Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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.
Hwa Fong Rubber (Thailand) PCL Piotroski F-Score Related Terms
Hwa Fong Rubber (Thailand) PCL 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:HFT vs ORLY, AZO: Piotroski F-Score Comparison
For the Auto Parts subindustry, Hwa Fong Rubber (Thailand) PCL'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.
Hwa Fong Rubber (Thailand) PCL Piotroski F-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Hwa Fong Rubber (Thailand) PCL's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Hwa Fong Rubber (Thailand) PCL'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.
Hwa Fong Rubber (Thailand) PCL's current Net Income (TTM) was 192.
==> 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.
Hwa Fong Rubber (Thailand) PCL's current Cash Flow from Operations (TTM) was 415.
==> 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.
Hwa Fong Rubber (Thailand) PCL's return on assets of this year was 0.04511456. Hwa Fong Rubber (Thailand) PCL's return on assets of last year was 0.07509857.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Hwa Fong Rubber (Thailand) PCL's gearing of this year was 0. Hwa Fong Rubber (Thailand) PCL's gearing of last year was 0.
==> 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
Hwa Fong Rubber (Thailand) PCL's current ratio of this year was 7.05896393. Hwa Fong Rubber (Thailand) PCL's current ratio of last year was 4.8400347.
==> 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.
Hwa Fong Rubber (Thailand) PCL's number of shares in issue this year was 658.433. Hwa Fong Rubber (Thailand) PCL's number of shares in issue last year was 658.434.
==> 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.
Hwa Fong Rubber (Thailand) PCL's gross margin of this year was 0.13368373. Hwa Fong Rubber (Thailand) PCL's gross margin of last year was 0.17672416.
==> 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
Hwa Fong Rubber (Thailand) PCL's asset turnover of this year was 0.60981464. Hwa Fong Rubber (Thailand) PCL's asset turnover of last year was 0.75585932.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Hwa Fong Rubber (Thailand) PCL has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Hwa Fong Rubber (Thailand) PCL (BKK:HFT) has a Piotroski F-Score of 6 as of Jul. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Hwa Fong Rubber (Thailand) PCL and its competitors. This is near median its historical median of 6.00. Over the past decade, Hwa Fong Rubber (Thailand) PCL's Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, Hwa Fong Rubber (Thailand) PCL ranks #343 out of 1283 companies in the Vehicles & Parts industry, placing it in the top 26.7%.
Is Hwa Fong Rubber (Thailand) PCL's Piotroski F-Score too high?
Hwa Fong Rubber (Thailand) PCL's current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Vehicles & Parts industry median Piotroski F-Score is 5.00. Hwa Fong Rubber (Thailand) PCL's value of 6 is 20% above this industry median. Based on the distribution chart, Hwa Fong Rubber (Thailand) PCL ranks #343 out of 1283 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, Hwa Fong Rubber (Thailand) PCL has a GF Score™ of 66/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Hwa Fong Rubber (Thailand) PCL's Piotroski F-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Hwa Fong Rubber (Thailand) PCL ranks #343 out of 1283 companies for Piotroski F-Score. This puts Hwa Fong Rubber (Thailand) PCL in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Hwa Fong Rubber (Thailand) PCL's value of 6 is 20% above this benchmark. Historically, Hwa Fong Rubber (Thailand) PCL'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 6.00 vs. the industry median of 5.00, Hwa Fong Rubber (Thailand) PCL 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 Vehicles & Parts company?
The median Piotroski F-Score among Vehicles & Parts companies is 5.00, based on 1,283 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. Hwa Fong Rubber (Thailand) PCL's current Piotroski F-Score of 6 is 20% 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 Hwa Fong Rubber (Thailand) PCL and its competitors. For the Vehicles & Parts industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hwa Fong Rubber (Thailand) PCL's current Piotroski F-Score is 6, which is near median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hwa Fong Rubber (Thailand) PCL stock overvalued right now?
Based on GuruFocus' analysis, Hwa Fong Rubber (Thailand) PCL (BKK:HFT) is currently considered Fairly Valued. The stock's GF Value™ is ฿3.82, compared to a current price of ฿4.02 — trading 5.2% above its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 20% above the Vehicles & Parts industry median of 5.00. Hwa Fong Rubber (Thailand) PCL's overall GF Score™ is 66/100 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 Hwa Fong Rubber (Thailand) PCL (BKK:HFT), the current Piotroski F-Score is 6 as of Jul. 26, 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 Hwa Fong Rubber (Thailand) PCL (BKK:HFT) Overvalued in 2026?
Based on GuruFocus' analysis, Hwa Fong Rubber (Thailand) PCL stock appears to be overvalued.
The current stock price of ฿4.02 is trading 5.2% above its estimated GF Value™ of ฿3.82.
GuruFocus considers Hwa Fong Rubber (Thailand) PCL to be Fairly Valued.
Key valuation signals for BKK:HFT:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: ฿3.82 vs. price of ฿4.02 (5.2% above fair value)
Industry Position: 20% above the Vehicles & Parts median (#343 of 1283)
No single metric tells the full story. See the BKK:HFT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hwa Fong Rubber (Thailand) PCL Business Description
Hwa Fong Rubber (Thailand) PCL is a Thailand-based company engaged in the manufacturing and distribution of tires and tubes for bicycles, motorcycles, and small logistics vehicles such as trolley forklifts, golf carts, and hiking carts. The company operates in two reportable segments: Sale of goods and services, which derives maximum revenue, and Investment. Geographically, the company's business is spread across Asia, Europe, America, and Other regions.
66GF Score
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