ScreeningUnited States & Hong KongEdition 3 · 2026-10-07

The Farstar Value Pool

68 names cleared every gate, out of 1529 screened.

This is a mechanical screen, not a recommendation. Nine gates test profitability, the quality of that profit, growth, leverage and price. Every input is taken from a primary filing or a first-party financial-data feed — SEC EDGAR XBRL for the United States, the HKEX F10 record for Hong Kong — and a name enters the pool only if all nine pass at once. The list is rebuilt every Saturday and every change against the previous edition is logged.

Report at a glance

Universe screened

1,529

S&P 500 + HKEX main board

Names in the pool

US 24 · HK 44

Pass rate

4.4%

All nine gates cleared

Next edition

2026-10-10

Saturday, 09:00 Beijing

What changed

Pool changes vs the 2026-09-28 edition
Action	Market	Ticker	Company	Score
Added	HK	02916	TECHTRONIC INDUSTRIES CO. LTD.	36.6
Added	US	VLTO	Veralto Corp Common Stock	38.0

Largest score moves among retained names
Market	Ticker	Company	Previous	Now	Change
US	APP	Applovin Corporation Class A Common Stock	52.3	57.9	+5.6
HK	02589	Auntea Jenny (Shanghai) Industrial Co., Ltd.	65.5	69.4	+3.9
US	ALLE	Allegion plc Ordinary Shares	42.8	46.3	+3.5
HK	02097	MIXUE Group	54.0	57.2	+3.1
HK	00300	Midea Group Co., Ltd.	33.9	35.9	+2.0
HK	00700	Tencent Holdings Limited	38.1	40.0	+1.9
US	CBOE	Cboe Global Markets, Inc. Common Stock	57.1	55.2	-1.9
US	CPRT	Copart, Inc. (DE) Common Stock	43.0	44.6	+1.6
US	JKHY	Jack Henry & Associates, Inc. Common Stock	49.5	51.0	+1.6
HK	01579	YIHAI INTERNATIONAL HOLDING LTD.	36.9	35.4	-1.5
HK	01913	PRADA S.p.A.	41.0	42.3	+1.3
HK	02367	GIANT BIOGENE HOLDING CO., LTD	39.5	40.7	+1.3
HK	02145	Shanghai Chicmax Cosmetic Co., Ltd.	59.2	58.1	-1.1
HK	03288	Foshan Haitian Flavouring and Food Company Ltd.	31.4	32.4	+1.0
HK	06862	HAIDILAO INTERNATIONAL HOLDING LTD.	54.3	53.3	-1.0
US	ACN	Accenture plc Class A Ordinary Shares (Ireland)	56.7	55.8	-1.0
US	DECK	Deckers Outdoor Corporation Common Stock	69.6	70.6	+1.0
HK	00999	XIAOCAIYUAN INTERNATIONAL HOLDING LTD.	50.4	49.5	-0.9
US	ADBE	Adobe Inc. Common Stock	72.3	73.2	+0.9
HK	02899	Zijin Mining Group Company Limited	62.1	61.2	-0.8

Compared against the 2026-09-28 edition.

The pool

Scores are percentile composites computed within each market, not across them. A US score answers “how does this name rank against the rest of the US universe”; an HK score answers the same question for Hong Kong. The two columns are not comparable with each other, and the ranking inside each table is the only ranking the number supports.

United States — 24 names

US pool — 24 names, ranked by composite score
#	Ticker	Company	Score	P/E	ROE	OCF/NI	Rev 3Y CAGR	Liab/Assets	Sector
1	ADBE	Adobe Inc. Common Stock	73.2	12.7	62.3%	1.48	10.7%	60.8%	Information Technology
2	DECK	Deckers Outdoor Corporation Common Stock	70.6	11.2	42.6%	1.18	13.0%	40.5%	Consumer Discretionary
3	LULU	lululemon athletica inc. Common Stock	67.8	7.5	30.5%	1.40	7.4%	43.5%	Consumer Discretionary
4	INTU	Intuit Inc. Common Stock	62.3	17.6	23.8%	1.94	14.8%	48.4%	Information Technology
5	CF	CF Industries Holdings, Inc. Common Stock	60.2	8.5	30.1%	1.19	3.4%	40.9%	Materials
6	AMZN	Amazon.com, Inc. Common Stock	58.0	20.5	29.4%	1.19	11.7%	49.7%	Consumer Discretionary
7	APP	Applovin Corporation Class A Common Stock	57.9	20.9	190.2%	1.03	72.5%	61.7%	Information Technology
8	ACN	Accenture plc Class A Ordinary Shares (Ireland)	55.8	15.6	23.9%	1.69	4.2%	52.0%	Industrials
9	CBOE	Cboe Global Markets, Inc. Common Stock	55.2	21.6	25.7%	1.45	11.8%	47.0%	Financials
10	UBER	Uber Technologies, Inc. Common Stock	53.9	15.0	33.5%	1.09	18.1%	56.8%	Industrials
11	FDS	FactSet Research Systems Inc. Common Stock	52.9	18.0	26.8%	1.47	5.5%	51.5%	Information Technology
12	RL	Ralph Lauren Corporation Common Stock	52.1	22.7	37.1%	1.34	10.6%	64.5%	Consumer Discretionary
13	RMD	ResMed Inc. Common Stock	51.6	21.6	24.0%	1.19	9.8%	26.6%	Health Care
14	JKHY	Jack Henry & Associates, Inc. Common Stock	51.0	20.9	23.8%	1.52	7.2%	34.8%	Information Technology
15	EME	EMCOR Group, Inc. Common Stock	49.5	24.2	38.8%	0.90	16.2%	59.8%	Industrials
16	WSM	Williams-Sonoma, Inc. Common Stock (DE)	48.7	24.8	56.0%	1.36	0.4%	61.1%	Consumer Discretionary
17	ULTA	Ulta Beauty, Inc. Common Stock	47.8	20.0	45.9%	1.30	5.2%	62.0%	Consumer Discretionary
18	ALLE	Allegion plc Ordinary Shares	46.3	19.1	32.4%	1.17	5.6%	60.5%	Industrials
19	CPRT	Copart, Inc. (DE) Common Stock	44.6	16.5	17.3%	1.09	9.6%	8.9%	Consumer Discretionary
20	CINF	Cincinnati Financial Corporation Common Stock	42.4	7.7	20.7%	1.03	12.3%	61.4%	Financials
21	PNR	Pentair plc. Ordinary Share	40.5	12.7	17.9%	1.17	0.9%	46.1%	Industrials
22	VLTO	Veralto Corp Common Stock	38.0	24.5	34.3%	1.14	4.7%	60.7%	Information Technology
23	PG	Procter & Gamble Company (The) Common Stock	37.6	22.5	29.8%	1.22	1.8%	57.1%	Consumer Staples
24	SNA	Snap-On Incorporated Common Stock	32.0	18.4	17.4%	1.15	0.5%	29.8%	Industrials

Hong Kong — 44 names

HK pool — 44 names, ranked by composite score
#	Ticker	Company	Score	P/E	ROE	OCF/NI	Rev 3Y CAGR	Liab/Assets	Sector
1	06831	Green Tea Group Limited 绿茶集团	77.4	5.2	32.6%	1.72	15.2%	60.8%	Travel & Leisure
2	09911	NEWBORN TOWN INC. 赤子城科技	77.4	10.1	40.4%	1.37	44.3%	34.4%	Media & Entertainment
3	03978	China Beststudy Education Group 卓越教育集团	75.6	5.8	37.3%	1.95	97.3%	61.2%	Support Services
4	02589	Auntea Jenny (Shanghai) Industrial Co., Ltd. 沪上阿姨	69.4	9.9	30.4%	1.32	15.5%	34.2%	Food & Beverage
5	09980	EASTROC BEVERAGE (GROUP) CO.,LTD. 东鹏饮料	65.4	12.3	34.7%	1.41	36.1%	45.5%	Food & Beverage
6	00816	JINMAO PROPERTY SERVICES CO., LIMITED 金茂服务	62.9	6.2	136.7%	1.95	16.5%	64.8%	Property
7	01681	CONSUN PHARMACEUTICAL GROUP LIMI TED 康臣药业	61.3	9.3	25.3%	1.28	14.9%	25.9%	Pharmaceuticals & Biotech
8	02899	Zijin Mining Group Company Limited 紫金矿业	61.2	11.2	36.1%	1.51	9.1%	49.6%	Gold & Precious Metals
9	03998	Bosideng International Holdings Ltd. 波司登	60.7	10.6	23.3%	1.61	8.5%	37.5%	Textiles & Apparel
10	03306	JNBY Design Limited 江南布衣	60.6	10.1	36.5%	1.44	6.8%	45.3%	Textiles & Apparel
11	02145	Shanghai Chicmax Cosmetic Co., Ltd. 上美股份	58.1	10.8	25.8%	1.65	48.0%	40.7%	Healthcare (other)
12	02657	Shanghai Forest Cabin Cosmetics Group Co., Ltd. 林清轩	57.7	16.7	22.1%	1.37	74.4%	19.1%	Healthcare (other)
13	02097	MIXUE Group 蜜雪集团	57.2	10.6	21.5%	0.88	28.6%	17.7%	Food & Beverage
14	02020	ANTA Sports Products Limited 安踏体育	56.5	10.9	23.3%	1.44	13.4%	38.4%	Textiles & Apparel
15	01318	Mao Geping Cosmetics Co., Ltd. 毛戈平	55.6	14.4	27.8%	0.97	32.3%	16.5%	Healthcare (other)
16	01308	SITC International Holdings Company Limited 海丰国际	55.5	13.4	47.4%	1.11	18.1%	21.1%	Transportation
17	06862	HAIDILAO INTERNATIONAL HOLDING LTD. 海底捞	53.3	11.2	41.0%	1.31	2.1%	53.8%	Travel & Leisure
18	03660	Qfin Holdings, Inc. 奇富科技-S	52.5	1.5	15.3%	2.36	8.6%	53.3%	Other Financials
19	09633	NONGFU SPRING CO., LTD. 农夫山泉	52.3	23.0	44.7%	1.25	11.0%	51.5%	Food & Beverage
20	01497	XIAMEN YAN PALACE BIRD’S NEST INDUSTRY CO., LTD. 燕之屋	52.2	11.6	27.3%	1.73	0.9%	44.8%	Food & Beverage
21	02488	Launch Tech. Company Limited 元征科技	52.1	7.7	26.6%	1.30	14.9%	51.6%	Automobiles
22	02408	Guangzhou Xiao Noodles Catering Management Co., Ltd. 遇见小面	51.8	20.0	15.7%	3.84	42.4%	62.2%	Travel & Leisure
23	01523	Plover Bay Technologies Limited 珩湾科技	50.6	22.1	88.8%	0.88	17.1%	54.4%	IT Hardware
24	00999	XIAOCAIYUAN INTERNATIONAL HOLDING LTD. 小菜园	49.5	15.4	25.7%	1.66	8.4%	42.8%	Travel & Leisure
25	06980	Bama Tea Co., Ltd. 八马茶业	49.1	6.7	16.7%	1.49	1.7%	28.6%	Food & Beverage
26	09985	WEILONG Delicious Global Holdings Ltd 卫龙美味	48.7	9.5	19.7%	1.02	21.8%	29.7%	Food & Beverage
27	03750	Contemporary Amperex Technology Co., Ltd. 宁德时代	48.2	23.4	24.5%	1.59	2.8%	63.7%	Industrial Engineering
28	03600	MODERN DENTAL GROUP LIMITED 现代牙科	45.8	10.7	20.0%	1.18	8.4%	26.2%	Healthcare (other)
29	00151	WANT WANT CHINA HOLDINGS LIMITED 中国旺旺	45.5	7.3	20.3%	1.18	1.7%	30.4%	Food & Beverage
30	01730	LHN LIMITED LHN	43.0	7.1	18.9%	1.06	25.6%	62.4%	Property
31	09999	NetEase, Inc. 网易	42.8	16.3	20.1%	1.58	4.3%	26.1%	Software & Services
32	01913	PRADA S.p.A. 普拉达	42.3	13.3	17.1%	2.09	12.6%	57.7%	Textiles & Apparel
33	02507	Cirrus Aircraft Limited 西锐	42.2	12.3	17.7%	1.50	12.2%	41.8%	Industrial Engineering
34	02156	C&D Property Management Group Co., Ltd 建发物业	41.9	8.3	19.1%	1.45	4.3%	56.9%	Property
35	06883	Eternal Beauty Holdings Limited 颖通控股	41.5	9.7	16.0%	1.21	7.5%	22.2%	Healthcare (other)
36	02367	GIANT BIOGENE HOLDING CO., LTD 巨子生物	40.7	12.7	17.4%	1.11	25.1%	8.5%	Healthcare (other)
37	03606	FUYAO GLASS INDUSTRY GROUP CO.,LTD. 福耀玻璃	40.3	14.9	23.0%	1.33	17.5%	48.4%	Automobiles
38	00700	Tencent Holdings Limited 腾讯控股	40.0	14.3	20.4%	1.30	11.1%	43.4%	Software & Services
39	02916	TECHTRONIC INDUSTRIES CO. LTD. 创科实业(五百)	36.6	23.1	18.0%	1.73	5.0%	46.0%	Household Appliances
40	00300	Midea Group Co., Ltd. 美的集团	35.9	13.6	20.5%	1.21	10.8%	64.9%	Household Appliances
41	00669	TECHTRONIC INDUSTRIES CO. LTD. 创科实业	35.7	23.6	18.0%	1.73	5.0%	46.0%	Household Appliances
42	01209	China Resources Mixc Lifestyle Services Limited 华润万象生活	35.6	17.7	26.8%	1.03	10.5%	48.0%	Property
43	01579	YIHAI INTERNATIONAL HOLDING LTD. 颐海国际	35.4	14.0	19.6%	1.22	3.7%	13.8%	Food & Beverage
44	03288	Foshan Haitian Flavouring and Food Company Ltd. 海天味业	32.4	17.8	18.6%	1.02	8.4%	16.0%	Food & Beverage

Where the two universes differ

Hong Kong fails on profitability, the United States on leverage and price

Names eliminated by each gate, counted at the first gate failed

S&P 500HKEX main board

Read the two panels on their own scales. The United States loses most of its universe to the profitability gate but keeps a long tail of genuinely high-return businesses; Hong Kong loses 915 of 1,018 names at the same gate, which is the single most important fact about this screen. A 15% return on equity over three consecutive fiscal years is a demanding bar for an index where banks, property developers and state-owned industrials dominate the market capitalisation. Source: Farstar screen, 2026-10-07.

Quality is not on sale

Return on equity against P/E, pool members only

United StatesHong Kong

Every point already passed all nine gates, so the interesting question is the shape of what remains. The HKEX cluster sits lower and further left: cheaper on earnings, with lower returns on equity. The US cluster runs up the right-hand side. The empty upper-left quadrant — high return, low multiple — holds almost nothing, which is the honest summary of a quality screen run against two markets that have already re-rated. 3 point(s) outside the plotted range or without a positive P/E are omitted. Source: Farstar screen, 2026-10-07.

The Hong Kong pool is a consumer and healthcare pool

HKEX pool members by industry classification

Sector labels are the issuer classifications carried on the HKEX record. Food and beverage, textiles and apparel, healthcare and property management dominate, and there is almost no technology. That is not a stylistic choice by the screen: it is what survives a three-year 15% ROE test in a market where the large-cap technology names either do not clear the bar or are not listed in Hong Kong. Source: Farstar screen, 2026-10-07.

Method

The nine gates. A name enters the pool only if every one passes.
Gate	Threshold	Why it is here
Return on equity, each of the last three fiscal years	≥ 15%	Three separate years, not an average: one exceptional year cannot carry the screen.
Return on equity, trailing twelve months	≥ 15%	The current run rate, which may differ from the last reported fiscal year.
Cash conversion, three fiscal years	≥ 0.90	Cumulative operating cash flow against cumulative net income. Profit that does not arrive as cash is not profit.
Cash conversion, trailing twelve months	≥ 0.80	The same test on the current period, with a slightly looser bar because a single quarter of working-capital swing is noise.
No loss-making period	All four quarters positive	Removes names whose annual figures are flattered by one enormous quarter.
Revenue, three fiscal years	Positive in every year, and 3Y CAGR ≥ 0%	Not a growth screen — a no-shrinkage screen. Zero is the bar, and it guards against a denominator that has been engineered rather than earned.
Total liabilities / total assets	≤ 65%	Excludes leveraged financials and property developers by construction.
Net assets, each of the last three fiscal years	> 0	Excludes insolvent balance sheets. Negative equity also inverts return on equity, so without this gate the two profitability rows above would read it as excellent.
P/E on trailing twelve months	0 < P/E ≤ 25	The value half of the strategy. A positive multiple is required, so loss-makers fail.

Composite score weights
Block	Weight	Inputs
Return on equity	25%	TTM ROE (60%), weakest of the three fiscal years (40%)
Cash conversion	20%	TTM OCF/NI, three-year OCF/NI
Valuation	20%	Earnings yield, P/E (inverted)
Earnings growth	15%	Three-year NI CAGR, TTM year-on-year, quarter-on-quarter consistency
Revenue growth	10%	Three-year revenue CAGR, TTM year-on-year
Leverage	10%	Liabilities / assets (inverted)

Two universes, one strategy

The S&P 500 is screened from SEC EDGAR XBRL company facts, the same first-party source used for the firm's long-form reports. The Hong Kong universe is the HKEX main board restricted to HKD-counter lines with a market capitalisation of at least HK$2 billion and no fund or structured-product vehicles: 1,046 operating companies. Both markets run the identical nine gates and the identical scoring weights.

How trailing twelve months are built in Hong Kong

Hong Kong issuers are not required to report quarterly, and many do not. Every flow item on the HKEX record is cumulative year-to-date, so a quarter is the difference between consecutive periods inside the same fiscal year. Where only an interim and an annual report exist, that differencing yields two six-month halves rather than four quarters, and a genuine twelve-month figure is assembled from those two halves. Of the 1034 HK names that produced metrics, 270 were measured on four quarters, 712 on two halves and 52 had no usable twelve-month window at all and were dropped. The basis used for each pool member is stated in its row.

Data quality

Automated checks run on every edition
Check	Result
Twelve-month windows landing between 250 and 400 days	982/982 in 250-400d
Pool members with a missing gate input	0
Names excluded for fewer than three usable fiscal years	12
Trailing ROE above 200 per cent (usually a near-zero equity denominator)	0
Price feed behind the P/E gate	Nasdaq last sale (499) · unrefetched earlier file (4) · Yahoo chart (2) · unrefetched earlier file (1), as of Oct 7, 2026 10:06 AM ET

The gate inputs are read from restated filings rather than as originally reported, and the pool is a point-in-time snapshot: it reflects the most recent filing available on the edition date. Hong Kong periods carry a period-end date but no filing date on the feed, so unlike the US side the Hong Kong screen cannot be reconstructed as it would have looked on a past date. That is a limitation of the source, not of the method, and it is why no Hong Kong backtest is published here.

What this screen does not tell you

The screen selects for quality at a reasonable price. It does not select for returns, and on the evidence of the US backtest it is worth being blunt about that.

US pool, point-in-time twelve-month windows. No look-ahead: only filings filed on or before the start date are visible.
Window	Pool return	S&P 500 (SPY)	Excess
2024-12-31 → 2025-12-31	13.4%	16.4%	-3.0 pts
2025-09-25 → 2026-09-25	14.6%	17.2%	-2.6 pts

Across both windows the pool averaged 13.9% against a benchmark of 16.8% on 47 holdings. The screen has not added value over the period measured. In a market led by a narrow set of momentum names, a quality-value filter selects precisely the businesses that have already been re-rated and are now de-rating, which is what the two windows show.

It is not a recommendation. Membership is the output of arithmetic on public filings. It is not a view on any company's prospects.
Quality and price are separate questions. Passing the P/E gate says a name is cheaper than 25 times earnings, not that it is cheap.
Reporting currency differs from trading currency in Hong Kong. Most HKEX issuers report in renminbi while their shares trade in Hong Kong dollars. Every gate is a ratio and the P/E is the feed's own trailing multiple, so no gate is affected, but absolute revenue and earnings figures in the source are not in the trading currency.
The Hong Kong universe is capped by size. Names below HK$2 billion of market capitalisation are outside the screen entirely.
Semi-annual reporting is not equivalent to quarterly. A half-year figure hides intra-year swings that a quarterly series would reveal.