Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Circuit Fabology Microelectronics Equipment Co (HKSE:09630) 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.
Circuit Fabology Microelectronics Equipment Co Piotroski F-Score Related Terms
Circuit Fabology Microelectronics Equipment 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.
Circuit Fabology Microelectronics Equipment Co Piotroski F-Score Chart
Circuit Fabology Microelectronics Equipment Co Annual Data
HKSE:09630 vs APH, GLW, TEL: Piotroski F-Score Comparison
For the Electronic Components subindustry, Circuit Fabology Microelectronics Equipment 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.
Circuit Fabology Microelectronics Equipment Co Piotroski F-Score vs Hardware Industry
* 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.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 62.049 + 100.664 + 123.093 + 200.132 = HK$486 Mil. Cash Flow from Operations was 75.984 + 140.945 + 186.88 + 146.861 = HK$551 Mil. Revenue was 305.084 + 524.321 + 584.528 + 683.368 = HK$2,097 Mil. Gross Profit was 128.591 + 190.667 + 239.331 + 306.639 = HK$865 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(3231.612 + 3351.096 + 3443.047 + 3875.139 + 7509.762) / 5 = HK$4282.1312 Mil. Total Assets at the begining of this year (Jun25) was HK$3,232 Mil. Long-Term Debt & Capital Lease Obligation was HK$1 Mil. Total Current Assets was HK$6,936 Mil. Total Current Liabilities was HK$1,359 Mil.
Net Income was 59.877 + 5.999 + 55.613 + 98.557 = HK$220 Mil.
*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.
Circuit Fabology Microelectronics Equipment Co's current Net Income (TTM) was 486.
==> 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.
Circuit Fabology Microelectronics Equipment Co's current Cash Flow from Operations (TTM) was 551.
==> 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.
Circuit Fabology Microelectronics Equipment Co's return on assets of this year was 0.15037016. Circuit Fabology Microelectronics Equipment Co's return on assets of last year was 0.07901942.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Circuit Fabology Microelectronics Equipment Co's gearing of this year was 0.00032087. Circuit Fabology Microelectronics Equipment Co's gearing of last year was 0.0003526.
==> 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
Circuit Fabology Microelectronics Equipment Co's current ratio of this year was 5.10510798. Circuit Fabology Microelectronics Equipment Co's current ratio of last year was 3.5013026.
==> 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.
Circuit Fabology Microelectronics Equipment Co's number of shares in issue this year was 132.406. Circuit Fabology Microelectronics Equipment Co's number of shares in issue last year was 130.033.
==> 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.
Circuit Fabology Microelectronics Equipment Co's gross margin of this year was 0.41254355. Circuit Fabology Microelectronics Equipment Co's gross margin of last year was 0.38003584.
==> 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
Circuit Fabology Microelectronics Equipment Co's asset turnover of this year was 0.6489953. Circuit Fabology Microelectronics Equipment Co's asset turnover of last year was 0.45167536.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
+
1
+
1
+
1
+
1
+
0
+
1
+
1
=
8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Circuit Fabology Microelectronics Equipment Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Circuit Fabology Microelectronics Equipment Co (HKSE:09630) has a Piotroski F-Score of 8 as of Aug. 31, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Circuit Fabology Microelectronics Equipment Co and its competitors. This is 100% above median its historical median of 4.00. Over the past decade, Circuit Fabology Microelectronics Equipment Co's Piotroski F-Score has ranged from 1.00 to 8.00. According to the industry distribution chart, Circuit Fabology Microelectronics Equipment Co ranks #32 out of 2445 companies in the Hardware industry, placing it in the top 1.3%.
Is Circuit Fabology Microelectronics Equipment Co's Piotroski F-Score too high?
Circuit Fabology Microelectronics Equipment Co's current Piotroski F-Score of 8 is 100% above median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 8.00. The Hardware industry median Piotroski F-Score is 5.00. Circuit Fabology Microelectronics Equipment Co's value of 8 is 60% above this industry median. Based on the distribution chart, Circuit Fabology Microelectronics Equipment Co ranks #32 out of 2445 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Circuit Fabology Microelectronics Equipment Co has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Circuit Fabology Microelectronics Equipment Co's Piotroski F-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Circuit Fabology Microelectronics Equipment Co ranks #32 out of 2445 companies for Piotroski F-Score. This places Circuit Fabology Microelectronics Equipment Co in the top 1% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Circuit Fabology Microelectronics Equipment Co's value of 8 is 60% above this benchmark. Historically, Circuit Fabology Microelectronics Equipment Co's own Piotroski F-Score has ranged from 1.00 to 8.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, Circuit Fabology Microelectronics Equipment 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 a Hardware company?
The median Piotroski F-Score among Hardware companies is 5.00, based on 2,445 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. Circuit Fabology Microelectronics Equipment 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 Circuit Fabology Microelectronics Equipment Co and its competitors. For the Hardware 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. Circuit Fabology Microelectronics Equipment Co's current Piotroski F-Score is 8, which is 100% above 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 Circuit Fabology Microelectronics Equipment Co stock overvalued right now?
Based on GuruFocus' analysis, Circuit Fabology Microelectronics Equipment Co (HKSE:09630) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$158.22, compared to a current price of HK$342.00 — trading 116.2% above its estimated fair value. The current Piotroski F-Score is 8, which is 100% above median its 10-year median of 4.00 and 60% above the Hardware industry median of 5.00. Circuit Fabology Microelectronics Equipment Co's overall GF Score™ is 62/100 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 Circuit Fabology Microelectronics Equipment Co (HKSE:09630), the current Piotroski F-Score is 8 as of Aug. 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 Circuit Fabology Microelectronics Equipment Co (HKSE:09630) Overvalued in 2026?
Based on GuruFocus' analysis, Circuit Fabology Microelectronics Equipment Co stock appears to be overvalued.
The current stock price of HK$342.00 is trading 116.2% above its estimated GF Value™ of HK$158.22.
GuruFocus considers Circuit Fabology Microelectronics Equipment Co to be Significantly Overvalued.
Key valuation signals for HKSE:09630:
Piotroski F-Score: 8 (100% above median its 10-year median of 4.00)
GF Value™: HK$158.22 vs. price of HK$342.00 (116.2% above fair value)
Industry Position: 60% above the Hardware median (#32 of 2445)
No single metric tells the full story. See the HKSE:09630 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Circuit Fabology Microelectronics Equipment Co Ltd specializes in micro-nano direct writing, research and development and production of direct imaging equipment and direct-write lithography equipment with lithography as the core technology. The main products and services include printed circuit board direct imaging equipment and automatic line systems, pan-semiconductor direct writing lithography equipment and automatic line systems, and other laser direct imaging equipment.
62GF Score
Get the complete analysis for HKSE:09630
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
HKSE:09630 has been successfully added to your 
