Piotroski F-Score of 1 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
China Zheshang Bank Co has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for China Zheshang Bank Co's Piotroski F-Score or its related term are showing as below:
FRA:6CZ'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 2 Max: 7
Current: 1
During the past 13 years, the highest Piotroski F-Score of China Zheshang Bank Co was 7. The lowest was 1. And the median was 2.
China Zheshang Bank Co (FRA:6CZ) 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.
China Zheshang Bank Co Piotroski F-Score Related Terms
China Zheshang Bank Co Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for China Zheshang Bank Co'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.
China Zheshang Bank Co Piotroski F-Score Competitor Comparison
For the Banks - Regional subindustry, China Zheshang Bank Co'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.
China Zheshang Bank Co Piotroski F-Score vs Banks Industry
For the Banks industry and Financial Services sector, China Zheshang Bank Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where China Zheshang Bank Co'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.
This Year (Dec25) TTM:
Last Year (Sep24) TTM:
Net Income was 299.196 + 0 + 478.536 + 153.141 = €931 Mil. Cash Flow from Operations was -4685.477 + 0 + 1194.486 + 2499.24 = €-992 Mil. Revenue was 1741.92 + 0 + 2092.594 + 1374.752 = €5,209 Mil.
Average Total Assets from the begining of this year (Sep24)
to the end of this year (Dec25) was
(417163 + 436206.648 + 404072.544 + 405339.822 + 422088.336) / 5 = €416974.07 Mil. Total Assets at the begining of this year (Sep24) was €417,163 Mil. Long-Term Debt & Capital Lease Obligation was €62,523 Mil. Total Assets was €422,088 Mil. Total Liabilities was €396,949 Mil.
Net Income was 294.742 + 755.393 + 267.123 + 624.69 = €1,942 Mil.
Revenue was 2095.556 + 1704.456 + 2839.746 + 2164.641 = €8,804 Mil.
Average Total Assets from the begining of last year (Sep23)
to the end of last year (Sep24) was
(379643.116 + 403761.385 + 403909.702 + 415744.371 + 417163) / 5 = €404044.3148 Mil. Total Assets at the begining of last year (Sep23) was €379,643 Mil. Long-Term Debt & Capital Lease Obligation was €61,503 Mil. Total Assets was €417,163 Mil. Total Liabilities was €391,807 Mil.
*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.
China Zheshang Bank Co's current Net Income (TTM) was 931.
==> 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.
China Zheshang Bank Co's current Cash Flow from Operations (TTM) was -992.
==> 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.
China Zheshang Bank Co's return on assets of this year was 0.00223144. China Zheshang Bank Co's return on assets of last year was 0.00511519.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
China Zheshang Bank Co's gearing of this year was 0.14994389. China Zheshang Bank Co's gearing of last year was 0.15221733.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
China Zheshang Bank Co's current ratio of this year was 1.06333243. China Zheshang Bank Co's current ratio of last year was 1.06471649.
==> 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.
China Zheshang Bank Co's number of shares in issue this year was 27464. China Zheshang Bank Co's number of shares in issue last year was 27457.447.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
China Zheshang Bank Co's net margin of this year was 0.17869562. China Zheshang Bank Co's net margin of last year was 0.22056565.
==> Last year's net 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
China Zheshang Bank Co's asset turnover of this year was 0.01248736. China Zheshang Bank Co's asset turnover of last year was 0.02319125.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
China Zheshang Bank Co has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
China Zheshang Bank Co (FRA:6CZ) has a Piotroski F-Score of 1 as of Jun. 29, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on China Zheshang Bank Co and its competitors. This is 50% below median its historical median of 2.00. Over the past decade, China Zheshang Bank Co's Piotroski F-Score has ranged from 1.00 to 7.00. According to the industry distribution chart, China Zheshang Bank Co ranks #1488 out of 1501 companies in the Banks industry, placing it in the top 99.1%.
Is China Zheshang Bank Co's Piotroski F-Score too high?
China Zheshang Bank Co's current Piotroski F-Score of 1 is 50% below median its 10-year median of 2.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 7.00. The Banks industry median Piotroski F-Score is 6.00. China Zheshang Bank Co's value of 1 is 83.3% below this industry median. Based on the distribution chart, China Zheshang Bank Co ranks #1488 out of 1501 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, China Zheshang Bank Co has a GF Score™ of 61/100, reflecting its overall financial health beyond just this single metric.
How does China Zheshang Bank Co's Piotroski F-Score compare to competitors?
According to the Banks industry distribution chart, China Zheshang Bank Co ranks #1488 out of 1501 companies for Piotroski F-Score. This places China Zheshang Bank Co in the lower half of its industry. The industry median Piotroski F-Score is 6.00. China Zheshang Bank Co's value of 1 is 83.3% below this benchmark. Historically, China Zheshang Bank Co's own Piotroski F-Score has ranged from 1.00 to 7.00 over the past decade. While the company's 10-year median is 2.00 vs. the industry median of 6.00, China Zheshang Bank Co 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 Banks company?
The median Piotroski F-Score among Banks companies is 6.00, based on 1,501 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. China Zheshang Bank Co's current Piotroski F-Score of 1 is 83.3% 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 China Zheshang Bank Co and its competitors. For the Banks 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. China Zheshang Bank Co's current Piotroski F-Score is 1, which is 50% below median its own 10-year median of 2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Zheshang Bank Co stock overvalued right now?
China Zheshang Bank Co (FRA:6CZ) has a current Piotroski F-Score of 1. The stock's GF Value™ is €0.26, compared to a current price of €0.23 — trading 10.8% below its estimated fair value. The current Piotroski F-Score is 1, which is 50% below median its 10-year median of 2.00 and 83.3% below the Banks industry median of 6.00. China Zheshang Bank Co's overall GF Score™ is 61/100 with 5 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 China Zheshang Bank Co (FRA:6CZ), the current Piotroski F-Score is 1 as of Jun. 29, 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 China Zheshang Bank Co (FRA:6CZ) Overvalued in 2026?
Based on GuruFocus' analysis, China Zheshang Bank Co stock appears to be undervalued.
The current stock price of €0.23 is trading 10.8% below its estimated GF Value™ of €0.26.
Key valuation signals for FRA:6CZ:
Piotroski F-Score: 1 (50% below median its 10-year median of 2.00)
GF Value™: €0.26 vs. price of €0.23 (10.8% below fair value)
Industry Position: 83.3% below the Banks median (#1488 of 1501)
No single metric tells the full story. See the FRA:6CZ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Zheshang Bank Co Ltd the principal activities of the Bank include corporate and retail banking, treasury business, and other banking service. The company's business segments include Corporate banking; Retail banking; Treasury operations and other business. It generates maximum revenue from the Corporate banking segment. Geographically the company generates majority of revenue from Yangtze River Delta Region.
61GF Score
Get the complete analysis for FRA:6CZ
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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