Pacific Pipe Public Company Limited (PAP) - Net Assets

Latest as of September 2025: ฿1.90 Billion THB ≈ $59.31 Million USD

Based on the latest financial reports, Pacific Pipe Public Company Limited (PAP) has net assets worth ฿1.90 Billion THB (≈ $59.31 Million USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿3.92 Billion ≈ $122.08 Million USD) and total liabilities (฿2.01 Billion ≈ $62.77 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 Pacific Pipe Public Company Limited liquid asset ratio to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿1.90 Billion
% of Total Assets	48.58%
Annual Growth Rate	6.92%
5-Year Change	-27.49%
10-Year Change	-10.17%
Growth Volatility	55.44

Pacific Pipe Public Company Limited - Net Assets Trend (2003–2024)

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

Annual Net Assets for Pacific Pipe Public Company Limited (2003–2024)

The table below shows the annual net assets of Pacific Pipe Public Company Limited from 2003 to 2024. For live valuation and market cap data, see Pacific Pipe Public Company Limited market capitalisation.

Year	Net Assets	Change
2024-12-31	฿1.81 Billion ≈ $56.29 Million	-10.22%
2023-12-31	฿2.01 Billion ≈ $62.70 Million	-1.57%
2022-12-31	฿2.04 Billion ≈ $63.70 Million	-30.16%
2021-12-31	฿2.93 Billion ≈ $91.22 Million	+17.50%
2020-12-31	฿2.49 Billion ≈ $77.63 Million	+1.29%
2019-12-31	฿2.46 Billion ≈ $76.64 Million	+1.59%
2018-12-31	฿2.42 Billion ≈ $75.44 Million	-6.23%
2017-12-31	฿2.58 Billion ≈ $80.45 Million	+0.95%
2016-12-31	฿2.56 Billion ≈ $79.70 Million	+27.17%
2015-12-31	฿2.01 Billion ≈ $62.67 Million	-7.02%
2014-12-31	฿2.16 Billion ≈ $67.40 Million	-3.69%
2013-12-31	฿2.25 Billion ≈ $69.99 Million	+12.12%
2012-12-31	฿2.00 Billion ≈ $62.42 Million	+4.53%
2011-12-31	฿1.92 Billion ≈ $59.72 Million	+7.41%
2010-12-31	฿1.78 Billion ≈ $55.60 Million	+7.84%
2009-12-31	฿1.65 Billion ≈ $51.55 Million	+6.05%
2008-12-31	฿1.56 Billion ≈ $48.61 Million	+1.18%
2007-12-31	฿1.54 Billion ≈ $48.04 Million	-0.67%
2006-12-31	฿1.55 Billion ≈ $48.37 Million	+9.11%
2005-12-31	฿1.42 Billion ≈ $44.33 Million	-9.95%
2004-12-31	฿1.58 Billion ≈ $49.23 Million	+256.32%
2003-12-31	฿443.24 Million ≈ $13.82 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Pacific Pipe 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 247.3% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2024)

Component	Amount	Percentage
Retained Earnings	฿148.86 Million	8.24%
Common Stock	฿660.00 Million	36.54%
Other Comprehensive Income	฿67.00 Million	3.71%
Other Components	฿930.24 Million	51.51%
Total Equity	฿1.81 Billion	100.00%

Pacific Pipe Public Company Limited Competitors by Market Cap

The table below lists competitors of Pacific Pipe Public Company Limited ranked by their market capitalization.

Company	Market Cap
Lichen China Limited Class A Ordinary Shares NASDAQ:LICN	$48.98 Million
Hae In KO:003010	$48.99 Million
Parkson Holdings Bhd KLSE:5657	$49.04 Million
Ozderici Gayrimenkul Yatirim Ortakligi AS IS:OZGYO	$49.05 Million
Kyung Chang Industrial Co. Ltd KQ:024910	$48.95 Million
Toro Energy Ltd AU:TOE	$48.94 Million
Archer Materials Limited F:38A	$48.92 Million
Aker Technology Co Ltd TWO:6174	$48.91 Million

Equity Growth Attribution

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

Equity Growth Insights

From 2023 to 2024, total equity changed from 2,011,648,357 to 1,806,096,529, a change of -205,551,828 (-10.2%).
Net loss of 203,768,493 reduced equity.
Other comprehensive income decreased equity by 416,163,249.
Other factors increased equity by 414,379,914.

Equity Change Factors (2023 to 2024)

Factor	Impact	Contribution
Net Income	฿-203.77 Million	-11.28%
Other Comprehensive Income	฿-416.16 Million	-23.04%
Other Changes	฿414.38 Million	+22.94%
Total Change	฿-	-10.22%

Book Value vs Market Value Analysis

This analysis compares Pacific Pipe 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: 0.87x
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.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2004-12-31	฿3.09	฿2.38	x
2005-12-31	฿2.18	฿2.38	x
2006-12-31	฿2.36	฿2.38	x
2007-12-31	฿2.34	฿2.38	x
2008-12-31	฿2.40	฿2.38	x
2009-12-31	฿2.51	฿2.38	x
2010-12-31	฿2.70	฿2.38	x
2011-12-31	฿2.93	฿2.38	x
2012-12-31	฿3.03	฿2.38	x
2013-12-31	฿3.42	฿2.38	x
2014-12-31	฿3.22	฿2.38	x
2015-12-31	฿3.27	฿2.38	x
2016-12-31	฿3.88	฿2.38	x
2017-12-31	฿3.88	฿2.38	x
2018-12-31	฿3.61	฿2.38	x
2019-12-31	฿3.73	฿2.38	x
2020-12-31	฿3.77	฿2.38	x
2021-12-31	฿4.43	฿2.38	x
2022-12-31	฿3.10	฿2.38	x
2023-12-31	฿3.05	฿2.38	x
2024-12-31	฿2.75	฿2.38	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Pacific Pipe 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): -11.28%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: -2.75%
• Asset Turnover: 1.88x
• Equity Multiplier: 2.18x
Recent ROE (-11.28%) is below the historical average (8.75%), 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	36.43%	8.20%	1.71x	2.60x	฿117.04 Million
2004	23.34%	13.86%	1.52x	1.11x	฿210.72 Million
2005	-0.73%	-0.34%	1.67x	1.30x	฿-152.66 Million
2006	12.77%	6.14%	1.42x	1.47x	฿43.06 Million
2007	5.92%	2.59%	1.47x	1.56x	฿-62.92 Million
2008	7.93%	3.03%	1.83x	1.43x	฿-32.25 Million
2009	7.73%	3.90%	1.09x	1.82x	฿-37.62 Million
2010	11.64%	4.55%	1.41x	1.82x	฿29.18 Million
2011	13.66%	4.45%	1.70x	1.80x	฿70.03 Million
2012	13.23%	3.73%	1.75x	2.03x	฿64.77 Million
2013	18.14%	5.60%	2.11x	1.54x	฿182.76 Million
2014	8.37%	2.64%	1.71x	1.85x	฿-35.17 Million
2015	-2.14%	-0.66%	1.95x	1.65x	฿-244.05 Million
2016	21.37%	7.81%	1.89x	1.45x	฿290.68 Million
2017	11.33%	3.64%	1.66x	1.88x	฿34.30 Million
2018	3.88%	0.97%	1.97x	2.03x	฿-148.05 Million
2019	2.91%	0.78%	2.08x	1.79x	฿-174.38 Million
2020	8.15%	2.78%	1.61x	1.82x	฿-46.05 Million
2021	18.95%	5.77%	1.77x	1.85x	฿262.03 Million
2022	-16.39%	-3.42%	2.32x	2.06x	฿-539.34 Million
2023	-2.79%	-0.65%	2.21x	1.95x	฿-257.32 Million
2024	-11.28%	-2.75%	1.88x	2.18x	฿-384.38 Million

Industry Comparison

This section compares Pacific Pipe Public Company Limited's net assets metrics with peer companies in the Steel industry.

Industry Context

Industry: Steel
Average net assets among peers: $3,445,499,948
Average return on equity (ROE) among peers: 4.36%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Pacific Pipe Public Company Limited (PAP)	฿1.90 Billion	36.43%	1.06x	$48.96 Million
2S Metal Public Company Limited (2S)	$575.58 Million	12.41%	0.78x	$46.29 Million
Asia Metal Public Company Limited (AMC)	$1.51 Billion	5.63%	1.31x	$35.61 Million
Bangsaphan Barmill Public Company Limited (BSBM)	$2.07 Billion	12.53%	0.22x	$20.27 Million
Capital Engineering Network Public Company Limited (CEN)	$-1.32 Billion	0.00%	0.00x	$14.86 Million
Chow Steel Industries Public Company Limited (CHOW)	$1.31 Billion	-8.41%	5.17x	$33.91 Million
CSP Steel Center Public Company Limited (CSP)	$769.64 Million	-12.34%	1.68x	$7.58 Million
G J Steel Public Company Limited (GJS)	$15.84 Billion	20.07%	0.05x	$103.27 Million
POSCO-Thainox Public Company Limited (INOX)	$9.29 Billion	3.78%	0.29x	$104.48 Million
Lohakit Metal Public Company Limited (LHK)	$652.47 Million	-8.11%	0.84x	$40.11 Million
M.C.S. Steel Public Company Limited (MCS)	$3.76 Billion	18.05%	0.61x	$120.43 Million

About Pacific Pipe Public Company Limited

BK:PAP Thailand Steel

Market Cap

$48.96 Million

฿1.57 Billion THB

Market Cap Rank

#21959 Global

#368 in Thailand

Share Price

฿2.38

Change (1 day)

-0.83%

52-Week Range

฿1.48 - ฿2.48

All Time High

฿5.92