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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.
CKM Applied Materials Piotroski F-Score Related Terms
CKM Applied Materials Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for CKM Applied Materials's Piotroski F-Score can be seen below:
* 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:8930 vs TT, JCI, CARR: Piotroski F-Score Comparison
For the Building Products & Equipment subindustry, CKM Applied Materials'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.
CKM Applied Materials Piotroski F-Score vs Construction Industry
For the Construction industry and Industrials sector, CKM Applied Materials's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where CKM Applied Materials'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.
*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.
CKM Applied Materials's current Net Income (TTM) was 196.
==> 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.
CKM Applied Materials's return on assets of this year was 0.09024433. CKM Applied Materials's return on assets of last year was 0.10731551.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
CKM Applied Materials's gearing of this year was 0.16446251. CKM Applied Materials's gearing of last year was 0.17410197.
==> 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
CKM Applied Materials's current ratio of this year was 4.80582497. CKM Applied Materials's current ratio of last year was 5.46244072.
==> 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.
CKM Applied Materials's number of shares in issue this year was 81.769. CKM Applied Materials's number of shares in issue last year was 82.411.
==> 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.
CKM Applied Materials's gross margin of this year was 0.26911823. CKM Applied Materials's gross margin of last year was 0.26375353.
==> 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
CKM Applied Materials's asset turnover of this year was 0.65450402. CKM Applied Materials's asset turnover of last year was 0.67237097.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
CKM Applied Materials has an F-score of 6 indicating the company's financial situation is typical for a stable company.
CKM Applied Materials (ROCO:8930) has a Piotroski F-Score of 6 as of Jul. 14, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on CKM Applied Materials and its competitors. This is near median its historical median of 6.00. Over the past decade, CKM Applied Materials' Piotroski F-Score has ranged from 4.00 to 7.00. According to the industry distribution chart, CKM Applied Materials ranks #452 out of 1730 companies in the Construction industry, placing it in the top 26.1%.
Is CKM Applied Materials' Piotroski F-Score too high?
CKM Applied Materials' current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 7.00. The Construction industry median Piotroski F-Score is 5.00. CKM Applied Materials' value of 6 is 20% above this industry median. Based on the distribution chart, CKM Applied Materials ranks #452 out of 1730 companies in the Construction industry, which is above the industry midpoint. Overall, CKM Applied Materials has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does CKM Applied Materials' Piotroski F-Score compare to TT and JCI?
According to the Construction industry distribution chart, CKM Applied Materials ranks #452 out of 1730 companies for Piotroski F-Score. This puts CKM Applied Materials in the upper half of its industry. The industry median Piotroski F-Score is 5.00. CKM Applied Materials' value of 6 is 20% above this benchmark. Historically, CKM Applied Materials' own Piotroski F-Score has ranged from 4.00 to 7.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, CKM Applied Materials 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 Construction company?
The median Piotroski F-Score among Construction companies is 5.00, based on 1,730 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. CKM Applied Materials's current Piotroski F-Score of 6 is 20% 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 CKM Applied Materials and its competitors. For the Construction 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. CKM Applied Materials's current Piotroski F-Score is 6, which is near 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 CKM Applied Materials stock overvalued right now?
Based on GuruFocus' analysis, CKM Applied Materials (ROCO:8930) is currently considered Fairly Valued. The stock's GF Value™ is NT$31.89, compared to a current price of NT$31.25 — trading 2% below its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 20% above the Construction industry median of 5.00. CKM Applied Materials' overall GF Score™ is 88/100 with 4 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 CKM Applied Materials (ROCO:8930), the current Piotroski F-Score is 6 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 CKM Applied Materials (ROCO:8930) Overvalued in 2026?
Based on GuruFocus' analysis, CKM Applied Materials stock appears to be undervalued.
The current stock price of NT$31.25 is trading 2% below its estimated GF Value™ of NT$31.89.
GuruFocus considers CKM Applied Materials to be Fairly Valued.
Key valuation signals for ROCO:8930:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: NT$31.89 vs. price of NT$31.25 (2% below fair value)
Industry Position: 20% above the Construction median (#452 of 1730)
No single metric tells the full story. See the ROCO:8930 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CKM Applied Materials Corp is engaged in the manufacturing and sales of light steel frames, metal ceilings, and fireproof doors, along with related import and export operations, as well as the production and distribution of various machinery. It provides ceiling suspension systems, partition framework systems, and metal ceilings with a wide range of applications, including governmental buildings, hospitals, schools, department stores, hotels, factories, public buildings, residential buildings, and commercial buildings. Its products include Ceiling Suspension System, Metal Ceilings, and Micro-perforated acoustic products. The company has one reportable segment and is mainly engaged in the manufacturing and sales of a single product, light steel frames.
88GF Score
Get the complete analysis for ROCO:8930
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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