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.
PT Sinar Mas Agro Resources & Technology Tbk Piotroski F-Score Related Terms
PT Sinar Mas Agro Resources & Technology Tbk 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.
FRA:078 vs ADM, BG, TSN: Piotroski F-Score Comparison
For the Farm Products subindustry, PT Sinar Mas Agro Resources & Technology Tbk'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.
PT Sinar Mas Agro Resources & Technology Tbk Piotroski F-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Sinar Mas Agro Resources & Technology Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Sinar Mas Agro Resources & Technology Tbk'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.
PT Sinar Mas Agro Resources & Technology Tbk's current Net Income (TTM) was 169.
==> 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.
PT Sinar Mas Agro Resources & Technology Tbk's current Cash Flow from Operations (TTM) was 460.
==> 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.
PT Sinar Mas Agro Resources & Technology Tbk's return on assets of this year was 0.06520183. PT Sinar Mas Agro Resources & Technology Tbk's return on assets of last year was 0.03170027.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
PT Sinar Mas Agro Resources & Technology Tbk's gearing of this year was 0.21780957. PT Sinar Mas Agro Resources & Technology Tbk's gearing of last year was 0.24380549.
==> 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
PT Sinar Mas Agro Resources & Technology Tbk's current ratio of this year was 1.95722505. PT Sinar Mas Agro Resources & Technology Tbk's current ratio of last year was 1.72440762.
==> 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.
PT Sinar Mas Agro Resources & Technology Tbk's number of shares in issue this year was 2872.193. PT Sinar Mas Agro Resources & Technology Tbk's number of shares in issue last year was 2872.193.
==> 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.
PT Sinar Mas Agro Resources & Technology Tbk's gross margin of this year was 0.12798032. PT Sinar Mas Agro Resources & Technology Tbk's gross margin of last year was 0.10207391.
==> 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
PT Sinar Mas Agro Resources & Technology Tbk's asset turnover of this year was 1.72327055. PT Sinar Mas Agro Resources & Technology Tbk's asset turnover of last year was 2.09570523.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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1
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8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Sinar Mas Agro Resources & Technology Tbk has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
PT Sinar Mas Agro Resources & Technology Tbk (FRA:078) has a Piotroski F-Score of 8 as of Jun. 30, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on PT Sinar Mas Agro Resources & Technology Tbk and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, PT Sinar Mas Agro Resources & Technology Tbk's Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, PT Sinar Mas Agro Resources & Technology Tbk ranks #45 out of 1909 companies in the Consumer Packaged Goods industry, placing it in the top 2.4%.
Is PT Sinar Mas Agro Resources & Technology Tbk's Piotroski F-Score too high?
PT Sinar Mas Agro Resources & Technology Tbk's current Piotroski F-Score of 8 is 33% above 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 8.00. The Consumer Packaged Goods industry median Piotroski F-Score is 5.00. PT Sinar Mas Agro Resources & Technology Tbk's value of 8 is 60% above this industry median. Based on the distribution chart, PT Sinar Mas Agro Resources & Technology Tbk ranks #45 out of 1909 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, PT Sinar Mas Agro Resources & Technology Tbk has a GF Score™ of 84/100, reflecting its overall financial health beyond just this single metric.
How does PT Sinar Mas Agro Resources & Technology Tbk's Piotroski F-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, PT Sinar Mas Agro Resources & Technology Tbk ranks #45 out of 1909 companies for Piotroski F-Score. This places PT Sinar Mas Agro Resources & Technology Tbk in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. PT Sinar Mas Agro Resources & Technology Tbk's value of 8 is 60% above this benchmark. Historically, PT Sinar Mas Agro Resources & Technology Tbk'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 6.00 vs. the industry median of 5.00, PT Sinar Mas Agro Resources & Technology Tbk 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 Consumer Packaged Goods company?
The median Piotroski F-Score among Consumer Packaged Goods companies is 5.00, based on 1,909 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. PT Sinar Mas Agro Resources & Technology Tbk's current Piotroski F-Score of 8 is 60% 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 PT Sinar Mas Agro Resources & Technology Tbk and its competitors. For the Consumer Packaged Goods 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. PT Sinar Mas Agro Resources & Technology Tbk's current Piotroski F-Score is 8, which is 33% above 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 PT Sinar Mas Agro Resources & Technology Tbk stock overvalued right now?
PT Sinar Mas Agro Resources & Technology Tbk (FRA:078) has a current Piotroski F-Score of 8. The stock's GF Value™ is €0.20, compared to a current price of €0.19 — trading 4.2% below its estimated fair value. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 60% above the Consumer Packaged Goods industry median of 5.00. PT Sinar Mas Agro Resources & Technology Tbk's overall GF Score™ is 84/100 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 PT Sinar Mas Agro Resources & Technology Tbk (FRA:078), the current Piotroski F-Score is 8 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 PT Sinar Mas Agro Resources & Technology Tbk (FRA:078) Overvalued in 2026?
Based on GuruFocus' analysis, PT Sinar Mas Agro Resources & Technology Tbk stock appears to be undervalued.
The current stock price of €0.19 is trading 4.2% below its estimated GF Value™ of €0.20.
Key valuation signals for FRA:078:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: €0.20 vs. price of €0.19 (4.2% below fair value)
Industry Position: 60% above the Consumer Packaged Goods median (#45 of 1909)
No single metric tells the full story. See the FRA:078 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Sinar Mas Agro Resources & Technology Tbk Business Description
PT Sinar Mas Agro Resources & Technology Tbk is involved in the business of cultivating and harvesting oil palm trees, extracting fresh fruit bunches into crude palm oil and palm kernel, processing it into value-added products such as cooking oil, margarine, shortening, oleochemicals, and biodiesel. The firm's products include cooking oil, fat, margarine, crude palm oil, palm kernel, cocoa butter substitute, etc. Its scope of activities comprises plantation development, agriculture, trading, refining of plantation products, management services, and research related to the business.
84GF Score
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