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Associated Commercial Co (XMAU:ACC) 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.
Associated Commercial Co Piotroski F-Score Related Terms
Associated Commercial 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.
XMAU:ACC vs ORLY, AZO, GPC: Piotroski F-Score Comparison
For the Auto Parts subindustry, Associated Commercial 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.
Associated Commercial Co Piotroski F-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Associated Commercial Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Associated Commercial 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.
*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.
Associated Commercial Co's current Net Income (TTM) was 59.3.
==> 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.
Score 1 if positive, 0 if negative.
Associated Commercial Co's current Cash Flow from Operations (TTM) was 52.3.
==> 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.
Associated Commercial Co's return on assets of this year was 0.0779322. Associated Commercial Co's return on assets of last year was 0.10776203.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Associated Commercial Co's gearing of this year was 0. Associated Commercial Co's gearing of last year was 0.
==> 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
Associated Commercial Co's current ratio of this year was 7.9164703. Associated Commercial Co's current ratio of last year was 5.00571749.
==> 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.
Associated Commercial Co's number of shares in issue this year was 1.143. Associated Commercial Co's number of shares in issue last year was 1.144.
==> 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.
Associated Commercial Co's gross margin of this year was 1. Associated Commercial Co'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
Associated Commercial Co's asset turnover of this year was 0.62453896. Associated Commercial Co's asset turnover of last year was 0.75810904.
==> 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
Associated Commercial Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Associated Commercial Co (XMAU:ACC) has a Piotroski F-Score of 5 as of Aug. 27, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Associated Commercial Co and its competitors. This is near median its historical median of 5.00. Over the past decade, Associated Commercial Co's Piotroski F-Score has ranged from 4.00 to 7.00.
Is Associated Commercial Co's Piotroski F-Score too high?
Associated Commercial Co'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 4.00 to a high of 7.00. The Vehicles & Parts industry median Piotroski F-Score is 5.00. Associated Commercial Co's value of 5 is 0% at this industry median. Overall, Associated Commercial Co has a GF Score™ of 71/100, reflecting its overall financial health beyond just this single metric.
How does Associated Commercial Co's Piotroski F-Score compare to ORLY and AZO?
Associated Commercial Co's Piotroski F-Score of 5 can be compared against companies in the Vehicles & Parts industry. The industry median Piotroski F-Score is 5.00. Associated Commercial Co's value of 5 is 0% at this benchmark. Historically, Associated Commercial Co's own Piotroski F-Score has ranged from 4.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Associated Commercial Co 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 Vehicles & Parts company?
The median Piotroski F-Score among Vehicles & Parts companies is 5.00, based on 1,290 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. Associated Commercial Co'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 Associated Commercial Co and its competitors. For the Vehicles & Parts 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. Associated Commercial Co'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 Associated Commercial Co stock overvalued right now?
Associated Commercial Co (XMAU:ACC) has a current Piotroski F-Score of 5. The stock's GF Value™ is MUR198.15, compared to a current price of MUR219.50 — trading 10.8% 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 Vehicles & Parts industry median of 5.00. Associated Commercial Co's overall GF Score™ is 71/100 with 5 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 Associated Commercial Co (XMAU:ACC), the current Piotroski F-Score is 5 as of Aug. 27, 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 Associated Commercial Co (XMAU:ACC) Overvalued in 2026?
Based on GuruFocus' analysis, Associated Commercial Co stock appears to be overvalued.
The current stock price of MUR219.50 is trading 10.8% above its estimated GF Value™ of MUR198.15.
Key valuation signals for XMAU:ACC:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: MUR198.15 vs. price of MUR219.50 (10.8% above fair value)
Industry Position: 0% at the Vehicles & Parts median
No single metric tells the full story. See the XMAU:ACC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Associated Commercial Co Ltd is a dealer of motor vehicles, spare parts, new tyres, and accessories. The company generates revenue from the sale of vehicles, batteries and lubricants, spare parts, and tyres, with the majority of its revenue derived from tyre sales.
71GF Score
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