TSRC Corp (2103) - Net Assets
Based on the latest financial reports, TSRC Corp (2103) has net assets worth NT$22.15 Billion TWD (≈ $697.77 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 (NT$44.85 Billion ≈ $1.41 Billion USD) and total liabilities (NT$22.70 Billion ≈ $715.13 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 2103 intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$22.15 Billion |
| % of Total Assets | 49.39% |
| Annual Growth Rate | 4.34% |
| 5-Year Change | 6.9% |
| 10-Year Change | 26.16% |
| Growth Volatility | 10.88 |
TSRC Corp - Net Assets Trend (2000–2025)
This chart illustrates how TSRC Corp's net assets have evolved over time, based on quarterly financial data. See operational self-sufficiency of TSRC Corp to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for TSRC Corp (2000–2025)
The table below shows the annual net assets of TSRC Corp from 2000 to 2025. For live valuation and market cap data, see 2103 company net worth.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | NT$21.51 Billion ≈ $677.74 Million |
-1.26% |
| 2024-12-31 | NT$21.79 Billion ≈ $686.42 Million |
+4.74% |
| 2023-12-31 | NT$20.80 Billion ≈ $655.37 Million |
+0.34% |
| 2022-12-31 | NT$20.73 Billion ≈ $653.15 Million |
+3.02% |
| 2021-12-31 | NT$20.12 Billion ≈ $634.01 Million |
+26.89% |
| 2020-12-31 | NT$15.86 Billion ≈ $499.63 Million |
-3.61% |
| 2019-12-31 | NT$16.45 Billion ≈ $518.35 Million |
-2.54% |
| 2018-12-31 | NT$16.88 Billion ≈ $531.87 Million |
+2.67% |
| 2017-12-31 | NT$16.44 Billion ≈ $518.06 Million |
-3.57% |
| 2016-12-31 | NT$17.05 Billion ≈ $537.23 Million |
-5.67% |
| 2015-12-31 | NT$18.08 Billion ≈ $569.53 Million |
-0.34% |
| 2014-12-31 | NT$18.14 Billion ≈ $571.46 Million |
+3.32% |
| 2013-12-31 | NT$17.55 Billion ≈ $553.08 Million |
-3.12% |
| 2012-12-31 | NT$18.12 Billion ≈ $570.87 Million |
-12.44% |
| 2011-12-31 | NT$20.69 Billion ≈ $651.94 Million |
+36.43% |
| 2010-12-31 | NT$15.17 Billion ≈ $477.87 Million |
+7.22% |
| 2009-12-31 | NT$14.15 Billion ≈ $445.69 Million |
+2.14% |
| 2008-12-31 | NT$13.85 Billion ≈ $436.34 Million |
+0.06% |
| 2007-12-31 | NT$13.84 Billion ≈ $436.08 Million |
+17.84% |
| 2006-12-31 | NT$11.75 Billion ≈ $370.06 Million |
+15.29% |
| 2005-12-31 | NT$10.19 Billion ≈ $321.00 Million |
+22.57% |
| 2004-12-31 | NT$8.31 Billion ≈ $261.89 Million |
+0.64% |
| 2003-12-31 | NT$8.26 Billion ≈ $260.22 Million |
+9.79% |
| 2002-12-31 | NT$7.52 Billion ≈ $237.02 Million |
-1.20% |
| 2001-12-31 | NT$7.61 Billion ≈ $239.91 Million |
+2.50% |
| 2000-12-31 | NT$7.43 Billion ≈ $234.07 Million |
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Equity Component Analysis
This analysis shows how different components contribute to TSRC Corp'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 456831500000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$4.57 Billion | 22.89% |
| Common Stock | NT$8.26 Billion | 41.38% |
| Other Comprehensive Income | NT$7.13 Billion | 35.72% |
| Other Components | NT$849.00K | 0.00% |
| Total Equity | NT$19.96 Billion | 100.00% |
TSRC Corp Competitors by Market Cap
The table below lists competitors of TSRC Corp ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Energy Resources of Australia Ltd
AU:ERA
|
$573.69 Million |
|
Princess Private Equity Holding Ltd
LSE:PEY
|
$574.17 Million |
|
Peoples Fin
NASDAQ:PFIS
|
$574.22 Million |
|
Xinjiang Ba Yi Iron & Steel Co Ltd
SHG:600581
|
$574.24 Million |
|
India Tourism Development Corporation Limited
NSE:ITDC
|
$573.61 Million |
|
Korea District Heating Corp
KO:071320
|
$573.60 Million |
|
MNTN, Inc.
NYSE:MNTN
|
$573.60 Million |
|
Plan B Media PCL
BK:PLANB
|
$573.55 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in TSRC Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 20,351,493,000 to 19,955,226,000, a change of -396,267,000 (-1.9%).
- Net income of 448,455,000 contributed positively to equity growth.
- Dividend payments of 519,729,000 reduced retained earnings.
- Other comprehensive income decreased equity by 154,825,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$448.45 Million | +2.25% |
| Dividends Paid | NT$519.73 Million | -2.6% |
| Other Comprehensive Income | NT$-154.82 Million | -0.78% |
| Other Changes | NT$-170.17 Million | -0.85% |
| Total Change | NT$- | -1.95% |
Book Value vs Market Value Analysis
This analysis compares TSRC Corp'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: 1.25x
- 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 1.75x to 1.25x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2006-12-31 | NT$12.58 | NT$22.05 | x |
| 2007-12-31 | NT$14.19 | NT$22.05 | x |
| 2008-12-31 | NT$14.43 | NT$22.05 | x |
| 2009-12-31 | NT$14.65 | NT$22.05 | x |
| 2010-12-31 | NT$15.65 | NT$22.05 | x |
| 2011-12-31 | NT$20.77 | NT$22.05 | x |
| 2012-12-31 | NT$19.12 | NT$22.05 | x |
| 2013-12-31 | NT$18.84 | NT$22.05 | x |
| 2014-12-31 | NT$19.60 | NT$22.05 | x |
| 2015-12-31 | NT$19.65 | NT$22.05 | x |
| 2016-12-31 | NT$18.55 | NT$22.05 | x |
| 2017-12-31 | NT$17.98 | NT$22.05 | x |
| 2018-12-31 | NT$18.48 | NT$22.05 | x |
| 2019-12-31 | NT$17.96 | NT$22.05 | x |
| 2020-12-31 | NT$17.12 | NT$22.05 | x |
| 2021-12-31 | NT$21.71 | NT$22.05 | x |
| 2022-12-31 | NT$22.28 | NT$22.05 | x |
| 2023-12-31 | NT$23.42 | NT$22.05 | x |
| 2024-12-31 | NT$24.54 | NT$22.05 | x |
| 2025-12-31 | NT$17.70 | NT$22.05 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently TSRC Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 2.25%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 1.23%
- • Asset Turnover: 0.84x
- • Equity Multiplier: 2.17x
- Recent ROE (2.25%) is below the historical average (12.28%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2002 | 0.50% | 0.45% | 0.60x | 1.83x | NT$-676.12 Million |
| 2003 | 7.49% | 5.08% | 0.85x | 1.74x | NT$-194.95 Million |
| 2004 | 13.93% | 7.45% | 1.07x | 1.75x | NT$326.42 Million |
| 2005 | 20.00% | 9.32% | 1.33x | 1.62x | NT$923.34 Million |
| 2006 | 19.64% | 9.18% | 1.31x | 1.63x | NT$1.00 Billion |
| 2007 | 27.83% | 13.11% | 1.20x | 1.77x | NT$2.09 Billion |
| 2008 | 23.19% | 8.93% | 1.37x | 1.90x | NT$1.57 Billion |
| 2009 | 19.22% | 10.54% | 0.98x | 1.85x | NT$1.12 Billion |
| 2010 | 25.30% | 8.94% | 1.46x | 1.94x | NT$1.98 Billion |
| 2011 | 33.45% | 10.43% | 1.43x | 2.25x | NT$4.03 Billion |
| 2012 | 16.28% | 5.67% | 1.28x | 2.25x | NT$993.27 Million |
| 2013 | 9.60% | 4.34% | 1.03x | 2.14x | NT$-62.51 Million |
| 2014 | 7.04% | 3.58% | 0.96x | 2.05x | NT$-479.13 Million |
| 2015 | 3.26% | 2.04% | 0.87x | 1.85x | NT$-1.10 Billion |
| 2016 | 6.44% | 3.67% | 0.91x | 1.94x | NT$-545.77 Million |
| 2017 | 5.88% | 2.75% | 1.10x | 1.95x | NT$-613.64 Million |
| 2018 | 7.79% | 4.01% | 0.98x | 1.97x | NT$-338.91 Million |
| 2019 | 4.98% | 2.56% | 0.89x | 2.19x | NT$-747.25 Million |
| 2020 | 1.52% | 0.90% | 0.82x | 2.07x | NT$-1.20 Billion |
| 2021 | 21.81% | 12.08% | 0.99x | 1.82x | NT$2.13 Billion |
| 2022 | 9.62% | 5.27% | 0.93x | 1.97x | NT$-69.89 Million |
| 2023 | 3.50% | 2.16% | 0.83x | 1.96x | NT$-1.26 Billion |
| 2024 | 4.24% | 2.32% | 0.86x | 2.12x | NT$-1.17 Billion |
| 2025 | 2.25% | 1.23% | 0.84x | 2.17x | NT$-1.55 Billion |
Industry Comparison
This section compares TSRC Corp's net assets metrics with peer companies in the Specialty Chemicals industry.
Industry Context
- Industry: Specialty Chemicals
- Average net assets among peers: $52,053,680,600
- Average return on equity (ROE) among peers: 5.00%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| TSRC Corp (2103) | NT$22.15 Billion | 0.50% | 1.02x | $573.62 Million |
| Formosa Plastics Corp (1301) | $90.03 Billion | 7.45% | 0.90x | $9.38 Billion |
| Nan Ya Plastics Corp (1303) | $337.95 Billion | 10.57% | 0.52x | $28.73 Billion |
| USI Corp (1304) | $31.10 Billion | 2.06% | 0.88x | $430.74 Million |
| China General Plastics Corp (1305) | $6.79 Billion | 11.31% | 0.82x | $231.57 Million |
| Asia Polymer Corp (1308) | $9.50 Billion | 7.01% | 0.54x | $252.53 Million |
| Taita Chemical Co Ltd (1309) | $6.65 Billion | -4.11% | 0.34x | $181.00 Million |
| China Petrochemical Development Corp (1314) | $15.09 Billion | 0.00% | 2.50x | $915.79 Million |
| Ocean Plastics Co Ltd (1321) | $5.35 Billion | -1.34% | 1.18x | $219.36 Million |
| Asia Plastic Recycling Holding Ltd (1337) | $10.11 Billion | 11.21% | 0.15x | $41.77 Million |
| Everlight Chemical Industrial Corp (1711) | $7.98 Billion | 5.87% | 0.70x | $744.65 Million |
About TSRC Corp
TSRC Corporation, together with its subsidiaries, engages in the manufacture, import, transport, and sale of various synthetic rubber and related products in Taiwan, Asia, the United States, Europe, and internationally. It operates through two segments: Synthetic Rubber and Non-Synthetic Rubber. The company offers ESBR rubber for use in utomotive tires, shoe soles, conveyor belts, tow trucks trac… Read more