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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.
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.
Vietnam Machinery Installation - JSC Piotroski F-Score Related Terms
Vietnam Machinery Installation - 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:LLM vs PWR, FIX, EME: Piotroski F-Score Comparison
For the Engineering & Construction subindustry, Vietnam Machinery Installation - 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.
Vietnam Machinery Installation - JSC Piotroski F-Score vs Construction Industry
For the Construction industry and Industrials sector, Vietnam Machinery Installation - JSC's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Vietnam Machinery Installation - 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 (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 98203.56 + 161048.66 + 115912.222 + 490331.88 = ₫865,496 Mil. Cash Flow from Operations was -555377.516 + 265812.161 + 604671.433 + 683107.123 = ₫998,213 Mil. Revenue was 668249.902 + 1712928.125 + 900425.696 + 1184559.747 = ₫4,466,163 Mil. Gross Profit was 56612.582 + 96497.87 + 155314.067 + 432019.998 = ₫740,445 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(0 + 7479174.368 + 7353839.93 + 7143350.781 + 8389294.013) / 5 = ₫7591414.773 Mil. Total Assets at the begining of this year (Jun25) was ₫0 Mil. Long-Term Debt & Capital Lease Obligation was ₫58 Mil. Total Current Assets was ₫7,567,787 Mil. Total Current Liabilities was ₫5,600,508 Mil.
Net Income was 14928.131 + 19732.137 + 51898.293 + 27108.92 = ₫113,667 Mil.
Revenue was 1747853.248 + 1008207.675 + 2326760.129 + 717743.316 = ₫5,800,564 Mil. Gross Profit was 87663.839 + -95186.662 + 46455.698 + 43817.834 = ₫82,751 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Jun25) was
(6102477.708 + 6567315.34 + 6116540.525 + 7786871.128 + 0) / 5 = ₫6643301.17525 Mil. Total Assets at the begining of last year (Mar24) was ₫6,102,478 Mil. Long-Term Debt & Capital Lease Obligation was ₫0 Mil. Total Current Assets was ₫0 Mil. Total Current Liabilities was ₫0 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.
Vietnam Machinery Installation - JSC's current Net Income (TTM) was 865,496.
==> 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.
Vietnam Machinery Installation - JSC's current Cash Flow from Operations (TTM) was 998,213.
==> 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.
Vietnam Machinery Installation - JSC's return on assets of this year was . Vietnam Machinery Installation - JSC's return on assets of last year was 0.01862645.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Vietnam Machinery Installation - JSC's gearing of this year was 7.69E-6. Vietnam Machinery Installation - JSC's gearing of last year was 0.
==> 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
Vietnam Machinery Installation - JSC's current ratio of this year was 1.35126793. Vietnam Machinery Installation - JSC's current ratio of last year was .
==> 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.
Vietnam Machinery Installation - JSC's number of shares in issue this year was 79.729. Vietnam Machinery Installation - JSC's number of shares in issue last year was 79.732.
==> 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.
Vietnam Machinery Installation - JSC's gross margin of this year was 0.16578984. Vietnam Machinery Installation - JSC's gross margin of last year was 0.01426598.
==> 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
Vietnam Machinery Installation - JSC's asset turnover of this year was . Vietnam Machinery Installation - JSC's asset turnover of last year was 0.95052611.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
+
0
+
1
+
0
+
1
+
1
+
1
+
0
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Vietnam Machinery Installation - JSC has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Is Vietnam Machinery Installation - JSC (HSTC:LLM) Overvalued in 2026?
Based on GuruFocus' analysis, Vietnam Machinery Installation - JSC stock appears to be overvalued.
The current stock price of ₫36,300.00 is trading 156.4% above its estimated GF Value™ of ₫14,158.66.
GuruFocus considers Vietnam Machinery Installation - JSC to be Significantly Overvalued.
Key valuation signals for HSTC:LLM:
Piotroski F-Score: N/A
GF Value™: ₫14,158.66 vs. price of ₫36,300.00 (156.4% above fair value)
No single metric tells the full story. See the HSTC:LLM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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