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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
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.
AIM Industrial Growth Freehold And Leasehold REIT Piotroski F-Score Related Terms
AIM Industrial Growth Freehold And Leasehold REIT Piotroski F-Score Historical Data
* 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.
AIM Industrial Growth Freehold And Leasehold REIT Piotroski F-Score Chart
AIM Industrial Growth Freehold And Leasehold REIT Annual Data
BKK:AIMIRT vs PLD, PSA, EXR: Piotroski F-Score Comparison
For the REIT - Industrial subindustry, AIM Industrial Growth Freehold And Leasehold 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.
AIM Industrial Growth Freehold And Leasehold REIT Piotroski F-Score vs REITs Industry
* 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.
*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.
AIM Industrial Growth Freehold And Leasehold REIT's current Net Income (TTM) was 703.
==> 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.
AIM Industrial Growth Freehold And Leasehold REIT's current Cash Flow from Operations (TTM) was -519.
==> 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.
AIM Industrial Growth Freehold And Leasehold REIT's return on assets of this year was 0.05000236. AIM Industrial Growth Freehold And Leasehold REIT's return on assets of last year was 0.08960263.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
AIM Industrial Growth Freehold And Leasehold REIT's gearing of this year was 0.35812569. AIM Industrial Growth Freehold And Leasehold REIT's gearing of last year was 0.29778064.
==> 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
AIM Industrial Growth Freehold And Leasehold REIT's current ratio of this year was 1.69825378. AIM Industrial Growth Freehold And Leasehold REIT's current ratio of last year was 2.29624085.
==> 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.
AIM Industrial Growth Freehold And Leasehold REIT's number of shares in issue this year was 791.5. AIM Industrial Growth Freehold And Leasehold REIT's number of shares in issue last year was 791.5.
==> 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.
AIM Industrial Growth Freehold And Leasehold REIT's gross margin of this year was 0.84673489. AIM Industrial Growth Freehold And Leasehold REIT's gross margin of last year was 0.84858477.
==> 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
AIM Industrial Growth Freehold And Leasehold REIT's asset turnover of this year was 0.07959966. AIM Industrial Growth Freehold And Leasehold REIT's asset turnover of last year was 0.09447014.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
AIM Industrial Growth Freehold And Leasehold REIT has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
AIM Industrial Growth Freehold And Leasehold REIT (BKK:AIMIRT) has a Piotroski F-Score of 2 as of Jul. 22, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on AIM Industrial Growth Freehold And Leasehold REIT and its competitors. This is 50% below median its historical median of 4.00. Over the past decade, AIM Industrial Growth Freehold And Leasehold REIT's Piotroski F-Score has ranged from 1.00 to 7.00. According to the industry distribution chart, AIM Industrial Growth Freehold And Leasehold REIT ranks #858 out of 880 companies in the REITs industry, placing it in the top 97.5%.
Is AIM Industrial Growth Freehold And Leasehold REIT's Piotroski F-Score too high?
AIM Industrial Growth Freehold And Leasehold REIT's current Piotroski F-Score of 2 is 50% below median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 7.00. The REITs industry median Piotroski F-Score is 6.00. AIM Industrial Growth Freehold And Leasehold REIT's value of 2 is 66.7% below this industry median. Based on the distribution chart, AIM Industrial Growth Freehold And Leasehold REIT ranks #858 out of 880 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, AIM Industrial Growth Freehold And Leasehold REIT has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does AIM Industrial Growth Freehold And Leasehold REIT's Piotroski F-Score compare to PLD and PSA?
According to the REITs industry distribution chart, AIM Industrial Growth Freehold And Leasehold REIT ranks #858 out of 880 companies for Piotroski F-Score. This places AIM Industrial Growth Freehold And Leasehold REIT in the lower half of its industry. The industry median Piotroski F-Score is 6.00. AIM Industrial Growth Freehold And Leasehold REIT's value of 2 is 66.7% below this benchmark. Historically, AIM Industrial Growth Freehold And Leasehold REIT's own Piotroski F-Score has ranged from 1.00 to 7.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 6.00, AIM Industrial Growth Freehold And Leasehold REIT has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 880 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. AIM Industrial Growth Freehold And Leasehold REIT's current Piotroski F-Score of 2 is 66.7% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on AIM Industrial Growth Freehold And Leasehold REIT and its competitors. For the REITs industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. AIM Industrial Growth Freehold And Leasehold REIT's current Piotroski F-Score is 2, which is 50% below median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AIM Industrial Growth Freehold And Leasehold REIT stock overvalued right now?
Based on GuruFocus' analysis, AIM Industrial Growth Freehold And Leasehold REIT (BKK:AIMIRT) is currently considered Modestly Overvalued. The stock's GF Value™ is ฿10.93, compared to a current price of ฿12.30 — trading 12.5% above its estimated fair value. The current Piotroski F-Score is 2, which is 50% below median its 10-year median of 4.00 and 66.7% below the REITs industry median of 6.00. AIM Industrial Growth Freehold And Leasehold REIT's overall GF Score™ is 77/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For AIM Industrial Growth Freehold And Leasehold REIT (BKK:AIMIRT), the current Piotroski F-Score is 2 as of Jul. 22, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is AIM Industrial Growth Freehold And Leasehold REIT (BKK:AIMIRT) Overvalued in 2026?
Based on GuruFocus' analysis, AIM Industrial Growth Freehold And Leasehold REIT stock appears to be overvalued.
The current stock price of ฿12.30 is trading 12.5% above its estimated GF Value™ of ฿10.93.
GuruFocus considers AIM Industrial Growth Freehold And Leasehold REIT to be Modestly Overvalued.
Key valuation signals for BKK:AIMIRT:
Piotroski F-Score: 2 (50% below median its 10-year median of 4.00)
GF Value™: ฿10.93 vs. price of ฿12.30 (12.5% above fair value)
Industry Position: 66.7% below the REITs median (#858 of 880)
No single metric tells the full story. See the BKK:AIMIRT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AIM Industrial Growth Freehold And Leasehold REIT Business Description
AIM Industrial Growth Freehold And Leasehold REIT operates as a real estate investment trust. The Trust's objectives are to mobilize funds raised from investors and loans from financial institutions to invest in the freehold or leasehold right of the immovable assets (including sub-leasehold right of immovable assets) and movable assets. It invests in various types of industrial properties including warehouses, distribution centers, cold storage warehouses, factories, and liquid chemical storage tanks, as well as other real estate related to, supporting, or promoting the business of renting out such properties and other assets that may enhance the trust's investments.
77GF Score
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