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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Topsports International Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Topsports International Holdings's Piotroski F-Score or its related term are showing as below:
HKSE:06110'
s Piotroski F-Score Range Over the Past 10 Years
Min: 5 Med: 7 Max: 9
Current: 6
During the past 10 years, the highest Piotroski F-Score of Topsports International Holdings was 9. The lowest was 5. And the median was 7.
Topsports International Holdings (HKSE:06110) 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.
Topsports International Holdings Piotroski F-Score Related Terms
Topsports 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.
Topsports International Holdings Piotroski F-Score Chart
HKSE:06110 vs TJX, ROST, BURL: Piotroski F-Score Comparison
For the Apparel Retail subindustry, Topsports 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.
Topsports International Holdings Piotroski F-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Topsports International Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Topsports 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.
Topsports International Holdings's current Net Income (TTM) was 1,434.
==> 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.
Topsports International Holdings's current Cash Flow from Operations (TTM) was 3,088.
==> 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.
Topsports International Holdings's return on assets of this year was 0.08991877. Topsports International Holdings's return on assets of last year was 0.08700391.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Topsports International Holdings's gearing of this year was 0.05819217. Topsports International Holdings's gearing of last year was 0.07555729.
==> 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
Topsports International Holdings's current ratio of this year was 2.43292063. Topsports International Holdings's current ratio of last year was 2.4435397.
==> 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.
Topsports International Holdings's number of shares in issue this year was 6201.222. Topsports International Holdings's number of shares in issue last year was 6201.222.
==> 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.
Topsports International Holdings's gross margin of this year was 0.38013356. Topsports International Holdings's gross margin of last year was 0.38438671.
==> 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
Topsports International Holdings's asset turnover of this year was 1.82704413. Topsports International Holdings's asset turnover of last year was 1.82754913.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Topsports International Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Topsports International Holdings (HKSE:06110) has a Piotroski F-Score of 6 as of Jul. 13, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Topsports International Holdings and its competitors. This is 14% below median its historical median of 7.00. Over the past decade, Topsports International Holdings' Piotroski F-Score has ranged from 5.00 to 9.00. According to the industry distribution chart, Topsports International Holdings ranks #296 out of 1099 companies in the Retail - Cyclical industry, placing it in the top 26.9%.
Is Topsports International Holdings' Piotroski F-Score too high?
Topsports International Holdings' current Piotroski F-Score of 6 is 14% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 5.00 to a high of 9.00. The Retail - Cyclical industry median Piotroski F-Score is 5.00. Topsports International Holdings' value of 6 is 20% above this industry median. Based on the distribution chart, Topsports International Holdings ranks #296 out of 1099 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Topsports International Holdings has a GF Score™ of 83/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Topsports International Holdings' Piotroski F-Score compare to TJX and ROST?
According to the Retail - Cyclical industry distribution chart, Topsports International Holdings ranks #296 out of 1099 companies for Piotroski F-Score. This puts Topsports International Holdings in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Topsports International Holdings' value of 6 is 20% above this benchmark. Historically, Topsports International Holdings' own Piotroski F-Score has ranged from 5.00 to 9.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 5.00, Topsports International Holdings 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 Retail - Cyclical company?
The median Piotroski F-Score among Retail - Cyclical companies is 5.00, based on 1,099 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. Topsports International Holdings's current Piotroski F-Score of 6 is 20% 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 Topsports International Holdings and its competitors. For the Retail - Cyclical 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. Topsports International Holdings's current Piotroski F-Score is 6, which is 14% below median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Topsports International Holdings stock overvalued right now?
Based on GuruFocus' analysis, Topsports International Holdings (HKSE:06110) is currently considered Possible Value Trap. The stock's GF Value™ is HK$3.28, compared to a current price of HK$1.84 — trading 43.9% below its estimated fair value. The current Piotroski F-Score is 6, which is 14% below median its 10-year median of 7.00 and 20% above the Retail - Cyclical industry median of 5.00. Topsports International Holdings' overall GF Score™ is 83/100 with 5 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 Topsports International Holdings (HKSE:06110), the current Piotroski F-Score is 6 as of Jul. 13, 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 Topsports International Holdings (HKSE:06110) Overvalued in 2026?
Based on GuruFocus' analysis, Topsports International Holdings stock appears to be undervalued.
The current stock price of HK$1.84 is trading 43.9% below its estimated GF Value™ of HK$3.28.
GuruFocus considers Topsports International Holdings to be Possible Value Trap.
Key valuation signals for HKSE:06110:
Piotroski F-Score: 6 (14% below median its 10-year median of 7.00)
GF Value™: HK$3.28 vs. price of HK$1.84 (43.9% below fair value)
Industry Position: 20% above the Retail - Cyclical median (#296 of 1099)
No single metric tells the full story. See the HKSE:06110 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Topsports International Holdings Business Description
Topsports is the largest sportswear retailer in China, generating the majority of its revenue from selling products of international sportswear brands. The business operates as an intermediary between brand owners and consumers. The firm operates more than 4,000 stores directly as of the end of fiscal 2026, and most of these single-brand stores have been opened under the names of sportswear brands that it partners with, such as Nike and Adidas. Topsports also has partnerships with sportswear brands such as Puma, Li-Ning, Asics, and The North Face. While most of Topsports' sales take place in stores, the firm also operates online shops under the Topsports brand on major e-commerce platforms such as Alibaba and JD.com.
83GF Score
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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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