IBKS No2 SPAC
GL Pharm Tech Corp. provides generic drugs and incrementally modified drug (IMD) formulation technology to pharmaceutical companies in South Korea. The company offers IMD for gastritis, antidepressant, anorectic, and antibiotic indications. It also provides generic drugs for cardiovascular, urology, pain, anti-infection, gastric disease, diabetes, central nervous system disease, respiratory disea… Read more
IBKS No2 SPAC (204840) - Net Assets
Latest net assets as of September 2025: ₩20.01 Billion KRW
Based on the latest financial reports, IBKS No2 SPAC (204840) has net assets worth ₩20.01 Billion KRW as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (₩46.46 Billion) and total liabilities (₩26.45 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 | ₩20.01 Billion |
| % of Total Assets | 43.07% |
| Annual Growth Rate | 22.42% |
| 5-Year Change | 37.4% |
| 10-Year Change | N/A |
| Growth Volatility | 166.09 |
IBKS No2 SPAC - Net Assets Trend (2015–2024)
This chart illustrates how IBKS No2 SPAC's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for IBKS No2 SPAC (2015–2024)
The table below shows the annual net assets of IBKS No2 SPAC from 2015 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | ₩19.67 Billion | +60.13% |
| 2023-12-31 | ₩12.28 Billion | -23.67% |
| 2022-12-31 | ₩16.09 Billion | -4.50% |
| 2021-12-31 | ₩16.85 Billion | +17.71% |
| 2020-12-31 | ₩14.31 Billion | +506.12% |
| 2019-12-31 | ₩2.36 Billion | -69.79% |
| 2018-12-31 | ₩7.82 Billion | +31.70% |
| 2017-12-31 | ₩5.94 Billion | -30.73% |
| 2016-12-31 | ₩8.57 Billion | +169.20% |
| 2015-12-31 | ₩3.18 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to IBKS No2 SPAC'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 2118089260000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | ₩7.70 Billion | 39.13% |
| Other Components | ₩34.08 Billion | 173.29% |
| Total Equity | ₩19.67 Billion | 100.00% |
IBKS No2 SPAC Competitors by Market Cap
The table below lists competitors of IBKS No2 SPAC ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Nanexa AB
ST:NANEXA
|
$41.35 Million |
|
Western Uranium & Vanadium Corp
OTCQX:WSTRF
|
$41.36 Million |
|
Keep Inc.
F:WZ2
|
$41.36 Million |
|
Allied Telesis Holdings K.K
OTCGREY:ATSKF
|
$41.37 Million |
|
Wanshih Electronic Co Ltd
TWO:6134
|
$41.34 Million |
|
PlayD Co. Ltd
KQ:237820
|
$41.34 Million |
|
Indonesia Energy
NYSE MKT:INDO
|
$41.33 Million |
|
Atari S.A.
PA:ALATA
|
$41.31 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in IBKS No2 SPAC's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 12,282,299,520 to 19,667,919,320, a change of 7,385,619,800 (60.1%).
- Net loss of 2,337,462,830 reduced equity.
- Share repurchases of 9,279,742,740 reduced equity.
- New share issuances of 9,279,742,730 increased equity.
- Other factors increased equity by 9,723,082,640.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ₩-2.34 Billion | -11.88% |
| Share Repurchases | ₩9.28 Billion | -47.18% |
| Share Issuances | ₩9.28 Billion | +47.18% |
| Other Changes | ₩9.72 Billion | +49.44% |
| Total Change | ₩- | 60.13% |
Book Value vs Market Value Analysis
This analysis compares IBKS No2 SPAC'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: 4.28x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has increased from 4.10x to 4.28x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2016-12-31 | ₩266.75 | ₩1093.00 | x |
| 2017-12-31 | ₩176.05 | ₩1093.00 | x |
| 2018-12-31 | ₩205.51 | ₩1093.00 | x |
| 2019-12-31 | ₩66.00 | ₩1093.00 | x |
| 2020-12-31 | ₩303.21 | ₩1093.00 | x |
| 2021-12-31 | ₩272.40 | ₩1093.00 | x |
| 2022-12-31 | ₩259.09 | ₩1093.00 | x |
| 2023-12-31 | ₩196.98 | ₩1093.00 | x |
| 2024-12-31 | ₩255.54 | ₩1093.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently IBKS No2 SPAC 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): -11.88%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -8.97%
- • Asset Turnover: 0.61x
- • Equity Multiplier: 2.16x
- Recent ROE (-11.88%) is above the historical average (-52.97%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2015 | 0.62% | 0.26% | 0.73x | 3.29x | ₩-252.78 Million |
| 2016 | -64.13% | -118.53% | 0.38x | 1.44x | ₩-6.35 Billion |
| 2017 | -71.38% | -175.52% | 0.16x | 2.53x | ₩-4.83 Billion |
| 2018 | -68.44% | -66.88% | 0.25x | 4.04x | ₩-6.13 Billion |
| 2019 | -233.54% | -51.99% | 0.40x | 11.24x | ₩-5.75 Billion |
| 2020 | -23.45% | -28.00% | 0.34x | 2.44x | ₩-4.79 Billion |
| 2021 | -22.12% | -30.00% | 0.39x | 1.89x | ₩-5.41 Billion |
| 2022 | -4.91% | -4.72% | 0.41x | 2.54x | ₩-2.40 Billion |
| 2023 | -30.52% | -14.40% | 0.65x | 3.25x | ₩-4.98 Billion |
| 2024 | -11.88% | -8.97% | 0.61x | 2.16x | ₩-4.30 Billion |
Industry Comparison
This section compares IBKS No2 SPAC's net assets metrics with peer companies in the Drug Manufacturers - Specialty & Generic industry.
Industry Context
- Industry: Drug Manufacturers - Specialty & Generic
- Average net assets among peers: $281,749,862,290
- Average return on equity (ROE) among peers: -1.54%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| IBKS No2 SPAC (204840) | ₩20.01 Billion | 0.62% | 1.32x | $41.34 Million |
| Dongwha Pharm.Co.Ltd (000020) | $360.13 Billion | 4.96% | 0.24x | $75.69 Million |
| Yuhan Corp. (000100) | $592.86 Billion | 10.31% | 0.52x | $4.24 Billion |
| Yuyu Pharma Inc (000225) | $73.73 Billion | -0.34% | 0.41x | $29.09 Million |
| Ildong Holdings Co Ltd (000230) | $321.09 Billion | -6.99% | 1.51x | $48.45 Million |
| Samil Pharm (000520) | $125.82 Billion | -0.02% | 1.84x | $105.04 Million |
| Donga Socio Holdings (000640) | $746.90 Billion | 2.65% | 0.82x | $203.18 Million |
| Jw Pharmac (001060) | $163.66 Billion | 0.00% | 2.69x | $281.43 Million |
| JW Pharmaceutical Corp (001065) | $220.02 Billion | -1.07% | 1.68x | $240.91 Million |
| Samsung Pharm (001360) | $82.38 Billion | -26.24% | 0.68x | $67.43 Million |
| Ahn-Gook Pharmaceutical Co. Ltd (001540) | $130.89 Billion | 1.31% | 0.50x | $27.32 Million |