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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.
TPE:2392's Price-to-Net-Net-Working-Capital is not ranked *
in the Hardware industry.
Industry Median: 9.165 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Cheng Uei Precision Industry Co (TPE:2392) 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.
Cheng Uei Precision Industry Co Net-Net Working Capital Related Terms
Cheng Uei Precision Industry Co 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.
Cheng Uei Precision Industry Co Net-Net Working Capital Chart
TPE:2392 vs APH, GLW, TEL: Net-Net Working Capital Comparison
For the Electronic Components subindustry, Cheng Uei Precision Industry 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.
Cheng Uei Precision Industry Co Price-to-Net-Net-Working-Capital vs Hardware Industry
For the Hardware industry and Technology sector, Cheng Uei Precision Industry Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Cheng Uei Precision Industry 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$-104.39 mean?
Cheng Uei Precision Industry Co (TPE:2392) has a Net-Net Working Capital of NT$-104.39 as of Jun. 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 Cheng Uei Precision Industry Co According to the industry distribution chart, Cheng Uei Precision Industry Co ranks #999999 out of 1122 companies in the Hardware industry.
Is Cheng Uei Precision Industry Co's Net-Net Working Capital too high?
Cheng Uei Precision Industry Co's current Net-Net Working Capital is NT$-104.39. Based on the distribution chart, Cheng Uei Precision Industry Co ranks #999999 out of 1122 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Cheng Uei Precision Industry Co has a GF Score™ of 62/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Cheng Uei Precision Industry Co's Net-Net Working Capital compare to APH and GLW?
According to the Hardware industry distribution chart, Cheng Uei Precision Industry Co ranks #999999 out of 1122 companies for Net-Net Working Capital. This places Cheng Uei Precision Industry Co in the lower half of its industry. The industry median Net-Net Working Capital is 9.17. 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 Hardware company?
The median Net-Net Working Capital among Hardware companies is 9.17, based on 1,122 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 Cheng Uei Precision Industry Co For the Hardware industry, the median Net-Net Working Capital is 9.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cheng Uei Precision Industry Co's current Net-Net Working Capital is NT$-104.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cheng Uei Precision Industry Co stock overvalued right now?
Based on GuruFocus' analysis, Cheng Uei Precision Industry Co (TPE:2392) is currently considered Fairly Valued. The stock's GF Value™ is NT$46.14, compared to a current price of NT$45.15 — trading 2.1% below its estimated fair value. The current Net-Net Working Capital is NT$-104.39. Cheng Uei Precision Industry Co's overall GF Score™ is 62/100 with 9 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 Cheng Uei Precision Industry Co (TPE:2392), the current Net-Net Working Capital is NT$-104.39 as of Jun. 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 Cheng Uei Precision Industry Co (TPE:2392) Overvalued in 2026?
Based on GuruFocus' analysis, Cheng Uei Precision Industry Co stock appears to be undervalued.
The current stock price of NT$45.15 is trading 2.1% below its estimated GF Value™ of NT$46.14.
GuruFocus considers Cheng Uei Precision Industry Co to be Fairly Valued.
Key valuation signals for TPE:2392:
Net-Net Working Capital: NT$-104.39
GF Value™: NT$46.14 vs. price of NT$45.15 (2.1% below fair value)
No single metric tells the full story. See the TPE:2392 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cheng Uei Precision Industry Co Ltd is engaged in the manufacture of cable assemblies, connectors, battery packs, and power modules. Its main clients are producers of communications devices, computers, and consumer electronics. Its product portfolio consists of cables, connectors, accessories, battery packs, power modules, wireless and Bluetooth products, camera modules, audio products, wearable devices, and gaming products. The company's reportable operating segments include Systems and peripheral products, which derive maximum revenue, 3C component, 3C product retail, Energy service management, and Others. Geographically, it derives maximum revenue from America, followed by Taiwan, China, Vietnam, Hong Kong, India, and other regions.
62GF 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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