Forth Smart Service Public Company Limited (FSMART) - Net Assets
Based on the latest financial reports, Forth Smart Service Public Company Limited (FSMART) has net assets worth ฿1.74 Billion THB (≈ $54.31 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿3.69 Billion ≈ $114.88 Million USD) and total liabilities (฿1.94 Billion ≈ $60.57 Million 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 FSMART goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ฿1.74 Billion |
| % of Total Assets | 47.28% |
| Annual Growth Rate | 16.16% |
| 5-Year Change | 54.57% |
| 10-Year Change | 47.34% |
| Growth Volatility | 46.61 |
Forth Smart Service Public Company Limited - Net Assets Trend (2012–2025)
This chart illustrates how Forth Smart Service Public Company Limited's net assets have evolved over time, based on quarterly financial data. See FSMART cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Forth Smart Service Public Company Limited (2012–2025)
The table below shows the annual net assets of Forth Smart Service Public Company Limited from 2012 to 2025. For live valuation and market cap data, see Forth Smart Service Public Company Limit market cap and net worth.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | ฿1.74 Billion ≈ $54.31 Million |
+34.94% |
| 2024-12-31 | ฿1.29 Billion ≈ $40.25 Million |
+10.24% |
| 2023-12-31 | ฿1.17 Billion ≈ $36.51 Million |
+3.85% |
| 2022-12-31 | ฿1.13 Billion ≈ $35.16 Million |
+0.06% |
| 2021-12-31 | ฿1.13 Billion ≈ $35.14 Million |
-1.89% |
| 2020-12-31 | ฿1.15 Billion ≈ $35.81 Million |
-13.97% |
| 2019-12-31 | ฿1.34 Billion ≈ $41.63 Million |
+6.71% |
| 2018-12-31 | ฿1.25 Billion ≈ $39.01 Million |
-6.18% |
| 2017-12-31 | ฿1.33 Billion ≈ $41.58 Million |
+12.79% |
| 2016-12-31 | ฿1.18 Billion ≈ $36.86 Million |
+16.23% |
| 2015-12-31 | ฿1.02 Billion ≈ $31.72 Million |
+0.77% |
| 2014-12-31 | ฿1.01 Billion ≈ $31.47 Million |
+173.51% |
| 2013-12-31 | ฿369.20 Million ≈ $11.51 Million |
+48.54% |
| 2012-12-31 | ฿248.55 Million ≈ $7.75 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Forth Smart Service 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 96646103900.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ฿941.23 Million | 54.02% |
| Other Components | ฿801.19 Million | 45.98% |
| Total Equity | ฿1.74 Billion | 100.00% |
Forth Smart Service Public Company Limited Competitors by Market Cap
The table below lists competitors of Forth Smart Service Public Company Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Agung Podomoro Land Tbk
JK:APLN
|
$170.25 Million |
|
Daehan Steel
KO:084010
|
$170.39 Million |
|
Siljansvik AB (publ)
ST:SIVI
|
$170.48 Million |
|
Media Nusantara Citra Tbk PT
JK:MNCN
|
$170.51 Million |
|
BINEX Co. Ltd
KQ:053030
|
$170.14 Million |
|
Cheng Fwa Industrial Ltd
TWO:5426
|
$170.12 Million |
|
MEDICLIN Aktiengesellschaft
XETRA:MED
|
$170.05 Million |
|
Castles Technology Co Ltd
TW:5258
|
$170.03 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Forth Smart Service Public Company Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,291,210,133 to 1,742,420,352, a change of 451,210,219 (34.9%).
- Net income of 586,775,058 contributed positively to equity growth.
- Dividend payments of 135,564,839 reduced retained earnings.
- Other comprehensive income decreased equity by 40,000,000.
- Other factors increased equity by 40,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ฿586.78 Million | +33.68% |
| Dividends Paid | ฿135.56 Million | -7.78% |
| Other Comprehensive Income | ฿-40.00 Million | -2.3% |
| Other Changes | ฿40.00 Million | +2.3% |
| Total Change | ฿- | 34.94% |
Book Value vs Market Value Analysis
This analysis compares Forth Smart Service 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: 3.13x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 6.48x to 3.13x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2012-12-31 | ฿1.12 | ฿7.25 | x |
| 2013-12-31 | ฿0.46 | ฿7.25 | x |
| 2014-12-31 | ฿1.56 | ฿7.25 | x |
| 2015-12-31 | ฿1.27 | ฿7.25 | x |
| 2016-12-31 | ฿1.48 | ฿7.25 | x |
| 2017-12-31 | ฿1.66 | ฿7.25 | x |
| 2018-12-31 | ฿1.58 | ฿7.25 | x |
| 2019-12-31 | ฿1.71 | ฿7.25 | x |
| 2020-12-31 | ฿1.51 | ฿7.25 | x |
| 2021-12-31 | ฿1.50 | ฿7.25 | x |
| 2022-12-31 | ฿1.50 | ฿7.25 | x |
| 2023-12-31 | ฿1.56 | ฿7.25 | x |
| 2024-12-31 | ฿1.71 | ฿7.25 | x |
| 2025-12-31 | ฿2.31 | ฿7.25 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Forth Smart Service 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): 33.68%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 26.99%
- • Asset Turnover: 0.59x
- • Equity Multiplier: 2.12x
- Recent ROE (33.68%) is above the historical average (30.90%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2012 | 2.67% | 1.18% | 0.61x | 3.68x | ฿-18.22 Million |
| 2013 | 25.58% | 11.76% | 0.71x | 3.07x | ฿57.51 Million |
| 2014 | 15.20% | 13.90% | 0.62x | 1.77x | ฿52.50 Million |
| 2015 | 26.71% | 17.12% | 0.71x | 2.20x | ฿169.99 Million |
| 2016 | 35.54% | 18.33% | 0.72x | 2.69x | ฿302.07 Million |
| 2017 | 40.96% | 17.15% | 0.74x | 3.21x | ฿410.34 Million |
| 2018 | 46.82% | 17.41% | 0.86x | 3.14x | ฿458.56 Million |
| 2019 | 43.91% | 18.56% | 0.89x | 2.65x | ฿451.18 Million |
| 2020 | 40.39% | 16.22% | 0.83x | 3.01x | ฿349.17 Million |
| 2021 | 35.49% | 14.98% | 0.91x | 2.61x | ฿287.33 Million |
| 2022 | 26.77% | 13.64% | 0.78x | 2.51x | ฿189.10 Million |
| 2023 | 25.57% | 14.75% | 0.74x | 2.34x | ฿182.33 Million |
| 2024 | 33.34% | 19.74% | 0.66x | 2.55x | ฿301.33 Million |
| 2025 | 33.68% | 26.99% | 0.59x | 2.12x | ฿412.53 Million |
Industry Comparison
This section compares Forth Smart Service Public Company Limited's net assets metrics with peer companies in the Telecom Services industry.
Industry Context
- Industry: Telecom Services
- Average net assets among peers: $8,418,825,526
- Average return on equity (ROE) among peers: 4.14%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Forth Smart Service Public Company Limited (FSMART) | ฿1.74 Billion | 2.67% | 1.12x | $170.19 Million |
| Advanced Info Service Public Company Limited (ADVANC) | $46.86 Billion | 76.89% | 1.70x | $33.19 Billion |
| Information and Communication Networks Public Company Limited (ICN) | $137.99 Million | 3.96% | 2.18x | $43.57 Million |
| Interlink Telecom Public Company Limited (ITEL) | $288.21 Million | -4.45% | 1.57x | $81.10 Million |
| Jasmine International Public Company Limited (JAS) | $6.66 Billion | 3.06% | 1.39x | $310.15 Million |
| Jasmine International Public Company Limited (JAS-R) | $4.96 Billion | -63.07% | 19.13x | $413.53 Million |
| Jasmine Telecom Systems Public Company Limited (JTS) | $1.25 Billion | -14.26% | 1.16x | $805.82 Million |
| Samart Telcoms Public Company Limited (SAMTEL) | $3.68 Billion | 9.55% | 1.43x | $61.64 Million |
| Symphony Communication Public Company Limited (SYMC) | $1.29 Billion | 14.07% | 1.40x | $66.50 Million |
| True Corporation Public Company Limited (TRUE) | $10.64 Billion | 11.53% | 9.94x | $14.97 Billion |
About Forth Smart Service Public Company Limited
Forth Smart Service Public Company Limited, together with its subsidiaries, provides prepaid mobile top-up services in Thailand. The company operates through two segments, Top up machine and Lending. It renders money transfer, online payment receival, and advertising services through online top-up machines, as well as provides services relating to online top-up machines and distributes goods. In … Read more