TSA Net Assets
TSA net assets. Based on the latest financial reports, TSA (0297) has net assets worth RM188.79 Million MYR (≈ $47.40 Million USD) as of May 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (RM292.94 Million ≈ $73.55 Million USD) and total liabilities (RM104.15 Million ≈ $26.15 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. Also explore TSA (0297) equity growth momentum to track the company's year-over-year net asset growth rate.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | RM188.79 Million |
| % of Total Assets | 64.45% |
| Annual Growth Rate | 9.17% |
| 5-Year Change | 50.39% |
| 10-Year Change | N/A |
| Growth Volatility | 12.68 |
Net Assets of TSA (2020–2025)
Net assets of TSA from 2020 to 2025. This chart illustrates how TSA's net assets have evolved over time, based on quarterly financial data. See 0297 net asset quality score to measure how much of total assets are equity-financed.
Annual Net Assets for TSA (2020–2025)
The table below shows the annual net assets of TSA from 2020 to 2025. For live market cap and overall valuation, see 0297 market cap overview.
| Year | Net Assets | Change |
|---|---|---|
| 2025-08-31 | RM187.67 Million ≈ $47.12 Million |
+1.70% |
| 2024-08-31 | RM184.54 Million ≈ $46.33 Million |
+29.11% |
| 2023-08-31 | RM142.93 Million ≈ $35.88 Million |
-4.74% |
| 2022-08-31 | RM150.04 Million ≈ $37.67 Million |
+20.23% |
| 2021-08-31 | RM124.79 Million ≈ $31.33 Million |
+3.08% |
| 2020-08-31 | RM121.06 Million ≈ $30.39 Million |
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Equity Component Analysis
This analysis shows how different components contribute to TSA'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 decreased by 79.1% over the analyzed period, potentially due to dividend distributions or operating losses.
TSA Net Assets Breakdown (August 2025)
TSA net assets breakdown by equity component as of August 2025.
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | RM23.98 Million | 12.96% |
| Other Components | RM161.04 Million | 87.04% |
| Total Equity | RM185.01 Million | 100.00% |
TSA Competitors by Market Cap
The table below lists competitors of TSA ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Skarbiec Holding S.A.
WAR:SKH
|
$72.62 Million |
|
Huikwang
TWO:6508
|
$72.66 Million |
|
Ways Technical Ltd
TWO:3508
|
$72.69 Million |
|
Seronics Co. Ltd
KQ:042600
|
$72.70 Million |
|
Eureka Acquisition Corp Unit
NASDAQ:EURKU
|
$72.60 Million |
|
Huadian Ener-B
SHG:900937
|
$72.58 Million |
|
Ozsu Balik Uretim A.S.
IS:OZSUB
|
$72.57 Million |
|
Sucro Limited
V:SUGR
|
$72.51 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in TSA's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 181,764,000 to 185,015,000, a change of 3,251,000 (1.8%).
- Net income of 16,062,000 contributed positively to equity growth.
- Dividend payments of 12,569,000 reduced retained earnings.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | RM16.06 Million | +8.68% |
| Dividends Paid | RM12.57 Million | -6.79% |
| Other Changes | RM-242.00K | -0.13% |
| Total Change | RM- | 1.79% |
Book Value vs Market Value Analysis
This analysis compares TSA'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: 1.56x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 2.41x to 1.56x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2020-08-31 | RM0.39 | RM0.94 | x |
| 2021-08-31 | RM0.40 | RM0.94 | x |
| 2022-08-31 | RM0.48 | RM0.94 | x |
| 2023-08-31 | RM0.45 | RM0.94 | x |
| 2024-08-31 | RM0.59 | RM0.94 | x |
| 2025-08-31 | RM0.60 | RM0.94 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently TSA 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): 8.68%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 6.13%
- • Asset Turnover: 1.01x
- • Equity Multiplier: 1.41x
- Recent ROE (8.68%) is below the historical average (15.51%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2020 | 4.20% | 2.14% | 1.12x | 1.75x | RM-6.95 Million |
| 2021 | 31.68% | 12.88% | 1.16x | 2.12x | RM26.67 Million |
| 2022 | 27.17% | 11.24% | 1.48x | 1.63x | RM25.37 Million |
| 2023 | 11.69% | 4.91% | 1.49x | 1.60x | RM2.36 Million |
| 2024 | 9.62% | 6.01% | 1.04x | 1.54x | RM-692.40K |
| 2025 | 8.68% | 6.13% | 1.01x | 1.41x | RM-2.44 Million |
Industry Comparison
This section compares TSA's net assets metrics with peer companies in the Steel industry.
Industry Context
- Industry: Steel
- Average net assets among peers: $728,120,321
- Average return on equity (ROE) among peers: 2.28%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| TSA (0297) | RM188.79 Million | 4.20% | 0.55x | $72.61 Million |
| Tashin Holdings Bhd (0211) | $155.78 Million | 7.24% | 0.30x | $17.09 Million |
| LEFORM (0266) | $215.96 Million | -2.30% | 1.11x | $63.21 Million |
| Minox International Group Berhad (0288) | $39.78 Million | 20.96% | 0.83x | $14.01 Million |
| Melewar Industrial Group Bhd (3778) | $378.00 Million | -7.94% | 0.85x | $10.83 Million |
| Lion Industries Corporation Bhd (4235) | $3.54 Billion | -0.96% | 0.60x | $16.24 Million |
| AYS Ventures Bhd (5021) | $208.00 Million | 6.25% | 1.23x | $23.64 Million |
| Hiap Teck Venture Bhd (5072) | $807.37 Million | -12.75% | 0.67x | $102.79 Million |
| Mycron Steel Bhd (5087) | $264.00 Million | 2.65% | 0.75x | $18.06 Million |
| CSC Steel Holdings Bhd (5094) | $943.19 Million | 7.36% | 0.08x | $112.19 Million |
About TSA
TSA Group Berhad, an investment holding company, engages in the distribution and supply of ferrous and non-ferrous metal, and other industrial hardware products in Malaysia, Singapore, Indonesia, Thailand, and internationally. It offers stainless steel ornamental round tubes, square and rectangular tubes, stainless steel 304 twisted tubes/pipes, stainless steel water pipes, and stainless steel sl… Read more