Headway (1776) - Net Assets
Based on the latest financial reports, Headway (1776) has net assets worth NT$924.14 Million TWD (≈ $29.12 Million USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (NT$1.53 Billion ≈ $48.29 Million USD) and total liabilities (NT$608.68 Million ≈ $19.18 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 1776 cash and liquid asset ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$924.14 Million |
| % of Total Assets | 60.29% |
| Annual Growth Rate | 0.72% |
| 5-Year Change | -6.95% |
| 10-Year Change | -16.12% |
| Growth Volatility | 6.45 |
Headway - Net Assets Trend (2009–2024)
This chart illustrates how Headway's net assets have evolved over time, based on quarterly financial data. Also explore Headway (1776) total assets for the complete picture of this company's asset base.
Annual Net Assets for Headway (2009–2024)
The table below shows the annual net assets of Headway from 2009 to 2024. For live valuation and market cap data, see 1776 market cap overview.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$1.02 Billion ≈ $32.22 Million |
+3.37% |
| 2023-12-31 | NT$989.22 Million ≈ $31.17 Million |
-11.20% |
| 2022-12-31 | NT$1.11 Billion ≈ $35.10 Million |
-4.69% |
| 2021-12-31 | NT$1.17 Billion ≈ $36.82 Million |
+6.37% |
| 2020-12-31 | NT$1.10 Billion ≈ $34.62 Million |
-1.27% |
| 2019-12-31 | NT$1.11 Billion ≈ $35.07 Million |
-1.16% |
| 2018-12-31 | NT$1.13 Billion ≈ $35.48 Million |
-12.35% |
| 2017-12-31 | NT$1.28 Billion ≈ $40.48 Million |
-2.84% |
| 2016-12-31 | NT$1.32 Billion ≈ $41.66 Million |
+8.47% |
| 2015-12-31 | NT$1.22 Billion ≈ $38.41 Million |
+2.10% |
| 2014-12-31 | NT$1.19 Billion ≈ $37.62 Million |
+6.65% |
| 2013-12-31 | NT$1.12 Billion ≈ $35.27 Million |
+6.46% |
| 2012-12-31 | NT$1.05 Billion ≈ $33.13 Million |
+6.66% |
| 2011-12-31 | NT$985.97 Million ≈ $31.06 Million |
+8.20% |
| 2010-12-31 | NT$911.25 Million ≈ $28.71 Million |
-0.71% |
| 2009-12-31 | NT$917.80 Million ≈ $28.92 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Headway'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 75.6% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$62.73 Million | 6.83% |
| Common Stock | NT$601.07 Million | 65.42% |
| Other Comprehensive Income | NT$245.17 Million | 26.68% |
| Other Components | NT$9.88 Million | 1.08% |
| Total Equity | NT$918.85 Million | 100.00% |
Headway Competitors by Market Cap
The table below lists competitors of Headway ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
LivePerson Inc
NASDAQ:LPSN
|
$31.28 Million |
|
ML System S.A.
WAR:MLS
|
$31.28 Million |
|
Jeil Steel Mfg Co. Ltd
KQ:023440
|
$31.29 Million |
|
Perimeter Medical Imaging AI Inc
V:PINK
|
$31.30 Million |
|
Pelayaran Nasional Bina Buana Raya
JK:BBRM
|
$31.24 Million |
|
Projektengagemang Sweden AB (publ)
ST:PENG-B
|
$31.21 Million |
|
Curo Holdings Co. Ltd
KQ:051780
|
$31.21 Million |
|
Avecho Biotechnology Ltd
AU:AVE
|
$31.19 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Headway's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 880,067,000 to 918,854,000, a change of 38,787,000 (4.4%).
- Net income of 46,671,000 contributed positively to equity growth.
- Dividend payments of 30,053,000 reduced retained earnings.
- Other comprehensive income increased equity by 313,343,000.
- Other factors decreased equity by 291,134,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$46.67 Million | +5.08% |
| Dividends Paid | NT$30.05 Million | -3.27% |
| Other Comprehensive Income | NT$313.34 Million | +34.1% |
| Other Changes | NT$-291.13 Million | -31.68% |
| Total Change | NT$- | 4.41% |
Book Value vs Market Value Analysis
This analysis compares Headway'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: 1.08x
- 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 1.26x to 1.08x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2009-12-31 | NT$13.10 | NT$16.50 | x |
| 2010-12-31 | NT$12.69 | NT$16.50 | x |
| 2011-12-31 | NT$13.80 | NT$16.50 | x |
| 2012-12-31 | NT$14.80 | NT$16.50 | x |
| 2013-12-31 | NT$15.89 | NT$16.50 | x |
| 2014-12-31 | NT$16.88 | NT$16.50 | x |
| 2015-12-31 | NT$17.36 | NT$16.50 | x |
| 2016-12-31 | NT$17.77 | NT$16.50 | x |
| 2017-12-31 | NT$16.64 | NT$16.50 | x |
| 2018-12-31 | NT$14.62 | NT$16.50 | x |
| 2019-12-31 | NT$16.72 | NT$16.50 | x |
| 2020-12-31 | NT$16.43 | NT$16.50 | x |
| 2021-12-31 | NT$17.40 | NT$16.50 | x |
| 2022-12-31 | NT$16.71 | NT$16.50 | x |
| 2023-12-31 | NT$13.22 | NT$16.50 | x |
| 2024-12-31 | NT$15.25 | NT$16.50 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Headway 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): 5.08%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 3.76%
- • Asset Turnover: 0.74x
- • Equity Multiplier: 1.83x
- Recent ROE (5.08%) is below the historical average (7.79%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2009 | 19.04% | 7.53% | 1.22x | 2.08x | NT$72.37 Million |
| 2010 | 13.91% | 4.32% | 1.36x | 2.37x | NT$30.39 Million |
| 2011 | 8.34% | 2.80% | 1.34x | 2.22x | NT$-14.02 Million |
| 2012 | 15.24% | 5.72% | 1.18x | 2.26x | NT$47.66 Million |
| 2013 | 9.36% | 3.81% | 1.17x | 2.10x | NT$-6.24 Million |
| 2014 | 8.12% | 3.44% | 1.13x | 2.10x | NT$-19.61 Million |
| 2015 | 11.95% | 5.62% | 1.08x | 1.97x | NT$20.98 Million |
| 2016 | 9.02% | 5.63% | 0.91x | 1.77x | NT$-11.65 Million |
| 2017 | 8.04% | 4.42% | 0.98x | 1.85x | NT$-22.87 Million |
| 2018 | -3.38% | -1.79% | 0.97x | 1.94x | NT$-136.05 Million |
| 2019 | 5.96% | 3.69% | 0.86x | 1.88x | NT$-40.33 Million |
| 2020 | 4.59% | 3.27% | 0.73x | 1.92x | NT$-53.21 Million |
| 2021 | 4.48% | 3.19% | 0.81x | 1.74x | NT$-58.01 Million |
| 2022 | 1.85% | 1.29% | 0.81x | 1.78x | NT$-82.13 Million |
| 2023 | 2.96% | 2.16% | 0.72x | 1.91x | NT$-61.99 Million |
| 2024 | 5.08% | 3.76% | 0.74x | 1.83x | NT$-45.21 Million |
Industry Comparison
This section compares Headway's net assets metrics with peer companies in the Chemicals industry.
Industry Context
- Industry: Chemicals
- Average net assets among peers: $42,677,153,300
- Average return on equity (ROE) among peers: 3.95%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Headway (1776) | NT$924.14 Million | 19.04% | 0.66x | $31.25 Million |
| Taiwan Styrene Monomer Corp (1310) | $6.73 Billion | 6.76% | 0.93x | $2.82K |
| Grand Pacific Petrochemical Corp (1312) | $15.07 Billion | 13.79% | 0.43x | $428.83 Million |
| Grand Pacific Petrochemical Corp Pref (1312A) | $36.11 Billion | -1.37% | 0.70x | $12.92 Million |
| UPC Technology Corp (1313) | $29.47 Billion | -8.09% | 0.94x | $465.41 Million |
| Formosa Chemicals & Fibre Corp (1326) | $295.57 Billion | 11.16% | 0.62x | $9.64 Billion |
| Sesoda Corp (1708) | $5.53 Billion | 8.88% | 0.93x | $327.92 Million |
| Formosan Union Chemical Corp (1709) | $9.21 Billion | 6.36% | 0.32x | $280.28 Million |
| Oriental Union Chemical Corp (1710) | $14.39 Billion | 1.85% | 1.29x | $359.21 Million |
| Ho Tung Chemical Corp (1714) | $13.82 Billion | 0.13% | 0.72x | $290.73 Million |
| Sunko Ink Co Ltd (1721) | $871.09 Million | 0.02% | 0.94x | $140.96 Million |
About Headway
Headway Advanced Materials Inc. manufactures and sells polyurethane resin and thermoplastic polyurethane pellet products in the Asia-Pacific region. The company provides products, such as solvent and water borne polyurethane, PU solventless, polyisocynate, polyol, and thermoplastic polyurethane, as well as polyaspartate resin, and hardener for polyaspartate resin. Its products are used in various… Read more