Shuttle Inc (2405) - Net Assets
Based on the latest financial reports, Shuttle Inc (2405) has net assets worth NT$3.61 Billion TWD (≈ $113.69 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$4.42 Billion ≈ $139.20 Million USD) and total liabilities (NT$809.85 Million ≈ $25.51 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 Shuttle Inc (2405) strategic investment index to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$3.61 Billion |
| % of Total Assets | 81.67% |
| Annual Growth Rate | 2.14% |
| 5-Year Change | 10.65% |
| 10-Year Change | -1.88% |
| Growth Volatility | 10.79 |
Shuttle Inc - Net Assets Trend (2002–2024)
This chart illustrates how Shuttle Inc's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see Shuttle Inc (2405) total market value.
Annual Net Assets for Shuttle Inc (2002–2024)
The table below shows the annual net assets of Shuttle Inc from 2002 to 2024. Also explore 2405 net assets growth trend to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$3.76 Billion ≈ $118.46 Million |
-1.69% |
| 2023-12-31 | NT$3.82 Billion ≈ $120.50 Million |
+3.04% |
| 2022-12-31 | NT$3.71 Billion ≈ $116.95 Million |
+2.38% |
| 2021-12-31 | NT$3.63 Billion ≈ $114.22 Million |
+6.69% |
| 2020-12-31 | NT$3.40 Billion ≈ $107.06 Million |
-0.69% |
| 2019-12-31 | NT$3.42 Billion ≈ $107.80 Million |
+2.69% |
| 2018-12-31 | NT$3.33 Billion ≈ $104.97 Million |
-1.87% |
| 2017-12-31 | NT$3.40 Billion ≈ $106.97 Million |
-9.02% |
| 2016-12-31 | NT$3.73 Billion ≈ $117.57 Million |
-2.62% |
| 2015-12-31 | NT$3.83 Billion ≈ $120.73 Million |
-3.32% |
| 2014-12-31 | NT$3.96 Billion ≈ $124.88 Million |
-6.89% |
| 2013-12-31 | NT$4.26 Billion ≈ $134.12 Million |
+11.09% |
| 2012-12-31 | NT$3.83 Billion ≈ $120.74 Million |
+5.78% |
| 2011-12-31 | NT$3.62 Billion ≈ $114.14 Million |
-5.41% |
| 2010-12-31 | NT$3.83 Billion ≈ $120.66 Million |
+6.09% |
| 2009-12-31 | NT$3.61 Billion ≈ $113.74 Million |
+44.23% |
| 2008-12-31 | NT$2.50 Billion ≈ $78.86 Million |
-6.31% |
| 2007-12-31 | NT$2.67 Billion ≈ $84.17 Million |
+1.58% |
| 2006-12-31 | NT$2.63 Billion ≈ $82.87 Million |
-1.95% |
| 2005-12-31 | NT$2.68 Billion ≈ $84.51 Million |
-6.18% |
| 2004-12-31 | NT$2.86 Billion ≈ $90.08 Million |
+6.78% |
| 2003-12-31 | NT$2.68 Billion ≈ $84.36 Million |
+13.58% |
| 2002-12-31 | NT$2.36 Billion ≈ $74.27 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Shuttle Inc'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 15.3% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$127.71 Million | 3.52% |
| Common Stock | NT$3.43 Billion | 94.69% |
| Other Comprehensive Income | NT$30.80 Million | 0.85% |
| Other Components | NT$34.02 Million | 0.94% |
| Total Equity | NT$3.63 Billion | 100.00% |
Shuttle Inc Competitors by Market Cap
The table below lists competitors of Shuttle Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Kung Sing Engineering Corp
TW:5521
|
$162.85 Million |
|
Texmaco Infrastructure & Holdings Limited
NSE:TEXINFRA
|
$162.96 Million |
|
Cystech Electronics Corp
TWO:6651
|
$162.97 Million |
|
Tachan Securities Co Ltd
TWO:6020
|
$162.99 Million |
|
Leatec Fine Ceramics Co Ltd
TWO:6127
|
$162.76 Million |
|
Ellsworth Convertible Growth & IF
NYSE MKT:ECF
|
$162.75 Million |
|
Bastas Baskent Cimento Sanayi ve Ticaret AS
IS:BASCM
|
$162.75 Million |
|
Excelliance MOS
TWO:5299
|
$162.73 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Shuttle Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 3,668,998,000 to 3,626,801,000, a change of -42,197,000 (-1.2%).
- Net income of 10,805,000 contributed positively to equity growth.
- Dividend payments of 58,383,000 reduced retained earnings.
- Other comprehensive income increased equity by 80,848,000.
- Other factors decreased equity by 75,467,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$10.80 Million | +0.3% |
| Dividends Paid | NT$58.38 Million | -1.61% |
| Other Comprehensive Income | NT$80.85 Million | +2.23% |
| Other Changes | NT$-75.47 Million | -2.08% |
| Total Change | NT$- | -1.15% |
Book Value vs Market Value Analysis
This analysis compares Shuttle Inc'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: 1.43x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has increased from 1.26x to 1.43x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2009-12-31 | NT$11.96 | NT$15.05 | x |
| 2010-12-31 | NT$11.72 | NT$15.05 | x |
| 2011-12-31 | NT$10.32 | NT$15.05 | x |
| 2012-12-31 | NT$11.22 | NT$15.05 | x |
| 2013-12-31 | NT$12.35 | NT$15.05 | x |
| 2014-12-31 | NT$11.48 | NT$15.05 | x |
| 2015-12-31 | NT$11.35 | NT$15.05 | x |
| 2016-12-31 | NT$10.99 | NT$15.05 | x |
| 2017-12-31 | NT$10.28 | NT$15.05 | x |
| 2018-12-31 | NT$9.87 | NT$15.05 | x |
| 2019-12-31 | NT$9.74 | NT$15.05 | x |
| 2020-12-31 | NT$9.93 | NT$15.05 | x |
| 2021-12-31 | NT$10.55 | NT$15.05 | x |
| 2022-12-31 | NT$10.68 | NT$15.05 | x |
| 2023-12-31 | NT$10.68 | NT$15.05 | x |
| 2024-12-31 | NT$10.56 | NT$15.05 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Shuttle Inc 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): 0.30%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 0.65%
- • Asset Turnover: 0.38x
- • Equity Multiplier: 1.21x
- Recent ROE (0.30%) is below the historical average (1.09%), 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 | 12.21% | 5.34% | 1.34x | 1.70x | NT$52.20 Million |
| 2003 | 20.27% | 7.78% | 1.51x | 1.73x | NT$275.06 Million |
| 2004 | 5.33% | 2.03% | 1.63x | 1.61x | NT$-133.51 Million |
| 2006 | 0.41% | 0.46% | 0.75x | 1.20x | NT$-252.14 Million |
| 2007 | 1.92% | 2.23% | 0.73x | 1.19x | NT$-215.77 Million |
| 2008 | 2.10% | 2.81% | 0.67x | 1.12x | NT$-197.60 Million |
| 2009 | -12.63% | -26.19% | 0.43x | 1.13x | NT$-816.60 Million |
| 2010 | -11.92% | -6.04% | 1.25x | 1.58x | NT$-839.45 Million |
| 2011 | 0.31% | 0.11% | 1.54x | 1.76x | NT$-350.62 Million |
| 2012 | 8.32% | 2.25% | 1.94x | 1.91x | NT$-64.20 Million |
| 2013 | 11.12% | 2.91% | 1.83x | 2.09x | NT$47.91 Million |
| 2014 | -6.21% | -3.66% | 1.15x | 1.48x | NT$-645.83 Million |
| 2015 | -5.54% | -4.25% | 1.05x | 1.24x | NT$-598.84 Million |
| 2016 | -2.66% | -2.37% | 0.84x | 1.34x | NT$-472.47 Million |
| 2017 | -4.43% | -3.16% | 1.03x | 1.36x | NT$-489.99 Million |
| 2018 | -4.08% | -3.23% | 1.03x | 1.23x | NT$-469.01 Million |
| 2019 | 0.24% | 0.25% | 0.72x | 1.33x | NT$-323.06 Million |
| 2020 | 1.72% | 3.33% | 0.45x | 1.16x | NT$-279.16 Million |
| 2021 | 5.44% | 10.61% | 0.40x | 1.28x | NT$-163.94 Million |
| 2022 | 1.50% | 3.18% | 0.39x | 1.22x | NT$-312.07 Million |
| 2023 | 0.34% | 0.72% | 0.38x | 1.22x | NT$-354.53 Million |
| 2024 | 0.30% | 0.65% | 0.38x | 1.21x | NT$-351.88 Million |
Industry Comparison
This section compares Shuttle Inc's net assets metrics with peer companies in the Computer Hardware industry.
Industry Context
- Industry: Computer Hardware
- Average net assets among peers: $38,430,070,800
- Average return on equity (ROE) among peers: 6.98%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Shuttle Inc (2405) | NT$3.61 Billion | 12.21% | 0.22x | $162.84 Million |
| Solytech Enterprise Corp (1471) | $2.24 Billion | 1.01% | 1.36x | $44.55 Million |
| Lite-On Technology Corp (2301) | $79.28 Billion | 11.88% | 1.66x | $20.52 Billion |
| Microtek International Inc (2305) | $2.46 Billion | 0.00% | 1.72x | $401.74 Million |
| Kinpo Electronics Inc (2312) | $14.67 Billion | 10.08% | 0.70x | $1.45 Billion |
| CMC Magnetics Corp (2323) | $18.82 Billion | 9.30% | 0.35x | $333.59 Million |
| Compal Electronics Inc (2324) | $106.53 Billion | 18.58% | 2.15x | $4.90 Billion |
| Elitegroup Computer Systems Co Ltd (2331) | $11.17 Billion | 0.18% | 1.10x | $331.03 Million |
| Ritek Corp (2349) | $63.48 Billion | 4.47% | 0.74x | $226.20 Million |
| Qisda Corp (2352) | $23.42 Billion | 3.03% | 2.87x | $1.44 Billion |
| Acer Inc (2353) | $62.22 Billion | 11.27% | 1.00x | $3.01 Billion |
About Shuttle Inc
Shuttle Inc., together with its subsidiaries, engages in the manufacturing and sales of barebones, mainboards, and other computer peripherals in Taiwan, the United States, Asia, Europe, China, and internationally. It operates through Computer Equipment and Medical Devices segments. The company offers Al computers; mini-PC and AIO; industrial computer, including embedded computer, edge computing c… Read more