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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.
CTVIF's Price-to-Net-Net-Working-Capital is not ranked *
in the Travel & Leisure industry.
Industry Median: 6.86 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
China Travel International Investment Hong Kong (OTCPK:CTVIF) 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.
China Travel International Investment Hong Kong Net-Net Working Capital Related Terms
China Travel International Investment Hong Kong 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.
China Travel International Investment Hong Kong Net-Net Working Capital Chart
China Travel International Investment Hong Kong Annual Data
CTVIF vs AS, HAS, LTH: Net-Net Working Capital Comparison
For the Leisure subindustry, China Travel International Investment Hong Kong'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.
China Travel International Investment Hong Kong Price-to-Net-Net-Working-Capital vs Travel & Leisure Industry
* 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 $-0.09 mean?
China Travel International Investment Hong Kong (CTVIF) has a Net-Net Working Capital of $-0.09 as of Dec. 2025. 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 China Travel International Investment Hong Kong According to the industry distribution chart, China Travel International Investment Hong Kong ranks #999999 out of 214 companies in the Travel & Leisure industry.
Is China Travel International Investment Hong Kong's Net-Net Working Capital too high?
China Travel International Investment Hong Kong's current Net-Net Working Capital is $-0.09. Based on the distribution chart, China Travel International Investment Hong Kong ranks #999999 out of 214 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, China Travel International Investment Hong Kong has a GF Score™ of 82/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does China Travel International Investment Hong Kong's Net-Net Working Capital compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, China Travel International Investment Hong Kong ranks #999999 out of 214 companies for Net-Net Working Capital. This places China Travel International Investment Hong Kong in the lower half of its industry. The industry median Net-Net Working Capital is 6.86. 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 Travel & Leisure company?
The median Net-Net Working Capital among Travel & Leisure companies is 6.86, based on 214 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 China Travel International Investment Hong Kong For the Travel & Leisure industry, the median Net-Net Working Capital is 6.86 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China Travel International Investment Hong Kong's current Net-Net Working Capital is $-0.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Travel International Investment Hong Kong stock overvalued right now?
Based on GuruFocus' analysis, China Travel International Investment Hong Kong (CTVIF) is currently considered Possible Value Trap. The stock's GF Value™ is $0.20, compared to a current price of $0.09 — trading 53.3% below its estimated fair value. The current Net-Net Working Capital is $-0.09. China Travel International Investment Hong Kong's 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-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For China Travel International Investment Hong Kong (CTVIF), the current Net-Net Working Capital is $-0.09 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 China Travel International Investment Hong Kong (CTVIF) Overvalued in 2026?
Based on GuruFocus' analysis, China Travel International Investment Hong Kong stock appears to be undervalued.
The current stock price of $0.09 is trading 53.3% below its estimated GF Value™ of $0.20.
GuruFocus considers China Travel International Investment Hong Kong to be Possible Value Trap.
Key valuation signals for CTVIF:
Net-Net Working Capital: $-0.09
GF Value™: $0.20 vs. price of $0.09 (53.3% below fair value)
No single metric tells the full story. See the CTVIF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Travel International Investment Hong Kong Business Description
China Travel International Investment Hong Kong Ltd is a holding company focused on leisure investments. The company has four primary divisions: travel document and related operations, tourist attractions and related operations, hotel operations, and passenger transportation operations. The company derives revenue from its travel agency, tourist attraction, and hotel operations. Travel agency and related operations include the company's travel agency and travel document businesses. Tourist attraction operations, which comprise the majority portion of the company's revenue, include theme parks, resorts, and scenic destinations. Hotel operations include hotel accommodation, food, and beverage services. The company generates the vast majority of revenue in Hong Kong and mainland China.
82GF 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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