Investment Strategies based on Low P/B with Fundamental Scoring, Earning Manipulator Flag, Bankcruptcy Flag and reasonable ROE and ROIC

Recently working on a project to identify those singapore listed stocks, what are the stocks that are currently selling below P/B value, coupled with good fundamental F-score(Piotroski Scoring) (>=7) on the most recent year, with No Earning Manipulation flag detected using Baneish M-score and using Altman Z-flag, I included ROE and ROIC inside the calculation as well and filter out some SG stocks

The reasoning of the filter is that those low P/B stocks usually are selling below P/B because they are not earning a reasonable ROE that cover the cost of equity, but having a high fundamental score also means that they are fundamentally strong and using Baneish M-score, we will know that whether the company got manipulate the earning and the risk of bankcruptcy is also low through Altman Z-score.

If we are pretty sure the company is safe and yet it generate a reasonable ROE, there is hardly unlikely that the price of the stock will remain below price of book value for a long time period, it might means that it could have margin of safety investing in those companies.

I think Dukang Distillers stands out from the table as it has very 0.5 P/B ratio,with a P/E of 3 and with high ROE and ROIC recent year, definitely worth take a look as a value play, Tat Seng package stands out as well.

Stock Name	Price To Book Ratio	Price To Earning Ratio	F-Score Previous Year	F-Score Latest	M-Score	Z-score	O-score	ROE	ROIC
FABCHEM CHINA LTD	0.325996472	14.2591111	7	7	Not Earning Manipulator	Not likely to bankrupt	Not likely bankrupt	9.419729424	11.39632628
CHOSEN HOLDINGS LTD	0.528215629	24.58333348	7	7	Not Earning Manipulator	Not likely to bankrupt	Not likely bankrupt	5.102853607	5.802938958
DUKANG DISTILLERS HOLDINGS L	0.565013644	3.095186668	6	7	Not Earning Manipulator	Not likely to bankrupt	Not likely bankrupt	19.71058358	16.93335908
TAT SENG PACKAGING GROUP LTD	0.596810947	5.717255841	4	7	Not Earning Manipulator	Not likely to bankrupt	Not likely bankrupt	11.01004359	8.019543261
JASON MARINE GROUP LTD	0.658615185	27	8	8	Not Earning Manipulator	Not likely to bankrupt	Not likely bankrupt	5.778951967	5.909320194
TIONG WOON CORP HLDG LTD	0.661414964	7.960864822	3	8	Not Earning Manipulator	Not likely to bankrupt	Not likely bankrupt	7.728776751	5.885250384
NAM LEE PRESSED METAL IND	0.669726875	8.397760534	7	7	Not Earning Manipulator	Not likely to bankrupt	Not likely bankrupt	12.96220717	12.29955767
DUTECH HOLDINGS LTD	0.801207953	4.815190411	2	8	Not Earning Manipulator	Not likely to bankrupt	Not likely bankrupt	10.19625051	13.773904
NEW TOYO INTERNATIONAL HLDGS	0.821583411	8.190348906	8	7	Not Earning Manipulator	Not likely to bankrupt	Not likely bankrupt	9.962571451	8.922675953
CDW HOLDING LTD	0.843335871	4.756094224	7	8	Not Earning Manipulator	Not likely to bankrupt	Not likely bankrupt	14.23475979	12.59124281