Thai Solar Energy Public Company Limited (TSE) - Net Assets

Latest as of March 2026: ฿3.14 Billion THB ≈ $97.90 Million USD

Based on the latest financial reports, Thai Solar Energy Public Company Limited (TSE) has net assets worth ฿3.14 Billion THB (≈ $97.90 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿7.05 Billion ≈ $219.70 Million USD) and total liabilities (฿3.91 Billion ≈ $121.80 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 Thai Solar Energy Public Company Limited tangible equity quality to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿3.14 Billion
% of Total Assets	44.56%
Annual Growth Rate	11.33%
5-Year Change	-51.53%
10-Year Change	-32.89%
Growth Volatility	74.0

Thai Solar Energy Public Company Limited - Net Assets Trend (2012–2025)

This chart illustrates how Thai Solar Energy Public Company Limited's net assets have evolved over time, based on quarterly financial data. See operational self-sufficiency of Thai Solar Energy Public Company Limited to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Thai Solar Energy Public Company Limited (2012–2025)

The table below shows the annual net assets of Thai Solar Energy Public Company Limited from 2012 to 2025. For live valuation and market cap data, see Thai Solar Energy Public Company Limited (TSE) market capitalisation.

Year	Net Assets	Change
2025-12-31	฿3.08 Billion ≈ $95.92 Million	+2.98%
2024-12-31	฿2.99 Billion ≈ $93.14 Million	-17.49%
2023-12-31	฿3.62 Billion ≈ $112.88 Million	-43.79%
2022-12-31	฿6.44 Billion ≈ $200.81 Million	+1.47%
2021-12-31	฿6.35 Billion ≈ $197.90 Million	+7.27%
2020-12-31	฿5.92 Billion ≈ $184.50 Million	+5.10%
2019-12-31	฿5.63 Billion ≈ $175.55 Million	+14.60%
2018-12-31	฿4.91 Billion ≈ $153.18 Million	+2.80%
2017-12-31	฿4.78 Billion ≈ $149.01 Million	+4.26%
2016-12-31	฿4.59 Billion ≈ $142.92 Million	+13.49%
2015-12-31	฿4.04 Billion ≈ $125.93 Million	+15.79%
2014-12-31	฿3.49 Billion ≈ $108.76 Million	+273.35%
2013-12-31	฿934.57 Million ≈ $29.13 Million	+22.59%
2012-12-31	฿762.37 Million ≈ $23.76 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Thai Solar Energy 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 26410230500.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	฿104.47 Million	3.44%
Common Stock	฿2.12 Billion	69.80%
Other Comprehensive Income	฿-231.16 Million	-7.62%
Other Components	฿1.04 Billion	34.38%
Total Equity	฿3.03 Billion	100.00%

Thai Solar Energy Public Company Limited Competitors by Market Cap

The table below lists competitors of Thai Solar Energy Public Company Limited ranked by their market capitalization.

Company	Market Cap
HS Valve Co. Ltd KQ:039610	$47.48 Million
Awanbiru Technology Bhd KLSE:5204	$47.50 Million
IBKS No2 SPAC KQ:204840	$47.51 Million
Innometry Co. Ltd KQ:302430	$47.55 Million
5Th Planet Games A/S OL:5PG	$47.45 Million
Plutus Financial Group Limited Ordinary Shares NASDAQ:PLUT	$47.43 Million
Mercer International Inc F:AEZ	$47.42 Million
Defiance Silver Corp V:DEF	$47.40 Million

Equity Growth Attribution

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

Equity Growth Insights

From 2024 to 2025, total equity changed from 2,985,922,871 to 3,034,191,593, a change of 48,268,722 (1.6%).
Net income of 46,735,427 contributed positively to equity growth.
New share issuances of 48,346,667 increased equity.
Other comprehensive income decreased equity by 415,175,342.
Other factors increased equity by 368,361,970.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	฿46.74 Million	+1.54%
Share Issuances	฿48.35 Million	+1.59%
Other Comprehensive Income	฿-415.18 Million	-13.68%
Other Changes	฿368.36 Million	+12.14%
Total Change	฿-	1.62%

Book Value vs Market Value Analysis

This analysis compares Thai Solar Energy 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: 0.50x
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.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2012-12-31	฿1.36	฿0.72	x
2013-12-31	฿0.49	฿0.72	x
2014-12-31	฿1.82	฿0.72	x
2015-12-31	฿2.10	฿0.72	x
2016-12-31	฿2.37	฿0.72	x
2017-12-31	฿2.42	฿0.72	x
2018-12-31	฿2.50	฿0.72	x
2019-12-31	฿2.89	฿0.72	x
2020-12-31	฿2.79	฿0.72	x
2021-12-31	฿3.00	฿0.72	x
2022-12-31	฿3.04	฿0.72	x
2023-12-31	฿1.71	฿0.72	x
2024-12-31	฿1.41	฿0.72	x
2025-12-31	฿1.43	฿0.72	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Thai Solar Energy 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): 1.54%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 3.76%
• Asset Turnover: 0.18x
• Equity Multiplier: 2.25x
Recent ROE (1.54%) is above the historical average (-1.19%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2012	-13.24%	-595.03%	0.00x	6.88x	฿-177.21 Million
2013	-1.67%	-28.15%	0.03x	2.06x	฿-109.08 Million
2014	16.66%	70.44%	0.20x	1.18x	฿232.40 Million
2015	13.03%	408.65%	0.03x	1.20x	฿122.56 Million
2016	13.54%	146.45%	0.05x	1.84x	฿161.37 Million
2017	9.00%	181.55%	0.02x	2.65x	฿-46.10 Million
2018	3.65%	30.99%	0.04x	3.08x	฿-303.08 Million
2019	13.76%	57.42%	0.08x	2.82x	฿211.78 Million
2020	7.12%	27.54%	0.08x	3.24x	฿-170.30 Million
2021	7.76%	32.33%	0.08x	3.10x	฿-142.23 Million
2022	11.23%	55.06%	0.06x	3.18x	฿79.50 Million
2023	-82.31%	-252.50%	0.12x	2.83x	฿-3.34 Billion
2024	-16.79%	-42.63%	0.15x	2.59x	฿-799.81 Million
2025	1.54%	3.76%	0.18x	2.25x	฿-256.68 Million

Industry Comparison

This section compares Thai Solar Energy 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: $9,269,154,347
Average return on equity (ROE) among peers: 7.71%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Thai Solar Energy Public Company Limited (TSE)	฿3.14 Billion	-13.24%	1.24x	$47.47 Million
BCPG Public Company Limited (BCPG)	$15.56 Billion	11.58%	1.39x	$681.64 Million
Energy Absolute Public Company Limited (EA)	$1.14 Billion	9.38%	1.23x	$703.72 Million
Green Resources Public Company Limited (GREEN)	$859.69 Million	-0.30%	0.32x	$19.12 Million
SPCG Public Company Limited (SPCG)	$11.21 Billion	22.52%	1.05x	$291.24 Million
Sermsang Power Corporation Public Company Limited (SSP)	$3.42 Billion	9.93%	1.42x	$158.02 Million
Super Energy Corporation Public Company Limited (SUPER)	$16.22 Billion	7.92%	1.89x	$110.82 Million
Super Energy Corporation Public Company Limited (SUPER-R)	$12.25 Billion	-5.82%	2.22x	$127.87 Million
TPC Power Holding Public Company Limited (TPCH)	$657.74 Million	1.88%	0.80x	$18.01 Million
TPI Polene Power Public Company Limited (TPIPP)	$25.05 Billion	14.77%	0.26x	$463.42 Million
TPI POLENE POWER (TPIPP-R)	$6.33 Billion	5.21%	0.29x	$596.95 Million

About Thai Solar Energy Public Company Limited

BK:TSE Thailand Utilities - Renewable

Market Cap

$47.47 Million

฿1.52 Billion THB

Market Cap Rank

#22166 Global

#384 in Thailand

Share Price

฿0.72

Change (1 day)

-2.70%

52-Week Range

฿0.34 - ฿1.05

All Time High

฿6.42