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Federal International (2000) (SGX:BDU) 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.
Federal International (2000) Piotroski F-Score Related Terms
Federal International (2000) 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.
Federal International (2000) Piotroski F-Score Chart
SGX:BDU vs SLB, BKR, FTI: Piotroski F-Score Comparison
For the Oil & Gas Equipment & Services subindustry, Federal International (2000)'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.
Federal International (2000) Piotroski F-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Federal International (2000)'s Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Federal International (2000)'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.
Federal International (2000)'s current Net Income (TTM) was 3.2.
==> 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.
Federal International (2000)'s current Cash Flow from Operations (TTM) was 15.6.
==> 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.
Federal International (2000)'s return on assets of this year was 0.03573268. Federal International (2000)'s return on assets of last year was 0.04148917.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Federal International (2000)'s gearing of this year was 0.02078384. Federal International (2000)'s gearing of last year was 0.02694092.
==> 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
Federal International (2000)'s current ratio of this year was 1.88161519. Federal International (2000)'s current ratio of last year was 2.4200896.
==> 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.
Federal International (2000)'s number of shares in issue this year was 140.667. Federal International (2000)'s number of shares in issue last year was 140.667.
==> 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.
Federal International (2000)'s gross margin of this year was 0.16909782. Federal International (2000)'s gross margin of last year was 0.26244916.
==> 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
Federal International (2000)'s asset turnover of this year was 1.43662823. Federal International (2000)'s asset turnover of last year was 0.47254519.
==> 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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1
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Federal International (2000) has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Federal International (2000) (SGX:BDU) has a Piotroski F-Score of 6 as of Aug. 14, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Federal International (2000) and its competitors. This is near median its historical median of 6.00. Over the past decade, Federal International (2000)'s Piotroski F-Score has ranged from 2.00 to 7.00. According to the industry distribution chart, Federal International (2000) ranks #232 out of 990 companies in the Oil & Gas industry, placing it in the top 23.4%.
Is Federal International (2000)'s Piotroski F-Score too high?
Federal International (2000)'s 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 2.00 to a high of 7.00. The Oil & Gas industry median Piotroski F-Score is 5.00. Federal International (2000)'s value of 6 is 20% above this industry median. Based on the distribution chart, Federal International (2000) ranks #232 out of 990 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Federal International (2000) has a GF Score™ of 39/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Federal International (2000)'s Piotroski F-Score compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Federal International (2000) ranks #232 out of 990 companies for Piotroski F-Score. This places Federal International (2000) in the top 23% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Federal International (2000)'s value of 6 is 20% above this benchmark. Historically, Federal International (2000)'s own Piotroski F-Score has ranged from 2.00 to 7.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Federal International (2000) 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 an Oil & Gas company?
The median Piotroski F-Score among Oil & Gas companies is 5.00, based on 990 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. Federal International (2000)'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 Federal International (2000) and its competitors. For the Oil & Gas 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. Federal International (2000)'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 Federal International (2000) stock overvalued right now?
Based on GuruFocus' analysis, Federal International (2000) (SGX:BDU) is currently considered Possible Value Trap. The stock's GF Value™ is S$0.32, compared to a current price of S$0.20 — trading 37.5% 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 Oil & Gas industry median of 5.00. Federal International (2000)'s overall GF Score™ is 39/100 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 Federal International (2000) (SGX:BDU), the current Piotroski F-Score is 6 as of Aug. 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 Federal International (2000) (SGX:BDU) Overvalued in 2026?
Based on GuruFocus' analysis, Federal International (2000) stock appears to be undervalued.
The current stock price of S$0.20 is trading 37.5% below its estimated GF Value™ of S$0.32.
GuruFocus considers Federal International (2000) to be Possible Value Trap.
Key valuation signals for SGX:BDU:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: S$0.32 vs. price of S$0.20 (37.5% below fair value)
Industry Position: 20% above the Oil & Gas median (#232 of 990)
No single metric tells the full story. See the SGX:BDU stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Federal International (2000) Ltd, together with its subsidiaries, is an integrated service provider and procurement specialist in the oil and gas and energy industries. The Group also specializes in turnkey fire detection, control, and suppression projects. Its reportable operating segments are: Trading, Marine Logistics, Manufacturing/Design/Research and Development, and Corporate and Others. Key revenue is derived from the Trading segment, which assembles and distributes flowline control products, and distributes oilfield drilling equipment. fire protection and detection systems, and electrical products for the marine, coal mining, oil and gas, petrochemical, and pharmaceutical industries. Geographically, the Group generates the majority of its revenue from Vietnam.
39GF Score
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