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.
Stars Microelectronics (Thailand) PCL Piotroski F-Score Related Terms
Stars Microelectronics (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:SMT vs NVDA, AVGO, MU: Piotroski F-Score Comparison
For the Semiconductors subindustry, Stars Microelectronics (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.
Stars Microelectronics (Thailand) PCL Piotroski F-Score vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Stars Microelectronics (Thailand) PCL's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Stars Microelectronics (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.
Stars Microelectronics (Thailand) PCL's current Net Income (TTM) was -93.
==> 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.
Stars Microelectronics (Thailand) PCL's current Cash Flow from Operations (TTM) was -27.
==> 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.
Stars Microelectronics (Thailand) PCL's return on assets of this year was -0.03960847. Stars Microelectronics (Thailand) PCL's return on assets of last year was -0.05916427.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Stars Microelectronics (Thailand) PCL's gearing of this year was 0.00118566. Stars Microelectronics (Thailand) PCL's gearing of last year was 0.00032235.
==> 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
Stars Microelectronics (Thailand) PCL's current ratio of this year was 2.37114085. Stars Microelectronics (Thailand) PCL's current ratio of last year was 2.9587831.
==> 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.
Stars Microelectronics (Thailand) PCL's number of shares in issue this year was 806.353. Stars Microelectronics (Thailand) PCL's number of shares in issue last year was 874.58.
==> 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.
Stars Microelectronics (Thailand) PCL's gross margin of this year was 0.05692305. Stars Microelectronics (Thailand) PCL's gross margin of last year was -0.0099618.
==> 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
Stars Microelectronics (Thailand) PCL's asset turnover of this year was 0.93618555. Stars Microelectronics (Thailand) PCL's asset turnover of last year was 0.80415228.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
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Que. 6
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Que. 7
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Que. 9
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0
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0
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1
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1
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Stars Microelectronics (Thailand) PCL has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Stars Microelectronics (Thailand) PCL (BKK:SMT) has a Piotroski F-Score of 5 as of Jun. 30, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Stars Microelectronics (Thailand) PCL and its competitors. This is 17% below median its historical median of 6.00. Over the past decade, Stars Microelectronics (Thailand) PCL's Piotroski F-Score has ranged from 2.00 to 9.00. According to the industry distribution chart, Stars Microelectronics (Thailand) PCL ranks #384 out of 989 companies in the Semiconductors industry, placing it in the top 38.8%.
Is Stars Microelectronics (Thailand) PCL's Piotroski F-Score too high?
Stars Microelectronics (Thailand) PCL's current Piotroski F-Score of 5 is 17% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 9.00. The Semiconductors industry median Piotroski F-Score is 5.00. Stars Microelectronics (Thailand) PCL's value of 5 is 0% at this industry median. Based on the distribution chart, Stars Microelectronics (Thailand) PCL ranks #384 out of 989 companies in the Semiconductors industry, which is above the industry midpoint. Overall, Stars Microelectronics (Thailand) PCL has a GF Score™ of 53/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Stars Microelectronics (Thailand) PCL's Piotroski F-Score compare to NVDA and AVGO?
According to the Semiconductors industry distribution chart, Stars Microelectronics (Thailand) PCL ranks #384 out of 989 companies for Piotroski F-Score. This puts Stars Microelectronics (Thailand) PCL in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Stars Microelectronics (Thailand) PCL's value of 5 is 0% at this benchmark. Historically, Stars Microelectronics (Thailand) PCL's own Piotroski F-Score has ranged from 2.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Stars Microelectronics (Thailand) PCL has consistently been at 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 Semiconductors company?
The median Piotroski F-Score among Semiconductors companies is 5.00, based on 989 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. Stars Microelectronics (Thailand) PCL's current Piotroski F-Score of 5 is 0% at 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 Stars Microelectronics (Thailand) PCL and its competitors. For the Semiconductors 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. Stars Microelectronics (Thailand) PCL's current Piotroski F-Score is 5, which is 17% 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 Stars Microelectronics (Thailand) PCL stock overvalued right now?
Based on GuruFocus' analysis, Stars Microelectronics (Thailand) PCL (BKK:SMT) is currently considered Significantly Overvalued. The stock's GF Value™ is ฿1.83, compared to a current price of ฿3.60 — trading 96.7% above its estimated fair value. The current Piotroski F-Score is 5, which is 17% below median its 10-year median of 6.00 and 0% at the Semiconductors industry median of 5.00. Stars Microelectronics (Thailand) PCL's overall GF Score™ is 53/100 with 6 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 Stars Microelectronics (Thailand) PCL (BKK:SMT), the current Piotroski F-Score is 5 as of Jun. 30, 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 Stars Microelectronics (Thailand) PCL (BKK:SMT) Overvalued in 2026?
Based on GuruFocus' analysis, Stars Microelectronics (Thailand) PCL stock appears to be overvalued.
The current stock price of ฿3.60 is trading 96.7% above its estimated GF Value™ of ฿1.83.
GuruFocus considers Stars Microelectronics (Thailand) PCL to be Significantly Overvalued.
Key valuation signals for BKK:SMT:
Piotroski F-Score: 5 (17% below median its 10-year median of 6.00)
GF Value™: ฿1.83 vs. price of ฿3.60 (96.7% above fair value)
Industry Position: 0% at the Semiconductors median (#384 of 989)
No single metric tells the full story. See the BKK:SMT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Stars Microelectronics (Thailand) PCL Business Description
Stars Microelectronics (Thailand) PCL is engaged in the manufacture and distribution of integrated circuit boards. Its segments include Electronics Manufacturing Service (EMS), Outsourced Assembly and Test (OSAT), and Fiber optical devices (Optical). Maximum revenue is generated from the Electronics Manufacturing Service (EMS) segment, which provides manufacturing, assembly, and sales of EMS.
53GF Score
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