Supalai Public Company Limited (SPALI) - Net Assets

Latest as of December 2025: ฿54.79 Billion THB ≈ $1.71 Billion USD

Based on the latest financial reports, Supalai Public Company Limited (SPALI) has net assets worth ฿54.79 Billion THB (≈ $1.71 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿99.28 Billion ≈ $3.09 Billion USD) and total liabilities (฿44.50 Billion ≈ $1.39 Billion 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 SPALI tangible net assets ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿54.79 Billion
% of Total Assets	55.18%
Annual Growth Rate	18.45%
5-Year Change	27.63%
10-Year Change	132.02%
Growth Volatility	19.12

Supalai Public Company Limited - Net Assets Trend (2000–2025)

This chart illustrates how Supalai Public Company Limited's net assets have evolved over time, based on quarterly financial data. See how many days can Supalai Public Company Limited fund operations to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Supalai Public Company Limited (2000–2025)

The table below shows the annual net assets of Supalai Public Company Limited from 2000 to 2025. For live valuation and market cap data, see SPALI market cap overview.

Year	Net Assets	Change
2025-12-31	฿54.79 Billion ≈ $1.71 Billion	+1.04%
2024-12-31	฿54.22 Billion ≈ $1.69 Billion	+5.35%
2023-12-31	฿51.46 Billion ≈ $1.60 Billion	+8.43%
2022-12-31	฿47.46 Billion ≈ $1.48 Billion	+10.57%
2021-12-31	฿42.93 Billion ≈ $1.34 Billion	+14.79%
2020-12-31	฿37.40 Billion ≈ $1.17 Billion	-1.20%
2019-12-31	฿37.85 Billion ≈ $1.18 Billion	+9.01%
2018-12-31	฿34.72 Billion ≈ $1.08 Billion	+22.34%
2017-12-31	฿28.38 Billion ≈ $884.59 Million	+20.19%
2016-12-31	฿23.61 Billion ≈ $735.97 Million	+15.46%
2015-12-31	฿20.45 Billion ≈ $637.41 Million	+13.75%
2014-12-31	฿17.98 Billion ≈ $560.34 Million	+22.22%
2013-12-31	฿14.71 Billion ≈ $458.46 Million	+14.13%
2012-12-31	฿12.89 Billion ≈ $401.70 Million	+15.77%
2011-12-31	฿11.13 Billion ≈ $346.99 Million	+19.41%
2010-12-31	฿9.32 Billion ≈ $290.58 Million	+19.19%
2009-12-31	฿7.82 Billion ≈ $243.79 Million	+47.84%
2008-12-31	฿5.29 Billion ≈ $164.90 Million	+5.97%
2007-12-31	฿4.99 Billion ≈ $155.61 Million	+11.84%
2006-12-31	฿4.46 Billion ≈ $139.13 Million	+20.54%
2005-12-31	฿3.70 Billion ≈ $115.42 Million	+20.98%
2004-12-31	฿3.06 Billion ≈ $95.41 Million	-6.09%
2003-12-31	฿3.26 Billion ≈ $101.59 Million	+74.08%
2002-12-31	฿1.87 Billion ≈ $58.36 Million	+37.26%
2001-12-31	฿1.36 Billion ≈ $42.52 Million	+71.76%
2000-12-31	฿794.15 Million ≈ $24.75 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Supalai 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 5256452500500.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	฿52.56 Billion	97.83%
Other Components	฿1.16 Billion	2.17%
Total Equity	฿53.73 Billion	100.00%

Supalai Public Company Limited Competitors by Market Cap

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

Company	Market Cap
Glotech Industrial TWO:5475	$923.20 Million
BKS Bank AG VI:BKS	$923.33 Million
New Pacific Metals Corp TO:NUAG	$923.75 Million
Guangxi Liuzhou Pharm Co Ltd SHG:603368	$924.18 Million
Wuzhou Special Paper Group Co. Ltd. SHG:605007	$923.09 Million
Hangzhou Pinming Software Co. Ltd. A SHG:688109	$922.62 Million
Quechen Silicon Chemical Co. Ltd. SHG:605183	$922.59 Million
Rongan Property Co Ltd SHE:000517	$922.50 Million

Equity Growth Attribution

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

Equity Growth Insights

From 2024 to 2025, total equity changed from 53,175,645,990 to 53,728,251,159, a change of 552,605,169 (1.0%).
Net income of 4,015,029,965 contributed positively to equity growth.
Dividend payments of 2,700,759,647 reduced retained earnings.
Share repurchases of 957,816,300 reduced equity.
Other comprehensive income decreased equity by 214,569,156.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	฿4.02 Billion	+7.47%
Dividends Paid	฿2.70 Billion	-5.03%
Share Repurchases	฿957.82 Million	-1.78%
Other Comprehensive Income	฿-214.57 Million	-0.4%
Other Changes	฿410.72 Million	+0.76%
Total Change	฿-	1.04%

Book Value vs Market Value Analysis

This analysis compares Supalai 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: 0.55x
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 5.52x to 0.55x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2002-12-31	฿2.84	฿15.70	x
2003-12-31	฿2.93	฿15.70	x
2004-12-31	฿2.34	฿15.70	x
2005-12-31	฿2.68	฿15.70	x
2006-12-31	฿2.66	฿15.70	x
2007-12-31	฿2.84	฿15.70	x
2008-12-31	฿3.02	฿15.70	x
2009-12-31	฿4.40	฿15.70	x
2010-12-31	฿5.24	฿15.70	x
2011-12-31	฿6.26	฿15.70	x
2012-12-31	฿7.27	฿15.70	x
2013-12-31	฿8.31	฿15.70	x
2014-12-31	฿10.16	฿15.70	x
2015-12-31	฿11.54	฿15.70	x
2016-12-31	฿13.37	฿15.70	x
2017-12-31	฿15.48	฿15.70	x
2018-12-31	฿17.20	฿15.70	x
2019-12-31	฿17.31	฿15.70	x
2020-12-31	฿18.36	฿15.70	x
2021-12-31	฿21.59	฿15.70	x
2022-12-31	฿23.85	฿15.70	x
2023-12-31	฿25.88	฿15.70	x
2024-12-31	฿27.23	฿15.70	x
2025-12-31	฿28.48	฿15.70	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Supalai 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): 7.47%
The company has moderate efficiency in generating returns from equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 16.64%
• Asset Turnover: 0.24x
• Equity Multiplier: 1.85x
Recent ROE (7.47%) is below the historical average (22.09%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2001	33.07%	52.03%	0.12x	5.21x	฿289.46 Million
2002	52.84%	41.75%	0.42x	2.99x	฿769.43 Million
2003	38.88%	32.30%	0.66x	1.84x	฿907.75 Million
2004	16.92%	22.11%	0.38x	2.02x	฿196.55 Million
2005	24.05%	23.69%	0.47x	2.16x	฿484.88 Million
2006	20.92%	18.75%	0.56x	1.98x	฿459.40 Million
2007	18.07%	16.81%	0.47x	2.27x	฿381.44 Million
2008	21.60%	17.41%	0.46x	2.68x	฿583.70 Million
2009	32.78%	25.55%	0.64x	2.01x	฿1.72 Billion
2010	28.48%	22.93%	0.61x	2.03x	฿1.66 Billion
2011	23.89%	20.24%	0.62x	1.91x	฿1.49 Billion
2012	22.01%	23.83%	0.49x	1.90x	฿1.50 Billion
2013	20.22%	22.85%	0.41x	2.15x	฿1.46 Billion
2014	25.70%	24.09%	0.49x	2.18x	฿2.74 Billion
2015	21.93%	20.36%	0.45x	2.38x	฿2.37 Billion
2016	21.30%	20.94%	0.45x	2.25x	฿2.59 Billion
2017	21.00%	23.23%	0.45x	2.01x	฿3.04 Billion
2018	16.98%	22.58%	0.44x	1.70x	฿2.37 Billion
2019	14.57%	22.93%	0.39x	1.63x	฿1.69 Billion
2020	11.62%	20.65%	0.30x	1.86x	฿593.29 Million
2021	16.81%	24.25%	0.41x	1.70x	฿2.86 Billion
2022	17.57%	23.70%	0.43x	1.72x	฿3.52 Billion
2023	11.87%	19.21%	0.36x	1.71x	฿941.91 Million
2024	11.64%	19.84%	0.32x	1.81x	฿871.97 Million
2025	7.47%	16.64%	0.24x	1.85x	฿-1.36 Billion

Industry Comparison

This section compares Supalai Public Company Limited's net assets metrics with peer companies in the Real Estate - Development industry.

Industry Context

Industry: Real Estate - Development
Average net assets among peers: $5,142,749,176
Average return on equity (ROE) among peers: 1.14%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Supalai Public Company Limited (SPALI)	฿54.79 Billion	33.07%	0.81x	$923.15 Million
Areeya Property Public Company Limited (A)	$1.45 Billion	0.60%	1.95x	$147.84 Million
Amata Corporation Public Company Limited (AMATA)	$16.98 Billion	10.26%	1.14x	$967.80 Million
Amata Corporation Public Company Limited (AMATA-R)	$16.98 Billion	10.26%	1.14x	$605.77 Million
Ananda Development Public Company Limited (ANAN)	$174.12 Million	0.00%	6.30x	$40.26 Million
AP (Thailand) Public Company Limited (AP)	$5.72 Billion	15.72%	1.30x	$706.00 Million
Baan Rock Garden Public Company Limited (BROCK)	$1.24 Billion	1.31%	0.02x	$37.70 Million
Country Group Development Public Company Limited (CGD)	$510.69 Million	-15.24%	0.64x	$25.76 Million
Chewathai Public Company Limited (CHEWA)	$1.74 Billion	-3.16%	2.68x	$6.76 Million
Charn Issara Development Public Company Limited (CI)	$2.25 Billion	-11.76%	3.82x	$10.97 Million
Eastern Star Real Estate Public Company Limited (ESTAR)	$4.39 Billion	3.40%	0.35x	$34.44 Million

About Supalai Public Company Limited

BK:SPALI Thailand Real Estate - Development

Market Cap

$923.15 Million

฿29.62 Billion THB

Market Cap Rank

#9453 Global

#83 in Thailand

Share Price

฿15.70

Change (1 day)

-1.26%

52-Week Range

฿13.50 - ฿18.80

All Time High

฿21.87