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Shin Hai GasTPE:9926 +0.51%93 Piotroski F-Score is 6 as of Aug. 21, 2026, which is at its 10-year median of 6.00. GuruFocus rates TPE:9926 with a GF Score™ of 93/100 and a GF Value™ of NT$54.54 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 496 Utilities - Regulated companies, Shin Hai Gas ranks better than 68.75% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Shin Hai Gas has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Shin Hai Gas's Piotroski F-Score or its related term are showing as below:
TPE:9926'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 8
Current: 6
During the past 13 years, the highest Piotroski F-Score of Shin Hai Gas was 8. The lowest was 3. And the median was 6.
Shin Hai Gas (TPE:9926) 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.
Shin Hai Gas Piotroski F-Score Related Terms
Shin Hai Gas Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Shin Hai Gas'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.
TPE:9926 vs ATO, NI, UGI: Piotroski F-Score Comparison
For the Utilities - Regulated Gas subindustry, Shin Hai Gas'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.
Shin Hai Gas Piotroski F-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Shin Hai Gas's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Shin Hai Gas'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 152.512 + 69.806 + 122.288 + 166.139 = NT$511 Mil. Cash Flow from Operations was 256.396 + 132.443 + 337.515 + 246.198 = NT$973 Mil. Revenue was 542.776 + 592.956 + 702.29 + 618.557 = NT$2,457 Mil. Gross Profit was 154.132 + 128.985 + 183.851 + 170.144 = NT$637 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(8885.279 + 8747.384 + 8850.415 + 9276.25 + 9729.323) / 5 = NT$9097.7302 Mil. Total Assets at the begining of this year (Jun25) was NT$8,885 Mil. Long-Term Debt & Capital Lease Obligation was NT$3 Mil. Total Current Assets was NT$4,426 Mil. Total Current Liabilities was NT$2,927 Mil.
Net Income was 134.734 + 61.647 + 114.506 + 145.022 = NT$456 Mil.
Revenue was 511.641 + 562.369 + 709.564 + 624.529 = NT$2,408 Mil. Gross Profit was 148.556 + 119.756 + 179.443 + 183.984 = NT$632 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(8668.556 + 8484.902 + 8666.552 + 8731.068 + 8885.279) / 5 = NT$8687.2714 Mil. Total Assets at the begining of last year (Jun24) was NT$8,669 Mil. Long-Term Debt & Capital Lease Obligation was NT$2 Mil. Total Current Assets was NT$3,750 Mil. Total Current Liabilities was NT$2,566 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.
Shin Hai Gas's current Net Income (TTM) was 511.
==> 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.
Shin Hai Gas's return on assets of this year was 0.05748216. Shin Hai Gas's return on assets of last year was 0.05259342.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Shin Hai Gas's gearing of this year was 0.000368. Shin Hai Gas's gearing of last year was 0.00023598.
==> Last year is lower than this year ==> Score 0.
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
Shin Hai Gas's current ratio of this year was 1.51222745. Shin Hai Gas's current ratio of last year was 1.46146166.
==> 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.
Shin Hai Gas's number of shares in issue this year was 180.586. Shin Hai Gas's number of shares in issue last year was 181.278.
==> 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.
Shin Hai Gas's gross margin of this year was 0.25934928. Shin Hai Gas's gross margin of last year was 0.26233886.
==> 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
Shin Hai Gas's asset turnover of this year was 0.27647742. Shin Hai Gas's asset turnover of last year was 0.27779748.
==> 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
Shin Hai Gas has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Shin Hai Gas (TPE:9926) has a Piotroski F-Score of 6 as of Aug. 21, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Shin Hai Gas and its competitors. This is near median its historical median of 6.00. Over the past decade, Shin Hai Gas' Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Shin Hai Gas ranks #155 out of 496 companies in the Utilities - Regulated industry, placing it in the top 31.2%.
Is Shin Hai Gas' Piotroski F-Score too high?
Shin Hai Gas' 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 3.00 to a high of 8.00. The Utilities - Regulated industry median Piotroski F-Score is 6.00. Shin Hai Gas' value of 6 is 0% at this industry median. Based on the distribution chart, Shin Hai Gas ranks #155 out of 496 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Shin Hai Gas has a GF Score™ of 93/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Shin Hai Gas' Piotroski F-Score compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Shin Hai Gas ranks #155 out of 496 companies for Piotroski F-Score. This puts Shin Hai Gas in the upper half of its industry. The industry median Piotroski F-Score is 6.00. Shin Hai Gas' value of 6 is 0% at this benchmark. Historically, Shin Hai Gas' 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, Shin Hai Gas has consistently been at 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 Utilities - Regulated company?
The median Piotroski F-Score among Utilities - Regulated companies is 6.00, based on 496 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. Shin Hai Gas's current Piotroski F-Score of 6 is 0% at 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 Shin Hai Gas and its competitors. For the Utilities - Regulated 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. Shin Hai Gas'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 Shin Hai Gas stock overvalued right now?
Based on GuruFocus' analysis, Shin Hai Gas (TPE:9926) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$54.54, compared to a current price of NT$49.30 — trading 9.6% below its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 0% at the Utilities - Regulated industry median of 6.00. Shin Hai Gas' overall GF Score™ is 93/100 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 Shin Hai Gas (TPE:9926), the current Piotroski F-Score is 6 as of Aug. 21, 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 Shin Hai Gas (TPE:9926) Overvalued in 2026?
Based on GuruFocus' analysis, Shin Hai Gas stock appears to be undervalued.
The current stock price of NT$49.30 is trading 9.6% below its estimated GF Value™ of NT$54.54.
GuruFocus considers Shin Hai Gas to be Modestly Undervalued.
Key valuation signals for TPE:9926:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: NT$54.54 vs. price of NT$49.30 (9.6% below fair value)
Industry Position: 0% at the Utilities - Regulated median (#155 of 496)
No single metric tells the full story. See the TPE:9926 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Shin Hai Gas Corp is mainly engaged in natural gas supply service, natural gas transmission system construction, sale and installation of gas equipment, and operation and investment of type one telecommunications enterprise. The company's reportable segments include the Gas supply segment, Equipment segment, Telecommunication segment, and Others. The majority of its revenue is generated from the Gas supply segment, which derives income from the sales of natural gas.
93GF Score
Get the complete analysis for TPE:9926
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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