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Tien Phong Commercial Joint Stock Bank (STC:TPB) 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.
Tien Phong Commercial Joint Stock Bank Piotroski F-Score Related Terms
Tien Phong Commercial Joint Stock Bank 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.
Tien Phong Commercial Joint Stock Bank Piotroski F-Score Chart
Tien Phong Commercial Joint Stock Bank Annual Data
Tien Phong Commercial Joint Stock Bank Piotroski F-Score Competitor Comparison
For the Banks - Regional subindustry, Tien Phong Commercial Joint Stock Bank'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.
Tien Phong Commercial Joint Stock Bank Piotroski F-Score vs Banks Industry
For the Banks industry and Financial Services sector, Tien Phong Commercial Joint Stock Bank's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Tien Phong Commercial Joint Stock Bank'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 1520640 + 2542761 + 1665697 + 1827543 = ₫7,556,641 Mil. Cash Flow from Operations was 17762025 + 28136272 + -7280016 + -9652957 = ₫28,965,324 Mil. Revenue was 4635124 + 5564318 + 4666506 + 5300868 = ₫20,166,816 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(428589979 + 451893195 + 505901570 + 527169377 + 547664403) / 5 = ₫492243704.8 Mil. Total Assets at the begining of this year (Jun25) was ₫428,589,979 Mil. Long-Term Debt & Capital Lease Obligation was ₫94,576,481 Mil. Total Assets was ₫547,664,403 Mil. Total Liabilities was ₫498,098,578 Mil.
Net Income was 1383025 + 1703253 + 1686692 + 1629604 = ₫6,402,574 Mil.
Revenue was 4154220 + 5378792 + 4402614 + 4722255 = ₫18,657,881 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(361554995 + 385352239 + 418028391 + 388891150 + 428589979) / 5 = ₫396483350.8 Mil. Total Assets at the begining of last year (Jun24) was ₫361,554,995 Mil. Long-Term Debt & Capital Lease Obligation was ₫80,657,441 Mil. Total Assets was ₫428,589,979 Mil. Total Liabilities was ₫390,360,071 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.
Tien Phong Commercial Joint Stock Bank's current Net Income (TTM) was 7,556,641.
==> 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.
Tien Phong Commercial Joint Stock Bank's current Cash Flow from Operations (TTM) was 28,965,324.
==> 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.
Tien Phong Commercial Joint Stock Bank's return on assets of this year was 0.0176314. Tien Phong Commercial Joint Stock Bank's return on assets of last year was 0.01770844.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Tien Phong Commercial Joint Stock Bank's gearing of this year was 0.19213345. Tien Phong Commercial Joint Stock Bank's gearing of last year was 0.2034321.
==> 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.
Tien Phong Commercial Joint Stock Bank's current ratio of this year was 1.09951007. Tien Phong Commercial Joint Stock Bank's current ratio of last year was 1.09793499.
==> 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.
Tien Phong Commercial Joint Stock Bank's number of shares in issue this year was 2774.047. Tien Phong Commercial Joint Stock Bank's number of shares in issue last year was 2774.054.
==> 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.
* 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.
Tien Phong Commercial Joint Stock Bank's net margin of this year was 0.3747067. Tien Phong Commercial Joint Stock Bank's net margin of last year was 0.34315655.
==> This year's net 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
Tien Phong Commercial Joint Stock Bank's asset turnover of this year was 0.04705387. Tien Phong Commercial Joint Stock Bank's asset turnover of last year was 0.05160454.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Tien Phong Commercial Joint Stock Bank has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Tien Phong Commercial Joint Stock Bank (STC:TPB) has a Piotroski F-Score of 7 as of Aug. 12, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Tien Phong Commercial Joint Stock Bank and its competitors. This is 17% above median its historical median of 6.00. Over the past decade, Tien Phong Commercial Joint Stock Bank's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Tien Phong Commercial Joint Stock Bank ranks #333 out of 1497 companies in the Banks industry, placing it in the top 22.2%.
Is Tien Phong Commercial Joint Stock Bank's Piotroski F-Score too high?
Tien Phong Commercial Joint Stock Bank's current Piotroski F-Score of 7 is 17% 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 8.00. The Banks industry median Piotroski F-Score is 6.00. Tien Phong Commercial Joint Stock Bank's value of 7 is 16.7% above this industry median. Based on the distribution chart, Tien Phong Commercial Joint Stock Bank ranks #333 out of 1497 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Tien Phong Commercial Joint Stock Bank has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tien Phong Commercial Joint Stock Bank's Piotroski F-Score compare to competitors?
According to the Banks industry distribution chart, Tien Phong Commercial Joint Stock Bank ranks #333 out of 1497 companies for Piotroski F-Score. This places Tien Phong Commercial Joint Stock Bank in the top 22% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Tien Phong Commercial Joint Stock Bank's value of 7 is 16.7% above this benchmark. Historically, Tien Phong Commercial Joint Stock Bank'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 6.00 vs. the industry median of 6.00, Tien Phong Commercial Joint Stock Bank 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 Banks company?
The median Piotroski F-Score among Banks companies is 6.00, based on 1,497 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. Tien Phong Commercial Joint Stock Bank's current Piotroski F-Score of 7 is 16.7% 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 Tien Phong Commercial Joint Stock Bank and its competitors. For the Banks 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. Tien Phong Commercial Joint Stock Bank's current Piotroski F-Score is 7, which is 17% 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 Tien Phong Commercial Joint Stock Bank stock overvalued right now?
Based on GuruFocus' analysis, Tien Phong Commercial Joint Stock Bank (STC:TPB) is currently considered Modestly Undervalued. The stock's GF Value™ is ₫17,345.23, compared to a current price of ₫14,700.00 — trading 15.3% below its estimated fair value. The current Piotroski F-Score is 7, which is 17% above median its 10-year median of 6.00 and 16.7% above the Banks industry median of 6.00. Tien Phong Commercial Joint Stock Bank's overall GF Score™ is 71/100 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 Tien Phong Commercial Joint Stock Bank (STC:TPB), the current Piotroski F-Score is 7 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 Tien Phong Commercial Joint Stock Bank (STC:TPB) Overvalued in 2026?
Based on GuruFocus' analysis, Tien Phong Commercial Joint Stock Bank stock appears to be undervalued.
The current stock price of ₫14,700.00 is trading 15.3% below its estimated GF Value™ of ₫17,345.23.
GuruFocus considers Tien Phong Commercial Joint Stock Bank to be Modestly Undervalued.
Key valuation signals for STC:TPB:
Piotroski F-Score: 7 (17% above median its 10-year median of 6.00)
GF Value™: ₫17,345.23 vs. price of ₫14,700.00 (15.3% below fair value)
Industry Position: 16.7% above the Banks median (#333 of 1497)
No single metric tells the full story. See the STC:TPB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tien Phong Commercial Joint Stock Bank provides a range of banking services, including mobilizing and receiving short-term, medium-term, and long-term deposits from organizations and individuals, and extending loans and advances based on the Bank's capital capacity. Its activities also include foreign exchange transactions, bond investments, international trade finance services, discounting of bonds and other valuable papers, gold trading, and other banking services as approved by the State Bank of Vietnam.
71GF Score
Get the complete analysis for STC:TPB
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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