Thanulux Public Company Limited
Thanulux Public Company Limited, an investment holding company, provides financial solutions in Thailand. It operates through four segments: Investment Business; Secured Lending Business; Assets Management Business; and Real Estate Development Business. The company engages in residential real estate development; and provision of customised financial solutions comprising collaterals and loans to i… Read more
Thanulux Public Company Limited (TNL) - Net Assets
Latest net assets as of September 2025: ฿10.80 Billion THB
Based on the latest financial reports, Thanulux Public Company Limited (TNL) has net assets worth ฿10.80 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 (฿15.57 Billion) and total liabilities (฿4.77 Billion). 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 | ฿10.80 Billion |
| % of Total Assets | 69.38% |
| Annual Growth Rate | 9.69% |
| 5-Year Change | 179.35% |
| 10-Year Change | 218.44% |
| Growth Volatility | 17.63 |
Thanulux Public Company Limited - Net Assets Trend (2000–2024)
This chart illustrates how Thanulux 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 Thanulux Public Company Limited (2000–2024)
The table below shows the annual net assets of Thanulux Public Company Limited from 2000 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | ฿10.60 Billion | +1.00% |
| 2023-12-31 | ฿10.49 Billion | +48.36% |
| 2022-12-31 | ฿7.07 Billion | +77.79% |
| 2021-12-31 | ฿3.98 Billion | +4.85% |
| 2020-12-31 | ฿3.79 Billion | +0.49% |
| 2019-12-31 | ฿3.78 Billion | +0.47% |
| 2018-12-31 | ฿3.76 Billion | -0.02% |
| 2017-12-31 | ฿3.76 Billion | +7.04% |
| 2016-12-31 | ฿3.51 Billion | +5.52% |
| 2015-12-31 | ฿3.33 Billion | +0.65% |
| 2014-12-31 | ฿3.31 Billion | +4.82% |
| 2013-12-31 | ฿3.15 Billion | -7.21% |
| 2012-12-31 | ฿3.40 Billion | +13.85% |
| 2011-12-31 | ฿2.99 Billion | +7.78% |
| 2010-12-31 | ฿2.77 Billion | +3.43% |
| 2009-12-31 | ฿2.68 Billion | +4.24% |
| 2008-12-31 | ฿2.57 Billion | +3.56% |
| 2007-12-31 | ฿2.48 Billion | +1.82% |
| 2006-12-31 | ฿2.44 Billion | +3.39% |
| 2005-12-31 | ฿2.36 Billion | +13.34% |
| 2004-12-31 | ฿2.08 Billion | +14.94% |
| 2003-12-31 | ฿1.81 Billion | +22.65% |
| 2002-12-31 | ฿1.48 Billion | +5.92% |
| 2001-12-31 | ฿1.39 Billion | +20.87% |
| 2000-12-31 | ฿1.15 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Thanulux 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 393.9% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ฿3.71 Billion | 35.05% |
| Common Stock | ฿304.62 Million | 2.87% |
| Other Comprehensive Income | ฿265.55 Million | 2.51% |
| Other Components | ฿6.31 Billion | 59.57% |
| Total Equity | ฿10.60 Billion | 100.00% |
Thanulux Public Company Limited Competitors by Market Cap
The table below lists competitors of Thanulux Public Company Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Südwestdeutsche Salzwerke AG
F:SSH
|
$14.67 Million |
|
IBI Inv House
TA:IBI
|
$14.67 Million |
|
Aspen Insurance Holdings Limited
NYSE:AHL
|
$14.67 Million |
|
Fill Up Media SA
PA:ALFUM
|
$14.68 Million |
|
CANUC RES CORP.
F:C8SN
|
$14.66 Million |
|
Mindteck (India) Limited
NSE:MINDTECK
|
$14.65 Million |
|
HOPSCOTCH GROUPE SA EO-75
F:4Z2
|
$14.65 Million |
|
Kinetiko Energy Ltd
AU:KKO
|
$14.64 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Thanulux Public Company Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 10,467,028,078 to 10,598,583,115, a change of 131,555,037 (1.3%).
- Net income of 399,525,265 contributed positively to equity growth.
- Dividend payments of 91,416,531 reduced retained earnings.
- Other comprehensive income decreased equity by 627,484,939.
- Other factors increased equity by 450,931,242.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ฿399.53 Million | +3.77% |
| Dividends Paid | ฿91.42 Million | -0.86% |
| Other Comprehensive Income | ฿-627.48 Million | -5.92% |
| Other Changes | ฿450.93 Million | +4.25% |
| Total Change | ฿- | 1.26% |
Book Value vs Market Value Analysis
This analysis compares Thanulux 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: 0.69x
- 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 1.40x to 0.69x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-12-31 | ฿17.09 | ฿23.90 | x |
| 2005-12-31 | ฿19.41 | ฿23.90 | x |
| 2006-12-31 | ฿20.10 | ฿23.90 | x |
| 2007-12-31 | ฿20.46 | ฿23.90 | x |
| 2009-12-31 | ฿22.10 | ฿23.90 | x |
| 2010-12-31 | ฿22.83 | ฿23.90 | x |
| 2011-12-31 | ฿24.62 | ฿23.90 | x |
| 2012-12-31 | ฿28.06 | ฿23.90 | x |
| 2013-12-31 | ฿26.06 | ฿23.90 | x |
| 2014-12-31 | ฿27.35 | ฿23.90 | x |
| 2015-12-31 | ฿27.54 | ฿23.90 | x |
| 2016-12-31 | ฿29.09 | ฿23.90 | x |
| 2017-12-31 | ฿31.18 | ฿23.90 | x |
| 2018-12-31 | ฿31.18 | ฿23.90 | x |
| 2019-12-31 | ฿31.34 | ฿23.90 | x |
| 2020-12-31 | ฿31.49 | ฿23.90 | x |
| 2021-12-31 | ฿33.02 | ฿23.90 | x |
| 2022-12-31 | ฿53.93 | ฿23.90 | x |
| 2023-12-31 | ฿36.32 | ฿23.90 | x |
| 2024-12-31 | ฿34.51 | ฿23.90 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Thanulux 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): 3.77%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 229.12%
- • Asset Turnover: 0.01x
- • Equity Multiplier: 1.31x
- Recent ROE (3.77%) is below the historical average (7.48%), 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 | 20.89% | 14.93% | 0.95x | 1.48x | ฿125.50 Million |
| 2001 | 17.76% | 14.66% | 0.89x | 1.37x | ฿108.06 Million |
| 2002 | 11.82% | 12.17% | 0.83x | 1.17x | ฿26.87 Million |
| 2003 | 10.08% | 11.63% | 0.77x | 1.13x | ฿1.47 Million |
| 2004 | 10.37% | 9.60% | 0.94x | 1.15x | ฿7.53 Million |
| 2005 | 11.47% | 10.95% | 0.91x | 1.14x | ฿34.37 Million |
| 2006 | 10.39% | 10.29% | 0.89x | 1.13x | ฿9.38 Million |
| 2007 | 8.03% | 9.04% | 0.80x | 1.11x | ฿-48.58 Million |
| 2008 | 8.18% | 9.94% | 0.74x | 1.11x | ฿-46.43 Million |
| 2009 | 5.77% | 8.38% | 0.62x | 1.11x | ฿-112.58 Million |
| 2010 | 6.75% | 8.93% | 0.67x | 1.13x | ฿-89.28 Million |
| 2011 | 9.44% | 11.39% | 0.71x | 1.16x | ฿-16.64 Million |
| 2012 | 8.56% | 10.94% | 0.68x | 1.15x | ฿-48.62 Million |
| 2013 | 6.60% | 8.99% | 0.62x | 1.19x | ฿-106.75 Million |
| 2014 | 6.32% | 9.58% | 0.55x | 1.19x | ฿-121.42 Million |
| 2015 | 5.22% | 8.35% | 0.53x | 1.18x | ฿-158.63 Million |
| 2016 | 5.86% | 10.22% | 0.49x | 1.18x | ฿-145.20 Million |
| 2017 | 4.05% | 8.18% | 0.43x | 1.16x | ฿-223.56 Million |
| 2018 | 5.20% | 10.99% | 0.41x | 1.15x | ฿-180.14 Million |
| 2019 | 2.37% | 5.50% | 0.38x | 1.14x | ฿-287.94 Million |
| 2020 | 0.28% | 0.96% | 0.26x | 1.14x | ฿-368.61 Million |
| 2021 | 1.57% | 4.70% | 0.30x | 1.13x | ฿-335.14 Million |
| 2022 | 1.45% | 5.76% | 0.17x | 1.50x | ฿-603.14 Million |
| 2023 | 4.81% | 27.56% | 0.14x | 1.28x | ฿-543.33 Million |
| 2024 | 3.77% | 229.12% | 0.01x | 1.31x | ฿-660.33 Million |
Industry Comparison
This section compares Thanulux Public Company Limited's net assets metrics with peer companies in the Credit Services industry.
Industry Context
- Industry: Credit Services
- Average net assets among peers: $1,462,560,682
- Average return on equity (ROE) among peers: 9.79%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Thanulux Public Company Limited (TNL) | ฿10.80 Billion | 20.89% | 0.44x | $14.66 Million |
| ASIA Capital Group Public Company Limited (ACAP) | $1.00 Billion | 21.24% | 3.53x | $1.71 Million |
| AEON Thana Sinsap (Thailand) Public Company Limited (AEONTS) | $3.93 Billion | 27.71% | 6.13x | $163.14 Million |
| AIRA Factoring Public Company Limited (AF) | $127.47 Million | -18.31% | 5.77x | $1.14 Million |
| Amanah Leasing Public Company Limited (AMANAH) | $1.37 Billion | 18.08% | 1.58x | $12.17 Million |
| Asia Sermkij Leasing Public Company Limited (ASK) | $1.95 Billion | 14.85% | 6.89x | $93.23 Million |
| Chase Asia PCL (CHASE) | $-209.42 Million | 0.00% | 0.00x | $7.20 Million |
| Chayo Group Public Company Limited (CHAYO) | $201.79 Million | 2.02% | 0.17x | $19.33 Million |
| Eastern Commercial Leasing Public Company Limited (ECL) | $678.63 Million | 6.76% | 1.76x | $11.11 Million |
| G Capital Public Company Limited (GCAP) | $329.74 Million | 16.74% | 1.97x | $3.52 Million |
| Heng Leasing & Capital PCL (HENG) | $5.24 Billion | 8.79% | 1.34x | $38.71 Million |