First Steamship Co Ltd
First Steamship Co., Ltd. engages in domestic and international marine transportation and related businesses in Taiwan, Mainland China, and internationally. It operates through four segments, Marine Transportation, Investment, Department Store, and Rental. The company engages in dry bulk shipping operations that include the transportation of various bulk materials comprising iron ores, coal, grai… Read more
First Steamship Co Ltd (2601) - Net Assets
Latest net assets as of September 2025: NT$9.99 Billion TWD
Based on the latest financial reports, First Steamship Co Ltd (2601) has net assets worth NT$9.99 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$30.67 Billion) and total liabilities (NT$20.68 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$9.99 Billion |
| % of Total Assets | 32.58% |
| Annual Growth Rate | 7.3% |
| 5-Year Change | -8.34% |
| 10-Year Change | -13.73% |
| Growth Volatility | 18.86 |
First Steamship Co Ltd - Net Assets Trend (2002–2024)
This chart illustrates how First Steamship Co Ltd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for First Steamship Co Ltd (2002–2024)
The table below shows the annual net assets of First Steamship Co Ltd from 2002 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$11.10 Billion | +1.41% |
| 2023-12-31 | NT$10.95 Billion | -19.78% |
| 2022-12-31 | NT$13.65 Billion | +2.91% |
| 2021-12-31 | NT$13.26 Billion | +9.48% |
| 2020-12-31 | NT$12.11 Billion | -8.65% |
| 2019-12-31 | NT$13.26 Billion | +1.37% |
| 2018-12-31 | NT$13.08 Billion | +1.18% |
| 2017-12-31 | NT$12.93 Billion | +21.23% |
| 2016-12-31 | NT$10.66 Billion | -17.13% |
| 2015-12-31 | NT$12.87 Billion | -12.29% |
| 2014-12-31 | NT$14.67 Billion | +6.80% |
| 2013-12-31 | NT$13.74 Billion | +2.70% |
| 2012-12-31 | NT$13.38 Billion | +18.37% |
| 2011-12-31 | NT$11.30 Billion | +27.63% |
| 2010-12-31 | NT$8.85 Billion | +8.99% |
| 2009-12-31 | NT$8.12 Billion | +13.17% |
| 2008-12-31 | NT$7.18 Billion | +55.50% |
| 2007-12-31 | NT$4.62 Billion | +40.31% |
| 2006-12-31 | NT$3.29 Billion | +31.17% |
| 2005-12-31 | NT$2.51 Billion | +14.43% |
| 2004-12-31 | NT$2.19 Billion | -21.57% |
| 2003-12-31 | NT$2.79 Billion | +18.61% |
| 2002-12-31 | NT$2.36 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to First Steamship Co Ltd'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 28822000000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | NT$8.25 Billion | 91.44% |
| Other Comprehensive Income | NT$224.42 Million | 2.49% |
| Other Components | NT$836.38 Million | 9.27% |
| Total Equity | NT$9.02 Billion | 100.00% |
First Steamship Co Ltd Competitors by Market Cap
The table below lists competitors of First Steamship Co Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Tjk Machinery Tianjin Co Ltd
SHE:300823
|
$133.87 Million |
|
Firstec
KO:010820
|
$133.88 Million |
|
Sam-A Aluminiu
KO:006110
|
$133.88 Million |
|
Bingshan Refrigeration and Heat Transfer Technologies Co Ltd
SHE:200530
|
$133.89 Million |
|
First Farmers and Merchants Corporation
PINK:FFMH
|
$133.86 Million |
|
Biosolution Co.Ltd
KQ:086820
|
$133.82 Million |
|
Bally's Corp
NYSE:BALY
|
$133.77 Million |
|
AFTERMATH SILVER
F:FLM1
|
$133.75 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in First Steamship Co Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 8,730,119,000 to 9,020,341,000, a change of 290,222,000 (3.3%).
- Net loss of 288,774,000 reduced equity.
- Other comprehensive income decreased equity by 598,800,999.
- Other factors increased equity by 1,177,796,999.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$-288.77 Million | -3.2% |
| Other Comprehensive Income | NT$-598.80 Million | -6.64% |
| Other Changes | NT$1.18 Billion | +13.06% |
| Total Change | NT$- | 3.32% |
Book Value vs Market Value Analysis
This analysis compares First Steamship Co Ltd'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: 0.59x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 0.70x to 0.59x 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$9.13 | NT$6.41 | x |
| 2007-12-31 | NT$11.53 | NT$6.41 | x |
| 2008-12-31 | NT$17.49 | NT$6.41 | x |
| 2009-12-31 | NT$19.68 | NT$6.41 | x |
| 2010-12-31 | NT$19.69 | NT$6.41 | x |
| 2011-12-31 | NT$23.65 | NT$6.41 | x |
| 2012-12-31 | NT$25.46 | NT$6.41 | x |
| 2013-12-31 | NT$21.44 | NT$6.41 | x |
| 2014-12-31 | NT$22.68 | NT$6.41 | x |
| 2015-12-31 | NT$19.15 | NT$6.41 | x |
| 2016-12-31 | NT$16.22 | NT$6.41 | x |
| 2017-12-31 | NT$14.64 | NT$6.41 | x |
| 2018-12-31 | NT$12.67 | NT$6.41 | x |
| 2019-12-31 | NT$11.32 | NT$6.41 | x |
| 2020-12-31 | NT$12.47 | NT$6.41 | x |
| 2021-12-31 | NT$12.84 | NT$6.41 | x |
| 2022-12-31 | NT$12.76 | NT$6.41 | x |
| 2023-12-31 | NT$10.58 | NT$6.41 | x |
| 2024-12-31 | NT$10.87 | NT$6.41 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently First Steamship Co Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -3.20%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -5.95%
- • Asset Turnover: 0.14x
- • Equity Multiplier: 3.87x
- Recent ROE (-3.20%) is below the historical average (4.12%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2003 | 1.45% | 3.04% | 0.32x | 1.48x | NT$-238.97 Million |
| 2005 | 10.01% | 22.06% | 0.35x | 1.31x | NT$293.50K |
| 2006 | 11.33% | 6.89% | 0.59x | 2.80x | NT$38.25 Million |
| 2007 | 21.78% | 8.11% | 0.77x | 3.49x | NT$429.87 Million |
| 2008 | 41.60% | 14.56% | 1.00x | 2.85x | NT$1.73 Billion |
| 2009 | 16.35% | 5.59% | 0.88x | 3.33x | NT$390.93 Million |
| 2010 | 15.97% | 4.92% | 0.97x | 3.34x | NT$392.80 Million |
| 2011 | 7.47% | 2.03% | 1.01x | 3.64x | NT$-184.57 Million |
| 2012 | 6.11% | 1.65% | 0.99x | 3.73x | NT$-310.29 Million |
| 2013 | -3.26% | -3.58% | 0.24x | 3.79x | NT$-1.18 Billion |
| 2014 | -0.21% | -0.22% | 0.22x | 4.13x | NT$-967.27 Million |
| 2015 | -18.60% | -17.52% | 0.21x | 5.02x | NT$-2.29 Billion |
| 2016 | -16.57% | -14.26% | 0.21x | 5.47x | NT$-1.74 Billion |
| 2017 | 6.61% | 7.74% | 0.21x | 4.10x | NT$-289.46 Million |
| 2018 | 0.07% | 0.08% | 0.23x | 3.96x | NT$-864.84 Million |
| 2019 | 15.36% | 17.27% | 0.21x | 4.19x | NT$490.24 Million |
| 2020 | -3.80% | -4.99% | 0.18x | 4.30x | NT$-1.17 Billion |
| 2021 | 0.54% | 0.77% | 0.18x | 3.97x | NT$-928.72 Million |
| 2022 | -3.38% | -5.62% | 0.18x | 3.40x | NT$-1.41 Billion |
| 2023 | -19.12% | -30.34% | 0.16x | 4.05x | NT$-2.54 Billion |
| 2024 | -3.20% | -5.95% | 0.14x | 3.87x | NT$-1.19 Billion |
Industry Comparison
This section compares First Steamship Co Ltd's net assets metrics with peer companies in the Department Stores industry.
Industry Context
- Industry: Department Stores
- Average net assets among peers: $6,937,526,857
- Average return on equity (ROE) among peers: 7.01%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| First Steamship Co Ltd (2601) | NT$9.99 Billion | 1.45% | 2.07x | $133.86 Million |
| Far Eastern Department Stores Ltd (2903) | $35.09 Billion | 4.58% | 2.27x | $698.42 Million |
| Tonlin Department Store Co Ltd (2910) | $2.27 Billion | 7.50% | 1.35x | $16.98 Million |
| Eslite Spectrum (2926) | $561.52 Million | -23.00% | 30.03x | $21.23 Million |
| Jing-Jan Retail Business Co., Ltd. (2942) | $1.08 Billion | 10.36% | 5.38x | $10.95 Million |
| Taiwan FamilyMart Co Ltd (5903) | $4.94 Billion | 26.21% | 3.68x | $198.91 Million |
| Poya International Co Ltd (5904) | $661.81 Million | 23.41% | 1.45x | $1.03 Billion |
| Grand Ocean Retail Group Ltd (5907) | $3.96 Billion | 0.00% | 2.38x | $19.46 Million |