Tong Hua Holdings PCLBKK:TH +2.17%63 Piotroski F-Score is 7 as of Jul. 01, 2026, which is 40% above its 10-year median of 5.00. GuruFocus rates BKK:TH with a GF Score™ of 63/100 and a GF Value™ of ฿0.63 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 325 Diversified Financial Services companies, Tong Hua Holdings PCL ranks better than 97.85% on this metric.
Good Sign:
Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Tong Hua Holdings PCL has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Tong Hua Holdings PCL's Piotroski F-Score or its related term are showing as below:
BKK:TH'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 5 Max: 8
Current: 7
During the past 13 years, the highest Piotroski F-Score of Tong Hua Holdings PCL was 8. The lowest was 2. And the median was 5.
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.
Tong Hua Holdings PCL Piotroski F-Score Related Terms
Tong Hua Holdings PCL Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Tong Hua Holdings 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.
BKK:TH vs VOYA, FRHC: Piotroski F-Score Comparison
For the Financial Conglomerates subindustry, Tong Hua Holdings 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.
Tong Hua Holdings PCL Piotroski F-Score vs Diversified Financial Services Industry
For the Diversified Financial Services industry and Financial Services sector, Tong Hua Holdings PCL's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Tong Hua Holdings 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.
Tong Hua Holdings PCL's current Net Income (TTM) was 22.9.
==> 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.
Tong Hua Holdings PCL's return on assets of this year was 0.01292813. Tong Hua Holdings PCL's return on assets of last year was 0.10263223.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Tong Hua Holdings PCL's gearing of this year was 0.00098289. Tong Hua Holdings PCL's gearing of last year was 0.00200525.
==> 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
Tong Hua Holdings PCL's current ratio of this year was 20.42938528. Tong Hua Holdings PCL's current ratio of last year was 12.85388574.
==> 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.
Tong Hua Holdings PCL's number of shares in issue this year was 998.346. Tong Hua Holdings PCL's number of shares in issue last year was 998.338.
==> 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.
Tong Hua Holdings PCL's gross margin of this year was 0.71023131. Tong Hua Holdings PCL's gross margin of last year was 0.66319893.
==> 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
Tong Hua Holdings PCL's asset turnover of this year was 0.11437344. Tong Hua Holdings PCL's asset turnover of last year was 0.1112786.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Tong Hua Holdings PCL has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Tong Hua Holdings PCL (BKK:TH) has a Piotroski F-Score of 7 as of Jul. 01, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Tong Hua Holdings PCL and its competitors. This is 40% above median its historical median of 5.00. Over the past decade, Tong Hua Holdings PCL's Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, Tong Hua Holdings PCL ranks #7 out of 325 companies in the Diversified Financial Services industry, placing it in the top 2.2%.
Is Tong Hua Holdings PCL's Piotroski F-Score too high?
Tong Hua Holdings PCL's current Piotroski F-Score of 7 is 40% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 8.00. The Diversified Financial Services industry median Piotroski F-Score is 3.00. Tong Hua Holdings PCL's value of 7 is 133.3% above this industry median. Based on the distribution chart, Tong Hua Holdings PCL ranks #7 out of 325 companies in the Diversified Financial Services industry, which is in the top quartile — a strong position relative to peers. Overall, Tong Hua Holdings PCL has a GF Score™ of 63/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tong Hua Holdings PCL's Piotroski F-Score compare to VOYA and FRHC?
According to the Diversified Financial Services industry distribution chart, Tong Hua Holdings PCL ranks #7 out of 325 companies for Piotroski F-Score. This places Tong Hua Holdings PCL in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 3.00. Tong Hua Holdings PCL's value of 7 is 133.3% above this benchmark. Historically, Tong Hua Holdings PCL's own Piotroski F-Score has ranged from 2.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 3.00, Tong Hua Holdings 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 Diversified Financial Services company?
The median Piotroski F-Score among Diversified Financial Services companies is 3.00, based on 325 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. Tong Hua Holdings PCL's current Piotroski F-Score of 7 is 133.3% 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 Tong Hua Holdings PCL and its competitors. For the Diversified Financial Services industry, the median Piotroski F-Score is 3.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tong Hua Holdings PCL's current Piotroski F-Score is 7, which is 40% above median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tong Hua Holdings PCL stock overvalued right now?
Based on GuruFocus' analysis, Tong Hua Holdings PCL (BKK:TH) is currently considered Modestly Undervalued. The stock's GF Value™ is ฿0.63, compared to a current price of ฿0.47 — trading 25.4% below its estimated fair value. The current Piotroski F-Score is 7, which is 40% above median its 10-year median of 5.00 and 133.3% above the Diversified Financial Services industry median of 3.00. Tong Hua Holdings PCL's overall GF Score™ is 63/100 with 4 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 Tong Hua Holdings PCL (BKK:TH), the current Piotroski F-Score is 7 as of Jul. 01, 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 Tong Hua Holdings PCL (BKK:TH) Overvalued in 2026?
Based on GuruFocus' analysis, Tong Hua Holdings PCL stock appears to be undervalued.
The current stock price of ฿0.47 is trading 25.4% below its estimated GF Value™ of ฿0.63.
GuruFocus considers Tong Hua Holdings PCL to be Modestly Undervalued.
Key valuation signals for BKK:TH:
Piotroski F-Score: 7 (40% above median its 10-year median of 5.00)
GF Value™: ฿0.63 vs. price of ฿0.47 (25.4% below fair value)
Industry Position: 133.3% above the Diversified Financial Services median (#7 of 325)
No single metric tells the full story. See the BKK:TH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tong Hua Holdings PCL operates as an investment company. The company's business segments are divided into five segments: i) Producing and distributing newspaper, publishing and providing printing services, ii) Space rental for trading and service business, iii) Investment business, iv) Providing short - term funds in the form of factoring, loans, and v) Asset Management Business. Geographically, it operates mainly in Thailand.
63GF Score
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