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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.
Hong Leong Industries Bhd's Net-Net Working Capital for the quarter that ended in Mar. 2026 was RM4.45.
The industry rank for Hong Leong Industries Bhd's Net-Net Working Capital or its related term are showing as below:
XKLS:3301's Price-to-Net-Net-Working-Capital is ranked better than 70.18% of 379
companies
in the Vehicles & Parts industry
Industry Median: 7.65
vs XKLS:3301: 4.01
Hong Leong Industries Bhd (XKLS:3301) 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.
Hong Leong Industries Bhd Net-Net Working Capital Related Terms
Hong Leong Industries Bhd Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Hong Leong Industries 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.
Hong Leong Industries Bhd Net-Net Working Capital Chart
XKLS:3301 vs TSLA, GM, F: Net-Net Working Capital Comparison
For the Auto Manufacturers subindustry, Hong Leong Industries 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.
Hong Leong Industries Bhd Price-to-Net-Net-Working-Capital vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Hong Leong Industries Bhd's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Hong Leong Industries 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 RM4.45 mean?
Hong Leong Industries Bhd (XKLS:3301) has a Net-Net Working Capital of RM4.45 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 Hong Leong Industries Bhd According to the industry distribution chart, Hong Leong Industries Bhd ranks #113 out of 379 companies in the Vehicles & Parts industry, placing it in the top 29.8%.
Is Hong Leong Industries Bhd's Net-Net Working Capital too high?
Hong Leong Industries Bhd's current Net-Net Working Capital is RM4.45. Based on the distribution chart, Hong Leong Industries Bhd ranks #113 out of 379 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, Hong Leong Industries Bhd has a GF Score™ of 88/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hong Leong Industries Bhd's Net-Net Working Capital compare to TSLA and GM?
According to the Vehicles & Parts industry distribution chart, Hong Leong Industries Bhd ranks #113 out of 379 companies for Net-Net Working Capital. This puts Hong Leong Industries Bhd in the upper half of its industry. The industry median Net-Net Working Capital is 7.65. 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 Vehicles & Parts company?
The median Net-Net Working Capital among Vehicles & Parts companies is 7.65, based on 379 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 Hong Leong Industries Bhd For the Vehicles & Parts industry, the median Net-Net Working Capital is 7.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hong Leong Industries Bhd's current Net-Net Working Capital is RM4.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hong Leong Industries Bhd stock overvalued right now?
Based on GuruFocus' analysis, Hong Leong Industries Bhd (XKLS:3301) is currently considered Modestly Overvalued. The stock's GF Value™ is RM13.90, compared to a current price of RM17.84 — trading 28.3% above its estimated fair value. The current Net-Net Working Capital is RM4.45. Hong Leong Industries Bhd's overall GF Score™ is 88/100 with 6 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 Hong Leong Industries Bhd (XKLS:3301), the current Net-Net Working Capital is RM4.45 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 Hong Leong Industries Bhd (XKLS:3301) Overvalued in 2026?
Based on GuruFocus' analysis, Hong Leong Industries Bhd stock appears to be overvalued.
The current stock price of RM17.84 is trading 28.3% above its estimated GF Value™ of RM13.90.
GuruFocus considers Hong Leong Industries Bhd to be Modestly Overvalued.
Key valuation signals for XKLS:3301:
Net-Net Working Capital: RM4.45
GF Value™: RM13.90 vs. price of RM17.84 (28.3% above fair value)
No single metric tells the full story. See the XKLS:3301 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hong Leong Industries Bhd is a Malaysia-based investment holding company. Its only operating segment is Consumer products. Consumer products segment manufacture and sale of consumer products comprises motorcycles, spare parts and ceramic tiles. Geographically, it derives a majority of its revenue from Malaysia.
88GF 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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