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Fukuoka REIT (TSE:8968) Piotroski F-Score : 6 (As of May. 13, 2024)


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What is Fukuoka REIT Piotroski F-Score?

The zones of discrimination were as such:

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

Fukuoka REIT has an F-score of 6 indicating the company's financial situation is typical for a stable company.

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

TSE:8968' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Fukuoka REIT was 8. The lowest was 4. And the median was 6.


Fukuoka REIT Piotroski F-Score Historical Data

The historical data trend for Fukuoka REIT'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.

Fukuoka REIT Piotroski F-Score Chart

Fukuoka REIT Annual Data
Trend Aug14 Aug15 Aug16 Aug17 Aug18 Aug19 Aug20 Aug21 Aug22 Aug23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 4.00 7.00 6.00 6.00

Fukuoka REIT Semi-Annual Data
Aug14 Feb15 Aug15 Feb16 Aug16 Feb17 Aug17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24
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 -

Competitive Comparison of Fukuoka REIT's Piotroski F-Score

For the REIT - Diversified subindustry, Fukuoka REIT'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.


Fukuoka REIT's Piotroski F-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Fukuoka REIT's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Fukuoka REIT'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 (Aug23) TTM:Last Year (Aug22) TTM:
Net Income was 円5,837 Mil.
Cash Flow from Operations was 円8,627 Mil.
Revenue was 円18,322 Mil.
Gross Profit was 円7,943 Mil.
Average Total Assets from the begining of this year (Aug22)
to the end of this year (Aug23) was (201223.852 + 203868.228) / 2 = 円202546.04 Mil.
Total Assets at the begining of this year (Aug22) was 円201,224 Mil.
Long-Term Debt & Capital Lease Obligation was 円79,250 Mil.
Total Current Assets was 円11,591 Mil.
Total Current Liabilities was 円10,625 Mil.
Net Income was 円5,619 Mil.

Revenue was 円17,489 Mil.
Gross Profit was 円7,705 Mil.
Average Total Assets from the begining of last year (Aug21)
to the end of last year (Aug22) was (199804.953 + 201223.852) / 2 = 円200514.4025 Mil.
Total Assets at the begining of last year (Aug21) was 円199,805 Mil.
Long-Term Debt & Capital Lease Obligation was 円78,000 Mil.
Total Current Assets was 円9,690 Mil.
Total Current Liabilities was 円9,112 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.

Fukuoka REIT's current Net Income (TTM) was 5,837. ==> 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.

Fukuoka REIT's current Cash Flow from Operations (TTM) was 8,627. ==> 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 (Aug22)
=5837.118/201223.852
=0.02900808

ROA (Last Year)=Net Income/Total Assets (Aug21)
=5619.208/199804.953
=0.02812347

Fukuoka REIT's return on assets of this year was 0.02900808. Fukuoka REIT's return on assets of last year was 0.02812347. ==> 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.

Fukuoka REIT's current Net Income (TTM) was 5,837. Fukuoka REIT's current Cash Flow from Operations (TTM) was 8,627. ==> 8,627 > 5,837 ==> 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: Aug23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Aug22 to Aug23
=79250/202546.04
=0.39126907

Gearing (Last Year: Aug22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Aug21 to Aug22
=78000/200514.4025
=0.38899949

Fukuoka REIT's gearing of this year was 0.39126907. Fukuoka REIT's gearing of last year was 0.38899949. ==> 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: Aug23)=Total Current Assets/Total Current Liabilities
=11591.207/10625.155
=1.09092121

Current Ratio (Last Year: Aug22)=Total Current Assets/Total Current Liabilities
=9690.462/9111.875
=1.06349813

Fukuoka REIT's current ratio of this year was 1.09092121. Fukuoka REIT's current ratio of last year was 1.06349813. ==> 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.

Fukuoka REIT's number of shares in issue this year was 0.815. Fukuoka REIT's number of shares in issue last year was 0.796. ==> 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
=7943.118/18322.064
=0.43352747

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=7704.809/17489.483
=0.44053955

Fukuoka REIT's gross margin of this year was 0.43352747. Fukuoka REIT's gross margin of last year was 0.44053955. ==> 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 (Aug22)
=18322.064/201223.852
=0.09105314

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Aug21)
=17489.483/199804.953
=0.08753278

Fukuoka REIT's asset turnover of this year was 0.09105314. Fukuoka REIT's asset turnover of last year was 0.08753278. ==> 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+0+0+1
=6

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

Fukuoka REIT has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Fukuoka REIT  (TSE:8968) 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.


Fukuoka REIT Piotroski F-Score Related Terms

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Fukuoka REIT (TSE:8968) Business Description

Traded in Other Exchanges
N/A
Address
1-2-25 Sumiyoshi, Hakata, Fukuoka, JPN, 812-0018
Fukuoka REIT Corp is an REIT based in Japan. The company manages a portfolio with a focus on entertainment retail facilities and office buildings in the Fukuoka metropolitan area and other neighbouring areas in the Kyushu region. Fukuoka REIT's asset manager, Fukuoka Realty, provides real estate management, acquisition, arrangement of new property, fundraising, and other operations under contracts. The firm diversifies in retail, office buildings, and other types of property, including residences, hotels, logistics facilities, and public and other facilities. Retail property represents more than half of the portfolio assets.

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