TPI Polene Power Public Company Limited
TPI Polene Power Public Company Limited generates and distributes electricity, refuse derived fuel, and organics waste in Thailand. It operates in two segments, Energy & Utilities, and Petrol and Gas Stations. The company owns and operates waste disposal plant and waste-to-energy plant; and operates 12 stations of fuel and natural gas under the TPIPP brand. It also engages in EV charging station … Read more
TPI Polene Power Public Company Limited (TPIPP) - Net Assets
Latest net assets as of December 2025: ฿36.42 Billion THB
Based on the latest financial reports, TPI Polene Power Public Company Limited (TPIPP) has net assets worth ฿36.42 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 (฿68.82 Billion) and total liabilities (฿32.41 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 | ฿36.42 Billion |
| % of Total Assets | 52.91% |
| Annual Growth Rate | 14.84% |
| 5-Year Change | 18.03% |
| 10-Year Change | 337.63% |
| Growth Volatility | 49.86 |
TPI Polene Power Public Company Limited - Net Assets Trend (2012–2025)
This chart illustrates how TPI Polene Power 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 TPI Polene Power Public Company Limited (2012–2025)
The table below shows the annual net assets of TPI Polene Power Public Company Limited from 2012 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | ฿36.42 Billion | +4.82% |
| 2024-12-31 | ฿34.74 Billion | +4.63% |
| 2023-12-31 | ฿33.20 Billion | +5.19% |
| 2022-12-31 | ฿31.56 Billion | +2.31% |
| 2021-12-31 | ฿30.85 Billion | +6.65% |
| 2020-12-31 | ฿28.93 Billion | +6.71% |
| 2019-12-31 | ฿27.11 Billion | +8.23% |
| 2018-12-31 | ฿25.05 Billion | +3.45% |
| 2017-12-31 | ฿24.21 Billion | +191.00% |
| 2016-12-31 | ฿8.32 Billion | -8.01% |
| 2015-12-31 | ฿9.05 Billion | +32.71% |
| 2014-12-31 | ฿6.82 Billion | +7.70% |
| 2013-12-31 | ฿6.33 Billion | +5.02% |
| 2012-12-31 | ฿6.03 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to TPI Polene Power 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 544.6% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ฿12.59 Billion | 34.59% |
| Other Components | ฿23.82 Billion | 65.41% |
| Total Equity | ฿36.42 Billion | 100.00% |
TPI Polene Power Public Company Limited Competitors by Market Cap
The table below lists competitors of TPI Polene Power Public Company Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Don Muang Tollway Public Company Limited
BK:DMT
|
$124.78 Million |
|
innoscripta SE
XETRA:1INN
|
$124.83 Million |
|
Bank Yudha Bhakti Tbk
JK:BBYB
|
$124.83 Million |
|
WHA Utilities and Power Public Company Limited
BK:WHAUP
|
$124.84 Million |
|
FFB Bancorp
OTCQX:FFBB
|
$124.74 Million |
|
UmweltBank AG
XETRA:UBK
|
$124.68 Million |
|
National Petroleum Co Ltd
TW:9937
|
$124.67 Million |
|
TBI Motion Technology Co Ltd
TW:4540
|
$124.66 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in TPI Polene Power Public Company Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 34,739,825,000 to 36,415,254,000, a change of 1,675,429,000 (4.8%).
- Net income of 2,265,765,000 contributed positively to equity growth.
- Dividend payments of 588,000,000 reduced retained earnings.
- Other comprehensive income decreased equity by 840,000,000.
- Other factors increased equity by 837,664,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ฿2.27 Billion | +6.22% |
| Dividends Paid | ฿588.00 Million | -1.61% |
| Other Comprehensive Income | ฿-840.00 Million | -2.31% |
| Other Changes | ฿837.66 Million | +2.3% |
| Total Change | ฿- | 4.82% |
Book Value vs Market Value Analysis
This analysis compares TPI Polene Power 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: 0.43x
- 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 0.96x to 0.43x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2012-12-31 | ฿1.92 | ฿1.85 | x |
| 2013-12-31 | ฿1.56 | ฿1.85 | x |
| 2014-12-31 | ฿0.81 | ฿1.85 | x |
| 2015-12-31 | ฿1.08 | ฿1.85 | x |
| 2016-12-31 | ฿1.41 | ฿1.85 | x |
| 2017-12-31 | ฿3.11 | ฿1.85 | x |
| 2018-12-31 | ฿2.98 | ฿1.85 | x |
| 2019-12-31 | ฿3.23 | ฿1.85 | x |
| 2020-12-31 | ฿3.44 | ฿1.85 | x |
| 2021-12-31 | ฿3.67 | ฿1.85 | x |
| 2022-12-31 | ฿3.76 | ฿1.85 | x |
| 2023-12-31 | ฿3.95 | ฿1.85 | x |
| 2024-12-31 | ฿4.13 | ฿1.85 | x |
| 2025-12-31 | ฿4.34 | ฿1.85 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently TPI Polene Power 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): 6.22%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 24.99%
- • Asset Turnover: 0.13x
- • Equity Multiplier: 1.89x
- Recent ROE (6.22%) is below the historical average (11.27%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2012 | 12.35% | 31.83% | 0.32x | 1.20x | ฿141.03 Million |
| 2013 | 5.21% | 15.56% | 0.26x | 1.29x | ฿-303.41 Million |
| 2014 | 5.56% | 19.10% | 0.16x | 1.80x | ฿-302.50 Million |
| 2015 | 5.45% | 18.76% | 0.21x | 1.40x | ฿-411.16 Million |
| 2016 | 21.92% | 41.76% | 0.24x | 2.18x | ฿992.15 Million |
| 2017 | 10.70% | 53.27% | 0.18x | 1.14x | ฿170.13 Million |
| 2018 | 14.77% | 48.54% | 0.24x | 1.26x | ฿1.19 Billion |
| 2019 | 16.99% | 43.58% | 0.28x | 1.40x | ฿1.90 Billion |
| 2020 | 15.58% | 40.52% | 0.25x | 1.51x | ฿1.61 Billion |
| 2021 | 13.59% | 37.85% | 0.23x | 1.57x | ฿1.11 Billion |
| 2022 | 8.91% | 27.58% | 0.20x | 1.60x | ฿-343.66 Million |
| 2023 | 11.00% | 33.24% | 0.18x | 1.80x | ฿333.00 Million |
| 2024 | 9.51% | 30.73% | 0.16x | 1.91x | ฿-171.74 Million |
| 2025 | 6.22% | 24.99% | 0.13x | 1.89x | ฿-1.38 Billion |
Industry Comparison
This section compares TPI Polene Power 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 |
|---|---|---|---|---|
| TPI Polene Power Public Company Limited (TPIPP) | ฿36.42 Billion | 12.35% | 0.89x | $124.77 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 |