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PT Polychem Indonesia Tbk (ISX:ADMG) 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 Polychem Indonesia Tbk Piotroski F-Score Related Terms
PT Polychem Indonesia 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.
For the Chemicals subindustry, PT Polychem Indonesia 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 Polychem Indonesia Tbk Piotroski F-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, PT Polychem Indonesia Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Polychem Indonesia 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 17564.712 + -70203.342 + 32368.924 + 67242.881 = Rp46,973 Mil. Cash Flow from Operations was 40461.569 + -46846.781 + 19079.382 + 126835.159 = Rp139,529 Mil. Revenue was 639015.452 + 641553.629 + 549035.873 + 1049494.2 = Rp2,879,099 Mil. Gross Profit was 2773.376 + 4861.774 + 18740.795 + 60882.31 = Rp87,258 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(2629604.683 + 2665032.356 + 2548922.641 + 2651170.665 + 3234018.842) / 5 = Rp2745749.8374 Mil. Total Assets at the begining of this year (Jun25) was Rp2,629,605 Mil. Long-Term Debt & Capital Lease Obligation was Rp0 Mil. Total Current Assets was Rp1,538,255 Mil. Total Current Liabilities was Rp1,039,353 Mil.
Net Income was -32239.947 + -96872.374 + -16831.024 + 16537.471 = Rp-129,406 Mil.
Revenue was 391743.75 + 505817.795 + 568022.371 + 539294.434 = Rp2,004,878 Mil. Gross Profit was -15068.838 + 12315.508 + -3837.21 + 22963.273 = Rp16,373 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(2552468.672 + 2387060.441 + 2492735.775 + 2524933.631 + 2629604.683) / 5 = Rp2517360.6404 Mil. Total Assets at the begining of last year (Jun24) was Rp2,552,469 Mil. Long-Term Debt & Capital Lease Obligation was Rp930 Mil. Total Current Assets was Rp1,019,648 Mil. Total Current Liabilities was Rp665,560 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 Polychem Indonesia Tbk's current Net Income (TTM) was 46,973.
==> 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 Polychem Indonesia Tbk's current Cash Flow from Operations (TTM) was 139,529.
==> 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 Polychem Indonesia Tbk's return on assets of this year was 0.01786321. PT Polychem Indonesia Tbk's return on assets of last year was -0.05069832.
==> 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 Polychem Indonesia Tbk's gearing of this year was 0. PT Polychem Indonesia Tbk's gearing of last year was 0.00036928.
==> 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 Polychem Indonesia Tbk's current ratio of this year was 1.48001172. PT Polychem Indonesia Tbk's current ratio of last year was 1.532015.
==> 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 Polychem Indonesia Tbk's number of shares in issue this year was 3889.18. PT Polychem Indonesia Tbk's number of shares in issue last year was 3889.18.
==> 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 Polychem Indonesia Tbk's gross margin of this year was 0.03030749. PT Polychem Indonesia Tbk's gross margin of last year was 0.00816645.
==> 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
PT Polychem Indonesia Tbk's asset turnover of this year was 1.09487908. PT Polychem Indonesia Tbk's asset turnover of last year was 0.78546639.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
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Que. 2
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+
Que. 4
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8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Polychem Indonesia Tbk has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
PT Polychem Indonesia Tbk (ISX:ADMG) has a Piotroski F-Score of 8 as of Aug. 12, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on PT Polychem Indonesia Tbk and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, PT Polychem Indonesia Tbk's Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, PT Polychem Indonesia Tbk ranks #47 out of 1560 companies in the Chemicals industry, placing it in the top 3%.
Is PT Polychem Indonesia Tbk's Piotroski F-Score too high?
PT Polychem Indonesia Tbk's current Piotroski F-Score of 8 is 33% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Chemicals industry median Piotroski F-Score is 5.00. PT Polychem Indonesia Tbk's value of 8 is 60% above this industry median. Based on the distribution chart, PT Polychem Indonesia Tbk ranks #47 out of 1560 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, PT Polychem Indonesia Tbk has a GF Score™ of 56/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PT Polychem Indonesia Tbk's Piotroski F-Score compare to DOW?
According to the Chemicals industry distribution chart, PT Polychem Indonesia Tbk ranks #47 out of 1560 companies for Piotroski F-Score. This places PT Polychem Indonesia Tbk in the top 3% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. PT Polychem Indonesia Tbk's value of 8 is 60% above this benchmark. Historically, PT Polychem Indonesia Tbk's own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, PT Polychem Indonesia Tbk has consistently been above 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 Chemicals company?
The median Piotroski F-Score among Chemicals companies is 5.00, based on 1,560 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 Polychem Indonesia Tbk's current Piotroski F-Score of 8 is 60% above 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 Polychem Indonesia Tbk and its competitors. For the Chemicals 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. PT Polychem Indonesia Tbk's current Piotroski F-Score is 8, which is 33% above 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 PT Polychem Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Polychem Indonesia Tbk (ISX:ADMG) is currently considered Fairly Valued. The stock's GF Value™ is Rp235.26, compared to a current price of Rp256.00 — trading 8.8% above its estimated fair value. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 60% above the Chemicals industry median of 5.00. PT Polychem Indonesia Tbk's overall GF Score™ is 56/100 with 6 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 Polychem Indonesia Tbk (ISX:ADMG), the current Piotroski F-Score is 8 as of Aug. 12, 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 Polychem Indonesia Tbk (ISX:ADMG) Overvalued in 2026?
Based on GuruFocus' analysis, PT Polychem Indonesia Tbk stock appears to be overvalued.
The current stock price of Rp256.00 is trading 8.8% above its estimated GF Value™ of Rp235.26.
GuruFocus considers PT Polychem Indonesia Tbk to be Fairly Valued.
Key valuation signals for ISX:ADMG:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: Rp235.26 vs. price of Rp256.00 (8.8% above fair value)
Industry Position: 60% above the Chemicals median (#47 of 1560)
No single metric tells the full story. See the ISX:ADMG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AddressJalan Jend. Sudirman Kavling 1 RT.010 RW.009, Gedung Wisma 46-Kota BNI 20th Floor, Karet Tengsin Tanah Abang Kota Adm., Jakarta Pusat DKI, Jakarta, IDN, 10220
PT Polychem Indonesia Tbk is an Indonesia-based company that manufactures polyester chips, polyester filaments, engineering plastic, engineering resin, ethylene glycol, polyester staple fiber, and petrochemical. The company is also engaged in knitting, weaving, spinning, and textile manufacturing. The company's sales were made to Indonesia, Asia, and European countries. It has two segments: the Ethylene glycol and petrochemical segment, which derives key revenue, and the Polyester Segment.
56GF Score
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