Taiwan Mask Corp
Taiwan Mask Corporation engages in the research, development, manufacturing, and sales of photomasks and integrated circuits for the semiconductor industry. The company provides technical assistance, consultation, inspection, and repair services; precious metal coating; 3D printing and plastic mold design; and packaging and testing services. It also manufactures and sells medical equipment; power… Read more
Taiwan Mask Corp (2338) - Net Assets
Latest net assets as of September 2025: NT$4.65 Billion TWD
Based on the latest financial reports, Taiwan Mask Corp (2338) has net assets worth NT$4.65 Billion TWD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (NT$18.25 Billion) and total liabilities (NT$13.60 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 | NT$4.65 Billion |
| % of Total Assets | 25.48% |
| Annual Growth Rate | -1.32% |
| 5-Year Change | 19.18% |
| 10-Year Change | 12.56% |
| Growth Volatility | 14.03 |
Taiwan Mask Corp - Net Assets Trend (2002–2024)
This chart illustrates how Taiwan Mask Corp's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Taiwan Mask Corp (2002–2024)
The table below shows the annual net assets of Taiwan Mask Corp from 2002 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$4.07 Billion | -19.36% |
| 2023-12-31 | NT$5.05 Billion | +13.87% |
| 2022-12-31 | NT$4.43 Billion | -8.95% |
| 2021-12-31 | NT$4.87 Billion | +42.54% |
| 2020-12-31 | NT$3.42 Billion | +9.46% |
| 2019-12-31 | NT$3.12 Billion | +21.28% |
| 2018-12-31 | NT$2.57 Billion | +3.82% |
| 2017-12-31 | NT$2.48 Billion | -22.95% |
| 2016-12-31 | NT$3.22 Billion | -11.06% |
| 2015-12-31 | NT$3.62 Billion | -6.85% |
| 2014-12-31 | NT$3.88 Billion | -2.66% |
| 2013-12-31 | NT$3.99 Billion | -2.63% |
| 2012-12-31 | NT$4.10 Billion | -5.91% |
| 2011-12-31 | NT$4.35 Billion | -6.03% |
| 2010-12-31 | NT$4.63 Billion | -8.05% |
| 2009-12-31 | NT$5.04 Billion | -0.25% |
| 2008-12-31 | NT$5.05 Billion | -13.52% |
| 2007-12-31 | NT$5.84 Billion | +7.16% |
| 2006-12-31 | NT$5.45 Billion | +8.23% |
| 2005-12-31 | NT$5.04 Billion | +7.19% |
| 2004-12-31 | NT$4.70 Billion | -10.46% |
| 2003-12-31 | NT$5.25 Billion | -3.82% |
| 2002-12-31 | NT$5.46 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Taiwan Mask 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 decreased by 13.3% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$581.83 Million | 13.24% |
| Other Components | NT$3.81 Billion | 86.76% |
| Total Equity | NT$4.40 Billion | 100.00% |
Taiwan Mask Corp Competitors by Market Cap
The table below lists competitors of Taiwan Mask Corp ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
V-Mart Retail Limited
NSE:VMART
|
$217.60 Million |
|
Guangdong Xiongsu Technology Group Co Ltd
SHE:300599
|
$217.64 Million |
|
Visco Vision Inc.
TW:6782
|
$217.82 Million |
|
Orezone Gold Corp
OTCQX:ORZCF
|
$217.82 Million |
|
Priority Technology Holdings Inc Unit
PINK:PRTHU
|
$217.59 Million |
|
Australian Clinical Labs Ltd
AU:ACL
|
$217.50 Million |
|
Jiangyin Pivot Automotive Products Co. Ltd.
SHE:301181
|
$217.45 Million |
|
Ability Opto-Electronics Technology Co Ltd
TWO:3362
|
$217.44 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Taiwan Mask Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 5,123,142,000 to 4,395,168,000, a change of -727,974,000 (-14.2%).
- Net loss of 472,521,000 reduced equity.
- Dividend payments of 320,494,000 reduced retained earnings.
- Other comprehensive income decreased equity by 1,640,999.
- Other factors increased equity by 66,681,999.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$-472.52 Million | -10.75% |
| Dividends Paid | NT$320.49 Million | -7.29% |
| Other Comprehensive Income | NT$-1.64 Million | -0.04% |
| Other Changes | NT$66.68 Million | +1.52% |
| Total Change | NT$- | -14.21% |
Book Value vs Market Value Analysis
This analysis compares Taiwan Mask 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: 2.35x
- 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 3.60x to 2.35x 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$13.89 | NT$50.00 | x |
| 2010-12-31 | NT$13.65 | NT$50.00 | x |
| 2011-12-31 | NT$14.28 | NT$50.00 | x |
| 2012-12-31 | NT$14.35 | NT$50.00 | x |
| 2013-12-31 | NT$14.41 | NT$50.00 | x |
| 2014-12-31 | NT$14.02 | NT$50.00 | x |
| 2015-12-31 | NT$13.35 | NT$50.00 | x |
| 2016-12-31 | NT$12.89 | NT$50.00 | x |
| 2017-12-31 | NT$10.65 | NT$50.00 | x |
| 2018-12-31 | NT$12.98 | NT$50.00 | x |
| 2019-12-31 | NT$15.08 | NT$50.00 | x |
| 2020-12-31 | NT$17.06 | NT$50.00 | x |
| 2021-12-31 | NT$23.75 | NT$50.00 | x |
| 2022-12-31 | NT$19.79 | NT$50.00 | x |
| 2023-12-31 | NT$22.19 | NT$50.00 | x |
| 2024-12-31 | NT$21.31 | NT$50.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Taiwan Mask 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): -10.75%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -6.25%
- • Asset Turnover: 0.36x
- • Equity Multiplier: 4.74x
- Recent ROE (-10.75%) is below the historical average (6.39%), 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 | 11.19% | 21.29% | 0.38x | 1.39x | NT$65.18 Million |
| 2003 | 11.46% | 21.05% | 0.36x | 1.51x | NT$76.43 Million |
| 2004 | 15.81% | 24.09% | 0.40x | 1.66x | NT$273.13 Million |
| 2005 | 14.11% | 20.79% | 0.42x | 1.63x | NT$198.04 Million |
| 2006 | 12.59% | 18.64% | 0.40x | 1.68x | NT$133.83 Million |
| 2007 | 15.64% | 24.77% | 0.39x | 1.61x | NT$298.05 Million |
| 2008 | 2.86% | 4.56% | 0.49x | 1.29x | NT$-328.66 Million |
| 2009 | 2.18% | 3.74% | 0.42x | 1.40x | NT$-348.02 Million |
| 2010 | 5.63% | 9.02% | 0.46x | 1.36x | NT$-179.84 Million |
| 2011 | 3.54% | 6.06% | 0.44x | 1.34x | NT$-249.24 Million |
| 2012 | 3.11% | 5.28% | 0.45x | 1.31x | NT$-249.23 Million |
| 2013 | 1.20% | 2.64% | 0.37x | 1.23x | NT$-311.75 Million |
| 2014 | 1.75% | 3.41% | 0.42x | 1.22x | NT$-284.62 Million |
| 2015 | -1.15% | -2.50% | 0.38x | 1.22x | NT$-360.35 Million |
| 2016 | -5.52% | -13.81% | 0.34x | 1.19x | NT$-464.68 Million |
| 2017 | -3.08% | -5.20% | 0.46x | 1.29x | NT$-314.74 Million |
| 2018 | 7.79% | 6.90% | 0.75x | 1.51x | NT$-56.65 Million |
| 2019 | 10.43% | 8.99% | 0.61x | 1.92x | NT$12.92 Million |
| 2020 | 13.74% | 10.42% | 0.51x | 2.56x | NT$132.45 Million |
| 2021 | 17.38% | 14.59% | 0.38x | 3.16x | NT$376.51 Million |
| 2022 | 9.80% | 5.76% | 0.43x | 3.94x | NT$-9.06 Million |
| 2023 | 7.15% | 5.09% | 0.34x | 4.08x | NT$-146.19 Million |
| 2024 | -10.75% | -6.25% | 0.36x | 4.74x | NT$-912.04 Million |
Industry Comparison
This section compares Taiwan Mask Corp's net assets metrics with peer companies in the Semiconductor Equipment & Materials industry.
Industry Context
- Industry: Semiconductor Equipment & Materials
- Average net assets among peers: $4,002,349,111
- Average return on equity (ROE) among peers: 5.47%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Taiwan Mask Corp (2338) | NT$4.65 Billion | 11.19% | 2.92x | $217.60 Million |
| Rectron Ltd (2302) | $1.74 Billion | 6.07% | 0.23x | $39.77 Million |
| Lingsen Precision Industries Ltd (2369) | $5.31 Billion | -10.40% | 0.55x | $285.76 Million |
| Greatek Electronics Inc (2441) | $9.68 Billion | 16.62% | 0.10x | $727.39 Million |
| Visual Photonics Epitaxy Co Ltd (2455) | $919.04 Million | 0.00% | 0.65x | $1.13 Billion |
| Pan Jit International Inc (2481) | $7.85 Billion | 5.85% | 1.65x | $824.61 Million |
| Ampoc Far-East Co Ltd (2493) | $2.16 Billion | 18.34% | 0.50x | $265.52 Million |
| Episil-Precision Inc (3016) | $1.06 Billion | 1.57% | 0.14x | $187.04 Million |
| Zenitron Corp (3028) | $4.03 Billion | 10.78% | 1.64x | $312.17 Million |
| ALi Corp (3041) | $3.27 Billion | 0.43% | 0.15x | $98.65 Million |