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Horizon Construction Development (HKSE:09930) 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.
Horizon Construction Development Piotroski F-Score Related Terms
Horizon Construction Development 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.
Horizon Construction Development Piotroski F-Score Chart
HKSE:09930 vs URI, SUNB, AER: Piotroski F-Score Comparison
For the Rental & Leasing Services subindustry, Horizon Construction Development'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.
Horizon Construction Development Piotroski F-Score vs Business Services Industry
For the Business Services industry and Industrials sector, Horizon Construction Development's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Horizon Construction Development'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.
Horizon Construction Development's current Net Income (TTM) was 162.
==> 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.
Horizon Construction Development's current Cash Flow from Operations (TTM) was 4,505.
==> 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.
Horizon Construction Development's return on assets of this year was 0.00417401. Horizon Construction Development's return on assets of last year was 0.02800956.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Horizon Construction Development's gearing of this year was 0.37542197. Horizon Construction Development's gearing of last year was 0.43276371.
==> 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
Horizon Construction Development's current ratio of this year was 1.09730149. Horizon Construction Development's current ratio of last year was 1.20286059.
==> 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.
Horizon Construction Development's number of shares in issue this year was 3134.062. Horizon Construction Development's number of shares in issue last year was 3176.376.
==> 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.
Horizon Construction Development's gross margin of this year was 0.26353088. Horizon Construction Development's gross margin of last year was 0.32592835.
==> 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
Horizon Construction Development's asset turnover of this year was 0.26579433. Horizon Construction Development's asset turnover of last year was 0.36190162.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Horizon Construction Development has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Horizon Construction Development (HKSE:09930) has a Piotroski F-Score of 5 as of Aug. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Horizon Construction Development and its competitors. This is 17% below median its historical median of 6.00. Over the past decade, Horizon Construction Development's Piotroski F-Score has ranged from 5.00 to 7.00. According to the industry distribution chart, Horizon Construction Development ranks #520 out of 1061 companies in the Business Services industry, placing it in the top 49%.
Is Horizon Construction Development's Piotroski F-Score too high?
Horizon Construction Development's current Piotroski F-Score of 5 is 17% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 5.00 to a high of 7.00. The Business Services industry median Piotroski F-Score is 5.00. Horizon Construction Development's value of 5 is 0% at this industry median. Based on the distribution chart, Horizon Construction Development ranks #520 out of 1061 companies in the Business Services industry, which is above the industry midpoint. Overall, Horizon Construction Development has a GF Score™ of 82/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Horizon Construction Development's Piotroski F-Score compare to URI and SUNB?
According to the Business Services industry distribution chart, Horizon Construction Development ranks #520 out of 1061 companies for Piotroski F-Score. This puts Horizon Construction Development in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Horizon Construction Development's value of 5 is 0% at this benchmark. Historically, Horizon Construction Development's own Piotroski F-Score has ranged from 5.00 to 7.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Horizon Construction Development has consistently been at 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 1,061 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. Horizon Construction Development's current Piotroski F-Score of 5 is 0% at 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 Horizon Construction Development 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. Horizon Construction Development's current Piotroski F-Score is 5, which is 17% below median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Horizon Construction Development stock overvalued right now?
Based on GuruFocus' analysis, Horizon Construction Development (HKSE:09930) is currently considered Possible Value Trap. The stock's GF Value™ is HK$1.20, compared to a current price of HK$0.74 — trading 38.8% below its estimated fair value. The current Piotroski F-Score is 5, which is 17% below median its 10-year median of 6.00 and 0% at the Business Services industry median of 5.00. Horizon Construction Development's overall GF Score™ is 82/100 with 9 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 Horizon Construction Development (HKSE:09930), the current Piotroski F-Score is 5 as of Aug. 26, 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 Horizon Construction Development (HKSE:09930) Overvalued in 2026?
Based on GuruFocus' analysis, Horizon Construction Development stock appears to be undervalued.
The current stock price of HK$0.74 is trading 38.8% below its estimated GF Value™ of HK$1.20.
GuruFocus considers Horizon Construction Development to be Possible Value Trap.
Key valuation signals for HKSE:09930:
Piotroski F-Score: 5 (17% below median its 10-year median of 6.00)
GF Value™: HK$1.20 vs. price of HK$0.74 (38.8% below fair value)
Industry Position: 0% at the Business Services median (#520 of 1061)
No single metric tells the full story. See the HKSE:09930 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Horizon Construction Development Ltd is an equipment operation service provider. The Group is committed to providing one-stop comprehensive solutions of products and services for domestic and overseas clients in the construction and industrial sectors. The company has three reportable operating segments, Operating lease services, Engineering and technical services, and Asset management and other services. A majority of its revenue is generated from the Operating lease services segment that includes aerial work platform, neo-excavation support system, neo-formwork system and other equipment.
82GF Score
Get the complete analysis for HKSE:09930
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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