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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.
Bualuang Office Leasehold REIT Piotroski F-Score Related Terms
Bualuang Office 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.
BKK:B-WORK vs BXP, ARE, VNO: Piotroski F-Score Comparison
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 Piotroski F-Score vs 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.
* 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.
Bualuang Office Leasehold REIT's current Net Income (TTM) was 257.5.
==> 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.
Bualuang Office Leasehold REIT's current Cash Flow from Operations (TTM) was 276.7.
==> 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.
Bualuang Office Leasehold REIT's return on assets of this year was 0.05952607. Bualuang Office Leasehold REIT's return on assets of last year was -0.01010299.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Bualuang Office Leasehold REIT's gearing of this year was 0.14297154. Bualuang Office Leasehold REIT's gearing of last year was 0.15650551.
==> 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
Bualuang Office Leasehold REIT's current ratio of this year was 0.66527835. Bualuang Office Leasehold REIT's current ratio of last year was 0.96992302.
==> 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.
Bualuang Office Leasehold REIT's gross margin of this year was 0.61877562. Bualuang Office Leasehold REIT's gross margin of last year was 0.63533958.
==> 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
Bualuang Office Leasehold REIT's asset turnover of this year was 0.12441997. Bualuang Office Leasehold REIT's asset turnover of last year was 0.12279587.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Bualuang Office Leasehold REIT has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Bualuang Office Leasehold REIT (BKK:B-WORK) has a Piotroski F-Score of 7 as of Aug. 05, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Bualuang Office Leasehold REIT and its competitors. This is near median its historical median of 7.00. Over the past decade, Bualuang Office Leasehold REIT's Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, Bualuang Office Leasehold REIT ranks #64 out of 872 companies in the REITs industry, placing it in the top 7.3%.
Is Bualuang Office Leasehold REIT's Piotroski F-Score too high?
Bualuang Office Leasehold REIT's current Piotroski F-Score of 7 is near median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The REITs industry median Piotroski F-Score is 6.00. Bualuang Office Leasehold REIT's value of 7 is 16.7% above this industry median. Based on the distribution chart, Bualuang Office Leasehold REIT ranks #64 out of 872 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Bualuang Office Leasehold REIT has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bualuang Office Leasehold REIT's Piotroski F-Score compare to BXP and ARE?
According to the REITs industry distribution chart, Bualuang Office Leasehold REIT ranks #64 out of 872 companies for Piotroski F-Score. This places Bualuang Office Leasehold REIT in the top 7% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Bualuang Office Leasehold REIT's value of 7 is 16.7% above this benchmark. Historically, Bualuang Office Leasehold REIT's own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 6.00, Bualuang Office Leasehold REIT has consistently been above 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 872 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. Bualuang Office Leasehold REIT's current Piotroski F-Score of 7 is 16.7% above 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 Bualuang Office 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. Bualuang Office Leasehold REIT's current Piotroski F-Score is 7, which is near median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bualuang Office Leasehold REIT stock overvalued right now?
Based on GuruFocus' analysis, Bualuang Office Leasehold REIT (BKK:B-WORK) is currently considered Significantly Overvalued. The stock's GF Value™ is ฿3.89, compared to a current price of ฿6.50 — trading 67.1% above its estimated fair value. The current Piotroski F-Score is 7, which is near median its 10-year median of 7.00 and 16.7% above the REITs industry median of 6.00. Bualuang Office Leasehold REIT's overall GF Score™ is 62/100 with 8 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 Bualuang Office Leasehold REIT (BKK:B-WORK), the current Piotroski F-Score is 7 as of Aug. 05, 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 Bualuang Office Leasehold REIT (BKK:B-WORK) Overvalued in 2026?
Based on GuruFocus' analysis, Bualuang Office Leasehold REIT stock appears to be overvalued.
The current stock price of ฿6.50 is trading 67.1% above its estimated GF Value™ of ฿3.89.
GuruFocus considers Bualuang Office Leasehold REIT to be Significantly Overvalued.
Key valuation signals for BKK:B-WORK:
Piotroski F-Score: 7 (near median its 10-year median of 7.00)
GF Value™: ฿3.89 vs. price of ฿6.50 (67.1% above fair value)
Industry Position: 16.7% above the REITs median (#64 of 872)
No single metric tells the full story. See the BKK:B-WORK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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 Trust's main operations are derived from rental and service income from investing in properties and leasehold rights, seeking the benefits from properties, and properties for rent. The Trust has only one geographical segment that operates only in Thailand.
62GF Score
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