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Daiwa House Logistics Trust (OTCPK:DHAWF) 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.
Daiwa House Logistics Trust Piotroski F-Score Related Terms
Daiwa House Logistics Trust 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.
Daiwa House Logistics Trust Piotroski F-Score Chart
DHAWF vs PLD, PSA, EXR: Piotroski F-Score Comparison
For the REIT - Industrial subindustry, Daiwa House Logistics Trust'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.
Daiwa House Logistics Trust Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Daiwa House Logistics Trust's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Daiwa House Logistics Trust'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.
Daiwa House Logistics Trust's current Net Income (TTM) was 27.29.
==> 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.
Daiwa House Logistics Trust's current Cash Flow from Operations (TTM) was 22.37.
==> 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.
Daiwa House Logistics Trust's return on assets of this year was 0.03435664. Daiwa House Logistics Trust's return on assets of last year was 0.03109211.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Daiwa House Logistics Trust's gearing of this year was 0.40256366. Daiwa House Logistics Trust's gearing of last year was 0.38544791.
==> 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
Daiwa House Logistics Trust's current ratio of this year was 0.67341583. Daiwa House Logistics Trust's current ratio of last year was 0.83009947.
==> 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.
Daiwa House Logistics Trust's number of shares in issue this year was 0. Daiwa House Logistics Trust's number of shares in issue last year was 0.
==> 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.
Daiwa House Logistics Trust's gross margin of this year was 0.70784621. Daiwa House Logistics Trust's gross margin of last year was 0.71167087.
==> 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
Daiwa House Logistics Trust's asset turnover of this year was 0.05654285. Daiwa House Logistics Trust's asset turnover of last year was 0.05295916.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Daiwa House Logistics Trust has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Daiwa House Logistics Trust (DHAWF) has a Piotroski F-Score of 6 as of Sep. 21, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Daiwa House Logistics Trust and its competitors. This is near median its historical median of 6.00. Over the past decade, Daiwa House Logistics Trust's Piotroski F-Score has ranged from 5.00 to 7.00. According to the industry distribution chart, Daiwa House Logistics Trust ranks #230 out of 870 companies in the REITs industry, placing it in the top 26.4%.
Is Daiwa House Logistics Trust's Piotroski F-Score too high?
Daiwa House Logistics Trust'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 5.00 to a high of 7.00. The REITs industry median Piotroski F-Score is 6.00. Daiwa House Logistics Trust's value of 6 is 0% at this industry median. Based on the distribution chart, Daiwa House Logistics Trust ranks #230 out of 870 companies in the REITs industry, which is above the industry midpoint. Overall, Daiwa House Logistics Trust has a GF Score™ of 26/100, reflecting its overall financial health beyond just this single metric.
How does Daiwa House Logistics Trust's Piotroski F-Score compare to PLD and PSA?
According to the REITs industry distribution chart, Daiwa House Logistics Trust ranks #230 out of 870 companies for Piotroski F-Score. This puts Daiwa House Logistics Trust in the upper half of its industry. The industry median Piotroski F-Score is 6.00. Daiwa House Logistics Trust's value of 6 is 0% at this benchmark. Historically, Daiwa House Logistics Trust's own Piotroski F-Score has ranged from 5.00 to 7.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, Daiwa House Logistics Trust 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 REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 870 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. Daiwa House Logistics Trust's current Piotroski F-Score of 6 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 Daiwa House Logistics Trust 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. Daiwa House Logistics Trust'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 Daiwa House Logistics Trust stock overvalued right now?
Daiwa House Logistics Trust (DHAWF) has a current Piotroski F-Score of 6. The stock's GF Value™ is $0.55, compared to a current price of $0.41 — trading 25.5% below its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 0% at the REITs industry median of 6.00. Daiwa House Logistics Trust's overall GF Score™ is 26/100 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 Daiwa House Logistics Trust (DHAWF), the current Piotroski F-Score is 6 as of Sep. 21, 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 Daiwa House Logistics Trust (DHAWF) Overvalued in 2026?
Based on GuruFocus' analysis, Daiwa House Logistics Trust stock appears to be undervalued.
The current stock price of $0.41 is trading 25.5% below its estimated GF Value™ of $0.55.
Key valuation signals for DHAWF:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: $0.55 vs. price of $0.41 (25.5% below fair value)
Industry Position: 0% at the REITs median (#230 of 870)
No single metric tells the full story. See the DHAWF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Daiwa House Logistics Trust is a real estate investment trust established with the investment plan of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia. The DHLT Portfolio comprises nineteen quality logistics facilities with eighteen properties well-diversified across Japan and one strategically located in Long An Province, near Ho Chi Minh City in Vietnam.
26GF Score
Get the complete analysis for DHAWF
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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