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IPA Investment Group JSCHSTC:IPA 85 Piotroski F-Score is 4 as of Jul. 14, 2026, which is 20% below its 10-year median of 5.00. GuruFocus rates HSTC:IPA with a GF Score™ of 85/100 and a GF Value™ of ₫23,275.23 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 785 Capital Markets companies, IPA Investment Group JSC ranks worse than 56.82% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
IPA Investment Group JSC has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for IPA Investment Group JSC's Piotroski F-Score or its related term are showing as below:
HSTC:IPA'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 5 Max: 8
Current: 4
During the past 8 years, the highest Piotroski F-Score of IPA Investment Group JSC was 8. The lowest was 2. And the median was 5.
IPA Investment Group JSC (HSTC:IPA) 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.
IPA Investment Group JSC Piotroski F-Score Related Terms
IPA Investment Group JSC 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.
HSTC:IPA vs MS, GS, SCHW: Piotroski F-Score Comparison
For the Capital Markets subindustry, IPA Investment Group JSC'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.
IPA Investment Group JSC Piotroski F-Score vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, IPA Investment Group JSC's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where IPA Investment Group JSC'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.
This Year (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 112764.616 + 299804.102 + 43191.809 + 95418.206 = ₫551,179 Mil. Cash Flow from Operations was 124673.125 + -82551.863 + -1794604.51 + 1430186.136 = ₫-322,297 Mil. Revenue was 84963.339 + 152866.195 + 246494.482 + 124481.746 = ₫608,806 Mil. Gross Profit was 38665.072 + 74212.603 + 132720.461 + 47412.96 = ₫293,011 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(8675300.259 + 8969333.614 + 9307979.125 + 11233261.025 + 10823630.728) / 5 = ₫9801900.9502 Mil. Total Assets at the begining of this year (Mar25) was ₫8,675,300 Mil. Long-Term Debt & Capital Lease Obligation was ₫5,049,929 Mil. Total Current Assets was ₫2,252,609 Mil. Total Current Liabilities was ₫721,024 Mil.
Net Income was 65939.325 + 122552.37 + 122339.666 + 17844.854 = ₫328,676 Mil.
Revenue was 163477.097 + 120218.56 + 190809.528 + 105668.049 = ₫580,173 Mil. Gross Profit was 86567.364 + 53255.65 + 112472.807 + 44783.629 = ₫297,079 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(8907721.256 + 8714592.565 + 8675866.294 + 8671128.834 + 8675300.259) / 5 = ₫8728921.8416 Mil. Total Assets at the begining of last year (Mar24) was ₫8,907,721 Mil. Long-Term Debt & Capital Lease Obligation was ₫3,660,891 Mil. Total Current Assets was ₫1,887,905 Mil. Total Current Liabilities was ₫324,285 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.
IPA Investment Group JSC's current Net Income (TTM) was 551,179.
==> 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.
IPA Investment Group JSC's current Cash Flow from Operations (TTM) was -322,297.
==> 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.
IPA Investment Group JSC's return on assets of this year was 0.06353425. IPA Investment Group JSC's return on assets of last year was 0.0368979.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
IPA Investment Group JSC's gearing of this year was 0.51519892. IPA Investment Group JSC's gearing of last year was 0.41939782.
==> 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
IPA Investment Group JSC's current ratio of this year was 3.12418028. IPA Investment Group JSC's current ratio of last year was 5.8217385.
==> 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.
IPA Investment Group JSC's number of shares in issue this year was 213.836. IPA Investment Group JSC's number of shares in issue last year was 213.836.
==> 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.
IPA Investment Group JSC's gross margin of this year was 0.48128831. IPA Investment Group JSC's gross margin of last year was 0.51205301.
==> 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
IPA Investment Group JSC's asset turnover of this year was 0.07017691. IPA Investment Group JSC's asset turnover of last year was 0.0651315.
==> 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
IPA Investment Group JSC has an F-score of 4 indicating the company's financial situation is typical for a stable company.
IPA Investment Group JSC (HSTC:IPA) has a Piotroski F-Score of 4 as of Jul. 14, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on IPA Investment Group JSC and its competitors. This is 20% below median its historical median of 5.00. Over the past decade, IPA Investment Group JSC's Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, IPA Investment Group JSC ranks #446 out of 785 companies in the Capital Markets industry, placing it in the top 56.8%.
Is IPA Investment Group JSC's Piotroski F-Score too high?
IPA Investment Group JSC's current Piotroski F-Score of 4 is 20% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 8.00. The Capital Markets industry median Piotroski F-Score is 5.00. IPA Investment Group JSC's value of 4 is 20% below this industry median. Based on the distribution chart, IPA Investment Group JSC ranks #446 out of 785 companies in the Capital Markets industry, which is below the industry midpoint. Overall, IPA Investment Group JSC has a GF Score™ of 85/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does IPA Investment Group JSC's Piotroski F-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, IPA Investment Group JSC ranks #446 out of 785 companies for Piotroski F-Score. This places IPA Investment Group JSC in the lower half of its industry. The industry median Piotroski F-Score is 5.00. IPA Investment Group JSC's value of 4 is 20% below this benchmark. Historically, IPA Investment Group JSC's own Piotroski F-Score has ranged from 2.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, IPA Investment Group JSC 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 Capital Markets company?
The median Piotroski F-Score among Capital Markets companies is 5.00, based on 785 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. IPA Investment Group JSC'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 IPA Investment Group JSC and its competitors. For the Capital Markets 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. IPA Investment Group JSC's current Piotroski F-Score is 4, which is 20% below median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IPA Investment Group JSC stock overvalued right now?
Based on GuruFocus' analysis, IPA Investment Group JSC (HSTC:IPA) is currently considered Possible Value Trap. The stock's GF Value™ is ₫23,275.23, compared to a current price of ₫15,200.00 — trading 34.7% below its estimated fair value. The current Piotroski F-Score is 4, which is 20% below median its 10-year median of 5.00 and 20% below the Capital Markets industry median of 5.00. IPA Investment Group JSC's overall GF Score™ is 85/100 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 IPA Investment Group JSC (HSTC:IPA), the current Piotroski F-Score is 4 as of Jul. 14, 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 IPA Investment Group JSC (HSTC:IPA) Overvalued in 2026?
Based on GuruFocus' analysis, IPA Investment Group JSC stock appears to be undervalued.
The current stock price of ₫15,200.00 is trading 34.7% below its estimated GF Value™ of ₫23,275.23.
GuruFocus considers IPA Investment Group JSC to be Possible Value Trap.
Key valuation signals for HSTC:IPA:
Piotroski F-Score: 4 (20% below median its 10-year median of 5.00)
GF Value™: ₫23,275.23 vs. price of ₫15,200.00 (34.7% below fair value)
Industry Position: 20% below the Capital Markets median (#446 of 785)
No single metric tells the full story. See the HSTC:IPA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
IPA Investment Group JSC is a multi-sector investment group building and operating a business ecosystem under the Capability Bank model. It operates diversified business lines directly and/or through subsidiaries, associated companies, and enterprises within the IPA Group ecosystem in Vietnam. The Group's operating business segments are: Financial Services, Investment, Commercial electricity production, Business solutions, F&B, and Others: other services, real estate, goods, etc. The majority of its revenue is derived from its Business solutions and Commercial electricity production segments. These segments offer technology and digital solutions to businesses and engage in construction investment, power facilities development, and the trading of commercial electricity.
85GF Score
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