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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.
HKSE:00423's Price-to-Net-Net-Working-Capital is ranked better than 87.7% of 374
companies
in the Media - Diversified industry
Industry Median: 4.645
vs HKSE:00423: 1.16
Hong Kong Economic Times Holdings (HKSE:00423) 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.
Hong Kong Economic Times Holdings Net-Net Working Capital Related Terms
Hong Kong Economic Times Holdings 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.
Hong Kong Economic Times Holdings Net-Net Working Capital Chart
HKSE:00423 vs NYT, WLY: Net-Net Working Capital Comparison
For the Publishing subindustry, Hong Kong Economic Times Holdings'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.
Hong Kong Economic Times Holdings Price-to-Net-Net-Working-Capital vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Hong Kong Economic Times Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Hong Kong Economic Times Holdings'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 HK$0.56 mean?
Hong Kong Economic Times Holdings (HKSE:00423) has a Net-Net Working Capital of HK$0.56 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 Hong Kong Economic Times Holdings According to the industry distribution chart, Hong Kong Economic Times Holdings ranks #46 out of 374 companies in the Media - Diversified industry, placing it in the top 12.3%.
Is Hong Kong Economic Times Holdings' Net-Net Working Capital too high?
Hong Kong Economic Times Holdings' current Net-Net Working Capital is HK$0.56. Based on the distribution chart, Hong Kong Economic Times Holdings ranks #46 out of 374 companies in the Media - Diversified industry, which is in the top quartile — a strong position relative to peers. Overall, Hong Kong Economic Times Holdings has a GF Score™ of 42/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Hong Kong Economic Times Holdings' Net-Net Working Capital compare to NYT and WLY?
According to the Media - Diversified industry distribution chart, Hong Kong Economic Times Holdings ranks #46 out of 374 companies for Net-Net Working Capital. This places Hong Kong Economic Times Holdings in the top 12% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 4.65. 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 Media - Diversified company?
The median Net-Net Working Capital among Media - Diversified companies is 4.65, based on 374 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 Hong Kong Economic Times Holdings For the Media - Diversified industry, the median Net-Net Working Capital is 4.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hong Kong Economic Times Holdings's current Net-Net Working Capital is HK$0.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hong Kong Economic Times Holdings stock overvalued right now?
Based on GuruFocus' analysis, Hong Kong Economic Times Holdings (HKSE:00423) is currently considered Fairly Valued. The stock's GF Value™ is HK$0.67, compared to a current price of HK$0.65 — trading 3% below its estimated fair value. The current Net-Net Working Capital is HK$0.56. Hong Kong Economic Times Holdings' overall GF Score™ is 42/100 with 3 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 Hong Kong Economic Times Holdings (HKSE:00423), the current Net-Net Working Capital is HK$0.56 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 Hong Kong Economic Times Holdings (HKSE:00423) Overvalued in 2026?
Based on GuruFocus' analysis, Hong Kong Economic Times Holdings stock appears to be undervalued.
The current stock price of HK$0.65 is trading 3% below its estimated GF Value™ of HK$0.67.
GuruFocus considers Hong Kong Economic Times Holdings to be Fairly Valued.
Key valuation signals for HKSE:00423:
Net-Net Working Capital: HK$0.56
GF Value™: HK$0.67 vs. price of HK$0.65 (3% below fair value)
No single metric tells the full story. See the HKSE:00423 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hong Kong Economic Times Holdings Ltd is an investment holding company. It is engaged in the printing and publishing of newspapers and magazines and the operation of their associated digital businesses; the operation of recruitment advertising and lifestyle platforms; and the provision of electronic financial and property market information services. Its segments are Media segment, majority revenue deriving segment, engaged in the printing and publication of newspapers, magazines and books and the operation of digital platforms, including recruitment, finance and lifestyle; and Financial news agency, information and solutions segment.
42GF 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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