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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.
Chung Hung Steel Co's Net-Net Working Capital for the quarter that ended in Dec. 2025 was NT$-6.28.
The industry rank for Chung Hung Steel Co's Net-Net Working Capital or its related term are showing as below:
TPE:2014's Price-to-Net-Net-Working-Capital is not ranked *
in the Steel industry.
Industry Median: 4.325 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Chung Hung Steel Co (TPE:2014) 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.
Chung Hung Steel Co Net-Net Working Capital Related Terms
Chung Hung Steel Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Chung Hung Steel Co'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.
TPE:2014 vs NUE, STLD, RS: Net-Net Working Capital Comparison
For the Steel subindustry, Chung Hung Steel Co'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.
Chung Hung Steel Co Price-to-Net-Net-Working-Capital vs Steel Industry
For the Steel industry and Basic Materials sector, Chung Hung Steel Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Chung Hung Steel Co'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 NT$-6.28 mean?
Chung Hung Steel Co (TPE:2014) has a Net-Net Working Capital of NT$-6.28 as of Dec. 2025. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Chung Hung Steel Co According to the industry distribution chart, Chung Hung Steel Co ranks #999999 out of 180 companies in the Steel industry.
Is Chung Hung Steel Co's Net-Net Working Capital too high?
Chung Hung Steel Co's current Net-Net Working Capital is NT$-6.28. Based on the distribution chart, Chung Hung Steel Co ranks #999999 out of 180 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Chung Hung Steel Co has a GF Score™ of 51/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Chung Hung Steel Co's Net-Net Working Capital compare to NUE and STLD?
According to the Steel industry distribution chart, Chung Hung Steel Co ranks #999999 out of 180 companies for Net-Net Working Capital. This places Chung Hung Steel Co in the lower half of its industry. The industry median Net-Net Working Capital is 4.33. 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 Steel company?
The median Net-Net Working Capital among Steel companies is 4.33, based on 180 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 Chung Hung Steel Co For the Steel industry, the median Net-Net Working Capital is 4.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Chung Hung Steel Co's current Net-Net Working Capital is NT$-6.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chung Hung Steel Co stock overvalued right now?
Based on GuruFocus' analysis, Chung Hung Steel Co (TPE:2014) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$11.58, compared to a current price of NT$16.70 — trading 44.2% above its estimated fair value. The current Net-Net Working Capital is NT$-6.28. Chung Hung Steel Co's overall GF Score™ is 51/100 with 4 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 Chung Hung Steel Co (TPE:2014), the current Net-Net Working Capital is NT$-6.28 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 Chung Hung Steel Co (TPE:2014) Overvalued in 2026?
Based on GuruFocus' analysis, Chung Hung Steel Co stock appears to be overvalued.
The current stock price of NT$16.70 is trading 44.2% above its estimated GF Value™ of NT$11.58.
GuruFocus considers Chung Hung Steel Co to be Significantly Overvalued.
Key valuation signals for TPE:2014:
Net-Net Working Capital: NT$-6.28
GF Value™: NT$11.58 vs. price of NT$16.70 (44.2% above fair value)
No single metric tells the full story. See the TPE:2014 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Chung Hung Steel Co Ltd is engaged in the manufacturing, processing, and distribution of steel products. The company produces steel products, including hot and cold galvanized coils, fine blanking coils, hot rolled temper grade coils, hot rolled pickled and oiled coils, and hot rolled bands. It has two operating segments: The Corporation segment which manufactures, processes and sells steel products, and Other corporations segment which includes Hung Kao Investment Corporation engaged in general investment. Geographically, the company derives a majority of revenue from Taiwan and also has a presence in Asia, America, Europe and Others.
51GF 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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