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True Partner Capital Holding (HKSE:08657) 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.
True Partner Capital Holding Piotroski F-Score Related Terms
True Partner Capital Holding 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.
True Partner Capital Holding Piotroski F-Score Chart
HKSE:08657 vs BLK, BX, KKR: Piotroski F-Score Comparison
For the Asset Management subindustry, True Partner Capital Holding'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.
True Partner Capital Holding Piotroski F-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, True Partner Capital Holding's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where True Partner Capital Holding'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.
True Partner Capital Holding's current Net Income (TTM) was -33.94.
==> 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.
True Partner Capital Holding's current Cash Flow from Operations (TTM) was -22.65.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
True Partner Capital Holding's return on assets of this year was -0.63760709. True Partner Capital Holding's return on assets of last year was -0.45899809.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
True Partner Capital Holding's gearing of this year was 0. True Partner Capital Holding's gearing of last year was 0.
==> 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
True Partner Capital Holding's current ratio of this year was 6.45034519. True Partner Capital Holding's current ratio of last year was 7.1547251.
==> 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.
True Partner Capital Holding's number of shares in issue this year was 416.562. True Partner Capital Holding's number of shares in issue last year was 400.
==> 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.
True Partner Capital Holding's gross margin of this year was 0.92636689. True Partner Capital Holding's gross margin of last year was 0.90017406.
==> 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
True Partner Capital Holding's asset turnover of this year was 0.16253946. True Partner Capital Holding's asset turnover of last year was 0.09242226.
==> 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
True Partner Capital Holding has an F-score of 4 indicating the company's financial situation is typical for a stable company.
True Partner Capital Holding (HKSE:08657) has a Piotroski F-Score of 4 as of Aug. 07, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on True Partner Capital Holding and its competitors. This is near median its historical median of 4.00. Over the past decade, True Partner Capital Holding's Piotroski F-Score has ranged from 3.00 to 7.00. According to the industry distribution chart, True Partner Capital Holding ranks #925 out of 1591 companies in the Asset Management industry, placing it in the top 58.1%.
Is True Partner Capital Holding's Piotroski F-Score too high?
True Partner Capital Holding's current Piotroski F-Score of 4 is near median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 7.00. The Asset Management industry median Piotroski F-Score is 5.00. True Partner Capital Holding's value of 4 is 20% below this industry median. Based on the distribution chart, True Partner Capital Holding ranks #925 out of 1591 companies in the Asset Management industry, which is below the industry midpoint. Overall, True Partner Capital Holding has a GF Score™ of 34/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does True Partner Capital Holding's Piotroski F-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, True Partner Capital Holding ranks #925 out of 1591 companies for Piotroski F-Score. This places True Partner Capital Holding in the lower half of its industry. The industry median Piotroski F-Score is 5.00. True Partner Capital Holding's value of 4 is 20% below this benchmark. Historically, True Partner Capital Holding's own Piotroski F-Score has ranged from 3.00 to 7.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, True Partner Capital Holding 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 an Asset Management company?
The median Piotroski F-Score among Asset Management companies is 5.00, based on 1,591 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. True Partner Capital Holding'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 True Partner Capital Holding and its competitors. For the Asset Management 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. True Partner Capital Holding's current Piotroski F-Score is 4, which is near 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 True Partner Capital Holding stock overvalued right now?
Based on GuruFocus' analysis, True Partner Capital Holding (HKSE:08657) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$0.27, compared to a current price of HK$0.31 — trading 14.8% above its estimated fair value. The current Piotroski F-Score is 4, which is near median its 10-year median of 4.00 and 20% below the Asset Management industry median of 5.00. True Partner Capital Holding's overall GF Score™ is 34/100 with 2 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 True Partner Capital Holding (HKSE:08657), the current Piotroski F-Score is 4 as of Aug. 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 True Partner Capital Holding (HKSE:08657) Overvalued in 2026?
Based on GuruFocus' analysis, True Partner Capital Holding stock appears to be overvalued.
The current stock price of HK$0.31 is trading 14.8% above its estimated GF Value™ of HK$0.27.
GuruFocus considers True Partner Capital Holding to be Modestly Overvalued.
Key valuation signals for HKSE:08657:
Piotroski F-Score: 4 (near median its 10-year median of 4.00)
GF Value™: HK$0.27 vs. price of HK$0.31 (14.8% above fair value)
Industry Position: 20% below the Asset Management median (#925 of 1591)
No single metric tells the full story. See the HKSE:08657 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
True Partner Capital Holding Ltd is an investment holding company. Through its subsidiaries, it is principally engaged in the fund management business, derivative trading, and providing consultancy services. The Group trades in listed derivatives across different financial markets to generate uncorrelated returns for its clients and investors, with an emphasis on outperformance in times of market turmoil, and also provides specifically engineered solutions for qualified investors seeking to optimize the risk-reward profile of their portfolios. Its operating segments are: Asset management and consultancy services, which generate maximum revenue, and Derivative trading. Geographically, the Group generates maximum revenue from Hong Kong and the rest from Chicago.
34GF Score
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