IFCA MSC Bhd (0023) - Net Assets

Latest as of March 2026: RM121.04 Million MYR ≈ $30.39 Million USD

Based on the latest financial reports, IFCA MSC Bhd (0023) has net assets worth RM121.04 Million MYR (≈ $30.39 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 (RM152.15 Million ≈ $38.20 Million USD) and total liabilities (RM31.11 Million ≈ $7.81 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 0023 strategic assets to equity ratio to assess the company's strategic physical and investment asset allocation.

Key Net Assets Metrics

Metric	Value
Current Net Assets	RM121.04 Million
% of Total Assets	79.55%
Annual Growth Rate	2.55%
5-Year Change	-5.86%
10-Year Change	14.63%
Growth Volatility	5.28

IFCA MSC Bhd - Net Assets Trend (2015–2025)

This chart illustrates how IFCA MSC Bhd's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see 0023 market cap overview.

Annual Net Assets for IFCA MSC Bhd (2015–2025)

The table below shows the annual net assets of IFCA MSC Bhd from 2015 to 2025. Also explore IFCA MSC Bhd net asset momentum to track the company's year-over-year net asset growth rate.

Year	Net Assets	Change
2025-12-31	RM121.59 Million ≈ $30.53 Million	-2.34%
2024-12-31	RM124.50 Million ≈ $31.26 Million	+2.50%
2023-12-31	RM121.46 Million ≈ $30.50 Million	+2.47%
2022-12-31	RM118.53 Million ≈ $29.76 Million	-8.23%
2021-12-31	RM129.15 Million ≈ $32.43 Million	+6.01%
2020-12-31	RM121.83 Million ≈ $30.59 Million	+1.74%
2019-12-31	RM119.75 Million ≈ $30.07 Million	+0.23%
2018-12-31	RM119.48 Million ≈ $30.00 Million	+6.79%
2017-12-31	RM111.88 Million ≈ $28.09 Million	+5.48%
2016-12-31	RM106.07 Million ≈ $26.63 Million	+12.27%
2015-12-31	RM94.47 Million ≈ $23.72 Million	--

Equity Component Analysis

This analysis shows how different components contribute to IFCA MSC Bhd'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 58.2% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	RM44.05 Million	36.23%
Common Stock	RM83.95 Million	69.04%
Total Equity	RM121.59 Million	100.00%

IFCA MSC Bhd Competitors by Market Cap

The table below lists competitors of IFCA MSC Bhd ranked by their market capitalization.

Company	Market Cap
BORUTA-ZACHEM S.A. ZY-10 F:WO4	$30.12 Million
Urban One Inc Class D NASDAQ:UONEK	$30.13 Million
MIRA Pharmaceuticals, Inc. Common Stock NASDAQ:MIRA	$30.13 Million
Reservoir Link Energy Bhd KLSE:0219	$30.14 Million
Apollomics Inc. Class A Ordinary Shares NASDAQ:APLM	$30.09 Million
Tate & Lyle PLC LSE:TATE	$30.07 Million
Quilter PLC LSE:QLT	$30.06 Million
Buyung Poetra Sembada Tbk PT JK:HOKI	$30.06 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in IFCA MSC Bhd's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 124,503,930 to 121,588,180, a change of -2,915,750 (-2.3%).
Net income of 5,941,980 contributed positively to equity growth.
Dividend payments of 6,473,890 reduced retained earnings.
Share repurchases of 1,016,300 reduced equity.
Other factors decreased equity by 1,367,540.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	RM5.94 Million	+4.89%
Dividends Paid	RM6.47 Million	-5.32%
Share Repurchases	RM1.02 Million	-0.84%
Other Changes	RM-1.37 Million	-1.12%
Total Change	RM-	-2.34%

Book Value vs Market Value Analysis

This analysis compares IFCA MSC Bhd'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: 0.99x
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 1.15x to 0.99x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2016-12-31	RM0.17	RM0.20	x
2017-12-31	RM0.18	RM0.20	x
2018-12-31	RM0.20	RM0.20	x
2019-12-31	RM0.20	RM0.20	x
2020-12-31	RM0.20	RM0.20	x
2021-12-31	RM0.21	RM0.20	x
2022-12-31	RM0.20	RM0.20	x
2023-12-31	RM0.20	RM0.20	x
2024-12-31	RM0.21	RM0.20	x
2025-12-31	RM0.20	RM0.20	x

Capital Efficiency Dashboard

This dashboard shows how efficiently IFCA MSC Bhd 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): 4.89%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 6.56%
• Asset Turnover: 0.58x
• Equity Multiplier: 1.28x
Recent ROE (4.89%) is below the historical average (7.10%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2015	22.87%	21.26%	0.84x	1.28x	RM12.16 Million
2016	0.49%	0.69%	0.53x	1.34x	RM-10.09 Million
2017	8.63%	10.87%	0.61x	1.29x	RM-1.53 Million
2018	9.56%	12.25%	0.64x	1.22x	RM-529.93K
2019	4.97%	6.96%	0.61x	1.17x	RM-6.02 Million
2020	6.88%	10.35%	0.55x	1.21x	RM-3.80 Million
2021	7.61%	12.31%	0.50x	1.24x	RM-3.09 Million
2022	-3.49%	-5.48%	0.51x	1.26x	RM-15.99 Million
2023	1.75%	2.73%	0.50x	1.28x	RM-10.02 Million
2024	13.95%	16.38%	0.64x	1.33x	RM4.92 Million
2025	4.89%	6.56%	0.58x	1.28x	RM-6.22 Million

Industry Comparison

This section compares IFCA MSC Bhd's net assets metrics with peer companies in the Software - Application industry.

Industry Context

Industry: Software - Application
Average net assets among peers: $84,430,167
Average return on equity (ROE) among peers: -28.21%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
IFCA MSC Bhd (0023)	RM121.04 Million	22.87%	0.26x	$30.12 Million
Nova MSC Bhd (0026)	$37.78 Million	-32.52%	0.70x	$32.44 Million
MMAG Holdings Bhd (0034)	$287.36 Million	11.34%	1.96x	$11.66 Million
Systech Bhd (0050)	$18.51 Million	-29.98%	1.18x	$26.62 Million
Cuscapi Berhad (0051)	$27.61 Million	-138.41%	0.50x	$11.86 Million
Excel Force MSC Bhd (0065)	$4.14 Million	36.54%	0.18x	$34.45 Million
N2N Connect Bhd (0108)	$284.73 Million	6.19%	0.08x	$43.45 Million
Appasia Bhd (0119)	$10.04 Million	-68.22%	0.17x	$39.81 Million
DGB Asia Bhd (0152)	$41.54 Million	-41.13%	0.06x	$2.90 Million
iDimension Consolidated Bhd (0174)	$48.16 Million	2.34%	0.33x	$3.38 Million

About IFCA MSC Bhd

KLSE:0023 Malaysia Software - Application

Market Cap

$30.12 Million

RM119.96 Million MYR

Market Cap Rank

#23858 Global

#584 in Malaysia

Share Price

RM0.20

Change (1 day)

-2.44%

52-Week Range

RM0.18 - RM0.36

All Time High

RM0.93