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Taiwan Special ChemicalsROCO:4772 63 Piotroski F-Score is 5 as of Jul. 14, 2026, which is 38% below its 10-year median of 8.00. GuruFocus rates ROCO:4772 with a GF Score™ of 63/100 and a GF Value™ of NT$679.24 (Possible Value Trap). The stock has 1 warning sign investors should review. Among 1,563 Chemicals companies, Taiwan Special Chemicals ranks better than 55.21% 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
Taiwan Special Chemicals has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Taiwan Special Chemicals's Piotroski F-Score or its related term are showing as below:
ROCO:4772'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 8 Max: 9
Current: 5
During the past 7 years, the highest Piotroski F-Score of Taiwan Special Chemicals was 9. The lowest was 4. And the median was 8.
Taiwan Special Chemicals (ROCO:4772) 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.
Taiwan Special Chemicals Piotroski F-Score Related Terms
Taiwan Special Chemicals 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.
ROCO:4772 vs LIN, SHW, ECL: Piotroski F-Score Comparison
For the Specialty Chemicals subindustry, Taiwan Special Chemicals'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.
Taiwan Special Chemicals Piotroski F-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Taiwan Special Chemicals's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Taiwan Special Chemicals'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 116.683 + 178.225 + 222.427 + 196.134 = NT$713 Mil. Cash Flow from Operations was 111.659 + 299.925 + 438.013 + 373.699 = NT$1,223 Mil. Revenue was 262.75 + 639.514 + 869.616 + 856.585 = NT$2,628 Mil. Gross Profit was 153.242 + 346.355 + 425.423 + 436.514 = NT$1,362 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(3473.935 + 3594.504 + 7142.991 + 7215.903 + 7537.802) / 5 = NT$5793.027 Mil. Total Assets at the begining of this year (Mar25) was NT$3,474 Mil. Long-Term Debt & Capital Lease Obligation was NT$1,987 Mil. Total Current Assets was NT$3,020 Mil. Total Current Liabilities was NT$1,116 Mil.
Net Income was 75.012 + 99.557 + 129.997 + 102.732 = NT$407 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.
Taiwan Special Chemicals's current Net Income (TTM) was 713.
==> 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.
Taiwan Special Chemicals's current Cash Flow from Operations (TTM) was 1,223.
==> 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.
Taiwan Special Chemicals's return on assets of this year was 0.20537776. Taiwan Special Chemicals's return on assets of last year was 0.21270691.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Taiwan Special Chemicals's gearing of this year was 0.34292314. Taiwan Special Chemicals'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
Taiwan Special Chemicals's current ratio of this year was 2.70587044. Taiwan Special Chemicals's current ratio of last year was 4.91536986.
==> 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.
Taiwan Special Chemicals's number of shares in issue this year was 147.739. Taiwan Special Chemicals's number of shares in issue last year was 147.739.
==> 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.
Taiwan Special Chemicals's gross margin of this year was 0.51799586. Taiwan Special Chemicals's gross margin of last year was 0.56467754.
==> 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
Taiwan Special Chemicals's asset turnover of this year was 0.75662469. Taiwan Special Chemicals's asset turnover of last year was 0.45782032.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Que. 1
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Que. 2
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Que. 3
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Que. 4
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Que. 5
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1
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Taiwan Special Chemicals has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Taiwan Special Chemicals (ROCO:4772) has a Piotroski F-Score of 5 as of Jul. 14, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Taiwan Special Chemicals and its competitors. This is 38% below median its historical median of 8.00. Over the past decade, Taiwan Special Chemicals' Piotroski F-Score has ranged from 4.00 to 9.00. According to the industry distribution chart, Taiwan Special Chemicals ranks #700 out of 1563 companies in the Chemicals industry, placing it in the top 44.8%.
Is Taiwan Special Chemicals' Piotroski F-Score too high?
Taiwan Special Chemicals' current Piotroski F-Score of 5 is 38% below median its 10-year median of 8.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 9.00. The Chemicals industry median Piotroski F-Score is 5.00. Taiwan Special Chemicals' value of 5 is 0% at this industry median. Based on the distribution chart, Taiwan Special Chemicals ranks #700 out of 1563 companies in the Chemicals industry, which is above the industry midpoint. Overall, Taiwan Special Chemicals has a GF Score™ of 63/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Taiwan Special Chemicals' Piotroski F-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Taiwan Special Chemicals ranks #700 out of 1563 companies for Piotroski F-Score. This puts Taiwan Special Chemicals in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Taiwan Special Chemicals' value of 5 is 0% at this benchmark. Historically, Taiwan Special Chemicals' own Piotroski F-Score has ranged from 4.00 to 9.00 over the past decade. While the company's 10-year median is 8.00 vs. the industry median of 5.00, Taiwan Special Chemicals 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 Chemicals company?
The median Piotroski F-Score among Chemicals companies is 5.00, based on 1,563 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. Taiwan Special Chemicals's current Piotroski F-Score of 5 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 Taiwan Special Chemicals 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. Taiwan Special Chemicals's current Piotroski F-Score is 5, which is 38% below median its own 10-year median of 8.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taiwan Special Chemicals stock overvalued right now?
Based on GuruFocus' analysis, Taiwan Special Chemicals (ROCO:4772) is currently considered Possible Value Trap. The stock's GF Value™ is NT$679.24, compared to a current price of NT$270.50 — trading 60.2% below its estimated fair value. The current Piotroski F-Score is 5, which is 38% below median its 10-year median of 8.00 and 0% at the Chemicals industry median of 5.00. Taiwan Special Chemicals' overall GF Score™ is 63/100 with 1 warning sign 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 Taiwan Special Chemicals (ROCO:4772), the current Piotroski F-Score is 5 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 Taiwan Special Chemicals (ROCO:4772) Overvalued in 2026?
Based on GuruFocus' analysis, Taiwan Special Chemicals stock appears to be undervalued.
The current stock price of NT$270.50 is trading 60.2% below its estimated GF Value™ of NT$679.24.
GuruFocus considers Taiwan Special Chemicals to be Possible Value Trap.
Key valuation signals for ROCO:4772:
Piotroski F-Score: 5 (38% below median its 10-year median of 8.00)
GF Value™: NT$679.24 vs. price of NT$270.50 (60.2% below fair value)
Industry Position: 0% at the Chemicals median (#700 of 1563)
No single metric tells the full story. See the ROCO:4772 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Taiwan Special Chemicals Corp develops and manufactures semiconductor specialty gases (SEG) and semiconductor chemical materials (SEC), and is engaged in the sale and production of precision chemical materials, as well as the cleaning, maintenance, and refurbishment services for semiconductor equipment and components. It generates maximum revenue from the sale of specialty chemical materials. Geographically, the company generates maximum revenue from Taiwan, followed by other Asian regions, America, Northeast Asia (Japan and Korea), and Europe.
63GF Score
Get the complete analysis for ROCO:4772
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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