IGB Commercial REITXKLS:5299 +0.83%35 Piotroski F-Score is 8 as of Jul. 03, 2026, which is 33% above its 10-year median of 6.00. GuruFocus rates XKLS:5299 with a GF Score™ of 35/100 and a GF Value™ of RM0.63 (Fairly Valued). The stock has 7 warning signs investors should review. Among 887 REITs companies, IGB Commercial REIT ranks better than 98.42% 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
IGB Commercial REIT 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 IGB Commercial REIT's Piotroski F-Score or its related term are showing as below:
XKLS:5299'
s Piotroski F-Score Range Over the Past 10 Years
Min: 5 Med: 6 Max: 8
Current: 8
During the past 8 years, the highest Piotroski F-Score of IGB Commercial REIT was 8. The lowest was 5. And the median was 6.
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.
IGB Commercial REIT Piotroski F-Score Related Terms
IGB Commercial REIT Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for IGB Commercial REIT'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.
XKLS:5299 vs BXP, ARE, VNO: Piotroski F-Score Comparison
For the REIT - Office subindustry, IGB Commercial REIT'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.
IGB Commercial REIT Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, IGB Commercial REIT's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where IGB Commercial REIT'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.
IGB Commercial REIT's current Net Income (TTM) was 100.3.
==> 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.
IGB Commercial REIT's return on assets of this year was 0.03001301. IGB Commercial REIT's return on assets of last year was 0.02070882.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
IGB Commercial REIT's gearing of this year was 0.25377791. IGB Commercial REIT's gearing of last year was 0.258136.
==> 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
IGB Commercial REIT's current ratio of this year was 0.60776033. IGB Commercial REIT's current ratio of last year was 0.58591311.
==> 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.
IGB Commercial REIT's number of shares in issue this year was 2419.79. IGB Commercial REIT's number of shares in issue last year was 2410.5.
==> 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.
IGB Commercial REIT's gross margin of this year was 0.5266526. IGB Commercial REIT's gross margin of last year was 0.4951314.
==> 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
IGB Commercial REIT's asset turnover of this year was 0.07971118. IGB Commercial REIT's asset turnover of last year was 0.07249109.
==> 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
IGB Commercial REIT has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
IGB Commercial REIT (XKLS:5299) has a Piotroski F-Score of 8 as of Jul. 03, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on IGB Commercial REIT and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, IGB Commercial REIT's Piotroski F-Score has ranged from 5.00 to 8.00. According to the industry distribution chart, IGB Commercial REIT ranks #14 out of 887 companies in the REITs industry, placing it in the top 1.6%.
Is IGB Commercial REIT's Piotroski F-Score too high?
IGB Commercial REIT'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 5.00 to a high of 8.00. The REITs industry median Piotroski F-Score is 6.00. IGB Commercial REIT's value of 8 is 33.3% above this industry median. Based on the distribution chart, IGB Commercial REIT ranks #14 out of 887 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, IGB Commercial REIT has a GF Score™ of 35/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does IGB Commercial REIT's Piotroski F-Score compare to BXP and ARE?
According to the REITs industry distribution chart, IGB Commercial REIT ranks #14 out of 887 companies for Piotroski F-Score. This places IGB Commercial REIT in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. IGB Commercial REIT's value of 8 is 33.3% above this benchmark. Historically, IGB Commercial REIT's own Piotroski F-Score has ranged from 5.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, IGB Commercial REIT 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 REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 887 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. IGB Commercial REIT's current Piotroski F-Score of 8 is 33.3% 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 IGB Commercial REIT and its competitors. For the REITs 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. IGB Commercial REIT'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 IGB Commercial REIT stock overvalued right now?
Based on GuruFocus' analysis, IGB Commercial REIT (XKLS:5299) is currently considered Fairly Valued. The stock's GF Value™ is RM0.63, compared to a current price of RM0.61 — trading 4% below its estimated fair value. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 33.3% above the REITs industry median of 6.00. IGB Commercial REIT's overall GF Score™ is 35/100 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 IGB Commercial REIT (XKLS:5299), the current Piotroski F-Score is 8 as of Jul. 03, 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 IGB Commercial REIT (XKLS:5299) Overvalued in 2026?
Based on GuruFocus' analysis, IGB Commercial REIT stock appears to be undervalued.
The current stock price of RM0.61 is trading 4% below its estimated GF Value™ of RM0.63.
GuruFocus considers IGB Commercial REIT to be Fairly Valued.
Key valuation signals for XKLS:5299:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: RM0.63 vs. price of RM0.61 (4% below fair value)
Industry Position: 33.3% above the REITs median (#14 of 887)
No single metric tells the full story. See the XKLS:5299 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
IGB Commercial REIT is established to provide unitholders with regular and stable distributions, sustainable long-term unit price and distributable income and capital growth, and maintaining an appropriate capital structure, by investing directly and indirectly in a portfolio of income-producing real estate used predominantly for commercial purposes in Malaysia and overseas. The trust's investment portfolio mainly comprises commercial properties with office and retail spaces, and includes the Gardens South Tower, Centrepoint North, The Gardens North Tower, and other properties.
35GF Score
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