Pan Asia Footwear Public Company Limited (PAF) - Net Assets
Based on the latest financial reports, Pan Asia Footwear Public Company Limited (PAF) has net assets worth ฿648.84 Million THB (≈ $20.22 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 (฿1.10 Billion ≈ $34.38 Million USD) and total liabilities (฿454.33 Million ≈ $14.16 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 Pan Asia Footwear Public Company Limited tangible equity quality to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ฿648.84 Million |
| % of Total Assets | 58.82% |
| Annual Growth Rate | -2.61% |
| 5-Year Change | 6.08% |
| 10-Year Change | 33.9% |
| Growth Volatility | 79.46 |
Pan Asia Footwear Public Company Limited - Net Assets Trend (2000–2025)
This chart illustrates how Pan Asia Footwear Public Company Limited's net assets have evolved over time, based on quarterly financial data. See Pan Asia Footwear Public Company Limited (PAF) liquidity interval to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Pan Asia Footwear Public Company Limited (2000–2025)
The table below shows the annual net assets of Pan Asia Footwear Public Company Limited from 2000 to 2025. For live valuation and market cap data, see Pan Asia Footwear Public Company Limited market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | ฿648.84 Million ≈ $20.22 Million |
+3.87% |
| 2024-12-31 | ฿624.64 Million ≈ $19.47 Million |
-1.71% |
| 2023-12-31 | ฿635.52 Million ≈ $19.81 Million |
+1.57% |
| 2022-12-31 | ฿625.67 Million ≈ $19.50 Million |
+2.29% |
| 2021-12-31 | ฿611.67 Million ≈ $19.07 Million |
-1.78% |
| 2020-12-31 | ฿622.79 Million ≈ $19.41 Million |
+15.04% |
| 2019-12-31 | ฿541.35 Million ≈ $16.87 Million |
+10.65% |
| 2018-12-31 | ฿489.24 Million ≈ $15.25 Million |
+13.03% |
| 2017-12-31 | ฿432.86 Million ≈ $13.49 Million |
-10.67% |
| 2016-12-31 | ฿484.57 Million ≈ $15.10 Million |
+76.59% |
| 2015-12-31 | ฿274.40 Million ≈ $8.55 Million |
+316.90% |
| 2014-12-31 | ฿65.82 Million ≈ $2.05 Million |
+88.81% |
| 2013-12-31 | ฿34.86 Million ≈ $1.09 Million |
+113.24% |
| 2012-12-31 | ฿-263.24 Million ≈ $-8.21 Million |
-152.93% |
| 2011-12-31 | ฿497.37 Million ≈ $15.50 Million |
+0.52% |
| 2010-12-31 | ฿494.78 Million ≈ $15.42 Million |
-59.51% |
| 2009-12-31 | ฿1.22 Billion ≈ $38.08 Million |
-28.62% |
| 2008-12-31 | ฿1.71 Billion ≈ $53.35 Million |
-32.11% |
| 2007-12-31 | ฿2.52 Billion ≈ $78.58 Million |
+0.25% |
| 2006-12-31 | ฿2.51 Billion ≈ $78.38 Million |
+53.00% |
| 2005-12-31 | ฿1.64 Billion ≈ $51.23 Million |
-21.01% |
| 2004-12-31 | ฿2.08 Billion ≈ $64.85 Million |
+23.48% |
| 2003-12-31 | ฿1.69 Billion ≈ $52.52 Million |
-48.53% |
| 2002-12-31 | ฿3.27 Billion ≈ $102.04 Million |
+61.11% |
| 2001-12-31 | ฿2.03 Billion ≈ $63.34 Million |
+61.72% |
| 2000-12-31 | ฿1.26 Billion ≈ $39.16 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Pan Asia Footwear 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 114.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ฿321.22 Million | 52.52% |
| Other Components | ฿290.37 Million | 47.48% |
| Total Equity | ฿611.59 Million | 100.00% |
Pan Asia Footwear Public Company Limited Competitors by Market Cap
The table below lists competitors of Pan Asia Footwear Public Company Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
KAP AG
F:IUR
|
$16.16 Million |
|
OURGAME INT.HOL.DL-00005
F:13O
|
$16.17 Million |
|
Hsin-Sin Textile Co Ltd
TWO:4406
|
$16.18 Million |
|
Ruchi Infrastructure Limited
NSE:RUCHINFRA
|
$16.18 Million |
|
JPMorgan Japanese Investment Trust
LSE:JFJ
|
$16.15 Million |
|
Scidev Ltd
AU:SDV
|
$16.14 Million |
|
High-Tek Harness Enterprise Co Ltd
TWO:3202
|
$16.14 Million |
|
Japan Vietnam Medical Instrument JSC
VN:JVC
|
$16.11 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Pan Asia Footwear Public Company Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 593,599,140 to 611,589,083, a change of 17,989,943 (3.0%).
- Net income of 21,624,627 contributed positively to equity growth.
- Other comprehensive income decreased equity by 44,159,000.
- Other factors increased equity by 40,524,316.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ฿21.62 Million | +3.54% |
| Other Comprehensive Income | ฿-44.16 Million | -7.22% |
| Other Changes | ฿40.52 Million | +6.63% |
| Total Change | ฿- | 3.03% |
Book Value vs Market Value Analysis
This analysis compares Pan Asia Footwear 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: 0.85x
- 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 increased from 0.19x to 0.85x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2006-12-31 | ฿5.00 | ฿0.96 | x |
| 2007-12-31 | ฿4.50 | ฿0.96 | x |
| 2008-12-31 | ฿4.49 | ฿0.96 | x |
| 2009-12-31 | ฿3.21 | ฿0.96 | x |
| 2010-12-31 | ฿1.30 | ฿0.96 | x |
| 2011-12-31 | ฿0.90 | ฿0.96 | x |
| 2012-12-31 | ฿-0.50 | ฿0.96 | x |
| 2013-12-31 | ฿0.05 | ฿0.96 | x |
| 2014-12-31 | ฿0.11 | ฿0.96 | x |
| 2015-12-31 | ฿0.40 | ฿0.96 | x |
| 2016-12-31 | ฿0.84 | ฿0.96 | x |
| 2017-12-31 | ฿0.72 | ฿0.96 | x |
| 2018-12-31 | ฿0.84 | ฿0.96 | x |
| 2019-12-31 | ฿0.89 | ฿0.96 | x |
| 2020-12-31 | ฿1.10 | ฿0.96 | x |
| 2021-12-31 | ฿1.09 | ฿0.96 | x |
| 2022-12-31 | ฿1.11 | ฿0.96 | x |
| 2023-12-31 | ฿1.12 | ฿0.96 | x |
| 2024-12-31 | ฿1.10 | ฿0.96 | x |
| 2025-12-31 | ฿1.13 | ฿0.96 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Pan Asia Footwear 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): 3.54%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 0.99%
- • Asset Turnover: 1.97x
- • Equity Multiplier: 1.80x
- Recent ROE (3.54%) is below the historical average (42.44%), 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 | 16.18% | 5.14% | 0.99x | 3.19x | ฿74.60 Million |
| 2002 | 4.75% | 2.01% | 1.20x | 1.97x | ฿-157.89 Million |
| 2004 | 13.79% | 3.78% | 1.29x | 2.83x | ฿77.53 Million |
| 2006 | 9.54% | 1.68% | 1.57x | 3.63x | ฿-7.04 Million |
| 2007 | -10.03% | -1.97% | 1.33x | 3.82x | ฿-276.67 Million |
| 2008 | -4.92% | -0.97% | 1.44x | 3.55x | ฿-205.63 Million |
| 2009 | -30.88% | -5.80% | 1.35x | 3.94x | ฿-402.17 Million |
| 2010 | -146.65% | -19.70% | 0.85x | 8.73x | ฿-641.84 Million |
| 2011 | -35.31% | -3.93% | 1.20x | 7.46x | ฿-182.98 Million |
| 2012 | 0.00% | -47.26% | 1.16x | 0.00x | ฿-965.33 Million |
| 2013 | 946.85% | 24.28% | 1.24x | 31.35x | ฿229.81 Million |
| 2014 | 55.69% | 5.93% | 0.75x | 12.60x | ฿25.32 Million |
| 2015 | 74.62% | 30.57% | 0.71x | 3.45x | ฿141.11 Million |
| 2016 | 53.40% | 32.02% | 1.00x | 1.68x | ฿196.98 Million |
| 2017 | -11.10% | -5.54% | 1.10x | 1.83x | ฿-83.41 Million |
| 2018 | 11.91% | 7.01% | 1.02x | 1.67x | ฿8.50 Million |
| 2019 | 7.83% | 4.97% | 1.03x | 1.53x | ฿-10.47 Million |
| 2020 | 15.02% | 14.75% | 0.71x | 1.43x | ฿29.95 Million |
| 2021 | -0.33% | -0.28% | 0.78x | 1.47x | ฿-60.55 Million |
| 2022 | 3.54% | 1.49% | 1.24x | 1.91x | ฿-38.67 Million |
| 2023 | -0.43% | -0.09% | 2.63x | 1.79x | ฿-63.18 Million |
| 2024 | -0.92% | -0.21% | 2.54x | 1.69x | ฿-64.80 Million |
| 2025 | 3.54% | 0.99% | 1.97x | 1.80x | ฿-39.53 Million |
Industry Comparison
This section compares Pan Asia Footwear Public Company Limited's net assets metrics with peer companies in the Footwear & Accessories industry.
Industry Context
- Industry: Footwear & Accessories
- Average net assets among peers: $956,531,467
- Average return on equity (ROE) among peers: 4.46%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Pan Asia Footwear Public Company Limited (PAF) | ฿648.84 Million | 16.18% | 0.70x | $16.16 Million |
| CPL Group Public Company Limited (CPL) | $956.53 Million | 4.46% | 0.18x | $9.19 Million |
About Pan Asia Footwear Public Company Limited
Pan Asia Footwear Public Company Limited, together with its subsidiaries, manufactures and distributes footwear and bags in Thailand and internationally. The company offers hemp and leather shoes, sandals, and sneakers; and backpacks, handcrafted small leather goods, and accessories under the DAYBREAK brand name. It also provides polypropylene cutting boards for industrial, food and food service,… Read more