Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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.
PT Equity Development Investment Tbk (ISX:GSMF) 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 Equity Development Investment Tbk Piotroski F-Score Related Terms
PT Equity Development Investment 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 Equity Development Investment Tbk Piotroski F-Score Chart
ISX:GSMF vs BRK.A, AIG, HIG: Piotroski F-Score Comparison
For the Insurance - Diversified subindustry, PT Equity Development Investment 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 Equity Development Investment Tbk Piotroski F-Score vs Insurance Industry
For the Insurance industry and Financial Services sector, PT Equity Development Investment Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Equity Development Investment 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 31280 + 12637 + -353 + -20964 = Rp22,600 Mil. Cash Flow from Operations was -60917 + -18514 + 25495 + -7896 = Rp-61,832 Mil. Revenue was 525057 + -38575 + 326688 + 55356 = Rp868,526 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(6068204 + 6072727 + 5565572 + 5548172 + 5915922) / 5 = Rp5834119.4 Mil. Total Assets at the begining of this year (Jun25) was Rp6,068,204 Mil. Long-Term Debt & Capital Lease Obligation was Rp476,110 Mil. Total Assets was Rp5,915,922 Mil. Total Liabilities was Rp3,280,441 Mil.
Net Income was 29712 + -19537 + -14686 + 24680 = Rp20,169 Mil.
Revenue was 300504 + -75850 + 276648 + 130875 = Rp632,177 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(5949722 + 5774607 + 5407188 + 5828735 + 6068204) / 5 = Rp5805691.2 Mil. Total Assets at the begining of last year (Jun24) was Rp5,949,722 Mil. Long-Term Debt & Capital Lease Obligation was Rp496,555 Mil. Total Assets was Rp6,068,204 Mil. Total Liabilities was Rp3,512,771 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 Equity Development Investment Tbk's current Net Income (TTM) was 22,600.
==> 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 Equity Development Investment Tbk's current Cash Flow from Operations (TTM) was -61,832.
==> 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.
PT Equity Development Investment Tbk's return on assets of this year was 0.00372433. PT Equity Development Investment Tbk's return on assets of last year was 0.00338991.
==> 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 Equity Development Investment Tbk's gearing of this year was 0.08160786. PT Equity Development Investment Tbk's gearing of last year was 0.08552901.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
PT Equity Development Investment Tbk's current ratio of this year was 1.80339229. PT Equity Development Investment Tbk's current ratio of last year was 1.72746928.
==> 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.
PT Equity Development Investment Tbk's number of shares in issue this year was 16683.23. PT Equity Development Investment Tbk's number of shares in issue last year was 14230.4.
==> There is larger number of shares in issue this year. ==> Score 0.
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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
PT Equity Development Investment Tbk's net margin of this year was 0.0260211. PT Equity Development Investment Tbk's net margin of last year was 0.03190404.
==> Last year's net 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 Equity Development Investment Tbk's asset turnover of this year was 0.14312736. PT Equity Development Investment Tbk's asset turnover of last year was 0.1062532.
==> 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
+
Que. 9
=
1
+
0
+
1
+
0
+
1
+
1
+
0
+
0
+
1
=
5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Equity Development Investment Tbk has an F-score of 5 indicating the company's financial situation is typical for a stable company.
PT Equity Development Investment Tbk (ISX:GSMF) has a Piotroski F-Score of 5 as of Aug. 27, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on PT Equity Development Investment Tbk and its competitors. This is near median its historical median of 5.00. Over the past decade, PT Equity Development Investment Tbk's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, PT Equity Development Investment Tbk ranks #279 out of 488 companies in the Insurance industry, placing it in the top 57.2%.
Is PT Equity Development Investment Tbk's Piotroski F-Score too high?
PT Equity Development Investment Tbk's current Piotroski F-Score of 5 is near median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Insurance industry median Piotroski F-Score is 6.00. PT Equity Development Investment Tbk's value of 5 is 16.7% below this industry median. Based on the distribution chart, PT Equity Development Investment Tbk ranks #279 out of 488 companies in the Insurance industry, which is below the industry midpoint. Overall, PT Equity Development Investment Tbk has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Equity Development Investment Tbk's Piotroski F-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, PT Equity Development Investment Tbk ranks #279 out of 488 companies for Piotroski F-Score. This places PT Equity Development Investment Tbk in the lower half of its industry. The industry median Piotroski F-Score is 6.00. PT Equity Development Investment Tbk's value of 5 is 16.7% below this benchmark. Historically, PT Equity Development Investment Tbk's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, PT Equity Development Investment Tbk 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 an Insurance company?
The median Piotroski F-Score among Insurance companies is 6.00, based on 488 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 Equity Development Investment Tbk's current Piotroski F-Score of 5 is 16.7% 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 PT Equity Development Investment Tbk and its competitors. For the Insurance 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 Equity Development Investment Tbk's current Piotroski F-Score is 5, which is near 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 PT Equity Development Investment Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Equity Development Investment Tbk (ISX:GSMF) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp53.72, compared to a current price of Rp95.00 — trading 76.8% above its estimated fair value. The current Piotroski F-Score is 5, which is near median its 10-year median of 5.00 and 16.7% below the Insurance industry median of 6.00. PT Equity Development Investment Tbk's overall GF Score™ is 59/100 with 2 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 Equity Development Investment Tbk (ISX:GSMF), the current Piotroski F-Score is 5 as of Aug. 27, 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 Equity Development Investment Tbk (ISX:GSMF) Overvalued in 2026?
Based on GuruFocus' analysis, PT Equity Development Investment Tbk stock appears to be overvalued.
The current stock price of Rp95.00 is trading 76.8% above its estimated GF Value™ of Rp53.72.
GuruFocus considers PT Equity Development Investment Tbk to be Significantly Overvalued.
Key valuation signals for ISX:GSMF:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: Rp53.72 vs. price of Rp95.00 (76.8% above fair value)
Industry Position: 16.7% below the Insurance median (#279 of 488)
No single metric tells the full story. See the ISX:GSMF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Equity Development Investment Tbk is an Indonesia-based investment holding company engaged in the insurance business through its subsidiaries. It is also engaged in investment activities, management consulting services, and share investments, as well as training areas specifically for the Equity group. The company and its subsidiaries have categorized their business activity into four segments by the nature of the business, which include Holding company, travel services and venture capital, Banking and financing, Insurance, Stock administration and securities, out of which the majority of the revenue is generated from the Insurance segment. The company's geographical segments include Java Island and Outside Java Island.
59GF Score
Get the complete analysis for ISX:GSMF
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ISX:GSMF has been successfully added to your 
