円3,082 Mil.
Total Current Liabilities was 円3,670 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.

Maruchiyo Yamaokaya's current Net Income (TTM) was 1,433. ==> 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.

Maruchiyo Yamaokaya's current Cash Flow from Operations (TTM) was 2,442. ==> 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 (Jan23)
=1432.628/8462.952
=0.1692823

ROA (Last Year)=Net Income/Total Assets (Jan22)
=413.794/6702.184
=0.06174017

Maruchiyo Yamaokaya's return on assets of this year was 0.1692823. Maruchiyo Yamaokaya's return on assets of last year was 0.06174017. ==> 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.

Maruchiyo Yamaokaya's current Net Income (TTM) was 1,433. Maruchiyo Yamaokaya's current Cash Flow from Operations (TTM) was 2,442. ==> 2,442 > 1,433 ==> 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: Jan24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jan23 to Jan24
=1962.151/9642.7438
=0.20348472

Gearing (Last Year: Jan23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jan22 to Jan23
=2196.532/7669.0156
=0.28641642

Maruchiyo Yamaokaya's gearing of this year was 0.20348472. Maruchiyo Yamaokaya's gearing of last year was 0.28641642. ==> 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: Jan24)=Total Current Assets/Total Current Liabilities
=4844.11/5150.219
=0.94056389

Current Ratio (Last Year: Jan23)=Total Current Assets/Total Current Liabilities
=3081.576/3670.387
=0.83957795

Maruchiyo Yamaokaya's current ratio of this year was 0.94056389. Maruchiyo Yamaokaya's current ratio of last year was 0.83957795. ==> 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.

Maruchiyo Yamaokaya's number of shares in issue this year was 9.802. Maruchiyo Yamaokaya's number of shares in issue last year was 9.797. ==> There is larger number of shares in issue this year. ==> Score 0.

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
=18836.509/26494.136
=0.71096899

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=13475.164/18676.671
=0.7214971

Maruchiyo Yamaokaya's gross margin of this year was 0.71096899. Maruchiyo Yamaokaya's gross margin of last year was 0.7214971. ==> 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 (Jan23)
=26494.136/8462.952
=3.13060218

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jan22)
=18676.671/6702.184
=2.78665447

Maruchiyo Yamaokaya's asset turnover of this year was 3.13060218. Maruchiyo Yamaokaya's asset turnover of last year was 2.78665447. ==> 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+1+1+0+0+1
=7

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

Maruchiyo Yamaokaya has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Maruchiyo Yamaokaya  (TSE:3399) 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.


Maruchiyo Yamaokaya Piotroski F-Score Related Terms

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Maruchiyo Yamaokaya (TSE:3399) Business Description

Traded in Other Exchanges
N/A
Address
7-1-chome, Higashi Ganboshi East Hall, 4-32, Hokkaido, Sapporo, JPN, 007-0827
Maruchiyo Yamaokaya Corp is engaged in operating a direct chain ramen noodle restaurants called Ramen Yamaokaya mainly in Hokkaido and Kanto area. It has more than twenty-five types of regular menu. Its menu includes soy sauce, miso, salt, special miso, premium salt pork.

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