Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Ares AsiaHKSE:00645 36 Piotroski F-Score is 3 as of Jul. 20, 2026, which is 40% below its 10-year median of 5.00. GuruFocus rates HKSE:00645 with a GF Score™ of 36/100. The stock has 7 warning signs investors should review. Among 177 Other Energy Sources companies, Ares Asia ranks worse than 59.89% on this metric.
Warning Sign:
Piotroski F-Score of 3 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
Ares Asia has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Ares Asia's Piotroski F-Score or its related term are showing as below:
HKSE:00645'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 5 Max: 8
Current: 3
During the past 13 years, the highest Piotroski F-Score of Ares Asia was 8. The lowest was 2. And the median was 5.
Ares Asia (HKSE:00645) 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.
Ares Asia Piotroski F-Score Related Terms
Ares Asia Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Ares Asia'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.
For the Thermal Coal subindustry, Ares Asia'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.
Ares Asia Piotroski F-Score vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Ares Asia's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Ares Asia'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.
Ares Asia's current Net Income (TTM) was -18.34.
==> 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.
Ares Asia's return on assets of this year was -0.29961274. Ares Asia's return on assets of last year was -0.06577513.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Ares Asia's current ratio of this year was 10.05167414. Ares Asia's current ratio of last year was 9.00679769.
==> 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.
Ares Asia's number of shares in issue this year was 513.175. Ares Asia's number of shares in issue last year was 513.175.
==> 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.
Ares Asia's gross margin of this year was 0.0304476. Ares Asia's gross margin of last year was 0.00470216.
==> 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
Ares Asia's asset turnover of this year was 0.42128139. Ares Asia's asset turnover of last year was 3.65962566.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
0
+
0
+
0
+
0
+
0
+
1
+
1
+
1
+
0
=
3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Ares Asia has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Ares Asia (HKSE:00645) has a Piotroski F-Score of 3 as of Jul. 20, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Ares Asia and its competitors. This is 40% below median its historical median of 5.00. Over the past decade, Ares Asia's Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, Ares Asia ranks #106 out of 177 companies in the Other Energy Sources industry, placing it in the top 59.9%.
Is Ares Asia's Piotroski F-Score too high?
Ares Asia's current Piotroski F-Score of 3 is 40% below 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 Other Energy Sources industry median Piotroski F-Score is 4.00. Ares Asia's value of 3 is 25% below this industry median. Based on the distribution chart, Ares Asia ranks #106 out of 177 companies in the Other Energy Sources industry, which is below the industry midpoint. Overall, Ares Asia has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.
How does Ares Asia's Piotroski F-Score compare to competitors?
According to the Other Energy Sources industry distribution chart, Ares Asia ranks #106 out of 177 companies for Piotroski F-Score. This places Ares Asia in the lower half of its industry. The industry median Piotroski F-Score is 4.00. Ares Asia's value of 3 is 25% below this benchmark. Historically, Ares Asia'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 4.00, Ares Asia 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 an Other Energy Sources company?
The median Piotroski F-Score among Other Energy Sources companies is 4.00, based on 177 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. Ares Asia's current Piotroski F-Score of 3 is 25% 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 Ares Asia and its competitors. For the Other Energy Sources industry, the median Piotroski F-Score is 4.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ares Asia's current Piotroski F-Score is 3, which is 40% below 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 Ares Asia stock overvalued right now?
Ares Asia (HKSE:00645) has a current Piotroski F-Score of 3. The current Piotroski F-Score is 3, which is 40% below median its 10-year median of 5.00 and 25% below the Other Energy Sources industry median of 4.00. Ares Asia's overall GF Score™ is 36/100 with 7 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 Ares Asia (HKSE:00645), the current Piotroski F-Score is 3 as of Jul. 20, 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.
Ares Asia Ltd is an investment holding company. The group is principally engaged in the business of coal trading, entailing the selling of coal purchased from various countries to Mainland China and other commodities trading, which encompasses supply chain management and risk management service. Its business falls under the primary segment of Coal and other trading. Geographically, the group has a business presence in Mainland China, Hong Kong, and other countries, of which maximum revenue is derived from Mainland China.
36GF Score
Get the complete analysis for HKSE:00645
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
HKSE:00645 has been successfully added to your 
