International Research Corporation Public Company Limited
International Research Corporation Public Company Limited distributes and renders system development services of information technology, network information, and telecommunication information systems in Thailand. The company operates in two segments, Project Business and Non-Project Business. It is also involved in the provision of distribution of information technology products, network equipmen… Read more
International Research Corporation Public Company Limited (IRCP) - Net Assets
Latest net assets as of September 2025: ฿445.81 Million THB
Based on the latest financial reports, International Research Corporation Public Company Limited (IRCP) has net assets worth ฿445.81 Million THB as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿1.02 Billion) and total liabilities (฿569.21 Million). 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.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ฿445.81 Million |
| % of Total Assets | 43.92% |
| Annual Growth Rate | 4.93% |
| 5-Year Change | 260.56% |
| 10-Year Change | 24.24% |
| Growth Volatility | 32.49 |
International Research Corporation Public Company Limited - Net Assets Trend (2003–2024)
This chart illustrates how International Research Corporation Public Company Limited's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for International Research Corporation Public Company Limited (2003–2024)
The table below shows the annual net assets of International Research Corporation Public Company Limited from 2003 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | ฿608.71 Million | +0.43% |
| 2023-12-31 | ฿606.10 Million | +13.91% |
| 2022-12-31 | ฿532.09 Million | +67.38% |
| 2021-12-31 | ฿317.90 Million | +88.30% |
| 2020-12-31 | ฿168.83 Million | -11.83% |
| 2019-12-31 | ฿191.47 Million | -34.07% |
| 2018-12-31 | ฿290.43 Million | -18.20% |
| 2017-12-31 | ฿355.04 Million | -1.47% |
| 2016-12-31 | ฿360.33 Million | -26.46% |
| 2015-12-31 | ฿489.97 Million | +0.11% |
| 2014-12-31 | ฿489.44 Million | +22.51% |
| 2013-12-31 | ฿399.50 Million | +16.44% |
| 2012-12-31 | ฿343.09 Million | +5.88% |
| 2011-12-31 | ฿324.04 Million | +8.61% |
| 2010-12-31 | ฿298.36 Million | +64.82% |
| 2009-12-31 | ฿181.02 Million | +6.46% |
| 2008-12-31 | ฿170.03 Million | -32.90% |
| 2007-12-31 | ฿253.38 Million | -9.80% |
| 2004-12-31 | ฿280.92 Million | +26.77% |
| 2003-12-31 | ฿221.59 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to International Research Corporation 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 171.7% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ฿149.78 Million | 23.82% |
| Common Stock | ฿311.74 Million | 49.58% |
| Other Comprehensive Income | ฿3.60 Million | 0.57% |
| Other Components | ฿163.66 Million | 26.03% |
| Total Equity | ฿628.79 Million | 100.00% |
International Research Corporation Public Company Limited Competitors by Market Cap
The table below lists competitors of International Research Corporation Public Company Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Vestand Inc.
NASDAQ:VSTD
|
$3.46 Million |
|
Rise Gold Corp
OTCQB:RYES
|
$3.47 Million |
|
Cosmos Technology International Berhad
KLSE:0261
|
$3.47 Million |
|
Tinka Resources Limited
OTCQB:TKRFF
|
$3.47 Million |
|
Sanginita Chemicals Limited
NSE:SANGINITA
|
$3.46 Million |
|
Levinstein Prop
TA:LVPR
|
$3.46 Million |
|
AT Systematization Bhd
KLSE:0072
|
$3.46 Million |
|
Magna Terra Minerals Inc
PINK:BRIOF
|
$3.46 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in International Research Corporation Public Company Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 627,339,636 to 628,786,269, a change of 1,446,633 (0.2%).
- Net income of 20,093,775 contributed positively to equity growth.
- Dividend payments of 16,384,662 reduced retained earnings.
- Other comprehensive income increased equity by 436,500.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ฿20.09 Million | +3.2% |
| Dividends Paid | ฿16.38 Million | -2.61% |
| Other Comprehensive Income | ฿436.50K | +0.07% |
| Other Changes | ฿-2.70 Million | -0.43% |
| Total Change | ฿- | 0.23% |
Book Value vs Market Value Analysis
This analysis compares International Research Corporation 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: 0.26x
- 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 1.03x to 0.26x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2003-12-31 | ฿0.25 | ฿0.26 | x |
| 2004-12-31 | ฿0.25 | ฿0.26 | x |
| 2007-12-31 | ฿0.21 | ฿0.26 | x |
| 2008-12-31 | ฿0.14 | ฿0.26 | x |
| 2009-12-31 | ฿0.15 | ฿0.26 | x |
| 2010-12-31 | ฿0.20 | ฿0.26 | x |
| 2011-12-31 | ฿1.02 | ฿0.26 | x |
| 2012-12-31 | ฿0.21 | ฿0.26 | x |
| 2013-12-31 | ฿0.21 | ฿0.26 | x |
| 2014-12-31 | ฿1.50 | ฿0.26 | x |
| 2015-12-31 | ฿1.31 | ฿0.26 | x |
| 2016-12-31 | ฿1.12 | ฿0.26 | x |
| 2017-12-31 | ฿1.11 | ฿0.26 | x |
| 2018-12-31 | ฿0.95 | ฿0.26 | x |
| 2019-12-31 | ฿0.66 | ฿0.26 | x |
| 2020-12-31 | ฿0.59 | ฿0.26 | x |
| 2021-12-31 | ฿1.08 | ฿0.26 | x |
| 2022-12-31 | ฿1.17 | ฿0.26 | x |
| 2023-12-31 | ฿1.02 | ฿0.26 | x |
| 2024-12-31 | ฿1.01 | ฿0.26 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently International Research Corporation 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): 3.20%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 2.17%
- • Asset Turnover: 0.83x
- • Equity Multiplier: 1.77x
- Recent ROE (3.20%) is above the historical average (0.85%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2003 | 19.98% | 6.06% | 1.76x | 1.87x | ฿22.12 Million |
| 2004 | 12.57% | 4.60% | 1.96x | 1.39x | ฿7.20 Million |
| 2007 | -7.91% | -1.90% | 1.01x | 4.13x | ฿-45.39 Million |
| 2008 | -49.02% | -14.29% | 0.74x | 4.67x | ฿-100.36 Million |
| 2009 | 8.90% | 2.64% | 0.85x | 3.95x | ฿-1.98 Million |
| 2010 | 19.70% | 5.27% | 1.07x | 3.50x | ฿28.94 Million |
| 2011 | 9.89% | 2.61% | 1.66x | 2.28x | ฿-345.77K |
| 2012 | 8.00% | 3.22% | 1.22x | 2.03x | ฿-6.85 Million |
| 2013 | 15.17% | 5.78% | 1.19x | 2.20x | ฿20.61 Million |
| 2014 | 27.72% | 8.11% | 1.26x | 2.72x | ฿85.40 Million |
| 2015 | 11.46% | 4.44% | 1.13x | 2.29x | ฿6.96 Million |
| 2016 | -27.76% | -9.00% | 1.07x | 2.89x | ฿-137.05 Million |
| 2017 | -0.84% | -0.24% | 1.24x | 2.84x | ฿-38.93 Million |
| 2018 | -16.80% | -4.84% | 0.89x | 3.92x | ฿-82.20 Million |
| 2019 | -49.54% | -11.35% | 0.85x | 5.11x | ฿-125.66 Million |
| 2020 | 13.22% | 2.94% | 0.88x | 5.08x | ฿6.05 Million |
| 2021 | 5.48% | 2.55% | 0.91x | 2.38x | ฿-15.29 Million |
| 2022 | 8.87% | 3.83% | 1.24x | 1.88x | ฿-6.23 Million |
| 2023 | 4.62% | 2.63% | 0.90x | 1.95x | ฿-33.74 Million |
| 2024 | 3.20% | 2.17% | 0.83x | 1.77x | ฿-42.78 Million |
Industry Comparison
This section compares International Research Corporation Public Company Limited's net assets metrics with peer companies in the Information Technology Services industry.
Industry Context
- Industry: Information Technology Services
- Average net assets among peers: $998,951,791
- Average return on equity (ROE) among peers: 15.40%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| International Research Corporation Public Company Limited (IRCP) | ฿445.81 Million | 19.98% | 1.28x | $3.46 Million |
| Advanced Information Technology Public Company Limited (AIT) | $2.93 Billion | 13.48% | 1.20x | $109.65 Million |
| Beryl 8 Plus Public Company Limited (BE8) | $78.06 Million | 30.29% | 2.57x | $10.83 Million |
| Ditto (Thailand) Public Company Limited (DITTO) | $261.38 Million | 21.53% | 1.58x | $133.67 Million |
| DITTO (THAILAND) (DITTO-R) | $2.46 Billion | 13.61% | 0.36x | $174.47 Million |
| G-Able PCL (GABLE) | $2.01 Billion | 8.27% | 1.09x | $21.78 Million |
| I2 Enterprise Public Company Limited (I2) | $250.43 Million | 17.96% | 2.26x | $1.98 Million |
| I&I Group Public Company Limited (IIG) | $-21.04 Million | 0.00% | 0.00x | $3.22 Million |
| Infraset Public Company Limited (INSET) | $839.14 Million | 16.15% | 0.59x | $38.30 Million |
| International Network System PCL (ITNS) | $188.33 Million | 17.30% | 0.40x | $3.47 Million |