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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.
Thong Guan Industries Bhd's Net-Net Working Capital for the quarter that ended in Mar. 2026 was RM0.62.
The industry rank for Thong Guan Industries Bhd's Net-Net Working Capital or its related term are showing as below:
XKLS:7034's Price-to-Net-Net-Working-Capital is ranked better than 76.56% of 128
companies
in the Packaging & Containers industry
Industry Median: 5.205
vs XKLS:7034: 2.52
Thong Guan Industries Bhd (XKLS:7034) 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.
Thong Guan Industries Bhd Net-Net Working Capital Related Terms
Thong Guan Industries Bhd Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Thong Guan 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.
Thong Guan Industries Bhd Net-Net Working Capital Chart
XKLS:7034 vs SW, PKG, IP: Net-Net Working Capital Comparison
For the Packaging & Containers subindustry, Thong Guan 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.
Thong Guan Industries Bhd Price-to-Net-Net-Working-Capital vs Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Thong Guan Industries Bhd's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Thong Guan 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 RM0.62 mean?
Thong Guan Industries Bhd (XKLS:7034) has a Net-Net Working Capital of RM0.62 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 Thong Guan Industries Bhd According to the industry distribution chart, Thong Guan Industries Bhd ranks #30 out of 128 companies in the Packaging & Containers industry, placing it in the top 23.4%.
Is Thong Guan Industries Bhd's Net-Net Working Capital too high?
Thong Guan Industries Bhd's current Net-Net Working Capital is RM0.62. Based on the distribution chart, Thong Guan Industries Bhd ranks #30 out of 128 companies in the Packaging & Containers industry, which is in the top quartile — a strong position relative to peers. Overall, Thong Guan Industries Bhd has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Thong Guan Industries Bhd's Net-Net Working Capital compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, Thong Guan Industries Bhd ranks #30 out of 128 companies for Net-Net Working Capital. This places Thong Guan Industries Bhd in the top 23% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 5.21. 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 Packaging & Containers company?
The median Net-Net Working Capital among Packaging & Containers companies is 5.21, based on 128 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 Thong Guan Industries Bhd For the Packaging & Containers industry, the median Net-Net Working Capital is 5.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thong Guan Industries Bhd's current Net-Net Working Capital is RM0.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thong Guan Industries Bhd stock overvalued right now?
Based on GuruFocus' analysis, Thong Guan Industries Bhd (XKLS:7034) is currently considered Modestly Undervalued. The stock's GF Value™ is RM1.75, compared to a current price of RM1.56 — trading 10.9% below its estimated fair value. The current Net-Net Working Capital is RM0.62. Thong Guan Industries Bhd's overall GF Score™ is 76/100 with 10 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 Thong Guan Industries Bhd (XKLS:7034), the current Net-Net Working Capital is RM0.62 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 Thong Guan Industries Bhd (XKLS:7034) Overvalued in 2026?
Based on GuruFocus' analysis, Thong Guan Industries Bhd stock appears to be undervalued.
The current stock price of RM1.56 is trading 10.9% below its estimated GF Value™ of RM1.75.
GuruFocus considers Thong Guan Industries Bhd to be Modestly Undervalued.
Key valuation signals for XKLS:7034:
Net-Net Working Capital: RM0.62
GF Value™: RM1.75 vs. price of RM1.56 (10.9% below fair value)
No single metric tells the full story. See the XKLS:7034 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thong Guan Industries Bhd is a Malaysia-based investment holding company. Along with its subsidiaries, the firm is engaged in the trading of plastic packaging and petroleum products. It operates in two segments, including Plastic products and Food, beverages, and other consumable products. The company generates the majority of the revenue from the plastic products segment, which comprises stretch films, garbage bags, industrial bags, and PVC (Polyvinyl chloride) food wrap. Geographical presence is in Malaysia, Oceania, Europe, North America, other Asian countries, and others.
76GF 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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