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Quality Houses Business Complex Leasehold REIT (BKK:QHBREIT) 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.
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.
Quality Houses Business Complex Leasehold REIT Piotroski F-Score Related Terms
Quality Houses Business Complex 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.
Quality Houses Business Complex Leasehold REIT Piotroski F-Score Chart
Quality Houses Business Complex Leasehold REIT Annual Data
BKK:QHBREIT vs BXP, ARE, VNO: Piotroski F-Score Comparison
For the REIT - Office subindustry, Quality Houses Business Complex 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.
Quality Houses Business Complex 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.
Quality Houses Business Complex Leasehold REIT's current Net Income (TTM) was -102.1.
==> 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.
Quality Houses Business Complex Leasehold REIT's current Cash Flow from Operations (TTM) was 336.1.
==> 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.
Quality Houses Business Complex Leasehold REIT's return on assets of this year was -0.01262422. Quality Houses Business Complex Leasehold REIT's return on assets of last year was 0.01659261.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Quality Houses Business Complex Leasehold REIT's gearing of this year was 0.0646851. Quality Houses Business Complex Leasehold REIT's gearing of last year was 0.05465219.
==> 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
Quality Houses Business Complex Leasehold REIT's current ratio of this year was 2.07741735. Quality Houses Business Complex Leasehold REIT's current ratio of last year was 2.7412076.
==> 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.
Quality Houses Business Complex Leasehold REIT's number of shares in issue this year was 797. Quality Houses Business Complex Leasehold REIT's number of shares in issue last year was 797.
==> 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.
Quality Houses Business Complex Leasehold REIT's gross margin of this year was 0.6889415. Quality Houses Business Complex Leasehold REIT's gross margin of last year was 0.71952444.
==> 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
Quality Houses Business Complex Leasehold REIT's asset turnover of this year was 0.12343827. Quality Houses Business Complex Leasehold REIT's asset turnover of last year was 0.0819447.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Quality Houses Business Complex Leasehold REIT has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Quality Houses Business Complex Leasehold REIT (BKK:QHBREIT) has a Piotroski F-Score of 4 as of Aug. 08, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Quality Houses Business Complex Leasehold REIT and its competitors. This is 33% below median its historical median of 6.00. Over the past decade, Quality Houses Business Complex Leasehold REIT's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Quality Houses Business Complex Leasehold REIT ranks #670 out of 873 companies in the REITs industry, placing it in the top 76.7%.
Is Quality Houses Business Complex Leasehold REIT's Piotroski F-Score too high?
Quality Houses Business Complex Leasehold REIT's current Piotroski F-Score of 4 is 33% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The REITs industry median Piotroski F-Score is 6.00. Quality Houses Business Complex Leasehold REIT's value of 4 is 33.3% below this industry median. Based on the distribution chart, Quality Houses Business Complex Leasehold REIT ranks #670 out of 873 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Quality Houses Business Complex Leasehold REIT has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.
How does Quality Houses Business Complex Leasehold REIT's Piotroski F-Score compare to BXP and ARE?
According to the REITs industry distribution chart, Quality Houses Business Complex Leasehold REIT ranks #670 out of 873 companies for Piotroski F-Score. This places Quality Houses Business Complex Leasehold REIT in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Quality Houses Business Complex Leasehold REIT's value of 4 is 33.3% below this benchmark. Historically, Quality Houses Business Complex Leasehold REIT's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, Quality Houses Business Complex 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 873 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. Quality Houses Business Complex Leasehold REIT's current Piotroski F-Score of 4 is 33.3% 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 Quality Houses Business Complex 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. Quality Houses Business Complex Leasehold REIT's current Piotroski F-Score is 4, which is 33% below 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 Quality Houses Business Complex Leasehold REIT stock overvalued right now?
Quality Houses Business Complex Leasehold REIT (BKK:QHBREIT) has a current Piotroski F-Score of 4. The current Piotroski F-Score is 4, which is 33% below median its 10-year median of 6.00 and 33.3% below the REITs industry median of 6.00. Quality Houses Business Complex Leasehold REIT's overall GF Score™ is 44/100 with 3 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 Quality Houses Business Complex Leasehold REIT (BKK:QHBREIT), the current Piotroski F-Score is 4 as of Aug. 08, 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.
Quality Houses Business Complex Leasehold REIT is a Thailand-based closed-end property trust. It purchases, leases, and subleases immovable properties, and seeks benefits by way of letting, subletting transfer, or disposal of those immovable properties. Its properties include the Q House Ploenchit Building, Q House Lumpini Building, and Wave Place Building. The company operates in one reportable operating segment, which is Rental of immovable properties. Its operations are located in Thailand.
44GF Score
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