Siam Pan Group PCL (SPG) - Net Assets

Latest as of September 2025: ฿5.71 Billion THB ≈ $178.10 Million USD

Based on the latest financial reports, Siam Pan Group PCL (SPG) has net assets worth ฿5.71 Billion THB (≈ $178.10 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 (฿6.17 Billion ≈ $192.34 Million USD) and total liabilities (฿457.05 Million ≈ $14.25 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 Siam Pan Group PCL liquidity resilience to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿5.71 Billion
% of Total Assets	92.59%
Annual Growth Rate	5.47%
5-Year Change	6.74%
10-Year Change	28.64%
Growth Volatility	3.47

Siam Pan Group PCL - Net Assets Trend (2000–2024)

This chart illustrates how Siam Pan Group PCL's net assets have evolved over time, based on quarterly financial data. Also explore Siam Pan Group PCL (SPG) total assets for the complete picture of this company's asset base.

Annual Net Assets for Siam Pan Group PCL (2000–2024)

The table below shows the annual net assets of Siam Pan Group PCL from 2000 to 2024. For live valuation and market cap data, see how much is Siam Pan Group PCL worth.

Year	Net Assets	Change
2024-12-31	฿5.61 Billion ≈ $174.89 Million	-0.52%
2023-12-31	฿5.64 Billion ≈ $175.80 Million	+1.19%
2022-12-31	฿5.57 Billion ≈ $173.73 Million	+3.26%
2021-12-31	฿5.40 Billion ≈ $168.25 Million	+2.69%
2020-12-31	฿5.26 Billion ≈ $163.85 Million	+2.56%
2019-12-31	฿5.13 Billion ≈ $159.75 Million	+1.33%
2018-12-31	฿5.06 Billion ≈ $157.65 Million	+4.54%
2017-12-31	฿4.84 Billion ≈ $150.81 Million	+3.19%
2016-12-31	฿4.69 Billion ≈ $146.15 Million	+7.51%
2015-12-31	฿4.36 Billion ≈ $135.95 Million	+3.05%
2014-12-31	฿4.23 Billion ≈ $131.92 Million	+6.87%
2013-12-31	฿3.96 Billion ≈ $123.44 Million	+5.50%
2012-12-31	฿3.75 Billion ≈ $117.00 Million	+13.04%
2011-12-31	฿3.32 Billion ≈ $103.50 Million	+4.07%
2010-12-31	฿3.19 Billion ≈ $99.45 Million	+8.57%
2009-12-31	฿2.94 Billion ≈ $91.60 Million	+10.62%
2008-12-31	฿2.66 Billion ≈ $82.81 Million	+9.07%
2007-12-31	฿2.44 Billion ≈ $75.92 Million	+10.49%
2006-12-31	฿2.20 Billion ≈ $68.71 Million	+7.16%
2005-12-31	฿2.06 Billion ≈ $64.12 Million	+2.96%
2004-12-31	฿2.00 Billion ≈ $62.27 Million	+2.37%
2003-12-31	฿1.95 Billion ≈ $60.83 Million	+8.27%
2002-12-31	฿1.80 Billion ≈ $56.19 Million	+9.64%
2001-12-31	฿1.64 Billion ≈ $51.24 Million	+5.08%
2000-12-31	฿1.56 Billion ≈ $48.77 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Siam Pan Group 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 461.4% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2024)

Component	Amount	Percentage
Retained Earnings	฿4.93 Billion	87.94%
Common Stock	฿345.00 Million	6.15%
Other Comprehensive Income	฿34.50 Million	0.61%
Other Components	฿297.30 Million	5.30%
Total Equity	฿5.61 Billion	100.00%

Siam Pan Group PCL Competitors by Market Cap

The table below lists competitors of Siam Pan Group PCL ranked by their market capitalization.

Company	Market Cap
TuHURA Biosciences Inc NASDAQ:HURA	$115.08 Million
ELK-Desa Resources Bhd KLSE:5228	$115.13 Million
Molson Coors Beverage Company NYSE:TAP-A	$115.18 Million
RheinLand Holding AG DU:RLV	$115.20 Million
Hana Pharm Co Ltd KO:293480	$115.01 Million
Zeotech Ltd AU:ZEO	$115.00 Million
Action SA WAR:ACT	$114.94 Million
Sun Yad Construction Co Ltd TW:1316	$114.93 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Siam Pan Group PCL's equity between the two most recent reporting periods.

Equity Growth Insights

From 2023 to 2024, total equity changed from 5,640,072,483 to 5,610,838,648, a change of -29,233,835 (-0.5%).
Net income of 246,743,407 contributed positively to equity growth.
Dividend payments of 276,000,000 reduced retained earnings.

Equity Change Factors (2023 to 2024)

Factor	Impact	Contribution
Net Income	฿246.74 Million	+4.4%
Dividends Paid	฿276.00 Million	-4.92%
Other Changes	฿22.76K	+0.0%
Total Change	฿-	-0.52%

Book Value vs Market Value Analysis

This analysis compares Siam Pan Group 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: 0.66x
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 1.70x to 0.66x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2006-12-31	฿6.30	฿10.70	x
2007-12-31	฿6.99	฿10.70	x
2008-12-31	฿7.65	฿10.70	x
2009-12-31	฿8.47	฿10.70	x
2010-12-31	฿9.19	฿10.70	x
2011-12-31	฿9.57	฿10.70	x
2012-12-31	฿10.81	฿10.70	x
2013-12-31	฿11.40	฿10.70	x
2014-12-31	฿12.18	฿10.70	x
2015-12-31	฿12.55	฿10.70	x
2016-12-31	฿13.50	฿10.70	x
2017-12-31	฿13.93	฿10.70	x
2018-12-31	฿14.57	฿10.70	x
2019-12-31	฿14.76	฿10.70	x
2020-12-31	฿15.14	฿10.70	x
2021-12-31	฿15.59	฿10.70	x
2022-12-31	฿16.15	฿10.70	x
2023-12-31	฿16.35	฿10.70	x
2024-12-31	฿16.26	฿10.70	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Siam Pan Group 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): 4.40%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 12.10%
• Asset Turnover: 0.34x
• Equity Multiplier: 1.07x
Recent ROE (4.40%) is below the historical average (10.81%), 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	21.31%	13.98%	1.34x	1.14x	฿175.92 Million
2001	14.28%	9.83%	1.26x	1.16x	฿69.96 Million
2003	13.41%	11.00%	1.08x	1.13x	฿66.11 Million
2004	8.08%	6.16%	1.14x	1.15x	฿-38.19 Million
2005	6.77%	5.41%	1.12x	1.12x	฿-66.05 Million
2006	9.04%	6.83%	1.16x	1.14x	฿-20.95 Million
2007	13.44%	9.06%	1.20x	1.24x	฿82.85 Million
2008	13.80%	9.96%	1.25x	1.10x	฿100.38 Million
2009	14.53%	13.66%	0.93x	1.15x	฿132.33 Million
2010	13.32%	12.24%	0.97x	1.12x	฿105.21 Million
2011	10.07%	10.22%	0.86x	1.15x	฿2.31 Million
2012	16.13%	15.08%	0.95x	1.13x	฿228.53 Million
2013	16.56%	17.87%	0.83x	1.12x	฿257.86 Million
2014	10.55%	12.70%	0.75x	1.10x	฿22.96 Million
2015	11.26%	14.40%	0.72x	1.09x	฿54.70 Million
2016	12.11%	17.23%	0.65x	1.08x	฿98.45 Million
2017	8.89%	12.82%	0.64x	1.08x	฿-53.18 Million
2018	7.54%	11.67%	0.60x	1.08x	฿-123.47 Million
2019	6.02%	10.29%	0.54x	1.08x	฿-202.78 Million
2020	7.14%	14.34%	0.45x	1.10x	฿-149.59 Million
2021	8.55%	15.74%	0.49x	1.12x	฿-77.71 Million
2022	6.17%	11.94%	0.47x	1.09x	฿-213.15 Million
2023	6.09%	12.63%	0.45x	1.07x	฿-220.29 Million
2024	4.40%	12.10%	0.34x	1.07x	฿-314.34 Million

Industry Comparison

This section compares Siam Pan Group PCL's net assets metrics with peer companies in the Specialty Chemicals industry.

Industry Context

Industry: Specialty Chemicals
Average net assets among peers: $3,203,409,729
Average return on equity (ROE) among peers: 9.10%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Siam Pan Group PCL (SPG)	฿5.71 Billion	21.31%	0.08x	$115.06 Million
Salee Colour Public Company Limited (COLOR)	$221.85 Million	-0.23%	4.13x	$18.91 Million
Dimet (Siam) Public Company Limited (DIMET)	$361.15 Million	-25.12%	0.18x	$5.03 Million
Eason & Co Public Company Limited (EASON)	$202.34 Million	24.38%	1.14x	$18.12 Million
Eastern Polymer Group Public Company Limited (EPG)	$8.20 Billion	7.67%	0.46x	$308.95 Million
Global Connections Public Company Limited (GC)	$388.80 Million	12.24%	2.01x	$60.62 Million
Megachem (Thailand) Public Company Limited (MGT)	$371.29 Million	12.74%	0.17x	$24.44 Million
Polyplex (Thailand) Public Company Limited (PTL)	$11.61 Billion	20.02%	0.37x	$274.91 Million
Polyplex (Thailand) Public Company Limited (PTL-R)	$9.67 Billion	14.14%	0.49x	$276.31 Million
Salee Industry Public Company Limited (SALEE)	$650.26 Million	14.35%	0.37x	$18.01 Million
Selic Corp Public Company Limited (SELIC)	$361.47 Million	10.80%	0.35x	$49.89 Million

About Siam Pan Group PCL

BK:SPG Thailand Specialty Chemicals

Market Cap

$115.06 Million

฿3.69 Billion THB

Market Cap Rank

#18656 Global

#259 in Thailand

Share Price

฿10.70

Change (1 day)

-1.83%

52-Week Range

฿10.50 - ฿14.20

All Time High

฿20.35