Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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).
During the past 8 years, the highest Price-to-Net-Current-Asset-Value Ratio of Hongcheng Environmental Technology Co was 8.45. The lowest was 8.45. And the median was 8.45.
HKSE:02265's Price-to-Net-Current-Asset-Value is not ranked *
in the Waste Management industry.
Industry Median: 4.27 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
Hongcheng Environmental Technology Co (HKSE:02265) 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.
Hongcheng Environmental Technology Co Net Current Asset Value Related Terms
Hongcheng Environmental Technology Co Net Current Asset Value 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.
Hongcheng Environmental Technology Co Net Current Asset Value Chart
HKSE:02265 vs WM, RSG, WCN: Net Current Asset Value Comparison
For the Waste Management subindustry, Hongcheng Environmental Technology Co'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.
Hongcheng Environmental Technology Co Price-to-Net-Current-Asset-Value vs Waste Management Industry
For the Waste Management industry and Industrials sector, Hongcheng Environmental Technology Co's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Hongcheng Environmental Technology Co'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$-0.26 mean?
Hongcheng Environmental Technology Co (HKSE:02265) has a Net Current Asset Value of HK$-0.26 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 Hongcheng Environmental Technology Co and its competitors. Over the past decade, Hongcheng Environmental Technology Co's Net Current Asset Value has ranged from 8.45 to 8.45. According to the industry distribution chart, Hongcheng Environmental Technology Co ranks #999999 out of 97 companies in the Waste Management industry.
Is Hongcheng Environmental Technology Co's Net Current Asset Value too high?
Hongcheng Environmental Technology Co's current Net Current Asset Value is HK$-0.26. Over the past 10 years, this metric has ranged from a low of 8.45 to a high of 8.45. Based on the distribution chart, Hongcheng Environmental Technology Co ranks #999999 out of 97 companies in the Waste Management industry, which is in the bottom quartile relative to peers. Overall, Hongcheng Environmental Technology Co has a GF Score™ of 80/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Hongcheng Environmental Technology Co's Net Current Asset Value compare to WM and RSG?
According to the Waste Management industry distribution chart, Hongcheng Environmental Technology Co ranks #999999 out of 97 companies for Net Current Asset Value. This places Hongcheng Environmental Technology Co in the lower half of its industry. The industry median Net Current Asset Value is 4.27. Historically, Hongcheng Environmental Technology Co's own Net Current Asset Value has ranged from 8.45 to 8.45 over the past decade. 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 Waste Management company?
The median Net Current Asset Value among Waste Management companies is 4.27, based on 97 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 Hongcheng Environmental Technology Co and its competitors. For the Waste Management industry, the median Net Current Asset Value is 4.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hongcheng Environmental Technology Co's current Net Current Asset Value is HK$-0.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hongcheng Environmental Technology Co stock overvalued right now?
Based on GuruFocus' analysis, Hongcheng Environmental Technology Co (HKSE:02265) is currently considered Possible Value Trap. The stock's GF Value™ is HK$1.61, compared to a current price of HK$1.07 — trading 33.5% below its estimated fair value. The current Net Current Asset Value is HK$-0.26. Hongcheng Environmental Technology Co's overall GF Score™ is 80/100 with 5 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 Hongcheng Environmental Technology Co (HKSE:02265), the current Net Current Asset Value is HK$-0.26 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 Hongcheng Environmental Technology Co (HKSE:02265) Overvalued in 2026?
Based on GuruFocus' analysis, Hongcheng Environmental Technology Co stock appears to be undervalued.
The current stock price of HK$1.07 is trading 33.5% below its estimated GF Value™ of HK$1.61.
GuruFocus considers Hongcheng Environmental Technology Co to be Possible Value Trap.
Key valuation signals for HKSE:02265:
Net Current Asset Value: HK$-0.26
GF Value™: HK$1.61 vs. price of HK$1.07 (33.5% below fair value)
No single metric tells the full story. See the HKSE:02265 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hongcheng Environmental Technology Co Ltd is an investment holding company. It is engaged in (i) the provision of gold mine hazardous waste treatment services and sales of pyrite concentrate, and (ii) the production and sales of products from reprocessing of pyrite concentrate and sulphuric acid; and (iii) the production and sales of magnesium fertiliser in the PRC. It has two reportable segments: Hazardous waste treatment and recycling, and Reprocessing of pyrite concentrate and Production of magnesium fertiliser. Key revenue is generated from the hazardous waste treatment and recycling segment.
80GF Score
Get the complete analysis for HKSE:02265
Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
HKSE:02265 has been successfully added to your 
