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SingAsia HoldingsHKSE:08293 -6.31%35 Piotroski F-Score is 3 as of Jul. 31, 2026, which is 25% below its 10-year median of 4.00. GuruFocus rates HKSE:08293 with a GF Score™ of 35/100 and a GF Value™ of HK$0.03 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,065 Business Services companies, SingAsia Holdings ranks worse than 85.16% on this metric.
Warning Sign:
Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
SingAsia Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for SingAsia Holdings's Piotroski F-Score or its related term are showing as below:
HKSE:08293'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 4 Max: 8
Current: 3
During the past 12 years, the highest Piotroski F-Score of SingAsia Holdings was 8. The lowest was 2. And the median was 4.
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.
SingAsia Holdings Piotroski F-Score Related Terms
SingAsia Holdings Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for SingAsia 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:08293 vs KFY, RHI, TNET: Piotroski F-Score Comparison
For the Staffing & Employment Services subindustry, SingAsia 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.
SingAsia Holdings Piotroski F-Score vs Business Services Industry
For the Business Services industry and Industrials sector, SingAsia Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where SingAsia 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.
SingAsia Holdings's current Net Income (TTM) was -6.92.
==> 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.
SingAsia Holdings's return on assets of this year was -0.16403195. SingAsia Holdings's return on assets of last year was -0.43313934.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
SingAsia Holdings's gearing of this year was 0.01475553. SingAsia Holdings's gearing of last year was 0.05843642.
==> 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
SingAsia Holdings's current ratio of this year was 1.15121694. SingAsia Holdings's current ratio of last year was 1.41298012.
==> 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.
SingAsia Holdings's number of shares in issue this year was 215.04. SingAsia Holdings's number of shares in issue last year was 83.483.
==> 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.
SingAsia Holdings's gross margin of this year was 0.16648641. SingAsia Holdings's gross margin of last year was 0.24490367.
==> 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
SingAsia Holdings's asset turnover of this year was 1.77505747. SingAsia Holdings's asset turnover of last year was 1.63124501.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
SingAsia Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
SingAsia Holdings (HKSE:08293) has a Piotroski F-Score of 3 as of Jul. 31, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on SingAsia Holdings and its competitors. This is 25% below median its historical median of 4.00. Over the past decade, SingAsia Holdings' Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, SingAsia Holdings ranks #907 out of 1065 companies in the Business Services industry, placing it in the top 85.2%.
Is SingAsia Holdings' Piotroski F-Score too high?
SingAsia Holdings' current Piotroski F-Score of 3 is 25% below median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 8.00. The Business Services industry median Piotroski F-Score is 5.00. SingAsia Holdings' value of 3 is 40% below this industry median. Based on the distribution chart, SingAsia Holdings ranks #907 out of 1065 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, SingAsia Holdings has a GF Score™ of 35/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SingAsia Holdings' Piotroski F-Score compare to KFY and RHI?
According to the Business Services industry distribution chart, SingAsia Holdings ranks #907 out of 1065 companies for Piotroski F-Score. This places SingAsia Holdings in the lower half of its industry. The industry median Piotroski F-Score is 5.00. SingAsia Holdings' value of 3 is 40% below this benchmark. Historically, SingAsia 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 4.00 vs. the industry median of 5.00, SingAsia 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 Business Services company?
The median Piotroski F-Score among Business Services companies is 5.00, based on 1,065 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. SingAsia Holdings's current Piotroski F-Score of 3 is 40% 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 SingAsia Holdings and its competitors. For the Business Services 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. SingAsia Holdings's current Piotroski F-Score is 3, which is 25% below median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SingAsia Holdings stock overvalued right now?
Based on GuruFocus' analysis, SingAsia Holdings (HKSE:08293) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.03, compared to a current price of HK$0.10 — trading 246.7% above its estimated fair value. The current Piotroski F-Score is 3, which is 25% below median its 10-year median of 4.00 and 40% below the Business Services industry median of 5.00. SingAsia Holdings' overall GF Score™ is 35/100 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 SingAsia Holdings (HKSE:08293), the current Piotroski F-Score is 3 as of Jul. 31, 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 SingAsia Holdings (HKSE:08293) Overvalued in 2026?
Based on GuruFocus' analysis, SingAsia Holdings stock appears to be overvalued.
The current stock price of HK$0.10 is trading 246.7% above its estimated GF Value™ of HK$0.03.
GuruFocus considers SingAsia Holdings to be Significantly Overvalued.
Key valuation signals for HKSE:08293:
Piotroski F-Score: 3 (25% below median its 10-year median of 4.00)
GF Value™: HK$0.03 vs. price of HK$0.10 (246.7% above fair value)
Industry Position: 40% below the Business Services median (#907 of 1065)
No single metric tells the full story. See the HKSE:08293 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
SingAsia Holdings Ltd provides specialised workforce solutions, offering manpower outsourcing and recruitment services in Singapore, and corporate development and training services in Hong Kong. The Group supports the hotel and resort, retail, food and beverage, and other sectors, including event organisers, facility management, and various industries across Singapore and Hong Kong. Revenue is generated from manpower outsourcing, recruitment, and corporate development and training services, with operations in both markets and maximum revenue from Singapore. The Group also acts as a one-stop workforce solutions provider, helping customers streamline operations through reliable staffing, HR support, and training services.
35GF Score
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