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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
BKK:TPLAS's Price-to-Net-Net-Working-Capital is ranked better than 52.38% of 126
companies
in the Packaging & Containers industry
Industry Median: 5.095
vs BKK:TPLAS: 4.76
Thai Plastic Industrial (1994) PCL (BKK:TPLAS) Net-Net Working Capital Explanation
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 Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Thai Plastic Industrial (1994) PCL Net-Net Working Capital Related Terms
Thai Plastic Industrial (1994) PCL Net-Net Working Capital 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.
Thai Plastic Industrial (1994) PCL Net-Net Working Capital Chart
BKK:TPLAS vs SW, PKG, IP: Net-Net Working Capital Comparison
For the Packaging & Containers subindustry, Thai Plastic Industrial (1994) PCL's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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.
Thai Plastic Industrial (1994) PCL Price-to-Net-Net-Working-Capital vs Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Thai Plastic Industrial (1994) PCL's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Thai Plastic Industrial (1994) PCL's Price-to-Net-Net-Working-Capital 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
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.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of ฿0.25 mean?
Thai Plastic Industrial (1994) PCL (BKK:TPLAS) has a Net-Net Working Capital of ฿0.25 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Thai Plastic Industrial (1994) PCL According to the industry distribution chart, Thai Plastic Industrial (1994) PCL ranks #60 out of 126 companies in the Packaging & Containers industry, placing it in the top 47.6%.
Is Thai Plastic Industrial (1994) PCL's Net-Net Working Capital too high?
Thai Plastic Industrial (1994) PCL's current Net-Net Working Capital is ฿0.25. Based on the distribution chart, Thai Plastic Industrial (1994) PCL ranks #60 out of 126 companies in the Packaging & Containers industry, which is above the industry midpoint. Overall, Thai Plastic Industrial (1994) PCL has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Thai Plastic Industrial (1994) PCL's Net-Net Working Capital compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, Thai Plastic Industrial (1994) PCL ranks #60 out of 126 companies for Net-Net Working Capital. This puts Thai Plastic Industrial (1994) PCL in the upper half of its industry. The industry median Net-Net Working Capital is 5.10. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Packaging & Containers company?
The median Net-Net Working Capital among Packaging & Containers companies is 5.10, based on 126 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital 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-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Thai Plastic Industrial (1994) PCL For the Packaging & Containers industry, the median Net-Net Working Capital is 5.10 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Plastic Industrial (1994) PCL's current Net-Net Working Capital is ฿0.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Plastic Industrial (1994) PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Plastic Industrial (1994) PCL (BKK:TPLAS) is currently considered Fairly Valued. The stock's GF Value™ is ฿1.11, compared to a current price of ฿1.19 — trading 7.2% above its estimated fair value. The current Net-Net Working Capital is ฿0.25. Thai Plastic Industrial (1994) PCL's overall GF Score™ is 77/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Thai Plastic Industrial (1994) PCL (BKK:TPLAS), the current Net-Net Working Capital is ฿0.25 as of Mar. 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 Thai Plastic Industrial (1994) PCL (BKK:TPLAS) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Plastic Industrial (1994) PCL stock appears to be overvalued.
The current stock price of ฿1.19 is trading 7.2% above its estimated GF Value™ of ฿1.11.
GuruFocus considers Thai Plastic Industrial (1994) PCL to be Fairly Valued.
Key valuation signals for BKK:TPLAS:
Net-Net Working Capital: ฿0.25
GF Value™: ฿1.11 vs. price of ฿1.19 (7.2% above fair value)
No single metric tells the full story. See the BKK:TPLAS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thai Plastic Industrial (1994) PCL is engaged in the manufacturing of food plastic bags, food plastic wrappers and food paper containers. Its products include High Density Polyethylene, POLY - PROPYLENE, Thin T-Shirt Bag, LL T-Shirt Bag, PP T-Shirt Bag, LL Beverage Bag, Flexible Straws, LDPE Clear Cold Storage bags, Food Containers beat box, Bowl Food Containers beat box, Thick T-Shirt Bag, PP Bag Side folding type, and POLY - VINYI CHLORIDE. It operates in single segment of manufacturing food plastic bags, food plastic wrappers and food paper containers and sell the products in Thailand.
77GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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