Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
The industry rank for Carlsberg Brewery Malaysia Bhd's Net-Net Working Capital or its related term are showing as below:
XKLS:2836's Price-to-Net-Net-Working-Capital is not ranked *
in the Beverages - Alcoholic industry.
Industry Median: 7.91 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Carlsberg Brewery Malaysia Bhd (XKLS:2836) 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.
Carlsberg Brewery Malaysia Bhd Net-Net Working Capital Related Terms
Carlsberg Brewery Malaysia Bhd 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.
Carlsberg Brewery Malaysia Bhd Net-Net Working Capital Chart
XKLS:2836 vs STZ, TAP: Net-Net Working Capital Comparison
For the Beverages - Brewers subindustry, Carlsberg Brewery Malaysia 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.
Carlsberg Brewery Malaysia Bhd Price-to-Net-Net-Working-Capital vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg Brewery Malaysia Bhd's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Carlsberg Brewery Malaysia 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 RM-0.80 mean?
Carlsberg Brewery Malaysia Bhd (XKLS:2836) has a Net-Net Working Capital of RM-0.80 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 Carlsberg Brewery Malaysia Bhd According to the industry distribution chart, Carlsberg Brewery Malaysia Bhd ranks #999999 out of 67 companies in the Beverages - Alcoholic industry.
Is Carlsberg Brewery Malaysia Bhd's Net-Net Working Capital too high?
Carlsberg Brewery Malaysia Bhd's current Net-Net Working Capital is RM-0.80. Based on the distribution chart, Carlsberg Brewery Malaysia Bhd ranks #999999 out of 67 companies in the Beverages - Alcoholic industry, which is in the bottom quartile relative to peers. Overall, Carlsberg Brewery Malaysia Bhd has a GF Score™ of 85/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg Brewery Malaysia Bhd's Net-Net Working Capital compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg Brewery Malaysia Bhd ranks #999999 out of 67 companies for Net-Net Working Capital. This places Carlsberg Brewery Malaysia Bhd in the lower half of its industry. The industry median Net-Net Working Capital is 7.91. 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 Beverages - Alcoholic company?
The median Net-Net Working Capital among Beverages - Alcoholic companies is 7.91, based on 67 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 Carlsberg Brewery Malaysia Bhd For the Beverages - Alcoholic industry, the median Net-Net Working Capital is 7.91 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg Brewery Malaysia Bhd's current Net-Net Working Capital is RM-0.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carlsberg Brewery Malaysia Bhd stock overvalued right now?
Based on GuruFocus' analysis, Carlsberg Brewery Malaysia Bhd (XKLS:2836) is currently considered Modestly Undervalued. The stock's GF Value™ is RM19.45, compared to a current price of RM14.36 — trading 26.2% below its estimated fair value. The current Net-Net Working Capital is RM-0.80. Carlsberg Brewery Malaysia Bhd's overall GF Score™ is 85/100 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 Carlsberg Brewery Malaysia Bhd (XKLS:2836), the current Net-Net Working Capital is RM-0.80 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 Carlsberg Brewery Malaysia Bhd (XKLS:2836) Overvalued in 2026?
Based on GuruFocus' analysis, Carlsberg Brewery Malaysia Bhd stock appears to be undervalued.
The current stock price of RM14.36 is trading 26.2% below its estimated GF Value™ of RM19.45.
GuruFocus considers Carlsberg Brewery Malaysia Bhd to be Modestly Undervalued.
Key valuation signals for XKLS:2836:
Net-Net Working Capital: RM-0.80
GF Value™: RM19.45 vs. price of RM14.36 (26.2% below fair value)
No single metric tells the full story. See the XKLS:2836 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Carlsberg Brewery Malaysia Bhd produces and sells beer, stout, cider, shandy, and nonalcoholic malt beverages in Asia. The company produces its products in Malaysia, and nearly all sales are in Malaysia and Singapore. The company also exports products to Sri Lanka, Thailand, Taiwan, and Hong Kong. Carlsberg is the company's flagship brand. Other brands include Kronenbourg 1664, Somersby Ciders, Asahi Dry, Royal Stout, Skol, Jolly Shandy, Nutrimalt, Connor's Stout Porter, and Corona Extra. The company has three segments: Malaysia, Singapore, and Others. It generates the majority of its revenue from the Malaysia segment, which includes manufacturing, marketing, and distribution of both alcoholic and non-alcoholic beverages by entities in Malaysia.
85GF Score
Get the complete analysis for XKLS:2836
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
XKLS:2836 has been successfully added to your 
