MFEC PCL (MFEC) - Net Assets

Latest as of March 2026: ฿2.72 Billion THB ≈ $84.63 Million USD

Based on the latest financial reports, MFEC PCL (MFEC) has net assets worth ฿2.72 Billion THB (≈ $84.63 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿6.25 Billion ≈ $194.91 Million USD) and total liabilities (฿3.54 Billion ≈ $110.28 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 MFEC goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿2.72 Billion
% of Total Assets	43.42%
Annual Growth Rate	8.71%
5-Year Change	29.65%
10-Year Change	31.62%
Growth Volatility	21.49

MFEC PCL - Net Assets Trend (2003–2025)

This chart illustrates how MFEC PCL's net assets have evolved over time, based on quarterly financial data. See MFEC cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for MFEC PCL (2003–2025)

The table below shows the annual net assets of MFEC PCL from 2003 to 2025. For live valuation and market cap data, see market value of MFEC PCL.

Year	Net Assets	Change
2025-12-31	฿2.61 Billion ≈ $81.38 Million	-0.52%
2024-12-31	฿2.62 Billion ≈ $81.80 Million	+2.63%
2023-12-31	฿2.56 Billion ≈ $79.71 Million	+24.27%
2022-12-31	฿2.06 Billion ≈ $64.14 Million	+2.19%
2021-12-31	฿2.01 Billion ≈ $62.77 Million	+4.20%
2020-12-31	฿1.93 Billion ≈ $60.24 Million	+4.06%
2019-12-31	฿1.86 Billion ≈ $57.89 Million	+7.24%
2018-12-31	฿1.73 Billion ≈ $53.98 Million	-12.85%
2017-12-31	฿1.99 Billion ≈ $61.94 Million	+0.18%
2016-12-31	฿1.98 Billion ≈ $61.83 Million	+3.55%
2015-12-31	฿1.92 Billion ≈ $59.71 Million	-0.95%
2014-12-31	฿1.93 Billion ≈ $60.28 Million	+5.13%
2013-12-31	฿1.84 Billion ≈ $57.34 Million	+6.38%
2012-12-31	฿1.73 Billion ≈ $53.90 Million	+2.44%
2011-12-31	฿1.69 Billion ≈ $52.61 Million	+102.43%
2010-12-31	฿833.83 Million ≈ $25.99 Million	+12.30%
2009-12-31	฿742.52 Million ≈ $23.14 Million	+2.94%
2008-12-31	฿721.34 Million ≈ $22.48 Million	+13.55%
2007-12-31	฿635.26 Million ≈ $19.80 Million	+7.74%
2006-12-31	฿589.61 Million ≈ $18.38 Million	+3.49%
2005-12-31	฿569.76 Million ≈ $17.76 Million	+14.00%
2004-12-31	฿499.78 Million ≈ $15.58 Million	+20.32%
2003-12-31	฿415.39 Million ≈ $12.95 Million	--

Equity Component Analysis

This analysis shows how different components contribute to MFEC PCL'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 1591.7% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	฿1.14 Billion	43.92%
Common Stock	฿441.45 Million	17.08%
Other Comprehensive Income	฿21.61 Million	0.84%
Other Components	฿986.74 Million	38.17%
Total Equity	฿2.59 Billion	100.00%

MFEC PCL Competitors by Market Cap

The table below lists competitors of MFEC PCL ranked by their market capitalization.

Company	Market Cap
Chinese Gamer International TWO:3083	$80.52 Million
Gopeng Bhd KLSE:2135	$80.54 Million
Jung Shing Wire Co Ltd TW:1617	$80.54 Million
Columbus Acquisition Corp Ordinary Shares NASDAQ:COLA	$80.56 Million
Brompton Lifeco Split Corp TO:LCS	$80.46 Million
DTF Tax Free Income Closed Fund NYSE:DTF	$80.42 Million
Heng Sheng Holding Group Limited KQ:900270	$80.41 Million
South West Pinnacle Exploration Limited NSE:SOUTHWEST	$80.41 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in MFEC PCL's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 2,604,688,501 to 2,585,054,588, a change of -19,633,913 (-0.8%).
Net income of 234,782,580 contributed positively to equity growth.
Dividend payments of 220,714,178 reduced retained earnings.
Other comprehensive income decreased equity by 22,541,423.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	฿234.78 Million	+9.08%
Dividends Paid	฿220.71 Million	-8.54%
Other Comprehensive Income	฿-22.54 Million	-0.87%
Other Changes	฿-11.16 Million	-0.43%
Total Change	฿-	-0.75%

Book Value vs Market Value Analysis

This analysis compares MFEC PCL'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: 1.00x
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 2.42x to 1.00x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2004-12-31	฿2.42	฿5.85	x
2005-12-31	฿2.64	฿5.85	x
2006-12-31	฿2.68	฿5.85	x
2007-12-31	฿2.84	฿5.85	x
2008-12-31	฿2.87	฿5.85	x
2009-12-31	฿2.91	฿5.85	x
2010-12-31	฿3.17	฿5.85	x
2011-12-31	฿4.47	฿5.85	x
2012-12-31	฿3.91	฿5.85	x
2013-12-31	฿4.15	฿5.85	x
2014-12-31	฿4.35	฿5.85	x
2015-12-31	฿4.29	฿5.85	x
2016-12-31	฿4.48	฿5.85	x
2017-12-31	฿4.47	฿5.85	x
2018-12-31	฿3.87	฿5.85	x
2019-12-31	฿4.15	฿5.85	x
2020-12-31	฿4.31	฿5.85	x
2021-12-31	฿4.50	฿5.85	x
2022-12-31	฿4.60	฿5.85	x
2023-12-31	฿5.74	฿5.85	x
2024-12-31	฿5.90	฿5.85	x
2025-12-31	฿5.86	฿5.85	x

Capital Efficiency Dashboard

This dashboard shows how efficiently MFEC PCL 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): 9.08%
The company has moderate efficiency in generating returns from equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 3.41%
• Asset Turnover: 1.04x
• Equity Multiplier: 2.57x
Recent ROE (9.08%) is below the historical average (13.14%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2003	16.92%	9.59%	1.18x	1.49x	฿28.73 Million
2004	27.84%	9.42%	1.39x	2.13x	฿86.24 Million
2005	13.86%	5.06%	1.58x	1.73x	฿21.39 Million
2006	17.18%	4.18%	1.85x	2.22x	฿41.80 Million
2007	20.10%	5.31%	1.63x	2.33x	฿63.98 Million
2008	18.89%	5.49%	1.40x	2.45x	฿63.83 Million
2009	13.97%	3.79%	1.34x	2.74x	฿29.23 Million
2010	8.23%	2.62%	1.22x	2.57x	฿-14.62 Million
2011	12.05%	4.86%	1.07x	2.31x	฿34.36 Million
2012	10.60%	5.00%	0.99x	2.15x	฿10.27 Million
2013	12.70%	4.91%	1.50x	1.73x	฿49.33 Million
2014	14.09%	5.27%	1.45x	1.85x	฿78.56 Million
2015	10.37%	5.90%	1.06x	1.66x	฿6.96 Million
2016	11.22%	6.89%	0.97x	1.68x	฿24.05 Million
2017	7.80%	5.20%	0.88x	1.71x	฿-43.54 Million
2018	-9.73%	-4.98%	1.00x	1.95x	฿-336.96 Million
2019	12.30%	6.11%	1.00x	2.00x	฿42.19 Million
2020	12.84%	5.24%	0.91x	2.69x	฿54.15 Million
2021	12.92%	4.97%	0.91x	2.84x	฿58.15 Million
2022	11.57%	4.33%	0.86x	3.09x	฿31.97 Million
2023	26.86%	10.14%	0.91x	2.91x	฿427.54 Million
2024	10.45%	4.04%	0.97x	2.66x	฿11.78 Million
2025	9.08%	3.41%	1.04x	2.57x	฿-23.72 Million

Industry Comparison

This section compares MFEC PCL's net assets metrics with peer companies in the Information Technology Services industry.

Industry Context

Industry: Information Technology Services
Average net assets among peers: $964,117,912
Average return on equity (ROE) among peers: 10.90%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
MFEC PCL (MFEC)	฿2.72 Billion	16.92%	1.30x	$80.49 Million
Advanced Information Technology Public Company Limited (AIT)	$812.52 Million	11.56%	0.57x	$226.03 Million
DITTO (THAILAND) (DITTO-R)	$1.03 Billion	19.43%	0.30x	$315.78 Million
Internet Thailand Public Company Limited (INET)	$491.62 Million	0.62%	0.72x	$74.77 Million
International Research Corporation Public Company Limited (IRCP)	$317.90 Million	5.84%	1.53x	$4.86 Million
Premier Technology Public Company Limited (PT)	$242.26 Million	12.39%	2.30x	$96.45 Million
Master Ad Public Company Limited (ROCTEC)	$594.86 Million	23.45%	0.25x	$169.53 Million
Samart Corporation Public Company Limited (SAMART)	$3.15 Billion	3.85%	2.19x	$174.11 Million
Sky ICT Public Company Limited (SKY)	$1.08 Billion	10.09%	1.96x	$330.88 Million

About MFEC PCL

BK:MFEC Thailand Information Technology Services

Market Cap

$80.49 Million

฿2.58 Billion THB

Market Cap Rank

#20126 Global

#301 in Thailand

Share Price

฿5.85

Change (1 day)

+0.00%

52-Week Range

฿5.00 - ฿6.15

All Time High

฿10.16