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Ta Chen Stainless Pipe Co (TPE:2027) 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.
Ta Chen Stainless Pipe Co Piotroski F-Score Related Terms
Ta Chen Stainless Pipe Co 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.
TPE:2027 vs NUE, STLD, RS: Piotroski F-Score Comparison
For the Steel subindustry, Ta Chen Stainless Pipe 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.
Ta Chen Stainless Pipe Co Piotroski F-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Ta Chen Stainless Pipe Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Ta Chen Stainless Pipe 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 (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 2316.179 + 1850.422 + 2914.77 + 4785.795 = NT$11,867 Mil. Cash Flow from Operations was 547.564 + 684.24 + 5379.228 + 7101.34 = NT$13,712 Mil. Revenue was 25864.423 + 24450.46 + 31174.326 + 35998.046 = NT$117,487 Mil. Gross Profit was 6818.531 + 6246.3 + 8517.82 + 10975.644 = NT$32,558 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(142560.255 + 151434.201 + 153516.847 + 159942.793 + 165520.267) / 5 = NT$154594.8726 Mil. Total Assets at the begining of this year (Jun25) was NT$142,560 Mil. Long-Term Debt & Capital Lease Obligation was NT$37,536 Mil. Total Current Assets was NT$95,149 Mil. Total Current Liabilities was NT$32,196 Mil.
Net Income was 289.589 + 1249.139 + 1549.707 + 961.684 = NT$4,050 Mil.
Revenue was 21739.944 + 21298.4 + 26085.39 + 25414.326 = NT$94,538 Mil. Gross Profit was 4222.402 + 4116.438 + 5924.96 + 6187.696 = NT$20,451 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(137864.502 + 134636.386 + 137747.714 + 149620.94 + 142560.255) / 5 = NT$140485.9594 Mil. Total Assets at the begining of last year (Jun24) was NT$137,865 Mil. Long-Term Debt & Capital Lease Obligation was NT$37,685 Mil. Total Current Assets was NT$82,792 Mil. Total Current Liabilities was NT$31,998 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.
Ta Chen Stainless Pipe Co's current Net Income (TTM) was 11,867.
==> 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.
Ta Chen Stainless Pipe Co's current Cash Flow from Operations (TTM) was 13,712.
==> 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.
Ta Chen Stainless Pipe Co's return on assets of this year was 0.08324316. Ta Chen Stainless Pipe Co's return on assets of last year was 0.02937753.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Ta Chen Stainless Pipe Co's gearing of this year was 0.24280255. Ta Chen Stainless Pipe Co's gearing of last year was 0.2682504.
==> 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
Ta Chen Stainless Pipe Co's current ratio of this year was 2.95530372. Ta Chen Stainless Pipe Co's current ratio of last year was 2.58743144.
==> 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.
Ta Chen Stainless Pipe Co's number of shares in issue this year was 2492.602. Ta Chen Stainless Pipe Co's number of shares in issue last year was 2289.724.
==> 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.
Ta Chen Stainless Pipe Co's gross margin of this year was 0.27712193. Ta Chen Stainless Pipe Co's gross margin of last year was 0.21633082.
==> 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
Ta Chen Stainless Pipe Co's asset turnover of this year was 0.82412349. Ta Chen Stainless Pipe Co's asset turnover of last year was 0.6857317.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
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Que. 2
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Que. 3
+
Que. 4
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1
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8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Ta Chen Stainless Pipe Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Ta Chen Stainless Pipe Co (TPE:2027) has a Piotroski F-Score of 8 as of Aug. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Ta Chen Stainless Pipe Co and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, Ta Chen Stainless Pipe Co's Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, Ta Chen Stainless Pipe Co ranks #17 out of 625 companies in the Steel industry, placing it in the top 2.7%.
Is Ta Chen Stainless Pipe Co's Piotroski F-Score too high?
Ta Chen Stainless Pipe Co's current Piotroski F-Score of 8 is 33% above 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 8.00. The Steel industry median Piotroski F-Score is 5.00. Ta Chen Stainless Pipe Co's value of 8 is 60% above this industry median. Based on the distribution chart, Ta Chen Stainless Pipe Co ranks #17 out of 625 companies in the Steel industry, which is in the top quartile — a strong position relative to peers. Overall, Ta Chen Stainless Pipe Co has a GF Score™ of 80/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ta Chen Stainless Pipe Co's Piotroski F-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Ta Chen Stainless Pipe Co ranks #17 out of 625 companies for Piotroski F-Score. This places Ta Chen Stainless Pipe Co in the top 3% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Ta Chen Stainless Pipe Co's value of 8 is 60% above this benchmark. Historically, Ta Chen Stainless Pipe Co's own Piotroski F-Score has ranged from 2.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Ta Chen Stainless Pipe Co 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 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. Ta Chen Stainless Pipe Co's current Piotroski F-Score of 8 is 60% 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 Ta Chen Stainless Pipe 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. Ta Chen Stainless Pipe Co's current Piotroski F-Score is 8, which is 33% 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 Ta Chen Stainless Pipe Co stock overvalued right now?
Based on GuruFocus' analysis, Ta Chen Stainless Pipe Co (TPE:2027) is currently considered Modestly Overvalued. The stock's GF Value™ is NT$43.77, compared to a current price of NT$50.60 — trading 15.6% above its estimated fair value. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 60% above the Steel industry median of 5.00. Ta Chen Stainless Pipe Co's overall GF Score™ is 80/100 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 Ta Chen Stainless Pipe Co (TPE:2027), the current Piotroski F-Score is 8 as of Aug. 25, 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 Ta Chen Stainless Pipe Co (TPE:2027) Overvalued in 2026?
Based on GuruFocus' analysis, Ta Chen Stainless Pipe Co stock appears to be overvalued.
The current stock price of NT$50.60 is trading 15.6% above its estimated GF Value™ of NT$43.77.
GuruFocus considers Ta Chen Stainless Pipe Co to be Modestly Overvalued.
Key valuation signals for TPE:2027:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: NT$43.77 vs. price of NT$50.60 (15.6% above fair value)
Industry Position: 60% above the Steel median (#17 of 625)
No single metric tells the full story. See the TPE:2027 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ta Chen Stainless Pipe Co Ltd is engaged in the manufacturing, processing, and selling of stainless steel pipes and stainless steel pipe fittings, stainless steel plates, as well as the manufacturing and sale of venetian blinds. It is also engaged in the manufacturing and selling of aluminum products and the sale of screws and nuts. The Group's operating segments are: Stainless steel and aluminum, Aluminum manufacturing, Screws and nuts, and Curtain and decorations. The majority of its revenue is derived from the Stainless steel and aluminum segment, which offers stainless steel pipes, stainless steel pipe fittings, as well as stainless steel plates (rolls), bars, and aluminum products. Geographically, the Group generates maximum revenue from the USA, followed by Taiwan and other markets.
80GF Score
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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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