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Top Spring International Holdings (HKSE:03688) 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.
Top Spring International Holdings Piotroski F-Score Related Terms
Top Spring International Holdings 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.
Top Spring International Holdings Piotroski F-Score Chart
Top Spring International Holdings Piotroski F-Score Competitor Comparison
For the Real Estate - Development subindustry, Top Spring International 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.
Top Spring International Holdings Piotroski F-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Top Spring International Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Top Spring International 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.
Top Spring International Holdings's current Net Income (TTM) was -2,905.
==> 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.
Top Spring International Holdings's current Cash Flow from Operations (TTM) was 103.
==> 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.
Top Spring International Holdings's return on assets of this year was -0.18568496. Top Spring International Holdings's return on assets of last year was -0.09626172.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Top Spring International Holdings's gearing of this year was 0.26160717. Top Spring International Holdings's gearing of last year was 0.22196776.
==> Last year is lower than this year ==> Score 0.
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
Top Spring International Holdings's current ratio of this year was 1.347233. Top Spring International Holdings's current ratio of last year was 1.65377321.
==> 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.
Top Spring International Holdings's number of shares in issue this year was 1529.286. Top Spring International Holdings's number of shares in issue last year was 1529.286.
==> 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.
Top Spring International Holdings's gross margin of this year was -0.49867439. Top Spring International Holdings's gross margin of last year was -0.085281.
==> Last year's gross margin is higher ==> Score 0.
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
Top Spring International Holdings's asset turnover of this year was 0.08689922. Top Spring International Holdings's asset turnover of last year was 0.07192373.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Top Spring International Holdings has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Top Spring International Holdings (HKSE:03688) has a Piotroski F-Score of 4 as of Sep. 07, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Top Spring International Holdings and its competitors. This is 20% below median its historical median of 5.00. Over the past decade, Top Spring International Holdings' Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, Top Spring International Holdings ranks #1089 out of 1752 companies in the Real Estate industry, placing it in the top 62.2%.
Is Top Spring International Holdings' Piotroski F-Score too high?
Top Spring International Holdings' current Piotroski F-Score of 4 is 20% 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 Real Estate industry median Piotroski F-Score is 5.00. Top Spring International Holdings' value of 4 is 20% below this industry median. Based on the distribution chart, Top Spring International Holdings ranks #1089 out of 1752 companies in the Real Estate industry, which is below the industry midpoint. Overall, Top Spring International Holdings has a GF Score™ of 36/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Top Spring International Holdings' Piotroski F-Score compare to competitors?
According to the Real Estate industry distribution chart, Top Spring International Holdings ranks #1089 out of 1752 companies for Piotroski F-Score. This places Top Spring International Holdings in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Top Spring International Holdings' value of 4 is 20% below this benchmark. Historically, Top Spring International Holdings' 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 5.00, Top Spring International Holdings 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 a Real Estate company?
The median Piotroski F-Score among Real Estate companies is 5.00, based on 1,752 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. Top Spring International Holdings's current Piotroski F-Score of 4 is 20% 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 Top Spring International Holdings 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. Top Spring International Holdings's current Piotroski F-Score is 4, which is 20% 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 Top Spring International Holdings stock overvalued right now?
Based on GuruFocus' analysis, Top Spring International Holdings (HKSE:03688) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.36, compared to a current price of HK$0.19 — trading 47.2% below its estimated fair value. The current Piotroski F-Score is 4, which is 20% below median its 10-year median of 5.00 and 20% below the Real Estate industry median of 5.00. Top Spring International Holdings' overall GF Score™ is 36/100 with 4 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 Top Spring International Holdings (HKSE:03688), the current Piotroski F-Score is 4 as of Sep. 07, 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 Top Spring International Holdings (HKSE:03688) Overvalued in 2026?
Based on GuruFocus' analysis, Top Spring International Holdings stock appears to be undervalued.
The current stock price of HK$0.19 is trading 47.2% below its estimated GF Value™ of HK$0.36.
GuruFocus considers Top Spring International Holdings to be Possible Value Trap.
Key valuation signals for HKSE:03688:
Piotroski F-Score: 4 (20% below median its 10-year median of 5.00)
GF Value™: HK$0.36 vs. price of HK$0.19 (47.2% below fair value)
Industry Position: 20% below the Real Estate median (#1089 of 1752)
No single metric tells the full story. See the HKSE:03688 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Top Spring International Holdings Ltd is an investment holding engaged in property development, property investment, property management and related services, and education-related services in the People's Republic of China. It generates the majority of its revenue from the Property development segment which develops and sells residential and commercial properties. Geographically the company has a presence in PRC, Hong Kong, and others, with key revenue coming from PRC.
36GF Score
Get the complete analysis for HKSE:03688
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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