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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).
The historical rank and industry rank for China National Accord Medicines's Net Current Asset Value or its related term are showing as below:
SZSE:200028'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.14 Med: 3.28 Max: 6.87
Current: 1.19
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of China National Accord Medicines was 6.87. The lowest was 1.14. And the median was 3.28.
SZSE:200028's Price-to-Net-Current-Asset-Value is ranked better than 83.54% of 79
companies
in the Medical Distribution industry
Industry Median: 3.28
vs SZSE:200028: 1.19
China National Accord Medicines (SZSE:200028) 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.
China National Accord Medicines Net Current Asset Value Related Terms
China National Accord Medicines 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.
China National Accord Medicines Net Current Asset Value Chart
SZSE:200028 vs MCK, COR, CAH: Net Current Asset Value Comparison
For the Medical Distribution subindustry, China National Accord Medicines'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.
China National Accord Medicines Price-to-Net-Current-Asset-Value vs Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, China National Accord Medicines's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where China National Accord Medicines'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$19.26 mean?
China National Accord Medicines (SZSE:200028) has a Net Current Asset Value of HK$19.26 as of Jun. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on China National Accord Medicines and its competitors. According to the industry distribution chart, China National Accord Medicines ranks #13 out of 79 companies in the Medical Distribution industry, placing it in the top 16.5%.
Is China National Accord Medicines' Net Current Asset Value too high?
China National Accord Medicines' current Net Current Asset Value is HK$19.26. Based on the distribution chart, China National Accord Medicines ranks #13 out of 79 companies in the Medical Distribution industry, which is in the top quartile — a strong position relative to peers. Overall, China National Accord Medicines has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China National Accord Medicines' Net Current Asset Value compare to MCK and COR?
According to the Medical Distribution industry distribution chart, China National Accord Medicines ranks #13 out of 79 companies for Net Current Asset Value. This places China National Accord Medicines in the top 17% of its industry — outperforming the majority of peers. The industry median Net Current Asset Value is 3.28. 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 Medical Distribution company?
The median Net Current Asset Value among Medical Distribution companies is 3.28, based on 79 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 China National Accord Medicines and its competitors. For the Medical Distribution industry, the median Net Current Asset Value is 3.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China National Accord Medicines's current Net Current Asset Value is HK$19.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China National Accord Medicines stock overvalued right now?
Based on GuruFocus' analysis, China National Accord Medicines (SZSE:200028) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$13.64, compared to a current price of HK$12.07 — trading 11.5% below its estimated fair value. The current Net Current Asset Value is HK$19.26. China National Accord Medicines' overall GF Score™ is 82/100 with 6 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 China National Accord Medicines (SZSE:200028), the current Net Current Asset Value is HK$19.26 as of Jun. 2026. 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 China National Accord Medicines (SZSE:200028) Overvalued in 2026?
Based on GuruFocus' analysis, China National Accord Medicines stock appears to be undervalued.
The current stock price of HK$12.07 is trading 11.5% below its estimated GF Value™ of HK$13.64.
GuruFocus considers China National Accord Medicines to be Modestly Undervalued.
Key valuation signals for SZSE:200028:
Net Current Asset Value: HK$19.26
GF Value™: HK$13.64 vs. price of HK$12.07 (11.5% below fair value)
No single metric tells the full story. See the SZSE:200028 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China National Accord Medicines Corp Ltd develops and manufactures pharmaceuticals in China. The company engaged in the wholesale of Chinese patent drugs, traditional Chinese medicines, chemical medicine preparations, antibiotics, biochemical drugs and cerebrovascular system drugs. It operates through the following segments: The Head office segment engages in investing and managing the business; The Pharmaceutical Distribution segment engages in the distribution of medicine and pharmaceutical products to customers, including hospitals, other distributors, retail drug stores, and clinics, and Retail pharmacy segment, which is managing the operation of Guoda Pharmacy. It generates maximum revenue from the Pharmaceutical Distribution segment.
82GF Score
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