KSL Holdings Bhd (5038) - Net Assets
Based on the latest financial reports, KSL Holdings Bhd (5038) has net assets worth RM4.70 Billion MYR (≈ $1.18 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (RM6.06 Billion ≈ $1.52 Billion USD) and total liabilities (RM1.36 Billion ≈ $341.36 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 how tangible is KSL Holdings Bhd's equity to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | RM4.70 Billion |
| % of Total Assets | 77.58% |
| Annual Growth Rate | 11.76% |
| 5-Year Change | 50.94% |
| 10-Year Change | 100.0% |
| Growth Volatility | 9.73 |
KSL Holdings Bhd - Net Assets Trend (2012–2025)
This chart illustrates how KSL Holdings Bhd's net assets have evolved over time, based on quarterly financial data. See 5038 defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for KSL Holdings Bhd (2012–2025)
The table below shows the annual net assets of KSL Holdings Bhd from 2012 to 2025. For live valuation and market cap data, see 5038 market cap.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | RM4.70 Billion ≈ $1.18 Billion |
+12.45% |
| 2024-12-31 | RM4.18 Billion ≈ $1.05 Billion |
+12.66% |
| 2023-12-31 | RM3.71 Billion ≈ $932.16 Million |
+12.66% |
| 2022-12-31 | RM3.30 Billion ≈ $827.43 Million |
+5.76% |
| 2021-12-31 | RM3.12 Billion ≈ $782.36 Million |
+3.81% |
| 2020-12-31 | RM3.00 Billion ≈ $753.63 Million |
-12.90% |
| 2019-12-31 | RM3.45 Billion ≈ $865.24 Million |
+22.41% |
| 2018-12-31 | RM2.82 Billion ≈ $706.83 Million |
+8.28% |
| 2017-12-31 | RM2.60 Billion ≈ $652.76 Million |
+10.55% |
| 2016-12-31 | RM2.35 Billion ≈ $590.45 Million |
+16.83% |
| 2015-12-31 | RM2.01 Billion ≈ $505.40 Million |
+25.73% |
| 2014-12-31 | RM1.60 Billion ≈ $401.96 Million |
+24.20% |
| 2013-12-31 | RM1.29 Billion ≈ $323.63 Million |
+16.34% |
| 2012-12-31 | RM1.11 Billion ≈ $278.18 Million |
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Equity Component Analysis
This analysis shows how different components contribute to KSL Holdings 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 195.7% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | RM3.94 Billion | 83.70% |
| Common Stock | RM775.12 Million | 16.47% |
| Total Equity | RM4.71 Billion | 100.00% |
KSL Holdings Bhd Competitors by Market Cap
The table below lists competitors of KSL Holdings Bhd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
OppFi Inc
NYSE:OPFI
|
$792.45 Million |
|
EVOTEC SE ADR 1/2 O.N.
F:EVTA
|
$792.54 Million |
|
Apple Flavor&Fragrance Grp
SHG:603020
|
$792.63 Million |
|
Capital City Bank Group
NASDAQ:CCBG
|
$792.82 Million |
|
Guizhou Sanli Pharmaceutical Co Ltd
SHG:603439
|
$792.27 Million |
|
Jiangsu Nanfang Bearing Co Ltd
SHE:002553
|
$792.27 Million |
|
China Railway Signal & Communication Corporation Limited
F:RS3
|
$791.80 Million |
|
John B Sanfilippo & Son Inc
NASDAQ:JBSS
|
$791.65 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in KSL Holdings Bhd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 4,182,840,000 to 4,705,089,000, a change of 522,249,000 (12.5%).
- Net income of 526,018,000 contributed positively to equity growth.
- Dividend payments of 5,496,000 reduced retained earnings.
- Share repurchases of 45,000 reduced equity.
- New share issuances of 45,000 increased equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | RM526.02 Million | +11.18% |
| Dividends Paid | RM5.50 Million | -0.12% |
| Share Repurchases | RM45.00K | -0.0% |
| Share Issuances | RM45.00K | +0.0% |
| Other Changes | RM1.73 Million | +0.04% |
| Total Change | RM- | 12.49% |
Book Value vs Market Value Analysis
This analysis compares KSL Holdings 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: 0.64x
- 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 1.29x to 0.64x 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 | RM2.28 | RM2.94 | x |
| 2017-12-31 | RM2.54 | RM2.94 | x |
| 2018-12-31 | RM2.77 | RM2.94 | x |
| 2019-12-31 | RM3.01 | RM2.94 | x |
| 2020-12-31 | RM2.95 | RM2.94 | x |
| 2021-12-31 | RM3.06 | RM2.94 | x |
| 2022-12-31 | RM3.24 | RM2.94 | x |
| 2023-12-31 | RM3.65 | RM2.94 | x |
| 2024-12-31 | RM4.11 | RM2.94 | x |
| 2025-12-31 | RM4.58 | RM2.94 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently KSL Holdings 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): 11.18%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 31.56%
- • Asset Turnover: 0.27x
- • Equity Multiplier: 1.29x
- Recent ROE (11.18%) is above the historical average (8.36%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2015 | 13.21% | 38.78% | 0.28x | 1.23x | RM64.66 Million |
| 2016 | 13.37% | 45.64% | 0.24x | 1.21x | RM79.34 Million |
| 2017 | 8.64% | 32.21% | 0.24x | 1.12x | RM-35.32 Million |
| 2018 | 7.93% | 31.43% | 0.22x | 1.15x | RM-58.30 Million |
| 2019 | 8.15% | 35.09% | 0.21x | 1.12x | RM-56.61 Million |
| 2020 | -2.11% | -18.63% | 0.10x | 1.10x | RM-363.65 Million |
| 2021 | 3.67% | 24.46% | 0.14x | 1.09x | RM-197.20 Million |
| 2022 | 5.45% | 31.22% | 0.16x | 1.09x | RM-150.05 Million |
| 2023 | 11.23% | 36.52% | 0.28x | 1.09x | RM45.64 Million |
| 2024 | 11.24% | 34.12% | 0.28x | 1.19x | RM52.07 Million |
| 2025 | 11.18% | 31.56% | 0.27x | 1.29x | RM55.51 Million |
Industry Comparison
This section compares KSL Holdings Bhd's net assets metrics with peer companies in the Real Estate - Development industry.
Industry Context
- Industry: Real Estate - Development
- Average net assets among peers: $595,261,190
- Average return on equity (ROE) among peers: 7.69%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| KSL Holdings Bhd (5038) | RM4.70 Billion | 13.21% | 0.29x | $792.33 Million |
| Vinvest Capital Holdings Bhd (0069) | $605.85 Million | 0.21% | 0.32x | $7.30 Million |
| Gagasan Nadi Cergas Berhad (0206) | $445.81 Million | 2.65% | 1.07x | $66.17 Million |
| Vestland Berhad (0273) | $71.56 Million | 35.09% | 2.17x | $142.25 Million |
| Global Oriental Bhd (1147) | $253.00 Million | 11.86% | 2.00x | $11.42 Million |
| Pan Malaysia Holdings Bhd (1287) | $29.94 Million | -0.21% | 0.72x | $221.55 Million |
| GuocoLand (Malaysia) Bhd (1503) | $1.04 Billion | 14.70% | 1.08x | $183.34 Million |
| Symphony Life Bhd (1538) | $950.00 Million | 0.90% | 0.20x | $32.30 Million |
| Iskandar Waterfront City Bhd (1589) | $777.03 Million | -3.59% | 1.00x | $49.72 Million |
| Paramount Corporation Bhd (1724) | $1.13 Billion | 7.82% | 0.78x | $156.36 Million |
| Selangor Dredging Bhd (2224) | $644.00 Million | 7.45% | 1.01x | $47.61 Million |
About KSL Holdings Bhd
KSL Holdings Berhad, an investment holding company, engages in the property development business in Malaysia. It operates through four segments: Property Development, Property Investment, Investment Holding, and Car Park Operation. The company's property portfolio includes townships, shopping malls, hotels and resorts, and high-rise residences, as well as factory/warehouse. It also develops resid… Read more