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Indara Insurance PCL (BKK:INSURE-R) Piotroski F-Score : 3 (As of Jul. 23, 2025)


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What is Indara Insurance PCL Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Indara Insurance PCL has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Indara Insurance PCL's Piotroski F-Score or its related term are showing as below:

BKK:INSURE-R' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 9
Current: 3

During the past 13 years, the highest Piotroski F-Score of Indara Insurance PCL was 9. The lowest was 2. And the median was 5.


Indara Insurance PCL Piotroski F-Score Historical Data

The historical data trend for Indara Insurance PCL'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.

Indara Insurance PCL Piotroski F-Score Chart

Indara Insurance PCL Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.00 9.00 5.00 4.00 5.00

Indara Insurance PCL 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 6.00 4.00 4.00 5.00 3.00

Competitive Comparison of Indara Insurance PCL's Piotroski F-Score

For the Insurance - Property & Casualty subindustry, Indara Insurance 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.


Indara Insurance PCL's Piotroski F-Score Distribution in the Insurance Industry

For the Insurance industry and Financial Services sector, Indara Insurance PCL's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Indara Insurance PCL'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 -59.413 + 9.773 + 120.314 + -146.509 = ฿-76 Mil.
Cash Flow from Operations was 109.223 + 49.402 + 15.514 + -323.393 = ฿-149 Mil.
Revenue was 511.898 + 717.69 + 1128.788 + 679.22 = ฿3,038 Mil.
Average Total Assets from the begining of this year (Mar24)
to the end of this year (Mar25) was
(8554.583 + 8398.116 + 8371.941 + 8917.661 + 6172.353) / 5 = ฿8082.9308 Mil.
Total Assets at the begining of this year (Mar24) was ฿8,555 Mil.
Long-Term Debt & Capital Lease Obligation was ฿28 Mil.
Total Assets was ฿6,172 Mil.
Total Liabilities was ฿4,657 Mil.
Net Income was 23.262 + 52.087 + 50.401 + 211.071 = ฿337 Mil.

Revenue was 669.429 + 668.021 + 756.606 + 511.186 = ฿2,605 Mil.
Average Total Assets from the begining of last year (Mar23)
to the end of last year (Mar24) was
(9534.242 + 9388.961 + 9375.711 + 9198.375 + 8554.583) / 5 = ฿9210.3744 Mil.
Total Assets at the begining of last year (Mar23) was ฿9,534 Mil.
Long-Term Debt & Capital Lease Obligation was ฿40 Mil.
Total Assets was ฿8,555 Mil.
Total Liabilities was ฿7,328 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.

Indara Insurance PCL's current Net Income (TTM) was -76. ==> 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.

Indara Insurance PCL's current Cash Flow from Operations (TTM) was -149. ==> 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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar24)
=-75.835/8554.583
=-0.00886484

ROA (Last Year)=Net Income/Total Assets (Mar23)
=336.821/9534.242
=0.03532751

Indara Insurance PCL's return on assets of this year was -0.00886484. Indara Insurance PCL's return on assets of last year was 0.03532751. ==> Last year is higher ==> Score 0.

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.

Indara Insurance PCL's current Net Income (TTM) was -76. Indara Insurance PCL's current Cash Flow from Operations (TTM) was -149. ==> -149 <= -76 ==> CFROA <= ROA ==> Score 0.

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
=28.475/8082.9308
=0.00352286

Gearing (Last Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=39.97/9210.3744
=0.00433967

Indara Insurance PCL's gearing of this year was 0.00352286. Indara Insurance PCL's gearing of last year was 0.00433967. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Mar25)=Total Assets/Total Liabilities
=6172.353/4657.33
=1.32529862

Current Ratio (Last Year: Mar24)=Total Assets/Total Liabilities
=8554.583/7327.691
=1.16743228

Indara Insurance PCL's current ratio of this year was 1.32529862. Indara Insurance PCL's current ratio of last year was 1.16743228. ==> 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.

Indara Insurance PCL's number of shares in issue this year was 12. Indara Insurance PCL's number of shares in issue last year was 10. ==> There is larger number of shares in issue this year. ==> Score 0.

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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=-75.835/3037.596
=-0.02496547

Net Margin (Last Year: TTM)=Net Income/Revenue
=336.821/2605.242
=0.12928588

Indara Insurance PCL's net margin of this year was -0.02496547. Indara Insurance PCL's net margin of last year was 0.12928588. ==> Last year's net 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar24)
=3037.596/8554.583
=0.35508405

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar23)
=2605.242/9534.242
=0.27325109

Indara Insurance PCL's asset turnover of this year was 0.35508405. Indara Insurance PCL's asset turnover of last year was 0.27325109. ==> 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+0+0+0+1+1+0+0+1
=3

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

Indara Insurance PCL has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Indara Insurance PCL  (BKK:INSURE-R) 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.


Indara Insurance PCL Piotroski F-Score Related Terms

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Indara Insurance PCL Business Description

Traded in Other Exchanges
Address
Silom Road, No. 315 Thai Group Building, 3rd - 4th Floor, Silom Sub-district, Bangrak District, Bangkok, THA, 10500
Indara Insurance PCL is a Thailand-based company engaged in the provision of non-life insurance. The company operates five business segments: Fire; Marine and transportation; Motor; Personal accident and Miscellaneous insurance. Majority of revenue is from Motor. The company operates mainly in Thailand.

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