AP (Thailand) Public Company Limited (AP) - Net Assets

Latest as of December 2025: ฿46.08 Billion THB ≈ $1.44 Billion USD

Based on the latest financial reports, AP (Thailand) Public Company Limited (AP) has net assets worth ฿46.08 Billion THB (≈ $1.44 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿85.66 Billion ≈ $2.67 Billion USD) and total liabilities (฿39.58 Billion ≈ $1.23 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check AP asset liquidity ratio to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿46.08 Billion
% of Total Assets	53.79%
Annual Growth Rate	18.92%
5-Year Change	42.11%
10-Year Change	137.22%
Growth Volatility	22.92

AP (Thailand) Public Company Limited - Net Assets Trend (2000–2025)

This chart illustrates how AP (Thailand) Public Company Limited's net assets have evolved over time, based on quarterly financial data. Also explore total assets of AP (Thailand) Public Company Limited for the complete picture of this company's asset base.

Annual Net Assets for AP (Thailand) Public Company Limited (2000–2025)

The table below shows the annual net assets of AP (Thailand) Public Company Limited from 2000 to 2025. For live valuation and market cap data, see AP (Thailand) Public Company Limited (AP) market capitalisation.

Year	Net Assets	Change
2025-12-31	฿46.08 Billion ≈ $1.44 Billion	+5.57%
2024-12-31	฿43.64 Billion ≈ $1.36 Billion	+7.14%
2023-12-31	฿40.74 Billion ≈ $1.27 Billion	+10.92%
2022-12-31	฿36.73 Billion ≈ $1.14 Billion	+13.28%
2021-12-31	฿32.42 Billion ≈ $1.01 Billion	+10.80%
2020-12-31	฿29.26 Billion ≈ $912.11 Million	+11.28%
2019-12-31	฿26.30 Billion ≈ $819.63 Million	+7.86%
2018-12-31	฿24.38 Billion ≈ $759.88 Million	+12.69%
2017-12-31	฿21.63 Billion ≈ $674.28 Million	+11.37%
2016-12-31	฿19.42 Billion ≈ $605.43 Million	+10.03%
2015-12-31	฿17.65 Billion ≈ $550.26 Million	+11.39%
2014-12-31	฿15.85 Billion ≈ $493.98 Million	+13.14%
2013-12-31	฿14.01 Billion ≈ $436.60 Million	+11.88%
2012-12-31	฿12.52 Billion ≈ $390.24 Million	+17.44%
2011-12-31	฿10.66 Billion ≈ $332.28 Million	+12.05%
2010-12-31	฿9.51 Billion ≈ $296.55 Million	+16.21%
2009-12-31	฿8.19 Billion ≈ $255.19 Million	+20.61%
2008-12-31	฿6.79 Billion ≈ $211.59 Million	+18.71%
2007-12-31	฿5.72 Billion ≈ $178.23 Million	+13.23%
2006-12-31	฿5.05 Billion ≈ $157.41 Million	+26.42%
2005-12-31	฿3.99 Billion ≈ $124.52 Million	-9.47%
2004-12-31	฿4.41 Billion ≈ $137.54 Million	+32.70%
2003-12-31	฿3.33 Billion ≈ $103.65 Million	+90.43%
2002-12-31	฿1.75 Billion ≈ $54.43 Million	+88.21%
2001-12-31	฿927.81 Million ≈ $28.92 Million	+53.23%
2000-12-31	฿605.52 Million ≈ $18.87 Million	--

Equity Component Analysis

This analysis shows how different components contribute to AP (Thailand) Public Company Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 4254364994300.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	฿42.54 Billion	92.30%
Other Components	฿3.55 Billion	7.70%
Total Equity	฿46.09 Billion	100.00%

AP (Thailand) Public Company Limited Competitors by Market Cap

The table below lists competitors of AP (Thailand) Public Company Limited ranked by their market capitalization.

Company	Market Cap
Huayi Compressor Co Ltd SHE:000404	$843.29 Million
ODP Corp NASDAQ:ODP	$843.30 Million
Patria Investments Ltd NASDAQ:PAX	$843.51 Million
Shenzhen Infinova Ltd SHE:002528	$843.69 Million
Dynamatic Technologies Limited NSE:DYNAMATECH	$843.24 Million
Close Brothers Group plc F:CS3	$843.01 Million
Macmic Science & Technology Co Ltd SHG:688711	$842.85 Million
New Mountain Finance Corporation NASDAQ:NMFC	$842.78 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in AP (Thailand) Public Company Limited's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 43,664,379,073 to 46,093,556,483, a change of 2,429,177,410 (5.6%).
Net income of 4,316,692,440 contributed positively to equity growth.
Dividend payments of 1,887,515,030 reduced retained earnings.
Other comprehensive income decreased equity by 314,591,215.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	฿4.32 Billion	+9.37%
Dividends Paid	฿1.89 Billion	-4.09%
Other Comprehensive Income	฿-314.59 Million	-0.68%
Other Changes	฿314.59 Million	+0.68%
Total Change	฿-	5.56%

Book Value vs Market Value Analysis

This analysis compares AP (Thailand) Public Company Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 0.59x
The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
The price-to-book ratio has decreased from 6.48x to 0.59x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2005-12-31	฿1.33	฿8.60	x
2006-12-31	฿1.68	฿8.60	x
2007-12-31	฿1.80	฿8.60	x
2008-12-31	฿2.20	฿8.60	x
2009-12-31	฿2.65	฿8.60	x
2010-12-31	฿3.06	฿8.60	x
2011-12-31	฿3.42	฿8.60	x
2012-12-31	฿3.99	฿8.60	x
2013-12-31	฿4.45	฿8.60	x
2014-12-31	฿5.04	฿8.60	x
2015-12-31	฿5.61	฿8.60	x
2016-12-31	฿6.17	฿8.60	x
2017-12-31	฿6.88	฿8.60	x
2018-12-31	฿7.75	฿8.60	x
2019-12-31	฿8.36	฿8.60	x
2020-12-31	฿9.31	฿8.60	x
2021-12-31	฿10.31	฿8.60	x
2022-12-31	฿11.68	฿8.60	x
2023-12-31	฿12.96	฿8.60	x
2024-12-31	฿13.88	฿8.60	x
2025-12-31	฿14.65	฿8.60	x

Capital Efficiency Dashboard

This dashboard shows how efficiently AP (Thailand) Public Company Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 9.37%
The company has moderate efficiency in generating returns from equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 11.56%
• Asset Turnover: 0.44x
• Equity Multiplier: 1.86x
Recent ROE (9.37%) is below the historical average (18.78%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2000	10.28%	9.07%	0.40x	2.84x	฿1.64 Million
2001	28.53%	20.43%	0.59x	2.37x	฿171.81 Million
2002	40.32%	25.08%	0.76x	2.10x	฿517.29 Million
2003	35.83%	24.67%	0.73x	1.99x	฿859.02 Million
2004	25.72%	18.66%	0.64x	2.17x	฿670.54 Million
2005	19.20%	14.55%	0.51x	2.58x	฿366.58 Million
2006	26.63%	21.19%	0.61x	2.06x	฿839.31 Million
2007	16.30%	11.42%	0.60x	2.38x	฿347.48 Million
2008	24.14%	16.57%	0.57x	2.56x	฿959.56 Million
2009	22.81%	14.94%	0.66x	2.32x	฿1.05 Billion
2010	23.42%	15.87%	0.58x	2.53x	฿1.28 Billion
2011	14.55%	11.37%	0.46x	2.76x	฿484.91 Million
2012	18.60%	13.46%	0.59x	2.34x	฿1.08 Billion
2013	14.37%	10.07%	0.58x	2.46x	฿612.60 Million
2014	16.50%	11.30%	0.65x	2.24x	฿1.03 Billion
2015	14.86%	11.88%	0.61x	2.05x	฿858.02 Million
2016	13.91%	13.34%	0.54x	1.95x	฿760.23 Million
2017	14.59%	14.24%	0.50x	2.03x	฿993.43 Million
2018	15.85%	13.95%	0.56x	2.02x	฿1.43 Billion
2019	11.66%	12.89%	0.40x	2.23x	฿436.20 Million
2020	14.43%	14.14%	0.51x	2.01x	฿1.30 Billion
2021	14.00%	14.29%	0.53x	1.86x	฿1.30 Billion
2022	15.99%	15.25%	0.56x	1.86x	฿2.20 Billion
2023	14.86%	15.91%	0.45x	2.06x	฿1.98 Billion
2024	11.50%	13.57%	0.44x	1.94x	฿653.67 Million
2025	9.37%	11.56%	0.44x	1.86x	฿-292.66 Million

Industry Comparison

This section compares AP (Thailand) Public Company Limited's net assets metrics with peer companies in the Real Estate - Development industry.

Industry Context

Industry: Real Estate - Development
Average net assets among peers: $8,662,241,505
Average return on equity (ROE) among peers: -2.06%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
AP (Thailand) Public Company Limited (AP)	฿46.08 Billion	10.28%	0.86x	$843.27 Million
Areeya Property Public Company Limited (A)	$3.33 Billion	0.92%	3.29x	$147.84 Million
Amata Corporation Public Company Limited (AMATA)	$18.75 Billion	5.88%	1.14x	$738.40 Million
Amata Corporation Public Company Limited (AMATA-R)	$24.41 Billion	9.59%	0.95x	$605.77 Million
Ananda Development Public Company Limited (ANAN)	$18.47 Billion	3.81%	1.64x	$45.45 Million
Baan Rock Garden Public Company Limited (BROCK)	$1.24 Billion	0.67%	0.02x	$40.57 Million
Country Group Development Public Company Limited (CGD)	$4.45 Billion	-5.66%	2.70x	$30.92 Million
Chewathai Public Company Limited (CHEWA)	$1.14 Billion	-36.18%	2.64x	$6.76 Million
Charn Issara Development Public Company Limited (CI)	$1.25 Billion	-1.42%	1.89x	$10.31 Million
Eastern Star Real Estate Public Company Limited (ESTAR)	$4.92 Billion	3.84%	0.47x	$37.57 Million

About AP (Thailand) Public Company Limited

BK:AP Thailand Real Estate - Development

Market Cap

$843.27 Million

฿27.05 Billion THB

Market Cap Rank

#9898 Global

#84 in Thailand

Share Price

฿8.60

Change (1 day)

+0.00%

52-Week Range

฿5.70 - ฿9.55

All Time High

฿11.87