IBKS No2 SPAC (204840) - Net Assets
Based on the latest financial reports, IBKS No2 SPAC (204840) has net assets worth ₩19.80 Billion KRW (≈ $13.42 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 (₩48.60 Billion ≈ $32.94 Million USD) and total liabilities (₩28.80 Billion ≈ $19.52 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. For live market cap and overall valuation, see IBKS No2 SPAC stock valuation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ₩19.80 Billion |
| % of Total Assets | 40.74% |
| Annual Growth Rate | 20.13% |
| 5-Year Change | 18.22% |
| 10-Year Change | 132.47% |
| Growth Volatility | 159.03 |
IBKS No2 SPAC - Net Assets Trend (2015–2025)
This chart illustrates how IBKS No2 SPAC's net assets have evolved over time, based on quarterly financial data.
Annual Net Assets for IBKS No2 SPAC (2015–2025)
The table below shows the annual net assets of IBKS No2 SPAC from 2015 to 2025. See IBKS No2 SPAC balance sheet independence to measure how much of total assets are equity-financed.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | ₩19.92 Billion ≈ $13.50 Million |
+1.28% |
| 2024-12-31 | ₩19.67 Billion ≈ $13.33 Million |
+60.13% |
| 2023-12-31 | ₩12.28 Billion ≈ $8.32 Million |
-23.67% |
| 2022-12-31 | ₩16.09 Billion ≈ $10.90 Million |
-4.50% |
| 2021-12-31 | ₩16.85 Billion ≈ $11.42 Million |
+17.71% |
| 2020-12-31 | ₩14.31 Billion ≈ $9.70 Million |
+506.12% |
| 2019-12-31 | ₩2.36 Billion ≈ $1.60 Million |
-69.79% |
| 2018-12-31 | ₩7.82 Billion ≈ $5.30 Million |
+31.70% |
| 2017-12-31 | ₩5.94 Billion ≈ $4.02 Million |
-30.73% |
| 2016-12-31 | ₩8.57 Billion ≈ $5.81 Million |
+169.20% |
| 2015-12-31 | ₩3.18 Billion ≈ $2.16 Million |
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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 2121971277000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | ₩42.07 Billion | 211.20% |
| Total Equity | ₩19.92 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 |
|---|---|
|
Dae Won Chem
KO:024890
|
$48.42 Million |
|
Anson Resources Limited
F:9MY
|
$48.42 Million |
|
Full Wang International Development Co Ltd
TWO:6219
|
$48.43 Million |
|
Rama Phosphates Limited
NSE:RAMAPHO
|
$48.43 Million |
|
Tinka Resources Limited
V:TK
|
$48.38 Million |
|
RYTHM, Inc.
NASDAQ:RYM
|
$48.36 Million |
|
Dae Young Pkg
KO:014160
|
$48.35 Million |
|
Hilbert Group AB Series B
ST:HILB-B
|
$48.35 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 2024 to 2025, total equity changed from 19,667,919,320 to 19,918,857,120, a change of 250,937,800 (1.3%).
- Net income of 12,489,000 contributed positively to equity growth.
- New share issuances of 275,553,600 increased equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ₩12.49 Million | +0.06% |
| Share Issuances | ₩275.55 Million | +1.38% |
| Other Changes | ₩-37.10 Million | -0.19% |
| Total Change | ₩- | 1.28% |
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: 17.93x
- 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 17.26x to 17.93x 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 | ₩4605.00 | x |
| 2017-12-31 | ₩176.05 | ₩4605.00 | x |
| 2018-12-31 | ₩205.51 | ₩4605.00 | x |
| 2019-12-31 | ₩66.00 | ₩4605.00 | x |
| 2020-12-31 | ₩303.21 | ₩4605.00 | x |
| 2021-12-31 | ₩272.40 | ₩4605.00 | x |
| 2022-12-31 | ₩259.09 | ₩4605.00 | x |
| 2023-12-31 | ₩196.98 | ₩4605.00 | x |
| 2024-12-31 | ₩255.54 | ₩4605.00 | x |
| 2025-12-31 | ₩256.86 | ₩4605.00 | 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): 0.06%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 0.04%
- • Asset Turnover: 0.72x
- • Equity Multiplier: 2.45x
- Recent ROE (0.06%) is above the historical average (-48.15%), 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 |
| 2025 | 0.06% | 0.04% | 0.72x | 2.45x | ₩-1.98 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: $333,710,650,943
- Average return on equity (ROE) among peers: 4.37%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| IBKS No2 SPAC (204840) | ₩19.80 Billion | 0.62% | 1.45x | $48.40 Million |
| Dongwha Pharm.Co.Ltd (000020) | $230.12 Billion | 2.44% | 0.38x | $95.61 Million |
| Yuhan Corp. (000100) | $462.04 Billion | 11.12% | 0.43x | $4.13 Billion |
| Yuhan Corp Preferred (000105) | $1.65 Trillion | 3.48% | 0.32x | $45.29 Million |
| Yuyu Pharma (000220) | $123.37 Billion | -4.85% | 0.58x | $41.34 Million |
| Yuyu Pharma Inc (000225) | $71.49 Billion | -10.45% | 0.42x | $14.36 Million |
| Yuyu Pharma Inc (000227) | $135.06 Billion | 6.46% | 0.54x | $29.03 Million |
| Ildong Holdings Co Ltd (000230) | $172.99 Billion | 13.36% | 0.64x | $50.99 Million |
| Samil Pharm (000520) | $70.03 Billion | 11.32% | 0.65x | $88.05 Million |
| Donga Socio Holdings (000640) | $319.55 Billion | 0.00% | 1.29x | $402.28 Million |
| Jw Pharmac (001060) | $100.72 Billion | 10.81% | 2.83x | $412.60 Million |
About 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