Systematic quality screening across 5,400+ non-financial equities in six emerging markets. Three quantitative models. Updated weekly.
Each stock is scored independently on financial strength, bankruptcy risk, and earnings quality. For research notes selection, we apply a per-market composite rank averaging F-Score, Altman Z'', and market cap (smaller = higher rank), with explicit quotas per market.
We rank, we don't flag.
9 binary signals across profitability, leverage, and operating efficiency. Validated across 20 developed and 15 emerging markets (2000–2018). Selection threshold: 7/9 or above.
Emerging markets variant by Altman, Hartzell & Peck. Removes sector-sensitive Sales/Assets ratio. Recalibrated thresholds for non-US markets. Selection: safe zone only (> 2.60).
8 variables over two fiscal years. We rank stocks by percentile within each market; selection threshold: first quartile. The -2.22 cutoff was derived by Beneish from SEC enforcement actions against US GAAP reporting companies between 1982 and 1992; applying it to IFRS, Vietnamese Accounting Standards (VAS), or Korean K-GAAP requires recalibration.
Financial sector companies (banks, insurance, asset managers) are excluded from all three models, consistent with original academic specifications (Altman 1968, Piotroski 2000, Beneish 1999).
Below $200M market cap, sell-side coverage drops to near zero in emerging markets (O'Shaughnessy, 2015) — creating a structural information asymmetry that our screen surfaces systematically.
| Market | Exchange | Equities Scored | Tri-Model Coverage |
|---|---|---|---|
| India | NSE | 2,641 | 79% |
| Indonesia | IDX | 943 | 99% |
| South Korea | KRX | 1,478 | 62% |
| Poland | WSE | 587 | 75% |
| Philippines | PSE | 260 | 73% |
| Vietnam | HOSE/HNX | 604 | Dual-model (F+Z'') |
VALORAMAP screens 5,400+ non-financial equities across 6 emerging markets using three quantitative scoring models. Scores update weekly. The platform was built to make institutional-grade emerging market screening accessible at a fraction of a $25,000/year terminal.
Every score carries a coverage indicator: Scored 3/3 (complete) or Scored 2/3 (partial). Year-specific freshness thresholds apply: Piotroski and Beneish on filings ≤ 1 year, Altman ≤ 2 years; stocks failing this gate are flagged “Insufficient Coverage.” When data is incomplete, we show it. Silence about missing data is more dangerous than the missing data itself.
Scores are recalculated weekly. Underlying financial statements reflect the latest available filing, typically updated quarterly for larger markets and annually for smaller listings.
Market capitalizations are as of the latest screening date. Stocks may cross thresholds in either direction between updates.