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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.
Old Chang Kee's Net-Net Working Capital for the quarter that ended in Mar. 2026 was S$0.19.
The industry rank for Old Chang Kee's Net-Net Working Capital or its related term are showing as below:
SGX:5ML's Price-to-Net-Net-Working-Capital is ranked better than 62.5% of 48
companies
in the Restaurants industry
Industry Median: 13.7
vs SGX:5ML: 6.88
Old Chang Kee (SGX:5ML) 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.
Old Chang Kee Net-Net Working Capital Related Terms
Old Chang Kee Net-Net Working Capital Historical Data
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The historical data trend for Old Chang Kee's Net-Net Working Capital can be seen below:
* 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.
SGX:5ML vs MCD, SBUX, CMG: Net-Net Working Capital Comparison
For the Restaurants subindustry, Old Chang Kee'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.
Old Chang Kee Price-to-Net-Net-Working-Capital vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Old Chang Kee's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Old Chang Kee'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 S$0.19 mean?
Old Chang Kee (SGX:5ML) has a Net-Net Working Capital of S$0.19 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 Old Chang Kee According to the industry distribution chart, Old Chang Kee ranks #18 out of 48 companies in the Restaurants industry, placing it in the top 37.5%.
Is Old Chang Kee's Net-Net Working Capital too high?
Old Chang Kee's current Net-Net Working Capital is S$0.19. Based on the distribution chart, Old Chang Kee ranks #18 out of 48 companies in the Restaurants industry, which is above the industry midpoint. Overall, Old Chang Kee has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Old Chang Kee's Net-Net Working Capital compare to MCD and SBUX?
According to the Restaurants industry distribution chart, Old Chang Kee ranks #18 out of 48 companies for Net-Net Working Capital. This puts Old Chang Kee in the upper half of its industry. The industry median Net-Net Working Capital is 13.70. 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 Restaurants company?
The median Net-Net Working Capital among Restaurants companies is 13.70, based on 48 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 Old Chang Kee For the Restaurants industry, the median Net-Net Working Capital is 13.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Old Chang Kee's current Net-Net Working Capital is S$0.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Old Chang Kee stock overvalued right now?
Based on GuruFocus' analysis, Old Chang Kee (SGX:5ML) is currently considered Significantly Overvalued. The stock's GF Value™ is S$0.81, compared to a current price of S$1.17 — trading 44.4% above its estimated fair value. The current Net-Net Working Capital is S$0.19. Old Chang Kee's overall GF Score™ is 59/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Old Chang Kee (SGX:5ML), the current Net-Net Working Capital is S$0.19 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 Old Chang Kee (SGX:5ML) Overvalued in 2026?
Based on GuruFocus' analysis, Old Chang Kee stock appears to be overvalued.
The current stock price of S$1.17 is trading 44.4% above its estimated GF Value™ of S$0.81.
GuruFocus considers Old Chang Kee to be Significantly Overvalued.
Key valuation signals for SGX:5ML:
Net-Net Working Capital: S$0.19
GF Value™: S$0.81 vs. price of S$1.17 (44.4% above fair value)
No single metric tells the full story. See the SGX:5ML stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Old Chang Kee Ltd is engaged in the manufacturing and distribution of food products. The company's products include curry puffs, fishballs, chicken nuggets, and chicken wings. It also provides catering services in Singapore. The company's geographical segments include Singapore, Australia, and Malaysia, and a majority of its revenue is derived from Singapore. The company is engaged in the manufacture and sale of food products under brands such as Old Chang Kee, the Curry Times, and Dip n Go.
59GF 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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