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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.
AYS Ventures Bhd's Net-Net Working Capital for the quarter that ended in Mar. 2026 was RM-0.34.
The industry rank for AYS Ventures Bhd's Net-Net Working Capital or its related term are showing as below:
XKLS:5021's Price-to-Net-Net-Working-Capital is not ranked *
in the Steel industry.
Industry Median: 4.59 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
AYS Ventures Bhd (XKLS:5021) 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.
AYS Ventures Bhd Net-Net Working Capital Related Terms
AYS Ventures Bhd Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for AYS Ventures 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.
XKLS:5021 vs NUE, STLD, RS: Net-Net Working Capital Comparison
For the Steel subindustry, AYS Ventures 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.
AYS Ventures Bhd Price-to-Net-Net-Working-Capital vs Steel Industry
For the Steel industry and Basic Materials sector, AYS Ventures Bhd's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where AYS Ventures 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-0.34 mean?
AYS Ventures Bhd (XKLS:5021) has a Net-Net Working Capital of RM-0.34 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 AYS Ventures Bhd According to the industry distribution chart, AYS Ventures Bhd ranks #999999 out of 170 companies in the Steel industry.
Is AYS Ventures Bhd's Net-Net Working Capital too high?
AYS Ventures Bhd's current Net-Net Working Capital is RM-0.34. Based on the distribution chart, AYS Ventures Bhd ranks #999999 out of 170 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, AYS Ventures Bhd has a GF Score™ of 30/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does AYS Ventures Bhd's Net-Net Working Capital compare to NUE and STLD?
According to the Steel industry distribution chart, AYS Ventures Bhd ranks #999999 out of 170 companies for Net-Net Working Capital. This places AYS Ventures Bhd in the lower 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 Steel company?
The median Net-Net Working Capital among Steel companies is 4.59, based on 170 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 AYS Ventures Bhd For the Steel 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. AYS Ventures Bhd's current Net-Net Working Capital is RM-0.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AYS Ventures Bhd stock overvalued right now?
Based on GuruFocus' analysis, AYS Ventures Bhd (XKLS:5021) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.26, compared to a current price of RM0.23 — trading 11.5% below its estimated fair value. The current Net-Net Working Capital is RM-0.34. AYS Ventures Bhd's overall GF Score™ is 30/100 with 8 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 AYS Ventures Bhd (XKLS:5021), the current Net-Net Working Capital is RM-0.34 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 AYS Ventures Bhd (XKLS:5021) Overvalued in 2026?
Based on GuruFocus' analysis, AYS Ventures Bhd stock appears to be undervalued.
The current stock price of RM0.23 is trading 11.5% below its estimated GF Value™ of RM0.26.
GuruFocus considers AYS Ventures Bhd to be Modestly Undervalued.
Key valuation signals for XKLS:5021:
Net-Net Working Capital: RM-0.34
GF Value™: RM0.26 vs. price of RM0.23 (11.5% below fair value)
No single metric tells the full story. See the XKLS:5021 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AYS Ventures Bhd is an investment holding company. Along with its subsidiaries, it is principally involved in the trading and manufacturing of steel, construction, and related products. The group's operating business segments are Trading and services, Manufacturing, and Others. The majority of its revenue is generated from the Trading and services segment, which is engaged in trading and marketing of steel products and all types of construction materials, warehousing, and storage services. The Manufacturing segment is involved in the manufacturing and trading of purlin, structural steel components, and other steel products. Geographically, the group generates maximum revenue from Malaysia, followed by Singapore, the Asia-Pacific Economic Cooperation countries, and other countries.
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