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San Far PropertyTPE:9946 +0.84%40 Piotroski F-Score is 8 as of Aug. 09, 2026, which is 60% above its 10-year median of 5.00. GuruFocus rates TPE:9946 with a GF Score™ of 40/100. The stock has 6 warning signs investors should review. Among 1,753 Real Estate companies, San Far Property ranks better than 98.75% on this metric.
Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
San Far Property has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for San Far Property's Piotroski F-Score or its related term are showing as below:
TPE:9946'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 5 Max: 8
Current: 8
During the past 13 years, the highest Piotroski F-Score of San Far Property was 8. The lowest was 1. And the median was 5.
San Far Property (TPE:9946) 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.
San Far Property Piotroski F-Score Related Terms
San Far Property Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for San Far Property'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.
San Far Property Piotroski F-Score Competitor Comparison
For the Real Estate - Diversified subindustry, San Far Property'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.
San Far Property Piotroski F-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, San Far Property's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where San Far Property'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.
Net Income was 144.482 + 26.753 + 163.742 + -25.956 = NT$309 Mil.
Revenue was 789.663 + 251.517 + 688.4 + 30.196 = NT$1,760 Mil. Gross Profit was 225.939 + 78.57 + 323.124 + 16.664 = NT$644 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(15069.963 + 16335.428 + 16106.718 + 16507.005 + 16784.297) / 5 = NT$16160.6822 Mil. Total Assets at the begining of last year (Mar24) was NT$15,070 Mil. Long-Term Debt & Capital Lease Obligation was NT$4,795 Mil. Total Current Assets was NT$14,905 Mil. Total Current Liabilities was NT$5,333 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.
San Far Property's current Net Income (TTM) was 751.
==> 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.
San Far Property's return on assets of this year was 0.0447507. San Far Property's return on assets of last year was 0.02050576.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
San Far Property's gearing of this year was 0.18373988. San Far Property's gearing of last year was 0.29671093.
==> 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
San Far Property's current ratio of this year was 2.21672066. San Far Property's current ratio of last year was 2.79487639.
==> 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.
San Far Property's number of shares in issue this year was 324.424. San Far Property's number of shares in issue last year was 324.424.
==> 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.
San Far Property's gross margin of this year was 0.53632341. San Far Property's gross margin of last year was 0.36612444.
==> 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
San Far Property's asset turnover of this year was 0.13993961. San Far Property's asset turnover of last year was 0.11677374.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
San Far Property has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
San Far Property (TPE:9946) has a Piotroski F-Score of 8 as of Aug. 09, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on San Far Property and its competitors. This is 60% above median its historical median of 5.00. Over the past decade, San Far Property's Piotroski F-Score has ranged from 1.00 to 8.00. According to the industry distribution chart, San Far Property ranks #22 out of 1753 companies in the Real Estate industry, placing it in the top 1.3%.
Is San Far Property's Piotroski F-Score too high?
San Far Property's current Piotroski F-Score of 8 is 60% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 8.00. The Real Estate industry median Piotroski F-Score is 5.00. San Far Property's value of 8 is 60% above this industry median. Based on the distribution chart, San Far Property ranks #22 out of 1753 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, San Far Property has a GF Score™ of 40/100, reflecting its overall financial health beyond just this single metric.
How does San Far Property's Piotroski F-Score compare to competitors?
According to the Real Estate industry distribution chart, San Far Property ranks #22 out of 1753 companies for Piotroski F-Score. This places San Far Property in the top 1% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. San Far Property's value of 8 is 60% above this benchmark. Historically, San Far Property's own Piotroski F-Score has ranged from 1.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, San Far Property 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 Real Estate company?
The median Piotroski F-Score among Real Estate companies is 5.00, based on 1,753 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. San Far Property'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 San Far Property and its competitors. For the Real Estate 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. San Far Property's current Piotroski F-Score is 8, which is 60% above 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 San Far Property stock overvalued right now?
San Far Property (TPE:9946) has a current Piotroski F-Score of 8. The current Piotroski F-Score is 8, which is 60% above median its 10-year median of 5.00 and 60% above the Real Estate industry median of 5.00. San Far Property's overall GF Score™ is 40/100 with 6 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 San Far Property (TPE:9946), the current Piotroski F-Score is 8 as of Aug. 09, 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.
San Far Property Ltd is a Taiwan-based real estate company. The main activities of the company include residential and building development, leasing and sales, and real estate leasing.
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