Irico Group New Energy CoHKSE:00438 +8.47%50 Piotroski F-Score is 1 as of Jun. 28, 2026, which is 75% below its 10-year median of 4.00. GuruFocus rates HKSE:00438 with a GF Score™ of 50/100 and a GF Value™ of HK$2.79 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 989 Semiconductors companies, Irico Group New Energy Co ranks worse than 98.08% on this metric.
Warning Sign:
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
Irico Group New Energy Co has an F-score of 1. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Irico Group New Energy Co's Piotroski F-Score or its related term are showing as below:
HKSE:00438'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 4 Max: 7
Current: 1
During the past 13 years, the highest Piotroski F-Score of Irico Group New Energy Co was 7. The lowest was 1. And the median was 4.
Irico Group New Energy Co (HKSE:00438) 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.
Irico Group New Energy Co Piotroski F-Score Related Terms
Irico Group New Energy Co 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.
HKSE:00438 vs FSLR, NXT, ENPH: Piotroski F-Score Comparison
For the Solar subindustry, Irico Group New Energy 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.
Irico Group New Energy Co Piotroski F-Score vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Irico Group New Energy Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Irico Group New Energy 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.
*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.
Irico Group New Energy Co's current Net Income (TTM) was -619.
==> 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.
Irico Group New Energy Co's current Cash Flow from Operations (TTM) was -64.
==> 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.
Irico Group New Energy Co's return on assets of this year was -0.06607051. Irico Group New Energy Co's return on assets of last year was -0.04151182.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Irico Group New Energy Co's gearing of this year was 0.29081411. Irico Group New Energy Co's gearing of last year was 0.21257186.
==> 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
Irico Group New Energy Co's current ratio of this year was 0.58273201. Irico Group New Energy Co's current ratio of last year was 0.58736398.
==> 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.
Irico Group New Energy Co's number of shares in issue this year was 176.324. Irico Group New Energy Co's number of shares in issue last year was 176.322.
==> 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.
Irico Group New Energy Co's gross margin of this year was -0.08676205. Irico Group New Energy Co's gross margin of last year was -0.03275283.
==> 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
Irico Group New Energy Co's asset turnover of this year was 0.34182887. Irico Group New Energy Co's asset turnover of last year was 0.36045932.
==> 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
Irico Group New Energy Co has an F-score of 1. It is a bad or low score, which usually implies poor business operation.
Irico Group New Energy Co (HKSE:00438) has a Piotroski F-Score of 1 as of Jun. 28, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Irico Group New Energy Co and its competitors. This is 75% below median its historical median of 4.00. Over the past decade, Irico Group New Energy Co's Piotroski F-Score has ranged from 1.00 to 7.00. According to the industry distribution chart, Irico Group New Energy Co ranks #970 out of 989 companies in the Semiconductors industry, placing it in the top 98.1%.
Is Irico Group New Energy Co's Piotroski F-Score too high?
Irico Group New Energy Co's current Piotroski F-Score of 1 is 75% below median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 7.00. The Semiconductors industry median Piotroski F-Score is 5.00. Irico Group New Energy Co's value of 1 is 80% below this industry median. Based on the distribution chart, Irico Group New Energy Co ranks #970 out of 989 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Irico Group New Energy Co has a GF Score™ of 50/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Irico Group New Energy Co's Piotroski F-Score compare to FSLR and NXT?
According to the Semiconductors industry distribution chart, Irico Group New Energy Co ranks #970 out of 989 companies for Piotroski F-Score. This places Irico Group New Energy Co in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Irico Group New Energy Co's value of 1 is 80% below this benchmark. Historically, Irico Group New Energy 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 4.00 vs. the industry median of 5.00, Irico Group New Energy 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 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. Irico Group New Energy Co's current Piotroski F-Score of 1 is 80% 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 Irico Group New Energy Co 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. Irico Group New Energy Co's current Piotroski F-Score is 1, which is 75% below median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Irico Group New Energy Co stock overvalued right now?
Based on GuruFocus' analysis, Irico Group New Energy Co (HKSE:00438) is currently considered Possible Value Trap. The stock's GF Value™ is HK$2.79, compared to a current price of HK$1.28 — trading 54.1% below its estimated fair value. The current Piotroski F-Score is 1, which is 75% below median its 10-year median of 4.00 and 80% below the Semiconductors industry median of 5.00. Irico Group New Energy Co's overall GF Score™ is 50/100 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 Irico Group New Energy Co (HKSE:00438), the current Piotroski F-Score is 1 as of Jun. 28, 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 Irico Group New Energy Co (HKSE:00438) Overvalued in 2026?
Based on GuruFocus' analysis, Irico Group New Energy Co stock appears to be undervalued.
The current stock price of HK$1.28 is trading 54.1% below its estimated GF Value™ of HK$2.79.
GuruFocus considers Irico Group New Energy Co to be Possible Value Trap.
Key valuation signals for HKSE:00438:
Piotroski F-Score: 1 (75% below median its 10-year median of 4.00)
GF Value™: HK$2.79 vs. price of HK$1.28 (54.1% below fair value)
Industry Position: 80% below the Semiconductors median (#970 of 989)
No single metric tells the full story. See the HKSE:00438 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Irico Group New Energy Co Ltd is mainly engaged in the solar photovoltaic business. Along with its subsidiaries, it produces and sells solar photovoltaic glass, solar photovoltaic modules, and back glass, which is applied to solar cell module packaging. Its geographical segments are: The People's Republic of China (excluding Hong Kong), and Other countries, of which the majority of the revenue comes from China.
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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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