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In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
Smart-Core Holdings's net current asset value per share for the quarter that ended in Dec. 2025 was HK$1.30.
The historical rank and industry rank for Smart-Core Holdings's Net Current Asset Value or its related term are showing as below:
HKSE:02166'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.25 Med: 1.75 Max: 3.55
Current: 3.54
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Smart-Core Holdings was 3.55. The lowest was 1.25. And the median was 1.75.
HKSE:02166's Price-to-Net-Current-Asset-Value is ranked better than 63.67% of 1822
companies
in the Hardware industry
Industry Median: 5.38
vs HKSE:02166: 3.54
Smart-Core Holdings (HKSE:02166) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
Smart-Core Holdings Net Current Asset Value Related Terms
Smart-Core Holdings Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Smart-Core Holdings's Net Current Asset Value 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.
HKSE:02166 vs SNX, ARW, AVT: Net Current Asset Value Comparison
For the Electronics & Computer Distribution subindustry, Smart-Core Holdings's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value 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.
Smart-Core Holdings Price-to-Net-Current-Asset-Value vs Hardware Industry
For the Hardware industry and Technology sector, Smart-Core Holdings's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Smart-Core Holdings's Price-to-Net-Current-Asset-Value 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.
What does a Net Current Asset Value of HK$1.30 mean?
Smart-Core Holdings (HKSE:02166) has a Net Current Asset Value of HK$1.30 as of Dec. 2025. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Smart-Core Holdings and its competitors. According to the industry distribution chart, Smart-Core Holdings ranks #662 out of 1822 companies in the Hardware industry, placing it in the top 36.3%.
Is Smart-Core Holdings' Net Current Asset Value too high?
Smart-Core Holdings' current Net Current Asset Value is HK$1.30. Based on the distribution chart, Smart-Core Holdings ranks #662 out of 1822 companies in the Hardware industry, which is above the industry midpoint. Overall, Smart-Core Holdings has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Smart-Core Holdings' Net Current Asset Value compare to SNX and ARW?
According to the Hardware industry distribution chart, Smart-Core Holdings ranks #662 out of 1822 companies for Net Current Asset Value. This puts Smart-Core Holdings in the upper half of its industry. The industry median Net Current Asset Value is 5.38. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a Hardware company?
The median Net Current Asset Value among Hardware companies is 5.38, based on 1,822 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Smart-Core Holdings and its competitors. For the Hardware industry, the median Net Current Asset Value is 5.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Smart-Core Holdings's current Net Current Asset Value is HK$1.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Smart-Core Holdings stock overvalued right now?
Based on GuruFocus' analysis, Smart-Core Holdings (HKSE:02166) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$1.52, compared to a current price of HK$4.61 — trading 203% above its estimated fair value. The current Net Current Asset Value is HK$1.30. Smart-Core Holdings' overall GF Score™ is 59/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For Smart-Core Holdings (HKSE:02166), the current Net Current Asset Value is HK$1.30 as of Dec. 2025. 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 Smart-Core Holdings (HKSE:02166) Overvalued in 2026?
Based on GuruFocus' analysis, Smart-Core Holdings stock appears to be overvalued.
The current stock price of HK$4.61 is trading 203% above its estimated GF Value™ of HK$1.52.
GuruFocus considers Smart-Core Holdings to be Significantly Overvalued.
Key valuation signals for HKSE:02166:
Net Current Asset Value: HK$1.30
GF Value™: HK$1.52 vs. price of HK$4.61 (203% above fair value)
No single metric tells the full story. See the HKSE:02166 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Smart-Core Holdings Ltd is a distributor of integrated circuits and other electronic components and technology value-added service providers covering multiple market segments such as televisions, optoelectronic displays, smart terminals, memory, security monitoring, Internet of Things (IoT), and optical communications. Its service networks cover the majority of regions in Mainland China and Southeast Asia, providing diversified supply chain services of semiconductor chips and various electronic components for customers in the electronics industry, as well as corresponding technical solutions, technical support, and software services. Its segments include Authorised distribution and Mixed distribution. It makes up the majority of the revenue from the Authorised distribution segment.
59GF Score
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Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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