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Bengang Steel Plates Co (SZSE:200761) 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.
Bengang Steel Plates Co Piotroski F-Score Related Terms
Bengang Steel Plates Co Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Bengang Steel Plates Co'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.
SZSE:200761 vs NUE, STLD, RS: Piotroski F-Score Comparison
For the Steel subindustry, Bengang Steel Plates Co'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.
Bengang Steel Plates Co Piotroski F-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Bengang Steel Plates Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Bengang Steel Plates Co'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 -691.87 + -892.299 + -1907.297 + -1216.443 = HK$-4,708 Mil. Cash Flow from Operations was 862.045 + -514.27 + -1866.827 + 90.14 = HK$-1,429 Mil. Revenue was 13510.226 + 11477.921 + 12363.438 + 11785.622 = HK$49,137 Mil. Gross Profit was -340.275 + -488.508 + -948.231 + -806.692 = HK$-2,584 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(49755.064 + 50016.287 + 51068.3 + 50563.284 + 53726.124) / 5 = HK$51025.8118 Mil. Total Assets at the begining of this year (Mar25) was HK$49,755 Mil. Long-Term Debt & Capital Lease Obligation was HK$10,467 Mil. Total Current Assets was HK$13,290 Mil. Total Current Liabilities was HK$34,500 Mil.
Net Income was -690.078 + -1818.268 + -1969.496 + -821.649 = HK$-5,299 Mil.
Revenue was 14560.453 + 13044.924 + 11799.646 + 13228.743 = HK$52,634 Mil. Gross Profit was -401.994 + -1523.092 + -1326.858 + -463.316 = HK$-3,715 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(50053.059 + 49124.282 + 50821.91 + 48916.352 + 49755.064) / 5 = HK$49734.1334 Mil. Total Assets at the begining of last year (Mar24) was HK$50,053 Mil. Long-Term Debt & Capital Lease Obligation was HK$11,214 Mil. Total Current Assets was HK$13,300 Mil. Total Current Liabilities was HK$25,435 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.
Bengang Steel Plates Co's current Net Income (TTM) was -4,708.
==> Negative ==> Score 0.
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.
Bengang Steel Plates Co's current Cash Flow from Operations (TTM) was -1,429.
==> 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.
Bengang Steel Plates Co's return on assets of this year was -0.09462171. Bengang Steel Plates Co's return on assets of last year was -0.10587746.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Bengang Steel Plates Co's gearing of this year was 0.20512612. Bengang Steel Plates Co's gearing of last year was 0.22548532.
==> 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
Bengang Steel Plates Co's current ratio of this year was 0.38522595. Bengang Steel Plates Co's current ratio of last year was 0.52290519.
==> 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.
Bengang Steel Plates Co's number of shares in issue this year was 4104.107. Bengang Steel Plates Co's number of shares in issue last year was 4097.92.
==> 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.
Bengang Steel Plates Co's gross margin of this year was -0.05258146. Bengang Steel Plates Co's gross margin of last year was -0.07058701.
==> 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
Bengang Steel Plates Co's asset turnover of this year was 0.98758203. Bengang Steel Plates Co's asset turnover of last year was 1.05155943.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Bengang Steel Plates Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Bengang Steel Plates Co (SZSE:200761) has a Piotroski F-Score of 4 as of Aug. 30, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Bengang Steel Plates Co and its competitors. This is 20% below median its historical median of 5.00. Over the past decade, Bengang Steel Plates Co's Piotroski F-Score has ranged from 2.00 to 9.00. According to the industry distribution chart, Bengang Steel Plates Co ranks #405 out of 625 companies in the Steel industry, placing it in the top 64.8%.
Is Bengang Steel Plates Co's Piotroski F-Score too high?
Bengang Steel Plates Co's current Piotroski F-Score of 4 is 20% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 9.00. The Steel industry median Piotroski F-Score is 5.00. Bengang Steel Plates Co's value of 4 is 20% below this industry median. Based on the distribution chart, Bengang Steel Plates Co ranks #405 out of 625 companies in the Steel industry, which is below the industry midpoint. Overall, Bengang Steel Plates Co has a GF Score™ of 44/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Bengang Steel Plates Co's Piotroski F-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Bengang Steel Plates Co ranks #405 out of 625 companies for Piotroski F-Score. This places Bengang Steel Plates Co in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Bengang Steel Plates Co's value of 4 is 20% below this benchmark. Historically, Bengang Steel Plates Co's own Piotroski F-Score has ranged from 2.00 to 9.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Bengang Steel Plates Co 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 a Steel company?
The median Piotroski F-Score among Steel companies is 5.00, based on 625 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. Bengang Steel Plates Co's current Piotroski F-Score of 4 is 20% 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 Bengang Steel Plates Co and its competitors. For the Steel 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. Bengang Steel Plates Co's current Piotroski F-Score is 4, which is 20% below 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 Bengang Steel Plates Co stock overvalued right now?
Based on GuruFocus' analysis, Bengang Steel Plates Co (SZSE:200761) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$1.12, compared to a current price of HK$0.93 — trading 17% below its estimated fair value. The current Piotroski F-Score is 4, which is 20% below median its 10-year median of 5.00 and 20% below the Steel industry median of 5.00. Bengang Steel Plates Co's overall GF Score™ is 44/100 with 5 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 Bengang Steel Plates Co (SZSE:200761), the current Piotroski F-Score is 4 as of Aug. 30, 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 Bengang Steel Plates Co (SZSE:200761) Overvalued in 2026?
Based on GuruFocus' analysis, Bengang Steel Plates Co stock appears to be undervalued.
The current stock price of HK$0.93 is trading 17% below its estimated GF Value™ of HK$1.12.
GuruFocus considers Bengang Steel Plates Co to be Modestly Undervalued.
Key valuation signals for SZSE:200761:
Piotroski F-Score: 4 (20% below median its 10-year median of 5.00)
GF Value™: HK$1.12 vs. price of HK$0.93 (17% below fair value)
Industry Position: 20% below the Steel median (#405 of 625)
No single metric tells the full story. See the SZSE:200761 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bengang Steel Plates Co Ltd is an iron and steel smelting company. Its products are applied in automobiles, household appliances, petrochemical engineering, machine manufacturing, energy transportation, architectural decoration, metal parts, and various other industries and are exported to more than 60 countries and regions.
44GF Score
Get the complete analysis for SZSE:200761
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