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Asiaray Media GroupHKSE:01993 +6.38%32 Piotroski F-Score is 8 as of Aug. 06, 2026, which is 33% above its 10-year median of 6.00. GuruFocus rates HKSE:01993 with a GF Score™ of 32/100 and a GF Value™ of HK$0.56 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 1,003 Media - Diversified companies, Asiaray Media Group ranks better than 98.6% on this metric.
Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Asiaray Media Group has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Asiaray Media Group's Piotroski F-Score or its related term are showing as below:
HKSE:01993'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 8
Current: 8
During the past 13 years, the highest Piotroski F-Score of Asiaray Media Group was 8. The lowest was 3. And the median was 6.
Asiaray Media Group (HKSE:01993) 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.
Asiaray Media Group Piotroski F-Score Related Terms
Asiaray Media Group Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Asiaray Media Group'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.
HKSE:01993 vs APP, OMC, TTD: Piotroski F-Score Comparison
For the Advertising Agencies subindustry, Asiaray Media Group'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.
Asiaray Media Group Piotroski F-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Asiaray Media Group's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Asiaray Media Group'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.
Asiaray Media Group's current Net Income (TTM) was 15.
==> 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.
Asiaray Media Group's return on assets of this year was 0.00670056. Asiaray Media Group's return on assets of last year was -0.01757934.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Asiaray Media Group's gearing of this year was 0.19104605. Asiaray Media Group's gearing of last year was 0.24464481.
==> 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
Asiaray Media Group's current ratio of this year was 0.74406143. Asiaray Media Group's current ratio of last year was 0.74137623.
==> 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.
Asiaray Media Group's number of shares in issue this year was 477.042. Asiaray Media Group's number of shares in issue last year was 476.212.
==> 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.
Asiaray Media Group's gross margin of this year was 0.33816731. Asiaray Media Group's gross margin of last year was 0.28685281.
==> 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
Asiaray Media Group's asset turnover of this year was 0.46151212. Asiaray Media Group's asset turnover of last year was 0.36270774.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Asiaray Media Group has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Asiaray Media Group (HKSE:01993) has a Piotroski F-Score of 8 as of Aug. 06, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Asiaray Media Group and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, Asiaray Media Group's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Asiaray Media Group ranks #14 out of 1003 companies in the Media - Diversified industry, placing it in the top 1.4%.
Is Asiaray Media Group's Piotroski F-Score too high?
Asiaray Media Group'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 3.00 to a high of 8.00. The Media - Diversified industry median Piotroski F-Score is 5.00. Asiaray Media Group's value of 8 is 60% above this industry median. Based on the distribution chart, Asiaray Media Group ranks #14 out of 1003 companies in the Media - Diversified industry, which is in the top quartile — a strong position relative to peers. Overall, Asiaray Media Group has a GF Score™ of 32/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Asiaray Media Group's Piotroski F-Score compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Asiaray Media Group ranks #14 out of 1003 companies for Piotroski F-Score. This places Asiaray Media Group in the top 1% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Asiaray Media Group's value of 8 is 60% above this benchmark. Historically, Asiaray Media Group's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Asiaray Media Group 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 Media - Diversified company?
The median Piotroski F-Score among Media - Diversified companies is 5.00, based on 1,003 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. Asiaray Media Group'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 Asiaray Media Group and its competitors. For the Media - Diversified 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. Asiaray Media Group'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 Asiaray Media Group stock overvalued right now?
Based on GuruFocus' analysis, Asiaray Media Group (HKSE:01993) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.56, compared to a current price of HK$0.50 — trading 10.7% 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 Media - Diversified industry median of 5.00. Asiaray Media Group's overall GF Score™ is 32/100 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 Asiaray Media Group (HKSE:01993), the current Piotroski F-Score is 8 as of Aug. 06, 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 Asiaray Media Group (HKSE:01993) Overvalued in 2026?
Based on GuruFocus' analysis, Asiaray Media Group stock appears to be undervalued.
The current stock price of HK$0.50 is trading 10.7% below its estimated GF Value™ of HK$0.56.
GuruFocus considers Asiaray Media Group to be Modestly Undervalued.
Key valuation signals for HKSE:01993:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: HK$0.56 vs. price of HK$0.50 (10.7% below fair value)
Industry Position: 60% above the Media - Diversified median (#14 of 1003)
No single metric tells the full story. See the HKSE:01993 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Asiaray Media Group Ltd is an investment holding company. Along with its subsidiaries, it operates as an out-of-home media company in Greater China with a strategic focus on mega transport advertising media management, including airport, metro line, and high-speed rail line, etc. The Group's operating segments are: Airports business, Metro and billboards business, and Bus and other business. Maximum revenue is generated from the Metro and billboards business, which is involved in the operation of advertising services in metro lines and billboards, and building solutions. Geographically, the Group generates maximum revenue from the Chinese Mainland, and the rest from Hong Kong and other regions.
32GF Score
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