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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.
AYER Holdings Bhd's Net-Net Working Capital for the quarter that ended in Mar. 2026 was RM2.25.
The industry rank for AYER Holdings Bhd's Net-Net Working Capital or its related term are showing as below:
XKLS:2305's Price-to-Net-Net-Working-Capital is ranked better than 58.23% of 328
companies
in the Real Estate industry
Industry Median: 4.585
vs XKLS:2305: 3.33
AYER Holdings Bhd (XKLS:2305) 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.
AYER Holdings Bhd Net-Net Working Capital Related Terms
AYER Holdings Bhd Net-Net Working Capital Historical Data
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The historical data trend for AYER Holdings Bhd'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.
AYER Holdings Bhd Net-Net Working Capital Competitor Comparison
For the Real Estate - Development subindustry, AYER Holdings Bhd'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.
AYER Holdings Bhd Price-to-Net-Net-Working-Capital vs Real Estate Industry
For the Real Estate industry and Real Estate sector, AYER Holdings Bhd's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where AYER Holdings Bhd'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 RM2.25 mean?
AYER Holdings Bhd (XKLS:2305) has a Net-Net Working Capital of RM2.25 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 AYER Holdings Bhd According to the industry distribution chart, AYER Holdings Bhd ranks #137 out of 328 companies in the Real Estate industry, placing it in the top 41.8%.
Is AYER Holdings Bhd's Net-Net Working Capital too high?
AYER Holdings Bhd's current Net-Net Working Capital is RM2.25. Based on the distribution chart, AYER Holdings Bhd ranks #137 out of 328 companies in the Real Estate industry, which is above the industry midpoint. Overall, AYER Holdings Bhd has a GF Score™ of 80/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does AYER Holdings Bhd's Net-Net Working Capital compare to competitors?
According to the Real Estate industry distribution chart, AYER Holdings Bhd ranks #137 out of 328 companies for Net-Net Working Capital. This puts AYER Holdings Bhd in the upper half of its industry. The industry median Net-Net Working Capital is 4.59. 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 4.59, based on 328 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 AYER Holdings Bhd For the Real Estate industry, the median Net-Net Working Capital is 4.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. AYER Holdings Bhd's current Net-Net Working Capital is RM2.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AYER Holdings Bhd stock overvalued right now?
Based on GuruFocus' analysis, AYER Holdings Bhd (XKLS:2305) is currently considered Possible Value Trap. The stock's GF Value™ is RM11.70, compared to a current price of RM7.50 — trading 35.9% below its estimated fair value. The current Net-Net Working Capital is RM2.25. AYER Holdings Bhd's overall GF Score™ is 80/100 with 2 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 AYER Holdings Bhd (XKLS:2305), the current Net-Net Working Capital is RM2.25 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 AYER Holdings Bhd (XKLS:2305) Overvalued in 2026?
Based on GuruFocus' analysis, AYER Holdings Bhd stock appears to be undervalued.
The current stock price of RM7.50 is trading 35.9% below its estimated GF Value™ of RM11.70.
GuruFocus considers AYER Holdings Bhd to be Possible Value Trap.
Key valuation signals for XKLS:2305:
Net-Net Working Capital: RM2.25
GF Value™: RM11.70 vs. price of RM7.50 (35.9% below fair value)
No single metric tells the full story. See the XKLS:2305 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AYER Holdings Bhd is an investment holding company. The principal activities of the company and its subsidiaries are categorized into two segments, namely Property Development, Plantation, and Others. Its Property development segment is engaged in developing residential and commercial properties. Its Plantation segment is involved in cultivating oil palm and durian. Other segments include investments, management services and others. The majority of revenue is earned from the Property development segment.
80GF Score
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