Polynet PCL
Polynet Public Company Limited manufactures and sells rubber, plastic, silicone, and molds products in Thailand. It offers car ventilation grill, wiring harness cover, door seal, snubber, mudguard, air hose, rubber seal, rubber hose clamp, brake protective rubber, axle rubber cover, dust seal, steering rubber, stabilizer rubber, rope, silicone valve, and airbag cover products for automotive indus… Read more
Polynet PCL (POLY) - Net Assets
Latest net assets as of December 2025: ฿1.33 Billion THB
Based on the latest financial reports, Polynet PCL (POLY) has net assets worth ฿1.33 Billion THB as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿1.52 Billion) and total liabilities (฿191.65 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 | ฿1.33 Billion |
| % of Total Assets | 87.4% |
| Annual Growth Rate | 17.69% |
| 5-Year Change | 126.37% |
| 10-Year Change | N/A |
| Growth Volatility | 34.96 |
Polynet PCL - Net Assets Trend (2018–2025)
This chart illustrates how Polynet PCL's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Polynet PCL (2018–2025)
The table below shows the annual net assets of Polynet PCL from 2018 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | ฿1.33 Billion | +2.63% |
| 2024-12-31 | ฿1.30 Billion | -0.51% |
| 2023-12-31 | ฿1.30 Billion | +8.19% |
| 2022-12-31 | ฿1.20 Billion | +104.91% |
| 2021-12-31 | ฿587.22 Million | +25.94% |
| 2020-12-31 | ฿466.29 Million | +4.90% |
| 2019-12-31 | ฿444.49 Million | +4.56% |
| 2018-12-31 | ฿425.10 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Polynet 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 59.6% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ฿151.81 Million | 11.42% |
| Other Components | ฿1.18 Billion | 88.58% |
| Total Equity | ฿1.33 Billion | 100.00% |
Polynet PCL Competitors by Market Cap
The table below lists competitors of Polynet PCL ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
LiveWire Group Inc.
NYSE:LVWR
|
$18.56 Million |
|
WiMi Hologram Cloud Inc
NASDAQ:WIMI
|
$18.57 Million |
|
Israel Acquisitions Corp Class A
NASDAQ:ISRL
|
$18.57 Million |
|
Touchmark Bancshares Inc
PINK:TMAK
|
$18.57 Million |
|
Microtek International Inc
TW:2305
|
$18.55 Million |
|
Bannix Acquisition Corp
NASDAQ:BNIX
|
$18.55 Million |
|
Bitcoin Depot Inc.
NASDAQ:BTM
|
$18.55 Million |
|
Bossa Ticaret ve Sanayi Isletmeleri TAS
IS:BOSSA
|
$18.55 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Polynet PCL's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,295,215,335 to 1,329,272,823, a change of 34,057,488 (2.6%).
- Net income of 268,056,759 contributed positively to equity growth.
- Dividend payments of 233,999,271 reduced retained earnings.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ฿268.06 Million | +20.17% |
| Dividends Paid | ฿234.00 Million | -17.6% |
| Total Change | ฿- | 2.63% |
Book Value vs Market Value Analysis
This analysis compares Polynet 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: 2.40x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 5.51x to 2.40x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2018-12-31 | ฿1.29 | ฿7.10 | x |
| 2019-12-31 | ฿0.99 | ฿7.10 | x |
| 2020-12-31 | ฿1.04 | ฿7.10 | x |
| 2021-12-31 | ฿1.30 | ฿7.10 | x |
| 2022-12-31 | ฿3.48 | ฿7.10 | x |
| 2023-12-31 | ฿2.89 | ฿7.10 | x |
| 2024-12-31 | ฿2.88 | ฿7.10 | x |
| 2025-12-31 | ฿2.95 | ฿7.10 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Polynet 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): 20.17%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 22.35%
- • Asset Turnover: 0.79x
- • Equity Multiplier: 1.14x
- Recent ROE (20.17%) is above the historical average (12.81%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2018 | 10.70% | 6.72% | 0.74x | 2.14x | ฿2.97 Million |
| 2019 | 2.96% | 2.26% | 0.65x | 2.02x | ฿-31.31 Million |
| 2020 | 4.67% | 4.17% | 0.55x | 2.03x | ฿-24.83 Million |
| 2021 | 20.59% | 15.38% | 0.69x | 1.93x | ฿62.21 Million |
| 2022 | 13.44% | 14.94% | 0.64x | 1.41x | ฿41.35 Million |
| 2023 | 13.45% | 18.21% | 0.61x | 1.20x | ฿44.86 Million |
| 2024 | 16.53% | 20.91% | 0.68x | 1.17x | ฿84.57 Million |
| 2025 | 20.17% | 22.35% | 0.79x | 1.14x | ฿135.13 Million |
Industry Comparison
This section compares Polynet PCL's net assets metrics with peer companies in the Metal Fabrication industry.
Industry Context
- Industry: Metal Fabrication
- Average net assets among peers: $964,228,540
- Average return on equity (ROE) among peers: 3.55%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Polynet PCL (POLY) | ฿1.33 Billion | 10.70% | 0.14x | $18.56 Million |
| BJC Heavy Industries Public Company Limited (BJCHI) | $3.38 Billion | 2.21% | 0.25x | $6.91 Million |
| Bangkok Sheet Metal Public Company Limited (BM) | $891.13 Million | 9.29% | 0.78x | $7.18 Million |
| BT Wealth Industries Public Company Limited (BTW) | $1.00 Billion | -14.26% | 0.64x | $1.00 Million |
| City Steel Public Company Limited (CITY) | $1.01 Billion | 13.73% | 0.04x | $3.05 Million |
| Fine Metal Technologies Public Company Limited (FMT) | $1.09 Billion | -1.28% | 1.97x | $8.80 Million |
| K.C. Metalsheet Public Company Limited (KCM) | $448.47 Million | -2.49% | 0.24x | $1.15 Million |
| Kijcharoen Engineering Electric PCL (KJL) | $616.67 Million | 24.72% | 0.72x | $9.20 Million |
| Sahamitr Pressure Container Public Company Limited (SMPC) | $13.94 Million | 0.00% | 61.69x | $51.62 Million |
| STP&I Public Company Limited (STPI) | $220.62 Million | 0.00% | 4.02x | $142.29 Million |