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Bualuang Office Leasehold REIT (BKK:B-WORK) Piotroski F-Score : 6 (As of Jul. 02, 2025)


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What is Bualuang Office Leasehold 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

Bualuang Office Leasehold 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 Bualuang Office Leasehold REIT's Piotroski F-Score or its related term are showing as below:

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

During the past 7 years, the highest Piotroski F-Score of Bualuang Office Leasehold REIT was 8. The lowest was 4. And the median was 6.


Bualuang Office Leasehold REIT Piotroski F-Score Historical Data

The historical data trend for Bualuang Office Leasehold 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.

Bualuang Office Leasehold REIT Piotroski F-Score Chart

Bualuang Office Leasehold REIT Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial 8.00 5.00 7.00 5.00 6.00

Bualuang Office Leasehold REIT Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
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 5.00 4.00 6.00 6.00 6.00

Competitive Comparison of Bualuang Office Leasehold REIT's Piotroski F-Score

For the REIT - Office subindustry, Bualuang Office 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.


Bualuang Office Leasehold REIT's Piotroski F-Score Distribution in the REITs Industry

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

* The bar in red indicates where Bualuang Office Leasehold REIT's Piotroski F-Score falls into.


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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 (Mar25) TTM:Last Year (Mar24) TTM:
Net Income was -283.431 + 81.187 + 81.458 + 73.502 = ฿-47.3 Mil.
Cash Flow from Operations was -24.907 + 170.158 + 57.958 + 118.173 = ฿321.4 Mil.
Revenue was 147.645 + 145.258 + 146.592 + 135.226 = ฿574.7 Mil.
Gross Profit was 91.786 + 93.696 + 95.219 + 84.442 = ฿365.1 Mil.
Average Total Assets from the begining of this year (Mar24)
to the end of this year (Mar25) was
(4680.296 + 4420.96 + 4329.938 + 4360.839 + 4325.399) / 5 = ฿4423.4864 Mil.
Total Assets at the begining of this year (Mar24) was ฿4,680.3 Mil.
Long-Term Debt & Capital Lease Obligation was ฿692.3 Mil.
Total Current Assets was ฿247.7 Mil.
Total Current Liabilities was ฿255.4 Mil.
Net Income was 83.524 + -401.789 + 83.89 + 77.702 = ฿-156.7 Mil.

Revenue was 159.27 + 151.45 + 141.638 + 136.173 = ฿588.5 Mil.
Gross Profit was 94.978 + 91.424 + 92.659 + 85.638 = ฿364.7 Mil.
Average Total Assets from the begining of last year (Mar23)
to the end of last year (Mar24) was
(5163.237 + 5196.298 + 4700.497 + 4697.866 + 4680.296) / 5 = ฿4887.6388 Mil.
Total Assets at the begining of last year (Mar23) was ฿5,163.2 Mil.
Long-Term Debt & Capital Lease Obligation was ฿742.9 Mil.
Total Current Assets was ฿312.4 Mil.
Total Current Liabilities was ฿268.0 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.

Bualuang Office Leasehold REIT's current Net Income (TTM) was -47.3. ==> Negative ==> Score 0.

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.

Bualuang Office Leasehold REIT's current Cash Flow from Operations (TTM) was 321.4. ==> 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 (Mar24)
=-47.284/4680.296
=-0.01010278

ROA (Last Year)=Net Income/Total Assets (Mar23)
=-156.673/5163.237
=-0.03034395

Bualuang Office Leasehold REIT's return on assets of this year was -0.01010278. Bualuang Office Leasehold REIT's return on assets of last year was -0.03034395. ==> 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.

Bualuang Office Leasehold REIT's current Net Income (TTM) was -47.3. Bualuang Office Leasehold REIT's current Cash Flow from Operations (TTM) was 321.4. ==> 321.4 > -47.3 ==> 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: Mar25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar24 to Mar25
=692.3/4423.4864
=0.15650551

Gearing (Last Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=742.9/4887.6388
=0.15199568

Bualuang Office Leasehold REIT's gearing of this year was 0.15650551. Bualuang Office Leasehold REIT's gearing of last year was 0.15199568. ==> 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: Mar25)=Total Current Assets/Total Current Liabilities
=247.697/255.378
=0.96992302

Current Ratio (Last Year: Mar24)=Total Current Assets/Total Current Liabilities
=312.351/267.985
=1.16555404

Bualuang Office Leasehold REIT's current ratio of this year was 0.96992302. Bualuang Office Leasehold REIT's current ratio of last year was 1.16555404. ==> 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.

Bualuang Office Leasehold REIT's number of shares in issue this year was 368.8. Bualuang Office Leasehold REIT's number of shares in issue last year was 368.8. ==> 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
=365.143/574.721
=0.63533958

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=364.699/588.531
=0.61967679

Bualuang Office Leasehold REIT's gross margin of this year was 0.63533958. Bualuang Office Leasehold REIT's gross margin of last year was 0.61967679. ==> 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 (Mar24)
=574.721/4680.296
=0.12279587

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar23)
=588.531/5163.237
=0.11398489

Bualuang Office Leasehold REIT's asset turnover of this year was 0.12279587. Bualuang Office Leasehold REIT's asset turnover of last year was 0.11398489. ==> 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
=0+1+1+1+0+0+1+1+1
=6

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

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

Bualuang Office Leasehold REIT  (BKK:B-WORK) 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.


Bualuang Office Leasehold REIT Piotroski F-Score Related Terms

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Bualuang Office Leasehold REIT Business Description

Traded in Other Exchanges
N/A
Address
South Sathorn Road, 175 Sathorn City Tower, 7th, 21st and 26th Floor, Thungmahamek, Sathorn, Bangkok, THA, 10120
Bualuang Office Leasehold REIT is an investment company. The Trust's objectives are to raise funds from investors and use funds to invest in the leasehold properties by lease and/ or sublease under 2 projects as follows: 1.True Tower 1 Project and 2. True Tower 2 Project. The company carries out its operation in Thailand.

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