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China Boqi Environmental (Holding) Co (HKSE:02377) 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 Boqi Environmental (Holding) Co Piotroski F-Score Related Terms
China Boqi Environmental (Holding) 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.
China Boqi Environmental (Holding) Co Piotroski F-Score Chart
HKSE:02377 vs VLTO, ZWS, CECO: Piotroski F-Score Comparison
For the Pollution & Treatment Controls subindustry, China Boqi Environmental (Holding) 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.
China Boqi Environmental (Holding) Co Piotroski F-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, China Boqi Environmental (Holding) Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where China Boqi Environmental (Holding) 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.
China Boqi Environmental (Holding) Co's current Net Income (TTM) was 258.
==> 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.
Score 1 if positive, 0 if negative.
China Boqi Environmental (Holding) Co's current Cash Flow from Operations (TTM) was 276.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
China Boqi Environmental (Holding) Co's return on assets of this year was 0.04477018. China Boqi Environmental (Holding) Co's return on assets of last year was 0.04374394.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
China Boqi Environmental (Holding) Co's gearing of this year was 0.03939382. China Boqi Environmental (Holding) Co's gearing of last year was 0.0495276.
==> 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 Boqi Environmental (Holding) Co's current ratio of this year was 1.68102832. China Boqi Environmental (Holding) Co's current ratio of last year was 1.63802314.
==> 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.
China Boqi Environmental (Holding) Co's number of shares in issue this year was 857.19. China Boqi Environmental (Holding) Co's number of shares in issue last year was 1002.45.
==> 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 Boqi Environmental (Holding) Co's gross margin of this year was 0.22176782. China Boqi Environmental (Holding) Co's gross margin of last year was 0.20210959.
==> 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 Boqi Environmental (Holding) Co's asset turnover of this year was 0.42020426. China Boqi Environmental (Holding) Co's asset turnover of last year was 0.42204387.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
China Boqi Environmental (Holding) Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
China Boqi Environmental (Holding) Co (HKSE:02377) has a Piotroski F-Score of 8 as of Sep. 16, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on China Boqi Environmental (Holding) Co and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, China Boqi Environmental (Holding) Co's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, China Boqi Environmental (Holding) Co ranks #66 out of 3012 companies in the Industrial Products industry, placing it in the top 2.2%.
Is China Boqi Environmental (Holding) Co's Piotroski F-Score too high?
China Boqi Environmental (Holding) Co'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 Industrial Products industry median Piotroski F-Score is 5.00. China Boqi Environmental (Holding) Co's value of 8 is 60% above this industry median. Based on the distribution chart, China Boqi Environmental (Holding) Co ranks #66 out of 3012 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, China Boqi Environmental (Holding) Co has a GF Score™ of 52/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China Boqi Environmental (Holding) Co's Piotroski F-Score compare to VLTO and ZWS?
According to the Industrial Products industry distribution chart, China Boqi Environmental (Holding) Co ranks #66 out of 3012 companies for Piotroski F-Score. This places China Boqi Environmental (Holding) Co in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. China Boqi Environmental (Holding) Co's value of 8 is 60% above this benchmark. Historically, China Boqi Environmental (Holding) Co'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, China Boqi Environmental (Holding) Co 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 an Industrial Products company?
The median Piotroski F-Score among Industrial Products companies is 5.00, based on 3,012 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 Boqi Environmental (Holding) Co'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 China Boqi Environmental (Holding) Co and its competitors. For the Industrial Products 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 Boqi Environmental (Holding) Co'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 China Boqi Environmental (Holding) Co stock overvalued right now?
Based on GuruFocus' analysis, China Boqi Environmental (Holding) Co (HKSE:02377) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.95, compared to a current price of HK$0.78 — trading 17.9% 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 Industrial Products industry median of 5.00. China Boqi Environmental (Holding) Co's overall GF Score™ is 52/100 with 1 warning sign 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 Boqi Environmental (Holding) Co (HKSE:02377), the current Piotroski F-Score is 8 as of Sep. 16, 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 Boqi Environmental (Holding) Co (HKSE:02377) Overvalued in 2026?
Based on GuruFocus' analysis, China Boqi Environmental (Holding) Co stock appears to be undervalued.
The current stock price of HK$0.78 is trading 17.9% below its estimated GF Value™ of HK$0.95.
GuruFocus considers China Boqi Environmental (Holding) Co to be Modestly Undervalued.
Key valuation signals for HKSE:02377:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: HK$0.95 vs. price of HK$0.78 (17.9% below fair value)
Industry Position: 60% above the Industrial Products median (#66 of 3012)
No single metric tells the full story. See the HKSE:02377 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Boqi Environmental (Holding) Co Ltd provides independent flue gas treatment service and environmental protection solution service by various business models, including environmental protection facility engineering, operation and maintenance and project investment. The group generates revenue from four operating segments: flue gas treatment business; water treatment business; hazardous and solid waste treatment/disposal business; and dual-carbon new energy+ business.
52GF Score
Get the complete analysis for HKSE:02377
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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