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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.
Ann Joo Resources Bhd's Net-Net Working Capital for the quarter that ended in Mar. 2026 was RM-1.48.
The industry rank for Ann Joo Resources Bhd's Net-Net Working Capital or its related term are showing as below:
XKLS:6556's Price-to-Net-Net-Working-Capital is not ranked *
in the Steel industry.
Industry Median: 4.53 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Ann Joo Resources Bhd (XKLS:6556) 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.
Ann Joo Resources Bhd Net-Net Working Capital Related Terms
Ann Joo Resources Bhd Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Ann Joo Resources 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.
Ann Joo Resources Bhd Net-Net Working Capital Chart
XKLS:6556 vs NUE, STLD, RS: Net-Net Working Capital Comparison
For the Steel subindustry, Ann Joo Resources 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.
Ann Joo Resources Bhd Price-to-Net-Net-Working-Capital vs Steel Industry
For the Steel industry and Basic Materials sector, Ann Joo Resources Bhd's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Ann Joo Resources 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-1.48 mean?
Ann Joo Resources Bhd (XKLS:6556) has a Net-Net Working Capital of RM-1.48 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 Ann Joo Resources Bhd According to the industry distribution chart, Ann Joo Resources Bhd ranks #999999 out of 177 companies in the Steel industry.
Is Ann Joo Resources Bhd's Net-Net Working Capital too high?
Ann Joo Resources Bhd's current Net-Net Working Capital is RM-1.48. Based on the distribution chart, Ann Joo Resources Bhd ranks #999999 out of 177 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Ann Joo Resources Bhd has a GF Score™ of 24/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ann Joo Resources Bhd's Net-Net Working Capital compare to NUE and STLD?
According to the Steel industry distribution chart, Ann Joo Resources Bhd ranks #999999 out of 177 companies for Net-Net Working Capital. This places Ann Joo Resources Bhd in the lower half of its industry. The industry median Net-Net Working Capital is 4.53. 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 4.53, based on 177 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 Ann Joo Resources Bhd For the Steel industry, the median Net-Net Working Capital is 4.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ann Joo Resources Bhd's current Net-Net Working Capital is RM-1.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ann Joo Resources Bhd stock overvalued right now?
Based on GuruFocus' analysis, Ann Joo Resources Bhd (XKLS:6556) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.61, compared to a current price of RM0.50 — trading 18% below its estimated fair value. The current Net-Net Working Capital is RM-1.48. Ann Joo Resources Bhd's overall GF Score™ is 24/100 with 3 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 Ann Joo Resources Bhd (XKLS:6556), the current Net-Net Working Capital is RM-1.48 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 Ann Joo Resources Bhd (XKLS:6556) Overvalued in 2026?
Based on GuruFocus' analysis, Ann Joo Resources Bhd stock appears to be undervalued.
The current stock price of RM0.50 is trading 18% below its estimated GF Value™ of RM0.61.
GuruFocus considers Ann Joo Resources Bhd to be Modestly Undervalued.
Key valuation signals for XKLS:6556:
Net-Net Working Capital: RM-1.48
GF Value™: RM0.61 vs. price of RM0.50 (18% below fair value)
No single metric tells the full story. See the XKLS:6556 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ann Joo Resources Bhd is mainly engaged in the manufacturing and trading of steel and steel-related products. The business activity of the group is divided into four segments: Upstream steel division which includes Manufacturing and trading of iron, steel, and steel-related products; Downstream steel division which engages in Trading of steel and steel-related products, hardware, building and construction materials and operations of steel service centers; Green technology division which include Project management and contract services for solar and other renewable energy business as well as waste management services; and Investment Holding, property management and others. Geographically, it derives a majority of its revenue from Malaysia.
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