China Merchants LandHKSE:00978 +4.26%44 Piotroski F-Score is 5 as of Jul. 09, 2026, which is at its 10-year median of 5.00. GuruFocus rates HKSE:00978 with a GF Score™ of 44/100 and a GF Value™ of HK$0.32 (Modestly Undervalued). The stock has 8 warning signs investors should review. Among 1,754 Real Estate companies, China Merchants Land ranks better than 60.83% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
China Merchants Land has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for China Merchants Land's Piotroski F-Score or its related term are showing as below:
HKSE:00978'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 5 Max: 7
Current: 5
During the past 13 years, the highest Piotroski F-Score of China Merchants Land was 7. The lowest was 4. And the median was 5.
China Merchants Land (HKSE:00978) 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 Merchants Land Piotroski F-Score Related Terms
China Merchants Land Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for China Merchants Land'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 Merchants Land Piotroski F-Score Competitor Comparison
For the Real Estate - Diversified subindustry, China Merchants Land'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 Merchants Land Piotroski F-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, China Merchants Land's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where China Merchants Land'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.
China Merchants Land's current Net Income (TTM) was -2,432.
==> 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.
China Merchants Land's current Cash Flow from Operations (TTM) was -1,179.
==> 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 Merchants Land's return on assets of this year was -0.0182571. China Merchants Land's return on assets of last year was -0.01361704.
==> 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 Merchants Land's gearing of this year was 0.23203957. China Merchants Land's gearing of last year was 0.24285424.
==> 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
China Merchants Land's current ratio of this year was 1.32482377. China Merchants Land's current ratio of last year was 1.46200305.
==> 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 Merchants Land's number of shares in issue this year was 4905.258. China Merchants Land's number of shares in issue last year was 4905.258.
==> 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.
China Merchants Land's gross margin of this year was 0.0632148. China Merchants Land's gross margin of last year was 0.04769413.
==> 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
China Merchants Land's asset turnover of this year was 0.2177383. China Merchants Land's asset turnover of last year was 0.15201626.
==> 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
China Merchants Land has an F-score of 5 indicating the company's financial situation is typical for a stable company.
China Merchants Land (HKSE:00978) has a Piotroski F-Score of 5 as of Jul. 09, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on China Merchants Land and its competitors. This is near median its historical median of 5.00. Over the past decade, China Merchants Land's Piotroski F-Score has ranged from 4.00 to 7.00. According to the industry distribution chart, China Merchants Land ranks #687 out of 1754 companies in the Real Estate industry, placing it in the top 39.2%.
Is China Merchants Land's Piotroski F-Score too high?
China Merchants Land's current Piotroski F-Score of 5 is near median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 7.00. The Real Estate industry median Piotroski F-Score is 5.00. China Merchants Land's value of 5 is 0% at this industry median. Based on the distribution chart, China Merchants Land ranks #687 out of 1754 companies in the Real Estate industry, which is above the industry midpoint. Overall, China Merchants Land has a GF Score™ of 44/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China Merchants Land's Piotroski F-Score compare to competitors?
According to the Real Estate industry distribution chart, China Merchants Land ranks #687 out of 1754 companies for Piotroski F-Score. This puts China Merchants Land in the upper half of its industry. The industry median Piotroski F-Score is 5.00. China Merchants Land's value of 5 is 0% at this benchmark. Historically, China Merchants Land's own Piotroski F-Score has ranged from 4.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, China Merchants Land 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 Real Estate company?
The median Piotroski F-Score among Real Estate companies is 5.00, based on 1,754 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 Merchants Land's current Piotroski F-Score of 5 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 China Merchants Land and its competitors. For the Real Estate 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. China Merchants Land's current Piotroski F-Score is 5, which is near 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 China Merchants Land stock overvalued right now?
Based on GuruFocus' analysis, China Merchants Land (HKSE:00978) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.32, compared to a current price of HK$0.25 — trading 23.4% below its estimated fair value. The current Piotroski F-Score is 5, which is near median its 10-year median of 5.00 and 0% at the Real Estate industry median of 5.00. China Merchants Land's overall GF Score™ is 44/100 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 China Merchants Land (HKSE:00978), the current Piotroski F-Score is 5 as of Jul. 09, 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 Merchants Land (HKSE:00978) Overvalued in 2026?
Based on GuruFocus' analysis, China Merchants Land stock appears to be undervalued.
The current stock price of HK$0.25 is trading 23.4% below its estimated GF Value™ of HK$0.32.
GuruFocus considers China Merchants Land to be Modestly Undervalued.
Key valuation signals for HKSE:00978:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: HK$0.32 vs. price of HK$0.25 (23.4% below fair value)
Industry Position: 0% at the Real Estate median (#687 of 1754)
No single metric tells the full story. See the HKSE:00978 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Merchants Land Ltd is an investment holding company. The company is principally engaged in the development, sale, lease, investment and management of properties; assets management; and investment holding activities. The company has two operating segment Development and sales of properties and property leasing (Properties Segment); and Asset management for office premises and shopping malls (Asset Management Segment). The company generated majority of revenue from Properties Segment. The company has presence in Foshan, Guangzhou, Nanjing and Jurong, Chongqing, Xi'an, and Hong Kong.
44GF Score
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