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Tian Cheng HoldingsHKSE:02110 +1.35% Piotroski F-Score is 5 as of Aug. 03, 2026, which is at its 10-year median of 5.00. The stock has 3 warning signs investors should review. Among 1,728 Construction companies, Tian Cheng Holdings ranks better than 53.07% 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
Tian Cheng Holdings 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 Tian Cheng Holdings's Piotroski F-Score or its related term are showing as below:
HKSE:02110'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 5 Max: 6
Current: 5
During the past 9 years, the highest Piotroski F-Score of Tian Cheng Holdings was 6. The lowest was 3. And the median was 5.
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.
Tian Cheng Holdings Piotroski F-Score Related Terms
Tian Cheng Holdings Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Tian Cheng Holdings'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:02110 vs PWR, FIX, EME: Piotroski F-Score Comparison
For the Engineering & Construction subindustry, Tian Cheng Holdings'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.
Tian Cheng Holdings Piotroski F-Score vs Construction Industry
For the Construction industry and Industrials sector, Tian Cheng Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Tian Cheng Holdings'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.
Tian Cheng Holdings's current Net Income (TTM) was -34.5.
==> 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.
Tian Cheng Holdings's return on assets of this year was -0.2935683. Tian Cheng Holdings's return on assets of last year was -0.30097789.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Tian Cheng Holdings's gearing of this year was 0.00162794. Tian Cheng Holdings's gearing of last year was 0.01812144.
==> 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
Tian Cheng Holdings's current ratio of this year was 1.79649052. Tian Cheng Holdings's current ratio of last year was 2.06068014.
==> 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.
Tian Cheng Holdings's number of shares in issue this year was 290.654. Tian Cheng Holdings's number of shares in issue last year was 253.39.
==> 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.
Tian Cheng Holdings's gross margin of this year was -0.06743102. Tian Cheng Holdings's gross margin of last year was -0.14267612.
==> 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
Tian Cheng Holdings's asset turnover of this year was 1.72634402. Tian Cheng Holdings's asset turnover of last year was 1.5229675.
==> 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
Tian Cheng Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Tian Cheng Holdings (HKSE:02110) has a Piotroski F-Score of 5 as of Aug. 03, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Tian Cheng Holdings and its competitors. This is near median its historical median of 5.00. Over the past decade, Tian Cheng Holdings' Piotroski F-Score has ranged from 3.00 to 6.00. According to the industry distribution chart, Tian Cheng Holdings ranks #811 out of 1728 companies in the Construction industry, placing it in the top 46.9%.
Is Tian Cheng Holdings' Piotroski F-Score too high?
Tian Cheng Holdings' 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 3.00 to a high of 6.00. The Construction industry median Piotroski F-Score is 5.00. Tian Cheng Holdings' value of 5 is 0% at this industry median. Based on the distribution chart, Tian Cheng Holdings ranks #811 out of 1728 companies in the Construction industry, which is above the industry midpoint.
How does Tian Cheng Holdings' Piotroski F-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Tian Cheng Holdings ranks #811 out of 1728 companies for Piotroski F-Score. This puts Tian Cheng Holdings in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Tian Cheng Holdings' value of 5 is 0% at this benchmark. Historically, Tian Cheng Holdings' own Piotroski F-Score has ranged from 3.00 to 6.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Tian Cheng Holdings 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 Construction company?
The median Piotroski F-Score among Construction companies is 5.00, based on 1,728 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. Tian Cheng Holdings'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 Tian Cheng Holdings and its competitors. For the Construction 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. Tian Cheng Holdings'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 Tian Cheng Holdings stock overvalued right now?
Based on GuruFocus' analysis, Tian Cheng Holdings (HKSE:02110) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.10, compared to a current price of HK$0.08 — trading 25% 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 Construction industry median of 5.00. 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 Tian Cheng Holdings (HKSE:02110), the current Piotroski F-Score is 5 as of Aug. 03, 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.
Tian Cheng Holdings Ltd is a subcontractor specializing in marine construction and civil engineering projects, and engages in marine works including reclamation, sand adjustment, submarine pipeline, sedimentation, and sediment treatment. The company also provides vessel chartering and other civil engineering services such as foundation works, site formation, road, and drainage works. It operates through four segments: Marine Construction Works, Other Civil Engineering Works, Health and Wellness Services, and Vessel Chartering Services. The company generates the majority of its revenue from marine construction and operates mainly in Hong Kong and the PRC, with the majority of revenue coming from Hong Kong.
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