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PT Akasha Wira International Tbk (ISX:ADES) 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.
PT Akasha Wira International Tbk Piotroski F-Score Related Terms
PT Akasha Wira International Tbk 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.
PT Akasha Wira International Tbk Piotroski F-Score Chart
ISX:ADES vs KO, PEP, MNST: Piotroski F-Score Comparison
For the Beverages - Non-Alcoholic subindustry, PT Akasha Wira International Tbk'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.
PT Akasha Wira International Tbk Piotroski F-Score vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, PT Akasha Wira International Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Akasha Wira International Tbk'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 171985 + 253116 + 255528 + 274698 = Rp955,327 Mil. Cash Flow from Operations was 133398 + 178912 + 196656 + 112302 = Rp621,268 Mil. Revenue was 662049 + 878594 + 942040 + 1085124 = Rp3,567,807 Mil. Gross Profit was 334229 + 483122 + 489192 + 527790 = Rp1,834,333 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(3091265 + 3266640 + 3568781 + 3941401 + 4352224) / 5 = Rp3644062.2 Mil. Total Assets at the begining of this year (Jun25) was Rp3,091,265 Mil. Long-Term Debt & Capital Lease Obligation was Rp0 Mil. Total Current Assets was Rp2,593,449 Mil. Total Current Liabilities was Rp766,225 Mil.
Net Income was 116068 + 177267 + 146210 + 170269 = Rp609,814 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.
PT Akasha Wira International Tbk's current Net Income (TTM) was 955,327.
==> 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.
PT Akasha Wira International Tbk's current Cash Flow from Operations (TTM) was 621,268.
==> 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.
PT Akasha Wira International Tbk's return on assets of this year was 0.3090408. PT Akasha Wira International Tbk's return on assets of last year was 0.26423124.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
PT Akasha Wira International Tbk's gearing of this year was 0. PT Akasha Wira International Tbk's gearing of last year was 0.
==> 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
PT Akasha Wira International Tbk's current ratio of this year was 3.38470945. PT Akasha Wira International Tbk's current ratio of last year was 4.02060937.
==> 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.
PT Akasha Wira International Tbk's number of shares in issue this year was 589.897. PT Akasha Wira International Tbk's number of shares in issue last year was 589.897.
==> 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.
PT Akasha Wira International Tbk's gross margin of this year was 0.51413459. PT Akasha Wira International Tbk's gross margin of last year was 0.51642901.
==> 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
PT Akasha Wira International Tbk's asset turnover of this year was 1.1541576. PT Akasha Wira International Tbk's asset turnover of last year was 0.98591175.
==> 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
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Que. 9
=
1
+
1
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1
+
0
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1
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0
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1
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0
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1
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Akasha Wira International Tbk has an F-score of 6 indicating the company's financial situation is typical for a stable company.
PT Akasha Wira International Tbk (ISX:ADES) has a Piotroski F-Score of 6 as of Aug. 17, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on PT Akasha Wira International Tbk and its competitors. This is 14% below median its historical median of 7.00. Over the past decade, PT Akasha Wira International Tbk's Piotroski F-Score has ranged from 4.00 to 9.00. According to the industry distribution chart, PT Akasha Wira International Tbk ranks #36 out of 116 companies in the Beverages - Non-Alcoholic industry, placing it in the top 31%.
Is PT Akasha Wira International Tbk's Piotroski F-Score too high?
PT Akasha Wira International Tbk's current Piotroski F-Score of 6 is 14% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 9.00. The Beverages - Non-Alcoholic industry median Piotroski F-Score is 6.00. PT Akasha Wira International Tbk's value of 6 is 0% at this industry median. Based on the distribution chart, PT Akasha Wira International Tbk ranks #36 out of 116 companies in the Beverages - Non-Alcoholic industry, which is above the industry midpoint. Overall, PT Akasha Wira International Tbk has a GF Score™ of 71/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Akasha Wira International Tbk's Piotroski F-Score compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, PT Akasha Wira International Tbk ranks #36 out of 116 companies for Piotroski F-Score. This puts PT Akasha Wira International Tbk in the upper half of its industry. The industry median Piotroski F-Score is 6.00. PT Akasha Wira International Tbk's value of 6 is 0% at this benchmark. Historically, PT Akasha Wira International Tbk's own Piotroski F-Score has ranged from 4.00 to 9.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 6.00, PT Akasha Wira International Tbk 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 Beverages - Non-Alcoholic company?
The median Piotroski F-Score among Beverages - Non-Alcoholic companies is 6.00, based on 116 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. PT Akasha Wira International Tbk's current Piotroski F-Score of 6 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 PT Akasha Wira International Tbk and its competitors. For the Beverages - Non-Alcoholic 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. PT Akasha Wira International Tbk's current Piotroski F-Score is 6, which is 14% 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 PT Akasha Wira International Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Akasha Wira International Tbk (ISX:ADES) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp22,664.37, compared to a current price of Rp32,900.00 — trading 45.2% above its estimated fair value. The current Piotroski F-Score is 6, which is 14% below median its 10-year median of 7.00 and 0% at the Beverages - Non-Alcoholic industry median of 6.00. PT Akasha Wira International Tbk's overall GF Score™ is 71/100 with 3 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 PT Akasha Wira International Tbk (ISX:ADES), the current Piotroski F-Score is 6 as of Aug. 17, 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 PT Akasha Wira International Tbk (ISX:ADES) Overvalued in 2026?
Based on GuruFocus' analysis, PT Akasha Wira International Tbk stock appears to be overvalued.
The current stock price of Rp32,900.00 is trading 45.2% above its estimated GF Value™ of Rp22,664.37.
GuruFocus considers PT Akasha Wira International Tbk to be Significantly Overvalued.
Key valuation signals for ISX:ADES:
Piotroski F-Score: 6 (14% below median its 10-year median of 7.00)
GF Value™: Rp22,664.37 vs. price of Rp32,900.00 (45.2% above fair value)
Industry Position: 0% at the Beverages - Non-Alcoholic median (#36 of 116)
No single metric tells the full story. See the ISX:ADES stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Akasha Wira International Tbk is an Indonesia-based consumer products company engaged in the production and distribution of bottled drinking water, food and beverage products, and cosmetics. The company operates through two business segments: the Food and Beverages segment and the Cosmetic segment. The Food and Beverages segment is involved in the production and sale of bottled drinking water under the Nestle Pure Life and Vica Royal brands, flavored milk drinks, carbonated beverages, snack products, confectionery products, and ready-to-eat food products, including Korean-inspired products marketed under the Wonhae, FitmeUp, and Mujigae brands. The Cosmetic segment is engaged in the manufacturing and trading of cosmetic products. The company operates in Indonesia and foreign markets.
71GF Score
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