SPCG Public Company Limited
SPCG Public Company Limited produces and distributes electricity from solar energy in Thailand and internationally. It invests in and develops 36 solar farm projects. The company is also involved in the manufacture, trading, and installation of roof sheets and solar roofs; and distribution of inverters. SPCG Public Company Limited was founded in 1993 and is headquartered in Bangkok, Thailand.
SPCG Public Company Limited (SPCG) - Net Assets
Latest net assets as of September 2025: ฿20.22 Billion THB
Based on the latest financial reports, SPCG Public Company Limited (SPCG) has net assets worth ฿20.22 Billion THB as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿20.59 Billion) and total liabilities (฿367.68 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 | ฿20.22 Billion |
| % of Total Assets | 98.21% |
| Annual Growth Rate | 34.61% |
| 5-Year Change | 23.46% |
| 10-Year Change | 150.05% |
| Growth Volatility | 245.95 |
SPCG Public Company Limited - Net Assets Trend (2004–2024)
This chart illustrates how SPCG Public Company Limited's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for SPCG Public Company Limited (2004–2024)
The table below shows the annual net assets of SPCG Public Company Limited from 2004 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | ฿21.18 Billion | -3.06% |
| 2023-12-31 | ฿21.85 Billion | +4.17% |
| 2022-12-31 | ฿20.97 Billion | +8.41% |
| 2021-12-31 | ฿19.35 Billion | +12.77% |
| 2020-12-31 | ฿17.16 Billion | +9.94% |
| 2019-12-31 | ฿15.60 Billion | +12.42% |
| 2018-12-31 | ฿13.88 Billion | +23.84% |
| 2017-12-31 | ฿11.21 Billion | +14.77% |
| 2016-12-31 | ฿9.77 Billion | +15.29% |
| 2015-12-31 | ฿8.47 Billion | +19.29% |
| 2014-12-31 | ฿7.10 Billion | +102.11% |
| 2013-12-31 | ฿3.51 Billion | +37.31% |
| 2012-12-31 | ฿2.56 Billion | +121.30% |
| 2011-12-31 | ฿1.16 Billion | +1141.25% |
| 2010-12-31 | ฿93.14 Million | +7.47% |
| 2009-12-31 | ฿86.67 Million | -14.58% |
| 2008-12-31 | ฿101.46 Million | +5.37% |
| 2007-12-31 | ฿96.29 Million | -4.44% |
| 2006-12-31 | ฿100.77 Million | +5.20% |
| 2005-12-31 | ฿95.80 Million | +72.48% |
| 2004-12-31 | ฿55.54 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to SPCG 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 65029.9% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ฿13.38 Billion | 72.14% |
| Common Stock | ฿1.06 Billion | 5.69% |
| Other Comprehensive Income | ฿105.58 Million | 0.57% |
| Other Components | ฿4.00 Billion | 21.59% |
| Total Equity | ฿18.54 Billion | 100.00% |
SPCG Public Company Limited Competitors by Market Cap
The table below lists competitors of SPCG Public Company Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Banca Sistema S.p.A
LSE:0R9H
|
$91.86 Million |
|
Absa Group Ltd
JSE:ABG
|
$91.91 Million |
|
Tucows Inc.
NASDAQ:TCX
|
$91.91 Million |
|
Gear Energy Ltd
OTCQX:GENGF
|
$91.93 Million |
|
Croghan Bancshares Inc
OTCQB:CHBH
|
$91.84 Million |
|
OSWALPUMPS
NSE:OSWALPUMPS
|
$91.82 Million |
|
Delta Plus Group SA
PA:ALDLT
|
$91.77 Million |
|
Montana Technologies Corporation
NASDAQ:AIRJ
|
$91.75 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in SPCG Public Company Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 19,136,007,000 to 18,542,248,000, a change of -593,759,000 (-3.1%).
- Net income of 682,507,000 contributed positively to equity growth.
- Dividend payments of 1,214,119,000 reduced retained earnings.
- Other comprehensive income decreased equity by 9,740,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ฿682.51 Million | +3.68% |
| Dividends Paid | ฿1.21 Billion | -6.55% |
| Other Comprehensive Income | ฿-9.74 Million | -0.05% |
| Other Changes | ฿-52.41 Million | -0.28% |
| Total Change | ฿- | -3.10% |
Book Value vs Market Value Analysis
This analysis compares SPCG 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: 0.52x
- 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 5.09x to 0.52x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2005-12-31 | ฿1.79 | ฿9.10 | x |
| 2006-12-31 | ฿1.34 | ฿9.10 | x |
| 2007-12-31 | ฿1.28 | ฿9.10 | x |
| 2008-12-31 | ฿1.35 | ฿9.10 | x |
| 2009-12-31 | ฿1.16 | ฿9.10 | x |
| 2010-12-31 | ฿0.16 | ฿9.10 | x |
| 2011-12-31 | ฿0.78 | ฿9.10 | x |
| 2012-12-31 | ฿3.33 | ฿9.10 | x |
| 2013-12-31 | ฿4.03 | ฿9.10 | x |
| 2014-12-31 | ฿6.59 | ฿9.10 | x |
| 2015-12-31 | ฿7.76 | ฿9.10 | x |
| 2016-12-31 | ฿8.98 | ฿9.10 | x |
| 2017-12-31 | ฿10.51 | ฿9.10 | x |
| 2018-12-31 | ฿12.64 | ฿9.10 | x |
| 2019-12-31 | ฿14.19 | ฿9.10 | x |
| 2020-12-31 | ฿15.63 | ฿9.10 | x |
| 2021-12-31 | ฿16.08 | ฿9.10 | x |
| 2022-12-31 | ฿17.30 | ฿9.10 | x |
| 2023-12-31 | ฿18.12 | ฿9.10 | x |
| 2024-12-31 | ฿17.56 | ฿9.10 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently SPCG 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): 3.68%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 33.31%
- • Asset Turnover: 0.10x
- • Equity Multiplier: 1.16x
- Recent ROE (3.68%) is below the historical average (16.73%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | 34.46% | 8.55% | 1.45x | 2.77x | ฿13.59 Million |
| 2005 | 17.63% | 5.19% | 1.89x | 1.80x | ฿7.31 Million |
| 2006 | 25.78% | 37.59% | 0.37x | 1.84x | ฿15.90 Million |
| 2007 | 8.33% | 2.69% | 1.60x | 1.94x | ฿-1.61 Million |
| 2008 | 19.88% | 5.60% | 1.77x | 2.01x | ฿10.02 Million |
| 2009 | 4.27% | 1.26% | 1.53x | 2.22x | ฿-4.96 Million |
| 2010 | 9.63% | 2.88% | 1.91x | 1.75x | ฿-340.72K |
| 2011 | -2.07% | -2.04% | 0.11x | 9.15x | ฿-68.64 Million |
| 2012 | 2.15% | 3.24% | 0.09x | 7.10x | ฿-144.10 Million |
| 2013 | 18.92% | 20.19% | 0.11x | 8.52x | ฿235.38 Million |
| 2014 | 28.61% | 38.00% | 0.17x | 4.42x | ฿1.08 Billion |
| 2015 | 30.54% | 43.80% | 0.20x | 3.45x | ฿1.47 Billion |
| 2016 | 27.90% | 42.48% | 0.22x | 2.92x | ฿1.48 Billion |
| 2017 | 25.98% | 42.01% | 0.26x | 2.37x | ฿1.55 Billion |
| 2018 | 21.36% | 44.09% | 0.26x | 1.86x | ฿1.39 Billion |
| 2019 | 19.32% | 50.88% | 0.24x | 1.59x | ฿1.29 Billion |
| 2020 | 17.95% | 55.52% | 0.23x | 1.43x | ฿1.21 Billion |
| 2021 | 14.76% | 55.18% | 0.19x | 1.43x | ฿800.04 Million |
| 2022 | 12.70% | 53.24% | 0.18x | 1.30x | ฿493.73 Million |
| 2023 | 9.60% | 44.55% | 0.17x | 1.25x | ฿-75.63 Million |
| 2024 | 3.68% | 33.31% | 0.10x | 1.16x | ฿-1.17 Billion |
Industry Comparison
This section compares SPCG Public Company Limited's net assets metrics with peer companies in the Utilities - Renewable industry.
Industry Context
- Industry: Utilities - Renewable
- Average net assets among peers: $7,074,167,484
- Average return on equity (ROE) among peers: 6.18%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| SPCG Public Company Limited (SPCG) | ฿20.22 Billion | 34.46% | 0.02x | $91.84 Million |
| Asia Biomass Public Company Limited (ABM) | $142.62 Million | -4.32% | 3.60x | $1.48 Million |
| Absolute Clean Energy PCL (ACE) | $14.18 Billion | 9.04% | 0.41x | $77.52 Million |
| ABSOLUTE CLEAN ENERGY (ACE-R) | $276.78 Million | -1.23% | 37.38x | $79.91 Million |
| BBGI PCL (BBGI) | $6.50 Billion | 12.99% | 0.96x | $41.12 Million |
| BCPG Public Company Limited (BCPG) | $27.23 Billion | 7.39% | 1.16x | $229.34 Million |
| Clover Power PCL (CV) | $590.77 Million | 33.82% | 2.29x | $553.20K |
| Energy Absolute Public Company Limited (EA) | $19.52 Billion | 25.49% | 2.03x | $424.82 Million |
| Earth Tech Environment Public Company Limited (ETC) | $222.14 Million | -9.24% | 1.12x | $13.55 Million |
| Green Resources Public Company Limited (GREEN) | $767.18 Million | -4.00% | 0.36x | $7.02 Million |
| Meta Corporation Public Company Limited (META) | $1.31 Billion | -8.12% | 0.39x | $2.59 Million |