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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.
Kee Tai Properties Co's Net-Net Working Capital for the quarter that ended in Jun. 2026 was NT$-13.26.
The industry rank for Kee Tai Properties Co's Net-Net Working Capital or its related term are showing as below:
TPE:2538's Price-to-Net-Net-Working-Capital is not ranked *
in the Real Estate industry.
Industry Median: 4.7 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Kee Tai Properties Co (TPE:2538) 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.
Kee Tai Properties Co Net-Net Working Capital Related Terms
Kee Tai Properties Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Kee Tai Properties 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.
Kee Tai Properties Co Net-Net Working Capital Chart
Kee Tai Properties Co Net-Net Working Capital Competitor Comparison
For the Real Estate - Development subindustry, Kee Tai Properties 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.
Kee Tai Properties Co Price-to-Net-Net-Working-Capital vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Kee Tai Properties Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Kee Tai Properties 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$-13.26 mean?
Kee Tai Properties Co (TPE:2538) has a Net-Net Working Capital of NT$-13.26 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Kee Tai Properties Co According to the industry distribution chart, Kee Tai Properties Co ranks #999999 out of 321 companies in the Real Estate industry.
Is Kee Tai Properties Co's Net-Net Working Capital too high?
Kee Tai Properties Co's current Net-Net Working Capital is NT$-13.26. Based on the distribution chart, Kee Tai Properties Co ranks #999999 out of 321 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Kee Tai Properties Co has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kee Tai Properties Co's Net-Net Working Capital compare to competitors?
According to the Real Estate industry distribution chart, Kee Tai Properties Co ranks #999999 out of 321 companies for Net-Net Working Capital. This places Kee Tai Properties Co in the lower half of its industry. The industry median Net-Net Working Capital is 4.70. 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 Real Estate company?
The median Net-Net Working Capital among Real Estate companies is 4.70, based on 321 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 Kee Tai Properties Co For the Real Estate industry, the median Net-Net Working Capital is 4.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kee Tai Properties Co's current Net-Net Working Capital is NT$-13.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kee Tai Properties Co stock overvalued right now?
Based on GuruFocus' analysis, Kee Tai Properties Co (TPE:2538) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$10.25, compared to a current price of NT$8.57 — trading 16.4% below its estimated fair value. The current Net-Net Working Capital is NT$-13.26. Kee Tai Properties Co's overall GF Score™ is 78/100 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 Kee Tai Properties Co (TPE:2538), the current Net-Net Working Capital is NT$-13.26 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 Kee Tai Properties Co (TPE:2538) Overvalued in 2026?
Based on GuruFocus' analysis, Kee Tai Properties Co stock appears to be undervalued.
The current stock price of NT$8.57 is trading 16.4% below its estimated GF Value™ of NT$10.25.
GuruFocus considers Kee Tai Properties Co to be Modestly Undervalued.
Key valuation signals for TPE:2538:
Net-Net Working Capital: NT$-13.26
GF Value™: NT$10.25 vs. price of NT$8.57 (16.4% below fair value)
No single metric tells the full story. See the TPE:2538 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kee Tai Properties Co Ltd is engaged in the development of public housing through contracted construction enterprises. Its principal activities include the sale and leasing of residential and commercial properties, as well as construction waste clearance services. The majority of the company's revenue is derived from the sales of land and buildings.
78GF Score
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