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Hangzhou SF Intra-City Industrial Co (HKSE:09699) 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.
Hangzhou SF Intra-City Industrial Co Piotroski F-Score Related Terms
Hangzhou SF Intra-City Industrial 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.
Hangzhou SF Intra-City Industrial Co Piotroski F-Score Chart
HKSE:09699 vs UPS, FDX, JBHT: Piotroski F-Score Comparison
For the Integrated Freight & Logistics subindustry, Hangzhou SF Intra-City Industrial 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.
Hangzhou SF Intra-City Industrial Co Piotroski F-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Hangzhou SF Intra-City Industrial Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Hangzhou SF Intra-City Industrial Co'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.
Hangzhou SF Intra-City Industrial Co's current Net Income (TTM) was 307.
==> 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.
Hangzhou SF Intra-City Industrial Co's current Cash Flow from Operations (TTM) was 436.
==> 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.
Hangzhou SF Intra-City Industrial Co's return on assets of this year was 0.06153586. Hangzhou SF Intra-City Industrial Co's return on assets of last year was 0.03078763.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Hangzhou SF Intra-City Industrial Co's gearing of this year was 0.00320732. Hangzhou SF Intra-City Industrial Co's gearing of last year was 0.00203752.
==> 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
Hangzhou SF Intra-City Industrial Co's current ratio of this year was 2.28749434. Hangzhou SF Intra-City Industrial Co's current ratio of last year was 2.51263834.
==> 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.
Hangzhou SF Intra-City Industrial Co's number of shares in issue this year was 920.549. Hangzhou SF Intra-City Industrial Co's number of shares in issue last year was 913.443.
==> 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.
Hangzhou SF Intra-City Industrial Co's gross margin of this year was 0.0630836. Hangzhou SF Intra-City Industrial Co's gross margin of last year was 0.06804839.
==> 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
Hangzhou SF Intra-City Industrial Co's asset turnover of this year was 5.07380745. Hangzhou SF Intra-City Industrial Co's asset turnover of last year was 3.65985245.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Hangzhou SF Intra-City Industrial Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Hangzhou SF Intra-City Industrial Co (HKSE:09699) has a Piotroski F-Score of 5 as of Aug. 09, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Hangzhou SF Intra-City Industrial Co and its competitors. This is 29% below median its historical median of 7.00. Over the past decade, Hangzhou SF Intra-City Industrial Co's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Hangzhou SF Intra-City Industrial Co ranks #511 out of 980 companies in the Transportation industry, placing it in the top 52.1%.
Is Hangzhou SF Intra-City Industrial Co's Piotroski F-Score too high?
Hangzhou SF Intra-City Industrial Co's current Piotroski F-Score of 5 is 29% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Transportation industry median Piotroski F-Score is 6.00. Hangzhou SF Intra-City Industrial Co's value of 5 is 16.7% below this industry median. Based on the distribution chart, Hangzhou SF Intra-City Industrial Co ranks #511 out of 980 companies in the Transportation industry, which is below the industry midpoint. Overall, Hangzhou SF Intra-City Industrial Co has a GF Score™ of 74/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Hangzhou SF Intra-City Industrial Co's Piotroski F-Score compare to UPS and FDX?
According to the Transportation industry distribution chart, Hangzhou SF Intra-City Industrial Co ranks #511 out of 980 companies for Piotroski F-Score. This places Hangzhou SF Intra-City Industrial Co in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Hangzhou SF Intra-City Industrial Co's value of 5 is 16.7% below this benchmark. Historically, Hangzhou SF Intra-City Industrial Co's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 6.00, Hangzhou SF Intra-City Industrial Co 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 Transportation company?
The median Piotroski F-Score among Transportation companies is 6.00, based on 980 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. Hangzhou SF Intra-City Industrial Co's current Piotroski F-Score of 5 is 16.7% 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 Hangzhou SF Intra-City Industrial Co and its competitors. For the Transportation industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hangzhou SF Intra-City Industrial Co's current Piotroski F-Score is 5, which is 29% 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 Hangzhou SF Intra-City Industrial Co stock overvalued right now?
Based on GuruFocus' analysis, Hangzhou SF Intra-City Industrial Co (HKSE:09699) is currently considered Significantly Undervalued. The stock's GF Value™ is HK$20.40, compared to a current price of HK$8.14 — trading 60.1% below its estimated fair value. The current Piotroski F-Score is 5, which is 29% below median its 10-year median of 7.00 and 16.7% below the Transportation industry median of 6.00. Hangzhou SF Intra-City Industrial Co's overall GF Score™ is 74/100. 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 Hangzhou SF Intra-City Industrial Co (HKSE:09699), the current Piotroski F-Score is 5 as of Aug. 09, 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 Hangzhou SF Intra-City Industrial Co (HKSE:09699) Overvalued in 2026?
Based on GuruFocus' analysis, Hangzhou SF Intra-City Industrial Co stock appears to be undervalued.
The current stock price of HK$8.14 is trading 60.1% below its estimated GF Value™ of HK$20.40.
GuruFocus considers Hangzhou SF Intra-City Industrial Co to be Significantly Undervalued.
Key valuation signals for HKSE:09699:
Piotroski F-Score: 5 (29% below median its 10-year median of 7.00)
GF Value™: HK$20.40 vs. price of HK$8.14 (60.1% below fair value)
Industry Position: 16.7% below the Transportation median (#511 of 980)
No single metric tells the full story. See the HKSE:09699 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hangzhou SF Intra-City Industrial Co Ltd is a third-party instant distribution platform in China. It serves brand customers, small and medium-sized merchants, and individual users, providing integrated real-time logistics solutions for commercial distribution, daily pickup and delivery, and others. The company generates almost all of its revenue from Intra-city on-demand delivery service.
74GF 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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