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ES Ceramics Technology Bhd (XKLS:0100) 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.
ES Ceramics Technology Bhd Piotroski F-Score Related Terms
ES Ceramics Technology Bhd 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.
ES Ceramics Technology Bhd Piotroski F-Score Chart
XKLS:0100 vs LIN, SHW, ECL: Piotroski F-Score Comparison
For the Specialty Chemicals subindustry, ES Ceramics Technology Bhd'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.
ES Ceramics Technology Bhd Piotroski F-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, ES Ceramics Technology Bhd's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where ES Ceramics Technology Bhd'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.
*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.
ES Ceramics Technology Bhd's current Net Income (TTM) was 15.4.
==> 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.
ES Ceramics Technology Bhd's current Cash Flow from Operations (TTM) was 21.9.
==> 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.
ES Ceramics Technology Bhd's return on assets of this year was 0.04506499. ES Ceramics Technology Bhd's return on assets of last year was 0.0200133.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
ES Ceramics Technology Bhd's gearing of this year was 0.07862979. ES Ceramics Technology Bhd's gearing of last year was 0.08489345.
==> 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
ES Ceramics Technology Bhd's current ratio of this year was 1.94281519. ES Ceramics Technology Bhd's current ratio of last year was 1.99128159.
==> 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.
ES Ceramics Technology Bhd's number of shares in issue this year was 707.128. ES Ceramics Technology Bhd's number of shares in issue last year was 703.307.
==> 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.
ES Ceramics Technology Bhd's gross margin of this year was 1. ES Ceramics Technology Bhd's gross margin of last year was 1.
==> 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
ES Ceramics Technology Bhd's asset turnover of this year was 1.42280727. ES Ceramics Technology Bhd's asset turnover of last year was 1.47033732.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
ES Ceramics Technology Bhd has an F-score of 5 indicating the company's financial situation is typical for a stable company.
ES Ceramics Technology Bhd (XKLS:0100) has a Piotroski F-Score of 5 as of Aug. 15, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on ES Ceramics Technology Bhd and its competitors. This is near median its historical median of 5.00. Over the past decade, ES Ceramics Technology Bhd's Piotroski F-Score has ranged from 3.00 to 6.00. According to the industry distribution chart, ES Ceramics Technology Bhd ranks #701 out of 1560 companies in the Chemicals industry, placing it in the top 44.9%.
Is ES Ceramics Technology Bhd's Piotroski F-Score too high?
ES Ceramics Technology Bhd's current Piotroski F-Score of 5 is near median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 6.00. The Chemicals industry median Piotroski F-Score is 5.00. ES Ceramics Technology Bhd's value of 5 is 0% at this industry median. Based on the distribution chart, ES Ceramics Technology Bhd ranks #701 out of 1560 companies in the Chemicals industry, which is above the industry midpoint. Overall, ES Ceramics Technology Bhd has a GF Score™ of 53/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ES Ceramics Technology Bhd's Piotroski F-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, ES Ceramics Technology Bhd ranks #701 out of 1560 companies for Piotroski F-Score. This puts ES Ceramics Technology Bhd in the upper half of its industry. The industry median Piotroski F-Score is 5.00. ES Ceramics Technology Bhd's value of 5 is 0% at this benchmark. Historically, ES Ceramics Technology Bhd's own Piotroski F-Score has ranged from 3.00 to 6.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, ES Ceramics Technology Bhd 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 a Chemicals company?
The median Piotroski F-Score among Chemicals companies is 5.00, based on 1,560 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. ES Ceramics Technology Bhd's current Piotroski F-Score of 5 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 ES Ceramics Technology Bhd and its competitors. For the Chemicals 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. ES Ceramics Technology Bhd's current Piotroski F-Score is 5, which is near 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 ES Ceramics Technology Bhd stock overvalued right now?
Based on GuruFocus' analysis, ES Ceramics Technology Bhd (XKLS:0100) is currently considered Modestly Overvalued. The stock's GF Value™ is RM0.17, compared to a current price of RM0.20 — trading 14.7% above its estimated fair value. The current Piotroski F-Score is 5, which is near median its 10-year median of 5.00 and 0% at the Chemicals industry median of 5.00. ES Ceramics Technology Bhd's overall GF Score™ is 53/100 with 7 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 ES Ceramics Technology Bhd (XKLS:0100), the current Piotroski F-Score is 5 as of Aug. 15, 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 ES Ceramics Technology Bhd (XKLS:0100) Overvalued in 2026?
Based on GuruFocus' analysis, ES Ceramics Technology Bhd stock appears to be overvalued.
The current stock price of RM0.20 is trading 14.7% above its estimated GF Value™ of RM0.17.
GuruFocus considers ES Ceramics Technology Bhd to be Modestly Overvalued.
Key valuation signals for XKLS:0100:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: RM0.17 vs. price of RM0.20 (14.7% above fair value)
Industry Position: 0% at the Chemicals median (#701 of 1560)
No single metric tells the full story. See the XKLS:0100 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ES Ceramics Technology Bhd is an investment holding company. Through its holding, the company manufactures and distributes ceramic hand formers. Its product offerings include examination formers, surgical formers, household formers, and breathing bags and balloons. The formers are for continuous industrial use under heavy-duty conditions, to withstand the complex processes involving heat and chemicals to produce gloves. Geographically, it derives a majority of its revenue from Malaysia. Its segments include Investing, Glove equipment, and Construction, of which the Construction segment derives the maximum revenue. The Construction segment is engaged in the manufacturing and supply of chemical products and construction materials, including readymix concrete.
53GF Score
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