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Hi, I've found a couple of issues with the Piotroski scan which confuse me a little bit:
1) I have taken Piotroski scan (20%) for USA stocks without any Market Cap restriction. I've got 100 stocks as a reply. I believe there was a way to limit the number of results returned. Have you disabled this? It is too much of a coincidence such a round number as 100 and that would mean you only track 500 stocks in USA which doesn't make much sense to me.
2) I've picked the best ranked one U:NTE. It is scored at 8.5 (I do understand the 0.5 rule for shares outstanding). This means that every other criteria is ranked as 1, such as Net Income. But however Net Income both for the last quarter and for the last full year are negative for this company (http://www.google.com/finance?q=NYSE:NTE&fstype=ii). This means 8.5 can't be right. Can you please clarify?
Oh and BTW do you use full year data or interim data for the screeners?
Thanks,
Arturo
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Rank: Administration
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Hello Arturo, Concerning the Piotroski scan , we indeed limited the results to 100 stocks in the datagrid. So in fact only the best 100 stocks are shown. This to avoid abuse from our data. For the screeners we use 12 months trailing profit and one a traling basis the company improved their results At the end of Q1 2010 I have following my datasource for U:NTE, a trailing 12 month profit of 34445 $ compared to -12872 $ at the end of Q1 2009. Code 12 m Trailing Net Income Quarter Q3 2008 426061 38258 Q4 2008 238386 -112419 Q1 2009 -12872 -30167 Q2 2009 -99900 4757 Q3 2009 -102839 34912 Q4 2009 12805 3225 Q1 2010 34455 -8517
The Value Investing Forumhttp://www.value-investing.eu
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Hello,
Thanks for your answer. I don't understand the figures and the headings, might be because of the formatting. However, I have read better the data from Google, and I've now found that the 12m trailing net income is indeed positive. The data from Google is
Q1 2010: -1.10
Q4 2009: 0.42
Q3 2009: 4.53
Q2 2009: 0.53
Total (12m trailing): 4.37
It would be good however to understand that table you're pasting above.
Apologies for the bother and thanks a lot.
Arturo
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I hereby included an excel file. Maybe this will make things clear ? File Attachment(s):
 NAMTAI.xls (7kb) downloaded 9 time(s).
The Value Investing Forumhttp://www.value-investing.eu
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Hello,
Many thanks for this. I now understand what the columns are supposed to mean. Unfortunately I'm still unclear because of these questions:
1) Heading Trailing 12 Months Net Profit - Why profit? The criteria we're talking about is Net income...
2) Even assuming you mean Income, I understand each Trailing 12 Mths value should be the addition of the 4 last quarterly Net Income, hence B10 = C7+C8+C9+C10. This is approximately true but figures don't match exactly.
3) I don't know where are you getting the figures for Net Income from. I have checked both in Google Finance and in the Company's statements and they match:
Q1 2010: -1.10
Q4 2009: 0.42
Q3 2009: 4.50
Q2 2009: 0.61
This matches Reuters info too (http://www.reuters.com/finance/stocks/incomeStatement?symbol=NTE) linked from the company's data coming from your website.
Do you have an idea of what can be happening here?
Thanks,
Arturo
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Hello Arturo Responding to your questions: 1> in our system Net profit equals Net income available to common 2> That the sum of the figures are approximately corresponding with the trailing data , has to see with the rounding of the figures. The data is returned in 1000. So it is normal when you sum the figures they don't match exactly. 3> I have to check with our dataprovider. I asked the question, so I'm waiting for an answer. Kind regards, Ik
The Value Investing Forumhttp://www.value-investing.eu
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Hi Arturo, Concerning the 3th part of your question, I 've overlooked that the original data in our database about this company is in Hong Kong Dollar and not in USD. So the data in the excel file above is in Hong Kong Dollar. We apply a currency conversion for our screeners (in this case to dollar) (But In the company detail page the figures are in Hong kong Dollar.) I 've attached an excel file with the converted (in dollar) and it seems to correspond with the data on Reuters. Kind regards, Ik File Attachment(s):
NAM TAI.xls (7kb) downloaded 2 time(s).
The Value Investing Forumhttp://www.value-investing.eu
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Hi Ik,
Thanks a lot for your help. I did think about that, but somehow I didn't manage to check it properly and thought the figures didn't match. I have looked at it now and that's exactly the reason.
Thanks,
Arturo
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